Kwikswap Protocol - Builder Program Application

Astar Initiatives Approved proposals
1

Project Overview

Kwikswap is a Multi Cross Chain Swap Protocol with Layer 2 Scaling powered by Ethereum, Shiden, Astar testnet (formerly Plasm), Reef Chain, BSC & Polygon. Use Kwikswap for Swapping, Market Creation, Provide Liquidity & Staking.

Recently we have launched Kwikstarter IDO Launchpad on Polygon which also forms part of the Kwikswap decentralized suit of Dapps. Kwikstarter is a vessel which allows for start-ups projects the ability to raise funds via LP’s. It also leverages off the Kwikswap audience to keep on supporting this projects through to Market Creation.

Kwikswap has been live since the early 2021

*1: Resources online.

What will we do in this Builders Program

  • We have launched Kwikswap DEX in mid 2021 on Dusty Testnet (PLASM).
  • Kwikswap DEX was launched LIVE on Shiden Network to become the first DEX on the blockchain on the 04/10/2021 - https://shiden.kwikswap.org
  • We will be integrating with a new UI shortly to support the new Kwikswap direction.
  • Currently on Shiden Network we service the following market pairs:

KWIK/SDN, WBTC/SDN, ETH/SDN, DAI/SDN, USDC/SDN, USDT/SDN, BUSD/SDN, BNB/SDN

  • Currently we are now preparing our LP yield farms on the Shiden Network and Ethereum

Kwikswap Protocol Team

James Lee
Co-Founder – Project Lead

  • 20 years in Senior Management, Event Management and Marketing
  • 5 years in Cryptocurrency
  • Project Manager/ Business Intelligence and Business Analyst for 6 years
  • 5 years implementing business process improvements for the private and public sectors.
  • 3 years experience with blockchain technologies

Mirza Majeed
Development Lead

  • Technology Enthusiastic, Blockchain Developer & Trainer
  • Passionate Software Developer Working in the Blockchain industry.
  • Software professional with 3+ years experience
  • 4 years experience in Cryptocurrency

Adam Sharp
Co-Founder – Marketing Lead

  • 6 years in Senior Management
  • 4 years in Cryptocurrency
  • 2 years in Marketing
  • 6 years in Sales & Service and financial industries

Builders Program Roadmap

Total Estimated Duration: 1-3 Months

1: Prepare for the integration of Shiden Network and Attract Shiden community to our Kwikswap DEX and LP Yield Farms and Pools

Estimated End Date: November to late 2021

  • Test and audit smart contracts for the integration
  • Create a series of development sprints to deployment
  • Deploy dApp Staking & Farming contracts on Shiden
  • Engage & attract the Shiden community to our Protocol and ecosystem (marketing and launch campaign)

2: Deployment of smart contracts

Estimated Dates: October to November 2021

  • Deploy farming and staking contracts on Shiden Network
  • Bridge Kwikswap Token to Shiden network (already completed 12/10/2021)

3: Integrate Shiden Network into Kwikswap Protocol LP yield farms

Estimated End Date: Start to mid November 2021

Future Plans

As Astar and Shiden Network are our desired conduits to the Polkadot and Kusama ecosystems, we will continue to test, deploy and innovate on these wonderful parachains. We will attempt to utilize the full suite of Dapps that exist to our Kwikswap community benefit.

3 Likes
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An exchange is as good as the amount of liquidity it has. From the info page, I can see that Kwikswap has been live on ETH since April 2021, with a total liquidity of only $100k on average. To me, this is very low despite being live for over 5 months. The numbers are not convincing.

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Something is not going right here. Perhaps you need to re-evaluate your strategy on how to attract more users.

I am very opened and I welcome as many projects to join the Builders Program, but I also care about the quality. Eventually when this becomes permissionless, the dapp staking rewards that you get will come from a decentralized voting system, which greatly depends on the quality of your project.

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3

Thanks for your valued feedback @moonme,

We have recently evaluated our strategy and yes you are absolutely correct, we needed to pivot from our current course. The only thing that wasn’t right was our marketing and efforts to attract new users to date. We have recently set up and have commenced in implementing a new marketing strategy that will be released over the next 2 weeks to help attract liquidity providers through farming and migration features that we are integrating into our ecosystem to reward users better.

We have also overhauled our UI as we have had a lot of feedback about this in our community. In regards to quality, unfortunately we can’t satisfy everyones’ palate, we do believe however, that we have a great product offering and an amazing dedicated development team behind us; our IDO performance recently is testament to this.

Please note: The above ETH liquidity chart is correct, however we also have ~$80K in liquidity added recently to our Shiden (SDN) markets and approximately ~$60K in liquidity in our BSC DEX. We still have a long way to go no doubt!

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A lot of work to do , keep moving!

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5

I am an early investor in Kwik (when telegram was under 100 accounts) and the lack of ethics from those involved, is the reason the project is performing so poorly, even though it seem to have strong builders.
They switch their ico model several months after it was initiated to accommodate their seed investors. Which wouldn’t be an issue, cos capital is needed to grow.
But they fucked (excuse the insult, but I can’t think of a clearer word to specify this) their early investors in other to get this done. Little recourse was taken, and was extremely rude about it on telegram. Am talking about those ppl who gave them money, when all they had was a telegram account, that’s it. Nothing to show, but a telegram account. That’s who they choose to fuck the most.

So, like moonme said, an exchange is only as good as your liquidity and when you fuck those early investors who were so keen to use the exchange this badly, you end up with this current situation. They might garner user with time but those early investors who were there just for the idea would have been the current core user VC are not going to be actively trading on the dex, and the mass that came for the main auction, were just there to turn a profit. Keep in mind, the mass that arrived for the auction several months later, ended up paying same price as those early investors and also placed on same vesting period, even though the early investor were repeatedly promised their coins wouldn’t be vested.
So its hurting cos they alienated their core members from the start.

Also doesn’t help that they flip flop on things a lot. whether it be prematurely announcing their dex commencement on shiden when they knew they were still missing a few layer that wasn’t provided yet. But all done to circumvent a competitor ico, with no care about how it makes the project look. To a long list of predatory tactics on their community. Tech is one aspect of things but the community is just as important. And nothing beats good ethics.
Honestly, they are good builders, but a project is as good as ur community. You can have the flashiest bell and whistle and if no one is using it, then it doesn’t matter.
I

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Do you have any suggestions on how they can move forward from here?

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This post is not based on anything factual nor does comply with the community guidelines as far as I can tell.

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What’s factual is that prior to making our investments as early investors, the team constantly made several promises to us that were all broken to accommodate your seed investor/VC, several months after we made our investment. To make matters worse, those coming in as a mass for the public auction, ended up paying same price as the early investors who have been with the projects for almost 6 months.
And though, those early investors were constantly promised that they wouldn’t have to deal with any form of vesting, they were all effectively pushed into a 6 weeks staking program and if u had an issue with that, you got banned. I believe early investor who had fund locked up, had one week to contact them and ask for refund after they made that ann (with no regards that some of this ppl have busy life and they made their investment several months ago according to the guideline laid out by the team)

When they had no product to show, and zero interest from the public, they told us several lies to take our money, and when they finally had a product to show and VC/seed got interested, those ppl who funded them when they had nothing got messed over the most. That should give you an indication of loyalty towards customer base with the team.

Anyway, i won’t argue with anyone here to prove my point, the current state of the community should do just that. I would say go ask questions on the thread, but with the intense banning effort they employed, I would be surprised if any of the original early investors are still left on the thread.
As, for the comment with regards to prematurely releasing comments about trading going live on shiden to circumvent competitors ico, the proof is in the pudding, am sure even some shiden associate are aware of how bad that made the project look.
Also, rather than screaming about community guideline and trying to shut my voice on a public forum, like you did with so many early supporters on the project’s telegram, maybe you shld actually start paying attention to the needs of the community, start utilizing some form of ethics when dealing with ur userbase/running the brand.
But the current lack of morality, and predatory technique can get you but so far.

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my suggestion would be to figured out a way to compensate those early investor. They know who am talking about. (Those ppl that logged into their previous suspicious looking website and employed enough trust to send funds and invest when no one would)
Whether it be employing some form of nft that offers those users a significantly discounted rate to use their dex or just something to show appreciation to those ppl, they royally f’ed so bad. The usual modus on their thread would be to ban anyone who has a problem with it, and i personally don’t think its the right way forward.
Also, stop with the predatory tactics and the pnd tactics. They knew all the components to commence trading live on shiden wasn’t available, but to circumvent a competiror’s ico, they released that silly comment. Then later pulled the blame on shiden, stating that they are waiting on shiden to provide the necessary inputs to commence trading, as if they weren’t aware those inputs weren’t available from, the get go
So, yeah stop with the predatory techniques, get more compassionate mods and understand that this is a new ecosystem, and most rather not deal with shady characters this early in an ecosystem. Having good morality/integrity and making an effort to take care of the actual customer base that will use the dex is the way forward, but this current iteration won’t do it.

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Please offer some proof to back up your statements which can only be considered as slander. We never used any predatory techniques to attract community to our project.

We did launch first on Shiden and we were waiting for Shiden and Anyswap to complete the bridge before trading could go live. Unfortunately we stated what we were told that trading could go live within 24-48 hours as that is the information that we were given from Anyswap as to when the migration of tokens would be complete. Regardless, the network was LIVE and we made no other claims other than that, we were just so happy to finally be LIVE, we had been building on Plasm/Astar for so many months prior to this announcement. It was a major milestone for us and we don’t need to apologise for being excited about it and sharing it with our community…

I am not about to get into an argument with someone who clearly is set out to derail our application. If you are an early adopter, let’s also see some proof of that please. Feel free to contact us as we have always handled any issues that may arise directly and if you were an early investor as you keep stating you would know that we have already committed to air dropping tokens to a defined part of the early investors group as a way to make up for the slight adjustments we made.

Please let it also be noted for the record that Kwikswap offered to buy out anyone that wasn’t happy with the vesting schedule change. The result of this buy back offer was that only one single contributor came forward to request the buy back option out of the hundreds we contacted and we kept this program open for weeks. So please feel free to email us at admin@kwikswap.org or contact us through our telegram channels and quit spreading fake news about our project please.

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this should be enough proof for you, and am sure if you track the address down, you will see that i have yet to sell a coin, but still doesn’t stop me for speaking the truth when a clear ill was done.

With regards to your buy back offer, I stated that in the previous post. you gave investors about a week to buy back a coin most have been invested in for months. And those with busy lives who missed the extremely short window were belittled, insulted and banned, with no little to no recourse.
Nor were thought put into place that this investor had been with the project for several months and were following the exact instruction layout by those in charge.

I was an early member, when all u had was a telegram. quizzed you guys on numerous stuff when no one was interested, and you lot made so many promises. but soon as the tide changed, those individual who you should have ben the most loyal too, were the ones who were f’ed the most. Till today the whole thing makes no sense to me.

Anyway, I have made my point. you don’t need to reply anymore. But till you start taking your community seriously, and change certain practices, the proof will stay in the pudding. Take care.

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I’m not sure how much this will contribute to the discussion, although it’s my duty as an Ambassador for Astar/Shiden to give my testimony:

I invested in the second round for Kwikswap after hearing they were building on the Astar/Shiden Testnet. I soon became an ambassador in this project and didn’t have enough time to be active in the Kwikswap community.

I have a friend in the Kwikswap community whom I’ve asked for their opinions on this matter, which I’ve added below for the record.

He feels that one admin has been not very kind and even restricted him for a short period of time for “fud”. He found the other admin and moderator to be friendly and helpful. And that they “Do their work”. He does not feel that they were misleading. He thinks it’s a “human factor” of one person, not the position of the team.

For myself:
Every time I dropped in to check up on the project, it had a brand new direction, making it feel rudderless. The change in Vesting last minute was very unpopular, and that sort of thing would never fly in traditional finance. However, the option to be refunded tokens was offered.

I had difficulty using the staking and ended up giving up on it. I did have another user experience issue where I couldn’t figure out how to claim my tokens. From memory: I needed to press a button titled “Subscribe”, which made no sense. I spoke with one of the admins, who was friendly and helped me figure it out. The dex’s had very little liquidity, and the community seemed angry every time I visited.

I had written the -90% investment off had it not been for the Shiden DEX announcement, which spiked the price enough to break even, where I sold because I had no confidence in the project.

The elephant in the room for me is: why didn’t you apply for the builder’s program before announcing you would be one of the first DEX’s on Shiden?

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Thanks for your feedback @Hidden_Meaning, We had been building on Plasm and Astar since the beginning, we were prompted to join by Sota recently after we announced being live on Shiden Network. Our Dev team has always been worked closely with Maarten and his crew also, but there is really no reason we didn’t join earlier though other than we had been extremely busy planning and developing new features to release after the Chainswap exploit. That really hurt us a lot as you may have also noticed with the price dump that resulted from the hacker dumping KWIK tokens they stole through the exploit. We did remove a couple os admins earlier on and yes we have pivoted every now and then, however our direction has always been and always will be to be on Polkadot or Kusama when it goes live and the pivoting has resulted in a cross-chain solution also. Everything we have done has been in what we believe to be the best regard for our community, obviously we cannot keep everyone happy unfortunately. But we are not going anywhere, we will continue to push forward, our social admins are great, they are behind the project and now we need to get through our teething issues.

Back tracking to the previous posts by @machina with one last response on one of the statements made; “When they had no product to show”. The fact is, we had our DEX released on Ethereum Mainnet long before we ever started our fund raising. So I am really not sure where the information is coming from that we didn’t. We can’t take back any ill feelings he has for our project, so we will just continue to try to do our best by the community and create the best environment we can.

1 Like
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Regardless any other consideration, I don’t see any plan about liquidity.
It’s been 10 days Kwikswap has been announced live on Shiden and I can see a swap of $200 makes more than 10% slippage on USDC, SDN/USDT is empty
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Looking forward for a serious liquidity plan.

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:joy: :rofl: so this…how to do this ?

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I am suggesting to thought about liquidity mining incentives (and they must be huge).

Here is information about Osmosis AMM (Cosmos SDK base AMM) and their incentives plan:

And this is a result of these measures: https://info.osmosis.zone/ . $428 M liquidity to date (4 month from the launch)

In other hand https://app.emeris.com/pools - Osmosis competitor without liquidity mining incentives. $30M liquidity. Feel the difference.

The thing is, there are many new AMMs in the space and it´s impossible to operate without incentives. Competition for the liquidity is huge.

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Thanks for your post @igporoshin

Yes we have some farms on the way, once they are almost ready we will post the incentives.

I appreciated the support and the team and I will also check out these medium articles you sent.

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Kwikswap Builders Program
  • Yes
  • No

0 voters

Only ambassadors and core members can vote as always to avoid scams

1 Like
19

Though I notice some negative vibes, I am always optimistic about the future. What matters here is how to move forward and improve. The journey won’t be easy, but this is life.

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20

I will temporarily give a no for the moment, as I can’t see a strong enough liquidity plan for Shiden/Astar, where Kwikswap was supposed to be deployed 1st.
Of course I would be glad to change my vote if I can see something solid about liquidity, as explained in my previous answer.