Thank you to everyone who joined AMA Blockelite x MetalSwap on 7th January at 03:00 PM UTC I 10:00 PM (UTC+7). Here is the recap for those who missed this AMA.
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Yuno – Blockelite Host: Hello fellow Eliters and welcome to another Blockelite AMA Series
So ladies and gents, Our special guest today is Marco Braglia – Project Manager of MetalSwap
Hello @marcob8986 , welcome to Blockelite today
Marco Braglia – Project Manager of MetalSwap: Hello Yuno, hello everyone! It’s a pleasure being here
Yuno – Blockelite Host: Thanks for joinning today, Marco !!!
How are you today?
Marco Braglia – Project Manager of MetalSwap: I’m doing great, what about you and your community?
Yuno – Blockelite Host: I’m good and so excited
On to the Segment 1 of our AMA, we hope you’re ready for the next few questions coming at you!
Marco Braglia – Project Manager of MetalSwap: Oh yes, shoot me 😉
Yuno – Blockelite Host: Our guest is ready, we will enter Segment 1 right now !!!
Q1. Can you please introduce yourself and share a quick overview of MetalSwap?
Marco Braglia – Project Manager of MetalSwap: My name is Marco Braglia, I’m the Project Manager of MetalSwap and I have been collaborating with one of the founders for several years in crypto and finance related projects
MetalSwap is a decentralized platform that allows hedging swaps on financial markets with the aim of providing a coverage to those who work with commodities and an investment opportunity for those who contribute to increase the shared
liquidity of the project
Nowadays, financial swaps are the most widely used “insurance” tool for large exchanges of raw materials such as metals.
Everything is happening on centralized markets that require financial coverage, and bank credit facilities that aren’t always accessible to everybody, with poisoning bureaucratic laziness
With the concept of an economic incentive, given by the distribution of the governance token ($XMT), the system will have publicly accessible pooled liquidity.
Through a set of “smart contracts”, initially written on Ethereum, the contracts will make it possible to execute swaps without the need for intermediaries, at reduced costs and without time restrictions
What sets us apart from other Defi projects is the fact that we are bringing into DeFi an activity that already exists in the mainstream finance and business world: the core feature of the project, namely hedging swaps on metal commodities
The volume of commissions, generated by financial hedges inherent to metal commodities, was more than a Billion Dollars in 2019, speaking exclusively of the LME (London Metal Exchange) volume, which is only one of three major actors in this sector
Yuno – Blockelite Host: Thank you, for your introduction, our pleasure to have you join us today
Q2. Can you explain to us what problems MetalSwap wants to solve?
Marco Braglia – Project Manager of MetalSwap: The main issues of the current commodities supply system are:
-> Erosion in profit margins due to persistent demand for purchasing efficiency improvements.
Commodity consumers put pressure on their producers in order to have an always more competitive price, this constant pressure reduces producers’ profits.
-> Excessive price volatility
Excessive volatility is detrimental to proper planning and prevents from securing a determined profit.
To overcome the inconvenience, financial hedge is required, but this can take hours, if not days.
-> Commitment to purchase volumes “without security”
Buyers of raw materials are forced to place orders significantly in advance of scheduled supply, with no guarantee that demand will remain the same
Current centralized systems suffer from significant drawbacks:
1) Costs
The intermediation system has structural costs which are reflected in the commissions the trader pays to open financial hedge positions.
2) Trust
Funds are entrusted to the centralized service that allows the opening of positions.
3) Monopoly
Market analysis reports the centralization of operation volumes in a narrow group of brokers.
4) Need for bank coverage
The current system requires bank coverage.
5) Access to hedges is allowed only in specific time intervals
The market operates on an ongoing basis, but not the offices
Yuno – Blockelite Host: Thanks for sharing,
Next question
Q3. On the MetalSwap app, I saw that currently has 2 pools: Staking pool and Iron pool. What is the difference between them? Which pools are currently available to everyone to join?
Marco Braglia – Project Manager of MetalSwap:
STAKING POOLS are “classic” pools: defined duration (30/90/180/360 days) and fixed total rewards amount. Holders of $XMT token on ETH chain are free to join open pools as long as they are not expired and take a share of the rewards.
The sooner they join the pool, the bigger the share of rewards they will get, because the rewards are calculated with a system of weighted averages taking into account the time spent in the pool and the amount of tokens provided.
The reward in tokens is distributed at the end of the period along with the principal originally locked in the pool
IRON POOLS are special staking pools with a MINIMUM GRANTED APY.
Staking is available for a fixed quantity of XMT, multiple of the slot cost. So there a minimum amount of XMT you need in order to enter those pools.
Minimum APY is granted by the limited number of available slots in the pool. he reward in tokens is distributed at the end of the period along with the principal originally locked in the pool.
As of today all the pools but the first 30 days pool are available to join. A new 30 days pool will be opened in the upcoming months
Yuno – Blockelite Host: Perfect, next question
Q4. $XMT has officially pooled on #BSC today, it’s the result of the first proposal of MetalSwap DAO, do you want to share about it? And please tell us more about MetalSwap DAO and its mechanics?
Marco Braglia – Project Manager of MetalSwap: This pool has just been born, and with it, the possibility for everyone on BSC to trade and manage $XMT.
The pool is available on PancakeSwap, the official $XMT on #BSC contract address is: 0x582c12b30f85162fa393e5dbe2573f9f601f9d91
This has been the first wish from our DAO, the proposal #0 passed successfully on the 31th of december, 7 days ago!
This is how we manage our governance: anyone can make a proposal (with a threshold of XMT one has to hold to create it), we discuss it on our social medias, we publish it officially by putting it to a vote, and if it passes the vote via XMT (anyone can vote here, no thresholds), we develop that decision as quickly as possible
The proposal had a minimum quorum of 20M $XMT votes to be valid, we reached 22M+ with a 100% positive vote rate to land on BSC
Yuno – Blockelite Host: yes, $XMT run on both Erc and BSC now
Marco Braglia – Project Manager of MetalSwap: yes sir, that’s totally right 😉
Yuno – Blockelite Host: Continue with Q5
Q5. One of the most important thing for projects are maintaining and long-term development. How do you accomplish that goal and what is your business model?
Marco Braglia – Project Manager of MetalSwap: Our development is continuous and constant, our devs are working 24/7: from smart contract creation to UI optimisation, through the management and updating of every step of the back-end, we simply never stop. In fact, we are hiring more devs to keep up with the scalable development of our platform
The main devs are part of the project’s core team and they get an important share of $XMT tokens, as per the tokenomics, with a 12 months cliff (they can’t touch anything for one year) and then 12 months linear daily vesting period.
Yuno – Blockelite Host: You can see it here
Last question in segment 1
Q6. What does the MetalSwap roadmap look like moving forward?
Marco Braglia – Project Manager of MetalSwap: Today is a very special day regarding this topic: MetalSwap has just landed on Binance Smart Chain! The first trades on the first PancakeSwap pool are taking place right now!
Our past and future roadmap looks like this, as of today:
✅ 19/11/2021 – IDO ETH ON UNISWAP V3
✅ 27/11/2021 – STAKING POOLS 30/90/180/360 dd
✅ 11/12/2021 – DAO POWERED ON
✅ 21/12/2021 – IRON STAKING POOLS
✅ 29-31/12/2021 – 1st PROPOSAL DAO (SUCCEEDED)
✅ 07/01/2022 – BSC BRIDGE
✅ 07/01/2022 – IDO BSC ON PANCAKESWAP
⚪️ 15/01/2022 – LIQUIDITY PROVIDERs
⚪️ 15/01/2022 – SWAP CRYPTO ASSET TESTNET
⚪️ Feb 2022 – SWAP CRYPTO ASSET MAINNET
⚪️ Feb 2022 – STAKING NFT V3
⚪️ Q2 2022 – L2 (POLYGON?)
🎯 Q2 2022 – SWAP ON METAL COMMODITIES
Be aware of scams, use the official contract adresses:
ETH chain: 0x3E5D9D8a63CC8a88748f229999CF59487e90721e
BSC Chain: 0x582c12b30f85162fa393e5dbe2573f9f601f9d91
Yuno – Blockelite Host: Agree, Be aware of scams , everyone need check before trading
Segment 1: END
Are you ready for Segment 2 (5 best questions from twitter)?
Marco Braglia – Project Manager of MetalSwap: let’s do it, sounds fun
Yuno – Blockelite Host: Our guest is ready, we will start Segment 2 right now !!!
Q1: Can the FEATURES contained in “MetalSwap’ make a difference and an advantage over your competitor’s platforms? if so, name some of the BENEFITS of choosing “MetalSwap’. have plans to develop a cross-chain to function in BSC?
Marco Braglia – Project Manager of MetalSwap: As of today, there are no competitors on the hedging commodities swap feature, we will be first in the market 🥇
The benefits on choosing MetalSwap over a traditional CeFi solution are:
- Costs minimized
In MetalSwap there is no need for an intermediary, it is entirely based on blockchain technology through the use of smart contracts. - Trustless
Since there are no intermediaries, there is no need to trust anyone.
The funds are not entrusted to a third party, they remain available in your wallet and you decide how to manage them. - Decentralization of the system
The issue of monopoly is overcome by MetalSwap’s intrinsic automatism and by decentralized finance - No need for bank coverage
Bank coverage is no longer necessary: MetalSwap solves this issue with a shared liquidity pool system, where each participant (Liquidity Provider – LP) is rewarded for their contribution through the provision of project governance tokens (XMT). MetalSwap allows you to open hedge positions only if they can be counter-guaranteed by liquidity pools. That’s why in MetalSwap trust is not necessary, it is an entirely and mathematically trustless system. - Market open 24/7
Unlike traditional offices with their constraining hours, MetalSwap is open 24 hours a day, 7 days a week.
Yuno – Blockelite Host:
Q2: Almost 4/5 of investors are focused purely on the price of token in short term instead of understanding the real value and health of the project. Could you tell us on motivations and benefits for investors to hold your token in long term?
Marco Braglia – Project Manager of MetalSwap: As said before, there are no competitors on the hedging commodities swap feature, we will be first in the market.
The volume of commissions, generated by financial hedges inherent to commodities, was more than ONE BILLION dollars in 2019, speaking exclusively of the LME (London Metal Exchange) volume, which is only one of three major actors in this sector ( the other ones are the CME and SHFE).
The value of imported Copper in China was over 25 Billion Dollars. In Japan it was 9 Billion (2018 Data).
As a first step, it would be sufficient to acquire even a very small slice of this market, to have a huge decentralized volume and to show the convenience of MetalSwap.
Benefits for early investors will be huge when businesses will start using MetalSwap service for coverage on real world contracts.
This was one of the best questions ever asked to MetalSwap, thanks for it
Yuno – Blockelite Host: agree, haha 🙂
Next question
Q3: One of the ways to promote the project and attract users is to create local “MetalSwap’ communities around the world. Does “MetalSwap’ have any plans for this In 2021, will “MetalSwap’ promote One Marketing? Because MARKETING is the source of almost every project
Marco Braglia – Project Manager of MetalSwap: We already have three communities: International, Italian and Spanish on Telegram. International and Italian on Discord.
International marketing campaigns are already ongoing and will intensify along with the features added to the project, to increase brand awareness and to bring interested investors and strategic partners.
We will plan other local communities as needed if there will be a number of investors/holders/partners big enough.
Yuno – Blockelite Host: Continue with Q4
Q4: Has your smart contract been audited by any blockchain system?
Marco Braglia – Project Manager of MetalSwap: The official platform is ready and will soon be published on Ethereum’s testnet with a bounty program that will reward all those who try to use it and report bugs.
After that test, our code is going to be published on GitHub, and reviewed by an Audit company (we’re already in touch with Certik, OpenZeppelin and others).
Yuno – Blockelite Host: Ok, last question of this segment, everyone please prepare good questions for segment 3
Q5: With today BSC hyipe is so make all people excited. What your plan for make new solution for keep the investor look at “MetalSwap’ ? And if there will be new solution/idea on other project are “MetalSwap’ will add that idea on your system too ?
Marco Braglia – Project Manager of MetalSwap: As said before, there are no competitors on the hedging commodities swap feature, we will be first in the market.
When hedging swaps on metal commodities will be up and running, and investors & businesses will start to use them, MetalSwap team will be there to gather user feedback and new needs, e.g. new commodities to add through the use of oracles and synthetics.
Yuno – Blockelite Host: You are awesome, thanks for answer all 5 best questions from twitter of my community.
Last Segment for AMA today, The guests will select 5 best questions from the community.
Blockelite community:
IF THE BEAR MARKET COMES will your token PROBABLY DUMP? Do you have any plan to prepared for this bear market? How will you handle the panic sell ?
Marco Braglia – Project Manager of MetalSwap: Great question, thank you!
We have great analysts in our team and this scenario wasn’t unexpected. The roadmpa since the IDO (November 19th) has been planned and applied carefully.
So carefully that the majority of the circulating supply is locked into the longest staking pool (360 days) so that tokens can’t be sold
Blockelite community:
How can users stay updated with this project? Are there channels, including local communities where users can get the latest updates?
Marco Braglia – Project Manager of MetalSwap:
Official social links of the project:
OFFICIAL WEBSITE 👉🏻 https://www.metalswap.finance/
MEDIUM👉🏻 https://medium.com/metalswap
TWITTER 👉🏻 https://twitter.com/MetalSwapNet
TELEGRAM 👉🏻 https://t.me/metalswap
DISCORD 👉🏻 https://discord.com/invite/eYay7NV6vF
FACEBOOK👉🏻 https://www.facebook.com/MetalSwapOfficial/
TELEGRAM DISCUSSION GROUPS 👇🏻👇🏻👇🏻
🇬🇧 https://t.me/joinchat/YaSNSVggeOFhODQ0
🇮🇹 https://t.me/joinchat/w4xGj8TcB8ExZmY8
🇪🇸 https://t.me/joinchat/22zaxw3o0URlODJk
Blockelite community:
Are you afraid some day there will be another project with more innovative technology can replace your project ?
Marco Braglia – Project Manager of MetalSwap: Being afraid is not a strategy 😉
Being the first in the market, planning carefully our roadmap and fast developing of our features is our best strategy!
Our main product is almost ready for Ethereum’s testnet so we are not afraid at this stage.
We are not afraid of competitors as of today because we are indeed creating our own world.
We will keep updating ourselves to intercept all the new upcoming market trends and potential partnerships
Blockelite community:
Most of users are still not aware with Blockchain & its related projects ! So, How Your Project platform create awareness about their project with NON-CRYPTO users too?
Marco Braglia – Project Manager of MetalSwap: One of our founders comes from the business world and has contacts on potential users of the service, real businesses which will benefit from the hedging swap feature.
This network will ensure a “bridge” between businesses and blockchain world.
We also provide free tutorials to learn DeFi, because we believe that most people are scared about this world because of missing knowledge. We fight fear only with knowledge
Blockelite community:
Can you briefly describe your PARTNERSHIP so far and upcoming partnerships?
Our main partnerships so far took place on the presale period. We had two big partnership for the seed sale phase and the private sale phase which together raised a whopping 8M$+.
Then we also have a partnership in place with Chainstride capital: is a VC that came into contact with us before the IDO, believed in our project and will help us promote the brand to forward-thinking investors like them.
During 2022 we will develop a brand-awareness campaign with their collaboration, and other strategic partners (just like you!) – everything is going to be publicly announced in the coming months!
Blockelite community:
Is your project only for elite investors, what about others with small funds, is it open to everyone?
Marco Braglia – Project Manager of MetalSwap: Great timing for this question!
Ethereum network has been chosen for security reasons: when the core feature (hedging swaps on metal commodities) will be available, real world businesses will use MetalSwap to get coverage for million-dollars contracts.
As of today, though, we just launched the token on the BSC network in order to allow low-cap investors to be part of our project.
In the near future we will be exploring even other chains (e.g. Polygon) to provide security, speed and low fees at the same time.
Yuno – Blockelite Host: Thank you for joining today AMA! It was awesome!
Our AMA session is now over !!!
