Anyswap AMA Series

AMA with STARTERXYZ

To bring clearer visibility and insights into Anyswap and great projects, we have started a series of AMAs (Asking Me Anything) with our partners.

The first AMA is with STARTERXYZ. We have this transcript for you if you haven’t made it to the AMA with Stater.

STARTERXYZ is a decentralized multichain launchpad that has been making tremendous strides since its inception. On version 3, in just two short months, they went from a singular launchpad service to a 4-part ecosystem. Their IDO platform is a full self-service platform with fully automated smart contracts. They operate on a community-centric model, which allows $START holders to decide which projects reach the funding stage by consensus, in addition to an ‘approved IDO’ program that handpicks and presents projects to the Starter community called Certified Start. VEST, the golden standard of liquidity locking, is a core part of their IDO suite.

This AMA is co-presented by Marcel and Mustard from the Anyswap core team and The BarChef, co-founder and CTO from the STARTERXYZ.

The BarChef | Starter

Tell us the history of Anyswap and why you decided to create it?

Marcel | Anyswap

Anyswap is a fully decentralized cross-chain swap protocol, which enables any blockchain which uses ECDSA or EdDSA as a signature algorithm. Anyswap has developed 385 bridges, and 15 chains since its’ launch on 20th of July 2020. Anyswap has launched its Multichain Router V3 beta mainnet one month ago, this multichain router has three significant features: Non-custodial+MPC, Native Swap, and Multichain Router(This feature allows users to swap between two chains arbitrarily, which makes it easier and less fees to practice.)

The BarChef | Starter

How many bridges do you have running? How many blockchains? Which ones?

Mustard | Anyswap
Right now, we have 376 bridges between 15 chains (and counting!) We bridge between many EVM chains (Ethereum, BSC, Fantom, Polygon, and others) and chains like BTC or LTC. In the future, we will also see non EVM chains like Solana or Cardano. Check all of them out at anyswap.net. You can also check the volume and fees of the bridge at anyswap.net/explorer

We try to increase the bridges and chains according to popular demand.

Marcel | Anyswap

Technically, we can integrate any ECDSA or EDDSA compatible chain.

The BarChef | Starter

Are you sure 376 bridges are enough? I mean, come on — that is a great achievement!

Marcel | Anyswap

Anyone from a project can apply for a bridge, so long as they are listed on CoinGecko. We also welcome new projects with great teams and potential.

The BarChef | Starter

For those who are curious, can you explain the underlying details of how the bridge works? please ELI5 (Explain it like I’m five)

Marcel | Anyswap

There are two types of bridges on Anyswap. They both use a DCRM node network (AWN’s) for trustless decentralized security. Firstly, there is a custodial bridge where tokens from a source chain (e.g., BTC, Ethereum, BSC, etc.) are locked into a contract by a DCRM wallet controlled by the AWN’s(Anyswap Working Nodes). These AWN’s then mint an equal number of tokens on the target chain. The reverse can also happen. The second type of bridge is the new V3 bridge (which you can see at stable.anyswap.exchange). This utilizes liquidity on either chain and allows native to native swaps. This means that any existing tokens could in theory be included, but it relies on sufficient liquidity on either side to work well. The beautiful thing about the AWN’s is that no one node ever has access to more than a shard of the private keys of the wallets that perform the bridging. Anyswap is ultra-secure, and we have never lost any funds through our bridges.

The BarChef | Starter

How about security? You currently have over $1M of START over the bridge. Can’t that be hacked? How do you guarantee the safety of START token holders?

Mustard | Anyswap
We have our code audited regularly, the most recent one is being audited by Trail of Bits. We are the most decentralized platform, Anyswap doesn’t possess any funds/assets owned by an individual, instead, the whole operation process is made by trustless smart contracts and the Anyswap MPC network. We haven’t lost a single asset owned by our users ever since our launch. Security is our top priority; we consider it our first mission to keep hold on.

The BarChef | Starter

One follow-up question on the topic — who operates the nodes in the MPC network and how are they chose?

Mustard | Anyswap

You can check here the node operators, anyswap.net.

There were some incentives to start a node for some community members and other players chosen by the team. In the future, we will have some news on this.

The BarChef | Starter

Just two more questions and we can open it up to the community. One is another follow-up on the mention of your V3 bridge coming soon. Marcel said “The reverse can also happen. The second type of bridge is the new V3 bridge (which you can see at stable.anyswap.exchange). This utilizes liquidity on either chain and allows native to native swaps.” To help us understand what this means, how would that work if Starter were on this V3 bridge, where we currently have $700k of liquidity on BSC and $1M+ on Polygon?

Marcel | Anyswap

V3 bridge is live now at stable.anyswap.exchange

The BarChef | Starter

What do you like about Starter, and why did you agree to partner with us?

Marcel | Anyswap

It makes sense for a new DeFi project to launch on multiple chains at the same time. In that way, they can access funds from many chains from users who often are very loyal to their chosen project. With Starter, new projects can reduce confusion by creating their tokens on all chains right at the beginning. They will never be in a situation where there is more than one version of their token on any chain. This will solve one of today’s problems with cross-chain for them. Starter has demonstrated an impressive record in conducting IDO’s in a decentralised way. This is very much our way of thinking.

Mustard | Anyswap

Starter is the kind of project we need in crypto, it brings power to the people. Too many times projects end up failing because of all the centralized VC investments. With projects like Starter anybody will be able to be part of a “VC” and help create and innovate blockchain technology. We agreed to partner with Starter because we will both gain synergies from launching cross chain projects together. Launching a cross chain project from the start is now an easy feat using our technology and your platform.

Community Member | Starter

There are already some competitors of AnySwap in the market. How will you compete with them? What will be your marketing strategies to get ahead of your competitors and have more people in AnySwap?

Mustard | Anyswap

Well, we try to take a cooperate instead of compete for approach to the ecosystem. You will see us cooperating with some of these projects you call “competition” in the future. Still, our objective will always be to become the leader of the cross-chain interactions sector, we will do that by building great tech and products.

Community Member | Starter

How will you manage your platform if something unexpected happens in the future especially a hack issue that causes your platform to have some personal data of some of your users? Is your platform ready for this situation?

Marcel | Anyswap

Anyswap runs using smart contracts. Even if our platform anyswap.exchange were to disappear, the protocol can still be used from other projects. Examples of this are multichain.xyz and nerve.fi Soon also Sushi, Curve. The code is open source and can be integrated into any project’s code. We don’t collect personal information.

Community Member | Starter

What are the ways that your project generates profit/revenue to sustain your project and what is its revenue model? How can it be mutually beneficial for both the investor and your project?

Marcel | Anyswap

20% of the fees collected for bridges using the custody model are used to buy ANY, which is burned. This happens every quarter. For the new V3 native bridges, 100% of the fees will be used to buy ANY on the open market and this will be distributed as rewards for providing liquidity.

Community Member | Starter

Leveraged performance cultivation protocol, cross-chain aggregation protocol, cross-chain vaults, cross-chain liquidity cultivation, etc., the above terms sound confusing and so what the heck is going on in DeFi space right now? And what is Anyswap trying to do to innovate in this ever-changing space?

Mustard | Anyswap

The DeFi space started as an Ethereum only industry, but as it evolved many opportunities appeared in other chains which had different characteristics from Ethereum. Right now, there is still a lot of friction between them, but we believe in a cross-chain future in which all interactions between these chains will be easy and simple. For this we have been developing all sorts of solutions for example we have something in the works called Anycall, which will allow for interaction between chains. For instance, you could call a contract in Fantom from Ethereum. Keep an eye on our social media (Twitter: https://twitter.com/AnyswapNetwork?s=09 and TG https://t.me/anyswap ) for more news on this.

A decentralized cross-chain swap protocol.