AMA Recap with Meter

On the 17th of August, 2021 at 16:00 UTC, Decentralized Club had the honor of hosting Xiaohan Zhu, CEO of Meter for an Ask-Me-Anything session on their Telegram page with a community of over 30,000 people. It was hosted by DC Admin, May.

 

The session was divided into four segments. Introductions were made in Segment 1, questions from the Twitter and website community were answered in Segment 2 and 3 respectively, and live questions from the community members in attendance were answered in Segment 4.

 

If you missed this event and would like to know what VoltSwap is all about, you can find a recap of the interview here. Note that slight edits have been made for clarity.

 

Segment 1 – Introduction

 

[May]

Hello, 大家好, नमस्ते, Selamat!

 

My name is May and I’ll be hosting the AMA on VoltSwap.

 

Today, we have with us a distinguished guest from the VoltSwap Team.

 

You’re welcome and it’s an honor to have you here.

 

[Xiaohan]

Yes @MsMayMay, thank you for hosting us today.

 

[May]

It’s our pleasure 😊

 

Could you quickly tell us more about yourself and your job description at VoltSwap?

 

[Xiaohan]

Sure

 

My name is Xiaohan Zhu, CEO of Meter.io I have a mixed engineering and finance background. My first 15 years were in R&D in various high tech companies in silicon valley, then I started a VC fund to invest in fintech and crypto. In 2018 I started Meter.io with my co-founders and have been focused on building on the project since then

 

We are launching VoltSwap (https://docs.voltswap.finance app will be online soon) on Meter mainnet on August 27 (tentative). We are launching airdrop campaigns very soon, please join Meter’s telegram channel https://t.me/Meter_IO if you are interested in earning the new $VOLT tokens.

 

Voltswap is a completely community-driven project. I am just a community participant and helping on launching the project

 

We don’t have any dev shares. All the tokens belong to the community

 

[May]

Very impressive bio! 👏🏼

 

I’m sure your background in Research and Development is now an asset to Meter.io

 

[Xiaohan]

we try to funnel our understanding and learning to the design of the voltswap project as well

 

[May]

Our community will be interested in this 😁

 

Impressive! Good job from you and the team!

 

Let’s take some project-related questions now so we can see what VoltSwap is all about!

 

Q1. Can you tell us what is the motivation behind developing VoltSwap?

 

[Xiaohan]

There are many swaps including layer 2 swap on the market, but they all lack several key features that are important to retail investors.

1. All existing swaps on Ethereum and Ethereum compatible chains have a front running bots. You will notice whenever you place a relatively big buy order. There are bots trying to front run and sandwich your buy with a big buy and the same size sell right before and after your order. It makes you enter at a worse price.

2. When you participate in liquidity mining, all the users’ LP tokens have to be deposited into a smart contract managed by devs. There are security risks involved and the user could only choose to participate in one liquidity mining program at a time.

3. There are very few DEXes designed for cross-chain arbitrage and secure infrastructure to move assets around multiple chains.

 

Voltswap is designed to address the above three issues and provide a layer 2 swap that is friendly to the people, the retail investors.

 

The motive was really to solve existing problems for the retail DeFi users and showcase the capabilities of the Meter network. We will continuously improve voltswap in this direction

 

[May]

Wow. Thank you for breaking this down!

 

I also love that it’s 100% a community project!

 

We’ll be cheering you on over here!

 

[Xiaohan]

It is a swap designed for the people and belongs to the people

 

[May]

Absolutely! It’s very clear.

 

Second question.

 

Q2. Can you tell us what the relationship between Meter.io and VoltSwap is?

 

[Xiaohan]

Meter.io is probably the most decentralized and fastest Ethereum side chain on the market. It has a built-in metastable coin called MTR for paying gas and investment/staking token $MTRG for staking and governance. Meter Passport is an infrastructure that allows smart contracts to travel and communicate across different blockchains. We have been using a similar infra to help the Avalanche team running its Ava-ETH bridge. The peak TVL on the bridge was more than $300M and never had any security breaches.

voltswap. finance will be the first ecosystem dApp on Meter mainnet to showcase the capabilities of the Meter network. It is similar to Pancakeswap to BSC and quickswap to Polygon with many more add-on features with the help of the Meter infrastructure. Features 1 and 3 in the previous question were specifically provided by the Meter infrastructure. The beauty is that we do not have to change the original Uniswap v2 smart contracts at all to enjoy these features.

 

Therefore, the swap smart contracts are highly secure and battleground tested

 

[May]

Oh wow! This is getting interesting!

 

Third question.

 

Q3. Could you please talk about the ‘front running resistant’ feature that VoltSwap has?

 

[Xiaohan]

Front running is typical on Ethereum compatible chains. There are bots trying to trade in front of your transactions, making you settle at a worse price so the bots could profit from it. Front running is possible as Ethereum broadcasts transactions to the entire network and ranks transactions by the gas price the users set in the transaction. Meter did not directly fork Ethereum code and has a much higher performance network (1500tps). Therefore it could do things differently. In Meter, all transactions are charged at a base gas price. Transactions that meet the base gas price requirement are ordered based on the time the network receives them instead of the gas prices. With more than 115 validator nodes on Meter, Meter is the most decentralized and fastest Ethereum layer 2 side chain. With the help of the decentralized validators and program/RPC level Ethereum compatibility, VoltSwap is both censorship and front running resistant yet fully transparent as the original Ethereum.

 

[May]

The name surely speaks for itself! ⚡

 

Q4. How do we acquire the $VOLT token and what are the incentives attached to it?

 

[Xiaohan]

The main way to acquire the VOLT token will be through liquidity mining when it launches. However, we have an airdrop program that allows users to engage early and also makes the token price more sustainable. The airdrop participants will receive a $VOLT_Air token which can be used to single token stake to mine $VOLT after launch. 0.4% of the total trading fees will be used to buy back and burn $VOLT. $VOLT holders will also have cross-farming and IDO opportunities with other projects in the future.

Staking/Liquidity mining in VoltSwap is designed to encourage long-term behavior. There are only Stake and UnStake operations for the liquidity mining program. There is no separate reward harvest function for staking. The user will have to unstake a portion of the entire stake if he wants to receive the rewards.

The rewards take 10 weeks to fully vest starting from 10% vesting immediately. If a user unstake before the end of the 10 weeks, only the vested portion of the rewards can be withdrawn. The unvested rewards will go back to the pool as rewards for other staking participants. A user who has staked for more than 10 weeks will earn 10x rewards compared to someone who stakes and unstake in the same day.

 

[May]

Nice!

 

Please share links to your social media pages so our community can keep tabs on yours for more information.

 

[Xiaohan]

Please join Meter’s telegram https://t.me/Meter_IO and follow us on Twitter https://t.me/Meter_IO to keep updated with the upcoming launches of $VOLT

 

The voltswap website is https://voltswap.finance (will be available later) and https://docs.voltswap.finance

 

[May]

Great!

 

Last question for this segment.

 

Q5. What are the major plans on track for completion this year by VoltSwap?

 

[Xiaohan]

Major plans for Votswap include more streamlined UI integration with the Meter Passport bridge and a cross-chain smart wallet. More cross liquidity/yield farming partnerships with other crypto projects and IDOs with potential token burning for $VOLT tokens. Limit orders etc. Voltswap will be a key playground for more Meter ecosystem projects that are coming in the pipeline.

 

[May]

Awesome!

 

It’s time to take questions from our Twitter community.

 

Ready?

 

[Xiaohan]

yes

 

[May]

Great!

 

Segment 2 – Twitter Questions

 

[May]

Q1. I read VoltSwap has several key features that are designed specifically for traders and retail investors. Can you explain in detail what features you have developed for this extension of Meter that will favor retail investors and give them a similar performance to large traders?

 

Twitter Username: @TheShadowJK_1

 

[Xiaohan]

1.Front front resistant trading with high speed and low gas fees 2. NFT smart wallet based secure and yield maximized staking 3. cross-chain assets trading

 

are the 3 key features

 

[May]

🎉🎉🎉

 

Q2. In all existing swaps, users have to deposit their tokens into staking contracts for liquidity mining. How do you plan on making this transaction safer and more secure in your exchange?

 

Twitter Username: @repmujduolc

 

[Xiaohan]

In all existing swap liquidity mining programs, users have to deposit their LP tokens into staking contracts owned by the devs. The owner of the staking contracts typically has admin rights to the contract and the capability of stealing users’ funds. The risk becomes higher for projects run by anonymous teams. In addition, such a design limits users’ capability to participate in multiple liquidity mining programs when they are available at the same time. VoltSwap creates an ERC721 NFT contract-based smart wallet for each user. Only the user has access to the wallet. The user could subscribe to as many liquidity mining programs as he wants and the tokens never have to leave the wallet. Such a smart wallet design will become the standard for liquidity mining on the Meter network.

 

[May]

Good to know!

 

Q3. As a community-incubated project, VoltSwap will continue to respect the wishes of the community and move forward together with the VoltSwap community. What tools has the team behind VoltSwap made available for the community to continue to make its voice heard within the project?

 

Twitter Username: @iracundito

 

[Xiaohan]

We will have a forum for the $VOLT holders to discuss proposals for listing, liquidity mining, token emissions, use of the community treasuries, and other key decisions. The proposals will be put up to vote by the $VOLT token holders on the snapshot. The meter team will participate as a community member. Everything will be decided by the community

 

[May]

That’s very good.

 

It’s time to take questions from our website community.

 

Ready? We have three of them as well.

 

[Xiaohan]

yes

 

[May]

Okay!

 

Segment 3 – Website Questions

 

[May]

Q1. Regarding your $VOLT token and the distribution of liquidity rewards that you will make to incentivize suppliers, how will this distribution be and what factors will you take into account to make the distribution?

 

Telegram Username: @Kherrera22

 

[Xiaohan]

There are 100M VOLT tokens in total and the tokens are initially allocated in the following manner:

90% of the tokens will be mined over the next four years. The emission rate will be higher initially and drop over time.

1% of the tokens is reserved for marketing activities

5% is allocated to initial and future airdrops to expand the community and build awareness

4% of the tokens are reserved for the community treasury and the community will decide how to use it. For example, future development, security audit, future marketing, and airdrops.

 

This is the initial distribution mechanism. Future modifications will be made by the community governance process

 

The emission rate will be set as halving each year at the beginning

 

[May]

👏🏼👏🏼👏🏼

 

Q2. A user who has staked for more than 10 weeks will earn 10x rewards compared to someone who stakes and unstake in the same day. What do you hope to achieve with the 10x reward incentive?

 

Telegram Username: @CloudJumper97

 

[Xiaohan]

This design is enough long-term behavior for the liquidity providers. The 10-week vesting process ensures that short-term farmers will only receive a small portion of the rewards and the majority of the rewards stay in the hands hodler and the community supporter. In addition, no one will be able to dump and front running other people

 

[May]

Great idea!

 

Holders are winners!

 

Q3. Staking/liquidity mining on VoltSwap is designed to encourage long-term behavior. There are only participation and disengagement operations for the liquidity mining program. My question is, There is no separate reward collection feature for wagering? What impact will this model have in the long run?

 

Telegram Username: @Thomas23P

 

[Xiaohan]

The staking program is designed as if you farm the rewards, your 10-week vesting will have to restart from the beginning. This is also to enough longer-term behavior for the LP providers and makes it fair to all the participants

 

[May]

👏🏼👏🏼👏🏼

 

VoltSwap is a very impressive project, I must say.

 

So many features in place to safeguard genuine holders and investors.

 

And to crown it all, it’s very community-driven.

 

Great work by the team!

 

[Xiaohan]

Thanks a lot for the opportunity to share. We are going to start the airdrop campaign for voltswap later this week. Please make sure to join Meter’s telegram https://t.me/Meter_IO and follow us on Twitter https://t.me/Meter_IO to keep updated with the upcoming activities.

 

[May]

Will do!

 

Dear community, please follow Meter’s social channels for more information.

 

We have four more questions to take from our Live Segment.

 

[Xiaohan]

Sure

 

love to answer them

 

[May]

In this 4th segment, I will open the group for some seconds for the live community to shoot you some pressing questions.

 

Please pick four original questions to answer.

 

Try to ignore generic, vague, and copy-paste questions 😊

 

[Xiaohan]

OK

 

I will pick 4 good questions from them

 

[May]

Yes, please!

 

—Chat was then opened for the live community to send in their questions—

 

Segment 4 – Live Questions

 

[Marian Merheb]

Meter decided to have a voting process to decide a new name for the project: Volt Swap. Can you tell us more about this? Why did you decide to change the name of the project? How does this new name align with the purpose of your project better than Meter did?

 

[Xiaohan]

Voltswap was initially called meterswap. Its interface is on https://swap.meter.io However since it is a community-driven project, we wanted the community to decide on the name. We had well-participated voting on a snapshot and finally chose voltswap. It is a catchy name and also gives more space for other dex developers in the Meter ecosystem in the future. We believe it is an absolutely great choice. Meterswap will retire from existence when voltswap launches

 

[BigCity Boy]

As an investor, I always care about security in every trade. So can you tell us how safe it is to use your platform? What security measures does VoltSwap take to protect users?

 

[Xiaohan]

The swap portion of voltswap is the same as uniswap v2, which is battleground tested and highly secure. The staking contract and NFT smart wallet are thoroughly audited by leading security firms in the industry like certik and etc. In addition, the wallet is completely controlled by the users which makes it highly secure.

 

[Orina Emine]

How has Meter helped the US Economy? Is MTRG tradable on UNISWAP??

 

[Xiaohan]

MTRG is the mainnet token for the Meter investment token. On uniswap it is traded as eMTRG https://v2.info.uniswap.org/pair/0x837f68d11cd15e8ab10dd5f3f210516f2cf2bcfb We have showcased that MTR is indeed inflation resistance compare to the collapsing value of USD

 

[Marian Merheb]

I read that as a solution for interoperability, Meter will have a “Meter Passport”, can you tell us more about this? How will this passport exactly work? What kind of terms and conditions do users need to follow to use this passport? What benefits do they get from it?

 

[Xiaohan]

Meter passport is available on https://passport.meter.io is a cross-chain router that allows smart contracts to travel and communicate across blockchains. It is used by AMPL as the main infra for cross-chain AMPL and we just announced that the Moonbeam team will use it as the official bridge for Moonriver and Moonbeam. More announcements with top 25 projects are in the pipeline as well

 

[May]

Have time for one more question? 😁

 

[Xiaohan]

yes, sure. Let me try to answer a few more

 

[ALBERT]

The utility of the token is one of the factors that evaluate the credibility and potential of the project. So what is the use and role of the $VOLT token in the ecosystem? How can users earn more $VOLT through the incentive program?

 

[Xiaohan]

$VOLT is the governance token for voltswap. Similar to CAKE for pancakeswap and Quick in quickswap. It is the first ecosystem project in Meter and is specifically designed to encourage long-term behaviors. All the $VOLT tokens have to be mined even the airdropped ones. Please follow us on Telegram and Twitter to get updates on the earning programs. https://t.me/Meter_IO https://twitter.com/Meter_IO

 

[J Mags]

Meter IO has a governance protocol and alongside it comes the $MTRG token. Can you tell us how we mint this token and can we trade (buy and sell) $MTRG outside of your ecosystem and platform and through other DEX and exchanges?

 

[Xiaohan]

The MTRG tokens can be earned by staking on the Meter mainnet and providing liquidity on Uniswap for the eMTRG/ETH trading pairs. The mainnet MTRG is also available on CEXes. https://www.meter.io/getcoins has all the links

 

[Nhairy5]

Taking into account that the objective of the project is to attract clients and participants, have you considered including fiat currencies and giving greater participation to stable coins?

 

[Xiaohan]

Yes, there will be stable coin pairs on the Voltswap, for example, BUSD from BSC vs USDT from Ethereum. Also when you move assets into the meter network, you will automatically receive an airdrop for the MTR gas tokens to make it easier for the users

 

[Xiaohan]

@MsMayMay I think I got most voltswap related questions answered. Please join the Meter telegram channels if you have more questions to Meter https://t.me/Meter_IO

 

[May]

Aaaaaaand it’s a wrap! 🎉

 

Yes!

 

Thank you for your time with us today, Mr. Zhu.

 

VoltSwap is teeming with potential!

 

[Xiaohan]

Thanks a lot for hosting and thank you, everyone, for your time

 

[May]

Can’t wait to hear big news from your team!

 

[Xiaohan]

Please join us at the airdrop and launches

 

[May]

Thank you again, send our hearts cheers to the rest of the team!

 

Will do!

 

Thank you and enjoy the rest of your day!

 

[Xiaohan]

Thank you

 

 

24 thoughts on “AMA Recap with Meter”

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