KuSwap AMA at KCC Telegram — Transcript and KuDrops Winners

On August 31, 2021 KuSwap developers Stein and Esruc had their first AMA in the KCC Telegram with the KCC Official English Community Admin as the host. The main topic was safety and security, but they also answered other questions for the community. Read the summary below to learn more about the project. At the end of this article is a list of all the winners for this event.

KuSwap AMA on KCC
Host: KCC Official English Community Admin
Guests:
Esruc — Lead developer of KuSwap
Stein — Development Manager of KuSwap

KCC Official English Community, [31.08.21 10:00]
Kucoin Community Chain (KCC) is a decentralized &energy-efficient public chain that provides developers with an efficient, high speed and cost-effective on-chain environment. We launched our mainnet on june 16 this year and have been dedicated in growing our ecosystem.

To this point, KuCoin already enables Deposits and Withdrawals of 27 KCC-Peg tokens! An incredible start for us!

Many awesome projects have joint hands with us in the past months. We are just getting started as we want to make things right for our users from the get go. We are excited to have all of you with us today, and introduce one of our projects to you

And some of you may know that already

Drum-rolls…..

We have Esruc and Stein from Kuswap with us!!!!

Take it away and introduce yourself please

Stein (WILL NEVER ASK TO SEND MONEY), [31.08.21 10:05]
Hey everyone. Glad to be here.

I’ll go first.😎

I’m Stein, Development Manager of KuSwap. Just to give you an idea of how long I’ve been in crypto, when I started getting involved in cryptocurrencies, Bitcoin was still around $100 apiece, maybe less. My previous work experiences were in the fields of economics, engineering, management, and law. Over the years I had slowly, but consistently, steered my own career path towards crypto, preaching the importance of blockchain technology to pretty much anybody who would listen to me IRL.

My work in KuSwap is mostly administrative. From scheduling and enforcing deadlines to coordinating tasks between a team in different time zones across the regions we span. In the development of KuSwap Core, I am involved only as far as cryptoeconomics go.

In other areas, I am hands-on in community management, making sure that reports coming from our community managers (CMs) are always given the required attention, no matter how small the issues may be.

KCC Official English Community, [31.08.21 10:08]
Welcome Stein!

Stein (WILL NEVER ASK TO SEND MONEY), [31.08.21 10:08]
A good deal of my work is done in the DM’s, making sure we always make the most beneficial decisions, taking into consideration factors like current market situation, strategic positioning and communication with key players in our growing ecosystem.

𝙀𝙨𝙧𝙪𝙘, [31.08.21 10:09]
Pleasure to be here, I’m Esruc lead developer at KuSwap

Being a software engineer, I have covered most of the development space in my 12+ years of programming, from designing to building secure software and scalable web applications, I have led successful saas projects and have worked for many projects in securing contracts

Now that I’m working full-time on KuSwap, our goal is to become the best in DeFi as I have a great team and we truly can do it all to bring more utility to KUS, we are really proud of what we have here, we have many features waiting on release and new projects waiting to launch on KuSwap’s Launchpad.

I’ve been involved in the blockchain space, since Bitcoin was given away for free through faucets.

KCC Official English Community, [31.08.21 10:14]
Btc given away for free. Sounds like a dream now 😂

Stein (WILL NEVER ASK TO SEND MONEY), [31.08.21 10:15]
Ask him how much of that he kept 🤣

KCC Official English Community, [31.08.21 10:15]
Lol

𝙀𝙨𝙧𝙪𝙘, [31.08.21 10:15]
Lol next question

Stein (WILL NEVER ASK TO SEND MONEY), [31.08.21 10:16]
Okay. I’ll tell you guys a few things about the team as well.

The team came together earlier this year having been investors in multiple projects together, realising the opportunities in the space we decided to collaborate and start the process of developing our own project. A lot of weeks were spent brainstorming and initially we were going with a completely different idea on ethereum. That was until we found out about the new KCC blockchain, all of us being users of KuCoin, we decided it would be a great idea to start something there, and as it turns out we finally agreed on developing an AMM.

KCC Official English Community, [31.08.21 10:18]
A thought-out decision it sounds like huh?
[ 😌 Sticker ]

Stein (WILL NEVER ASK TO SEND MONEY), [31.08.21 10:20]
XD Thoughtful than most blockchain projects. Hahaha. But ever since then, we had made decisions very carefully, keeping the community in mind at all times.

𝙀𝙨𝙧𝙪𝙘, [31.08.21 10:21]
Yes it all aligned perfectly :)

KCC Official English Community, [31.08.21 10:22]
Speaking of which

I know your team put a big emphasis on security

Would you tell the community more about it?

Stein (WILL NEVER ASK TO SEND MONEY), [31.08.21 10:25]
Well thats true. We take it very seriously. We want to talk about it to let everyone know about the procedures we have implemented and the measures we are taking in order keep everyone safe.

We have said, time and again, that we will make sure to involve the community throughout the process of building KuSwap. In line with this, we also wanted to hear any doubts and concerns they may have so that we can address accordingly.

KCC Official English Community, [31.08.21 10:26]
Cool 😎

Stein (WILL NEVER ASK TO SEND MONEY), [31.08.21 10:26]
We also wanted to promote open and proactive discourse regarding these matters because in this world of decentralized finance, community plays the biggest part in keeping each other safe.

We hope that by honestly talking about these matters we can create a stronger community that will encourage more legitimate projects to build on KCC and KuSwap.

KCC Official English Community, [31.08.21 10:27]
Now let’s pick a few questions from our users

To continue on the topic of security

Stein (WILL NEVER ASK TO SEND MONEY), [31.08.21 10:28]
Excellent

KCC Official English Community, [31.08.21 10:28]
Can you speak about the security of your platform?

How was working with Certik?

𝙀𝙨𝙧𝙪𝙘, [31.08.21 10:31]
We are still currently working with Certik, we are impressed by their preliminary audit, we are making sure that we pass their final audit with a 100% score, without any compromises. To make this possible we pushed the implementation of timelocks and our KusDAO to the highest priority, both will be released this week along with the results of the audit. This represents a huge and necessary step for our community and we can’t wait to move forward from here :)

KuSwap DAO is completely on-chain keeping long term growth in mind, without any intermediary, just pure community.

KCC Official English Community, [31.08.21 10:36]
100% is a score we all want while we are in school

Well done folks

[ 😎 Sticker ]

Now on to the next question about Rugpulls/Dusting/Phishing Attacks

Which measures is KuSwap taking to prevent rugpulls?

Stein (WILL NEVER ASK TO SEND MONEY), [31.08.21 10:38]
I’ll take this one.

KuSwap’s launchpad, KUSPAD, is available for any project with a working product and a great team. One of our requirements for KUSPAD applicants is that the KuSwap Team will provide the liquidity and lock it ourselves to prevent any pullout. This is what we did on the previous IDO of KuAcorn.

KCC Official English Community, [31.08.21 10:39]
Nice 👍

KCC Official English Community, [31.08.21 10:39]
How safe are we from dusting and phishing attacks while using Kuswap?

𝙀𝙨𝙧𝙪𝙘, [31.08.21 10:40]
KuSwap is serverless — meaning we don’t store any information, make sure you visit the correct domain while connecting your wallet.

Stein (WILL NEVER ASK TO SEND MONEY), [31.08.21 10:42]
While we will do our best to protect the community from every possible attack on our platform, this is still DeFi and everyone must always do their own research about the projects that they are getting involved in. Our dream is to have a community that looks out for each other.

KCC Official English Community, [31.08.21 10:42]
DYOR

Stein (WILL NEVER ASK TO SEND MONEY), [31.08.21 10:43]
Exactly.

KCC Official English Community, [31.08.21 10:43]
Next Topic: FlashLoan Exposure/Protection

A relative long and important question

There have been countless issues related to flash loan attacks on other chains most especially BSC (XVS, Pancake Bunny (twice), Pancake Hunny, Merlin) the list can go on. What proactive measures has KuSwap taken to mitigate/prevent these kinds of economic exploits or other kinds of attack?

𝙀𝙨𝙧𝙪𝙘, [31.08.21 10:46]
KuSwap is an AMM, we are close to Pancakeswap than PancakeBunny or XVS, all our current contracts have been tested, before building on KuSwap we made sure to reference other audited protocols and analyze their existing issues.

We started KuSwap because we knew we could build to a much better standard than any previous AMM iterations.

KCC Official English Community, [31.08.21 10:46]
Wow ambitious

[ 😌 Sticker ]

𝙀𝙨𝙧𝙪𝙘, [31.08.21 10:47]
Well we are just getting started :)

Stein (WILL NEVER ASK TO SEND MONEY), [31.08.21 10:47]
[ 💪 Sticker ]

KCC Official English Community, [31.08.21 10:48]
Does KuSwap have a kind of insurance policy (it might be in the future just want to know if they have this in their future plans) just like what PancakeSwap has which protects users funds in the event of an exploit?

KCC Official English Community, [31.08.21 10:49]
And while they are answering that, we will just a few more exciting topics to follow, and then you will get your chance to ask questions

So feel free to start brainstorms while you are learning from the Kuswap team

𝙀𝙨𝙧𝙪𝙘, [31.08.21 10:51]
Yes, we do have an active insurance fund, it will be governed by DAO as well, up to our community.

KCC Official English Community, [31.08.21 10:51]
Nice fund is money

Next tropic: protocols in place for emergencies

What are the protocols in place in case of a hack on the platform? How quickly can you stop the transactions on the site?

𝙀𝙨𝙧𝙪𝙘, [31.08.21 10:56]
For an AMM we are completely decentralized and won’t change anything without DAO, but stopping transactions is more to do with KuSwap lending platform, we have learned from other protocols mistakes, we will certainly be implementing strict measures to prevent any attacks and pre-audit before going in production.

KCC Official English Community, [31.08.21 10:56]
Safety comes first

And i know you guys have spoken about audits and certik already

More to that

We know about the audits taking place for existing smart contracts but as kuswap is ever evolving how will we know what future features have been audited and which in turn are still being audited?

𝙀𝙨𝙧𝙪𝙘, [31.08.21 11:00]
For features developed in future, we will deploy in testnet and host a bug bounty program for all the white hats, along with the audits published in our docs.

KCC Official English Community, [31.08.21 11:01]
Well safety is a main concern for most users and seems like you guys are on it

Still DYOR

Community

On to a heated topic Nowadays: In the future will there be a nft staking

Stein (WILL NEVER ASK TO SEND MONEY), [31.08.21 11:03]
If the community wants it then we could whip it up.

KCC Official English Community, [31.08.21 11:04]
Should we take it as a yes?

[ 😀 Sticker ]

Stein (WILL NEVER ASK TO SEND MONEY), [31.08.21 11:04]
Yes!

KCC Official English Community, [31.08.21 11:04]
What about gamification?

𝙀𝙨𝙧𝙪𝙘, [31.08.21 11:04]
We have lottery and predictions coming in September.

KCC Official English Community, [31.08.21 11:05]
Nice lads

Will there be any partnerships or development of a P2E game in turn that you would need KUS in order to play?

𝙀𝙨𝙧𝙪𝙘, [31.08.21 11:06]
We do have it planned right after the gamifications and all the serious features.

𝙀𝙨𝙧𝙪𝙘, [31.08.21 11:06]
Also KUS profile system with 3D NFTs is going live early next month.

KCC Official English Community, [31.08.21 11:07]
3D?!

[ 😎 Sticker ]

𝙀𝙨𝙧𝙪𝙘, [31.08.21 11:08]
Yes, and it’s awesome actually, we now have in house 3D artists.

KCC Official English Community, [31.08.21 11:08]
You see we already have our 3D glasses ready

[ 😂 Sticker ]

Stein (WILL NEVER ASK TO SEND MONEY), [31.08.21 11:09]
Yeah, we are also actually in the early stages of developing our own P2E minigame for kuswap. More news will be released about this as work continues.

KCC Official English Community, [31.08.21 11:09]
Yup stay tuned!

Still questions on NFT: Did the KuSwap team have any plan to make a NFT for their own KuSwap team and do some bid events like what Opensea does?? or make a NFT marketplace ?

𝙀𝙨𝙧𝙪𝙘, [31.08.21 11:10]
Yes, NFT marketplace is in development, as we surely are integrating everything along with artist royalties.

Everything is being built around our KUSFox, including the NFTs

KCC Official English Community, [31.08.21 11:12]
We look forward to that. It’s a new world for many of us

Speaking of DAO that you have mentioned, what kind of governance will you implement with KUS?

𝙀𝙨𝙧𝙪𝙘, [31.08.21 11:14]
Our governance is completely based on-chain, you can create and vote on a proposal, you won’t need to wait for us, it’s based on the strongest governance project in DeFi, Compound.

KCC Official English Community, [31.08.21 11:14]
And kcc community, we will open the chat up for only ONE minute in a moment if you want to ask Kuswap any question.

Can you please add a daily/weekly quiz or meme contest on telegram/twitter it will help spread the word for $kus?

𝙀𝙨𝙧𝙪𝙘, [31.08.21 11:17]
Sure thing, we do have daily tasks and weekly contests planned based on our KuDrops feature.

At this point, the chat was opened for the KCC Community to ask questions:

🚗KaKa🚗 🚗Lot🚗, [31.08.21 11:19]
While technology is developing rapidly, do you have a team working on the necessary improvements to prevent another project with more innovative technology than KuSwap?

𝙀𝙨𝙧𝙪𝙘, [31.08.21 11:23][In reply to 🚗KaKa🚗 🚗Lot🚗]
We are working every day, and building so fast that our secret is to outperform anyone who tries to match us, we are very competitive.

KCC Official English Community, [31.08.21 11:24]
Wow competitive souls :)

Ok Good, [31.08.21 11:19]
What kind of marketing strategy do you use to increase the legitimacy of KuSwap? Do you have a big partnership plan? Can you tell us about KuSwap?

𝙀𝙨𝙧𝙪𝙘, [31.08.21 11:24][In reply to Ok Good]
Our goal is to build a good healthy ecosystem before going all out on marketing, which is coming very soon.

KCC Official English Community, [31.08.21 11:25]
Laying down a good foundation first is usually a wonderful idea

🐉🐉PinkDragon🐉🐉, [31.08.21 11:20]
On moving forward through your roadmap, what are your most important next priorities? Does the KuSwap team have enough fundamental (Funds, Community, etc) to achieve those milestones?

Stein (WILL NEVER ASK TO SEND MONEY), [31.08.21 11:25][In reply to 🐉🐉PinkDragon🐉🐉]
Moving forward, Our next priorities will be all about governance. And after that comes burning mechanisms. Kudrops will also be more regular to attract more users to our platform. But mainly I’m excited about the launch of the different burning mechanisms.

Adam Freedom, [31.08.21 11:19]
What are you doing about the rug doctor review?

𝙀𝙨𝙧𝙪𝙘, [31.08.21 11:25][In reply to Adam Freedom]
After Timelocks and complete DAO, we will be as clean as the tier one projects :)

KCC Official English Community, [31.08.21 11:25]
Last one

👑Ken👑CM 👑Ambassador👑, [31.08.21 11:20]
Once the product is developed, one of the main challenges seems to be adoption. What are some of the plans to stimulate adoption and build out the ecosystem around KuSwap?

𝙀𝙨𝙧𝙪𝙘, [31.08.21 11:28][In reply to 👑Ken👑CM 👑Ambassador👑]
Our main focus will be targeting non crypto users and users from other networks, will be revealed soon.

KCC Official English Community, [31.08.21 11:28]
Exploring the untapped market

𝙀𝙨𝙧𝙪𝙘, [31.08.21 11:28]
Yes, we will all build KCC.

KCC Official English Community, [31.08.21 11:28]
Nice strategy

KCC Official English Community, [31.08.21 11:35]

Already. We have a very exciting and informative 90 minutes with Esruc and Stein from the KuSwap team

KCC Official English Community, [31.08.21 11:35]
We appreciate what you have shared with our community and wish your project a huge success in the future.

Stein (WILL NEVER ASK TO SEND MONEY), [31.08.21 11:37]
Thank you for giving us an opportunity to be here. Rest assured we will do our best to deliver the things we have promised. 🚀🚀🚀

𝙀𝙨𝙧𝙪𝙘, [31.08.21 11:37]
Thank you for having us, we love building on KCC 💙

Winners

That’s the summary of the ama. Now for the winners.

Winners for the Main Q&A (5 KUS each)
Telegram Usernames:
@Aditsw
@Levi7icus
@vikivid
Young Olutosin
@Zoneboy1
T.T tempest 1991
@puls4rr
@Deadpilot08
@DarealLucy959
@vikivid
@bikas007

Your Reward of 5 KUS each (per question picked) will be available via KuDrops within 24 hrs

Winners for the Free Ask Q&A (10 KUS each)
Telegram Usernames:
@MsKiwi206
@SonGoKuKa
@okgood2405
@adamfreedom
@hongrong2021

Please contact @MindIsAll on telegram and submit your KCC wallet address.

Winners for the KuSwap AMA at KCC Lottery (10 KUS each)
@heinzylehusky
@Rolexel1
@cryptoTurk19
@BarbetJulien2
@mathgril
@monishb21
@Ans_Ag_
@CryptoGame16
@Z_merpol
@QryptoBjorn

Please contact @CryptoDesh01 on Twitter and submit your KCC wallet address.

Thank you, once again, for inviting us over at KCC Telegram.
See you in future events and more power to the whole KCC Ecosystem!

#SwapItTillYouMakeIt

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