CryptoThrust X BlueSwap AMA
Guest: Blueswap Lead Developer
“I’m a lead dev of Blueswap. I’m the one who is responsible all the coding of contracts, fixing errors and issues.”
Segment 1- Project Introduction
Q1) What is Blueswap? How it is different from other Swap Platforms?
We are a BSC yield farm platform which was originally forked from pancake and goosedefi. We wanted to solve two problems with the original swaps. First is inflation of tokens. Most yield farm just dies away from the beginning because their native token doesn’t produce any value from just the beginning. We have introduced not only layers but also many other burning mechanisms giving additional values to our core tokens. We’ll explain further in the next section. Second problem is to do with the design. We are working with a professional designer to give to our users an artistic experience . In the future, NFT which complies with our artistic concept, will come in place of course.
Q2) What is your plan for making your project spread globally? Do you have a strategic partnership with others?
We are expanding our partnership everyday. Not only pure marketing like AMA and youtubers but we are working hard on ‘cross farming’. We have already partnered with Apes, Salt, Valuedefi and many others are to come including apoyields and so on. These give additional values to our tokens in addition to marketing effects.
Q3) Can you share your experience with the project. Have you faced any difficulties?
Since we are not just a fork but improving many things both on contracts and UI, sometimes we face difficulties. But we are working almost 24hr/7days from the launching date and fixing every issues we face ASAP.
Q4) What can we expect from the project in coming days. Is there any new event going to happen?
Not only new layers but also we are about to launch a new system to give holders a benefit as well as decreasing token supplies.
First one would be called “Paint Bucket” which will be launched after the weekend. This is a variation of lottery that you play with colors instead of numbers. As an amateur painter, you mix the paints (like BLUE, GREEN and goes on) to make a target color. You could make randomly mixed colors by mistake! But don’t worry because the great creation comes from the great mistakes! Winners will be picked among those random colors you’ve drawn and everyone gets a PLT token which can be reimbursed with the upcoming color token. No color is left behind in the palette universe.
Segment 2- Questions from Twitter
Q1) What are different layers in Blueswap Finance please explain features as well.
We are designing every layers with different features. Every layer will have their own exclusive features. Our first layer ‘Green’ introduced ‘brushed pool’ and ‘burning pool’.
First you’ll have to understand the concept of ‘allocation point’ in yield farm.
Each pool has a different allocation point and they share the total block reward according to their ratio. For example, if the reward per block is 1BLUE , BNB/BUSD pool has an alloc point of 12 and total alloc point is 200, the pool will get 1 X 12 / 200 BLUE per block.
Now burning pool, takes a lot as the deposit fee but has the highest allocation point. Brushed pool requires 1 $BRUSH per every deposit but also has a higher allocation point then the normal pool. As you can see from the name ‘burning pool’, all the BLUEs used as deposit fee will be burnt directly. Also, $BRUSH can only be bought with $BLUE and this BLUE is burnt right away.
Q2) How do you ensure that layered farming is fair for all participants?
Lottery system (PCS) is fair as numbers generated is random. Smaller players will be happy to have whales buying more tickets as it pushes up the total prize pool.
It is already very fair. As you can check at bscscan, there are no single whales holding most of the tokens. We have burnt almost every tokens we have from the beginning and used it to provide LP when making partner farms. Recently, we did a ‘grand burning event’ celebrating our 1K TG users milestone.
Also, our paint bucket system uses random number generation function which ensures fairness as other lotteries :)
Q3) What is the concept of ‘BRUSH’, please explain in context of your project.
$BRUSH is introduced as a way of deflating our core token $BLUE. You can swap $BLUE into $BRUSH. This is one way swap because $BLUE used in this trade gets burned right away. This keeps $BLUE deflates. BRUSH can be used at ‘brushed farm’ to get higher yield. Brush will be used on every layers to keep BLUE valuable.
We’ll implement other tools to deflate GREEN of course. No colors left behind in our palette :)
Q4) Security of funds is want of the greatest challenges of DeFis and the crypto space as a whole. Have you been audited by any third party security personnel and if so can you share your audit paper?
We are initially audited by the BSC Checker (https://t.me/bscChecker/171 ) and we are awaiting the second audit paper. Due to their policy we can’t say the audit group’s name now but I’m sure that everyone, literally everyone, knows their name when the paper comes out.
Q5) Since your project is yield farming and running on Binance Smart Chain like PancakeSwap, how will you protect our token from hijacking?
Recent Pancakeswap’s issue was a DNS hijacking attack. Actually this has nothing to do with BinanceSmartChain . It was just their website domain provider account password leakage issue. We are using a different provider with them and keeping the password safely.
To say about the contract security, all the migrator codes are removed and audited. You can check more details at our docs file.
Segment 3- Live Telegram Session
Q1) What is biggest focus for BlueSwap at the moment? and does BlueSwap has any plans to keep up with this productivity in the future?
Our biggest focus now is implementing our layers successfully. We don’t just ‘print’ those layers but make every layer with different features to give our native token a great value :)
Q2) NFTs today are one of the big topics in the Blockchain and DeFi world. My question is, does BLUESWAP plan to introduce itself somehow into the creation of this type of tokens? Do you think it would be possible to mix the concept of lottery with NFTs?
Yeap. As our concept is ‘art’. We will introduce NFTs in our work in the future. Can’t say definitely but we are considering many concepts including open NFT markets for artists. More will come!
Q3) big problem for a lot of Defi projects seems to be that when farming starts, the price goes down because people unload to put liquidity into the farm. Will there be an incentive to hold BLUESWAP and not just farm and dump?
That’s mainly because there is no use case of those tokens. We are solving this problem through layered farming and other tools to give our native token a great value as well as scarcity.
Q4) Collaboration and partnerships are one of the cornerBLUESWAPs to making DeFi more widespread, Can BLUESWAP share some of the partnerships you have formed with existing blockchain foundations recently?
We are working on our partnership everyday. As I answered previously, Ape, Salt, ValueDefi , apeboard and so on. We are also awaiting for many cross farming . We will give a great value to our tokens
Q5) The DEFI bubble is pumping up every day and it’s only a matter of time before it bursts. What do you think about this and can you be sure that BLUESWAP products will be in great demand in the long term? what are the ways that BLUESWAP Token BLUESWAP rates profits/revenue to maintain your project and what is its revenue model ?
Everyday, hundreds of projects are made and disappear. But not many are as authentic as ours. They just copy, print and rug their tokens and dies. We are different. We’ve been doing well over 2 week already and still keep growing everyday. We don’t use pump groups to pump and dump but goes up steadily with everyone. Hard work never lies :)
More Information about Blue Finance:
Website: https://blueswap.finance
Twitter: https://twitter.com/FinancePalette
Telegram: https://t.me/blueswapfinance
GitHub: https://github.com/Palette-Finance
Docs: https://docs.blueswap.finance
