Q1. How do you compete with Uniswap and Pancakeswap?
ICPSwap is being designed to serve the Internet Computer ecosystem. This is why we don’t consider ourselves direct competitors of Uniswap and Pancakeswap, which serve the Ethereum and Binance Smart Chain Ecosystem respectively.
● Compared to Uniswap and Pancakeswap, the Internet Computer enables ICPSwap to have more application scenarios and a wider scope.
● The user experience of ICPSwap will be like no other existing decentralized exchange (DEX), the goal is to take it to a level where people don’t notice they are interacting with a decentralized application. We are aiming to build a mass market DEX with a great user experience, that even your grandma can use.
● ICPSwap is powered by the Internet Computer, which allows us to build a limitless decentralized exchange with the power, speed and scale of the internet. This translates into lower fees, faster transactions and lower delays.
● ICPSwap will evolve together with the Internet Computer. With ICPSwap, there is no learning curve as with other DEXs. Additionally, we will eliminate barriers and provide more opportunities to participate.
Q2. How is ICPswap different from other swaps?
This question is answered in Q10.
Q3. Is ICPswap a product running on ICP?
Yes, ICPSwap and all of our present and future products and services will be built and fully deployed on the Internet Computer.
Q4. Will you be running on ICP? Will there be LPools?
ICPSwap is introducing a new mechanism that we will share with the community in due time. Please stay tuned!
Q5. Do you plan to swap only ERC-20 tokens or are there plans to combine multiple top chains?
We used ERC-20 tokens for our test version, but ICPSwap will only allow swaps tokens within the Internet Computer ecosystem once we deploy to the IC mainnet. In the future, we might add cross-chain swaps if the Internet Computer evolves to allow it.
Q6. Will you have a fundraiser?
Yes. Many investment institutions have reached out, and we are currently in communication with them. ICPSwap is looking to establish long term partnerships with institutions and individuals that can add value and help the project grow. Our community members will also have the chance to participate in our funding rounds. We will share more information with the community about our funding rounds later on.
Q7. Will early supporters have the chance to invest in this amazing project?
Absolutely. We will give our early supporters the chance to participate in our funding rounds. Our community is our most precious asset, without you guys we wouldn’t exist.
Q8. What are the medium and long term objectives? And how important is your community to ICPSwap?
We want to be the leading DEX of the Internet Computer ecosystem. We will introduce a series of features and tools that will set us apart from the rest. Some of these features include swaps of non-fungible tokens (NFTs), great user interface, DAOs, among other features that we will share with the community later on. Regarding the importance of the community, for ICPSwap the community is the backbone of our ecosystem, without you guys we wouldn’t exist.
Q9. What is the fee of ICPswap on and off the platform?
Our transaction fee will be 0.3%. All fees will be burned except the ones that go to liquidity providers. ICS, our token, will be deflationary.
Q10. How low are gas fees going to be compared to Uniswap? What are the advantages that make ICPSwap better than current swaps/ DEXs?
● Fees will be way lower with ICPswap. Take into account that gas is called cycles in the Internet Computer. Due to Internet Computer´s reverse gas model, and unlike Ethereum, you don’t need to own ICP to interact with our services.
● What really sets us apart from other DEXs is that the Internet Computer allows us to build a limitless decentralized exchange with the power, speed, UI/UX, and scale of mass-market internet services and centralized exchanges. This translates into lower fees, faster transactions, better user interface/experience, and lower delays. Say bye to metamask because there is no need to interact with that kind of application to interact with our services. Our user interface and user experience will feel like you are interacting with centralized apps and platforms like Coinbase, Robinhood, etc. You won’t notice you are using a blockchain-based DEX. Additionally, one of the main features that will set us apart from direct and indirect competitors is the ability to swap NFTs, this is one of our main innovations.
Q11. What will be the main feature to compete with uni or other swap platforms?
ICPSwap will have similar features to existing DEXs like token swaps, liquidity mining, token issuance, token distribution, among others. There will also be unique features like NFT swaps, transaction mining, auctions, and much more. We will share more information later on.
Q12. Why did you choose to build on top of ICP?
One of the existing problems with blockchain based platforms and applications is the awful user experience and interfaces they have. The Internet Computer is the only blockchain platform that allows us to build a centralized-like exchange with the speed, power and UX/UI of mass-market internet services. Users will not even notice they are using a blockchain based exchange, and we won’t have to compromise on decentralization and security.
Q13. How will you promote ICPSwap and what companies will you work or partner with to increase speed and low fees?
We are starting our marketing initiatives with an airdrop to boost our community growth and quickly grow our token holder base. Then, according to our development progress, we will implement some more community initiatives and start collaborating with influencers and our institutional investors to rapidly grow our user base and let the world know about ICPSwap. Our aim is to become the leading project in the Internet Computer ecosystem so that when people think of the Internet Computer, they think of ICPSwap.
Q14. Token distribution?
We will share more information on this with the community later on.
Q15. Who is the team?
The ICPSwap team is composed of talented engineers and operators that are distributed across the world. We all got together with the same goal in mind — build the most powerful, beautiful and easy to use DEX the world has ever seen.
About ICPSwap
The Hub of Future Decentralized Finance
Build on the Internet Computer, ICPSwap establishes an ecology of genuinely decentralized finance by refactoring the way users and developers build projects jointly.
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