What Transpired to Our Very First AMA for the Community? Here’s a Recap
Last Tuesday (22.06.2021), we had our very first AMA or Ask Me Anything Event on our Official Telegram Channel, and overall, it was such a successful program. There were a lot of very interesting questions that were thrown out before the AMA Event, and here are those 20 questions, together with the answers from our co-founders Mike and Marcin!
Question 1: I see a lot being made of Elon Musk’s tweets driving crypto markets up and down. How much of the current market volatility do you think is from young newbie crypto investors who don’t have much, if any idea what they’re doing throwing their “stimmies” into the market? — It isn’t directly related to CSS but could have some indirect impact.
Answer: “I will quote my teammate and co-founder Eric for that.
Elon Musk’s ability to move cryptocurrency markets with his tweets represents a danger to the average investor, but the furor created around the Tesla CEO’s social media activity could draw more eyes to crypto in the long run.
Even though Musk is temporarily causing turmoil in the market, his involvement could be beneficial for crypto in the long term, as he is attracting new people to crypto, albeit for sometimes the wrong reasons. I hope people take all of Musk’s crypto tweets and other comments with a pinch of salt — and they must remember he has ulterior motives.”
Question 2: Does the CSS team have time-related CSS coin price goals and projections (ie $XX.xx by 1/1/22, $XXX.xx by 1/1/23), or utility-related price goals ($XX.xx should quickly follow after we do this and this, $XXX.xx should follow after we then do this)?
Answer: “The Crypto industry from day one, when it was introduced, is all about technology.
It is a field that has incredible dynamics of growth, where developers create unique features.
At CoinSwap Space we focus on development and future utility. Quoting CZ from Binance “focus on utility and the price will follow” I can’t provide any price prediction, but I can say that we will develop great useful features in which CSS tokens will play a big part.”
Question 3: How much volume is the exchange currently doing, and what efforts are underway to get the word out so that those who aren’t providing LP tokens or staking CSS know that we exist and they should swap coins with us?
Answer: “The current overall trading volume is approximately $2m daily. We are very close to releasing a Dashboard, a new feature that will display all data from the SWAP.
From a development point of view, we are creating a system that will attract new projects or existing projects, to list their tokens on CoinSwap Space DEX. We are working closely with a very successful and well-known PR company in the crypto space, recently we have signed a contract with an advising company. Our real blocker was Coingecko and CoinMarketCap listings, but this should be resolved any day. Marketing strategy is in place, soon the results will be visible.”
Question 4: Do we have a timing outlook for when MySpace will be available to use, and an update on what tools/features it will have?
Answer: “In short, personal data related to trading. We focus very much on processing data related to LP tokens, we know that the biggest challenge for users is managing the LP tokens. But also managing the token portfolio, especially those newly listed.”
Question 5: Will CoinSwap offer leveraged farming pools? … If so, when?
Answer: “Leveraged farming pools is a very interesting feature, which can have a massive impact on the entire project, at CoinSwap Space, recently we have seen very good projects which are offering such a service i.e. Alpaca Finance, first of all, we will talk to them regarding integration and potential cooperation.”
Question 6: Alternatively: will CoinSwap cooperate with Alpaca Finance and offer leveraged farms there?
Answer: “At this stage, all we can say is that the first steps have been made.”
Question 7: What else does “Non Fungible Tokens” have to offer other than being art & how are we implementing the technical power of NFT into our ecosystem?
Answer: “NFT is not only an art but also a representation of user experience. In our opinion, these are values that can be speculated in the same way as classic BEP20 tokens.
We need to properly introduce them to the market and allow trade in their shared parts.
We are very close with the founder of a very interesting project based on NFT user experience, we hope that together we will build an interesting model of combining NFT with trading on our Swap.”
Question 8: When to the moon?
Answers: Marcin: “Haha, Soon :) Mike, what do you think, LOL?”
Mike: “I’m warming up the spaceship.”
Question 9: What is the most ambitious goal of your project? What is the ultimate vision that Your project is trying to achieve within the cryptocurrency market? I would appreciate it if you could share with us any Upcoming Updates?
Answer: “In a short explanation, user-friendly decentralized exchange with automatic trading tools.
This direction requires us to build an advanced backend for data processing, unfortunately, these are mostly things that are invisible to the user for some time, but thanks to them, new functions will start to appear that will guide us to this goal.”
Question 10: What’s next for the development?
Answer: “We will be launching Dashboard, pairs explorer, and tokens explorer based on our backend very soon. We are also preparing a landing page for listing new tokens and forms for applying to new listings.
The next stage will be the launch of mySpace.”
Question 11: Please share information about the next feature development in CSS as NFT, Lottery.
Answer: “At this stage, watching the market and other projects, we believe that focusing on trading and listing tools will result in much more CSS token involvement than the introduction of the lottery or its NFT equivalent. Therefore, these topics are a bit further down.
We are working on the permanent usability of the token.”
Question 12: How about NFT in CSS? I like NFT on Momobox farm. If you can spoil about it please let us know.
Answer: Mike: “I can only spoiler that NFT as shared and tradeable parts will give many possibilities.”
Marcin: “I am sure we have members in our community who can’t afford NFT, but it wouldn’t be nice to hold part exactly like holding part of BTC?”
Question 13: Who is the next partner you will integrate or join with CSS?
Answer: “There are lots of talks behind the scenes, for successful business purposes we can’t provide the names of potential partners. Only what I can share at this stage is that we are currently talking with Launchpads and Oracle projects.”
Question 14: What makes it different from other coins? Can u become a pancake challenger?
Answer: “We do not want to be perceived as a competition for Pancake, we are building our place on the market.
In our opinion, we are all at such an early stage that everyone should look for their place. In our opinion, the token’s strong involvement in the upcoming functionalities will make our token stand out on the market.”
Question 15: What partnerships have you been planning? and who is still in development? I’ve always been a huge supporter of CoinSwapSpace, and I’m happy to see that the project is on the right track and gaining a lot of interest and momentum.
Answer: “I can only confirm that at the moment we are talking with Oracles and projects that are processing data. We will be able to officially provide more details soon.”
Question 16: Almost 80% of investors have just focused on the price of tokens in short term instead of understanding the real value of the project. Can you tell us on motivations and benefits for investors to hold your token in long term???
Answer: “Going back a few months ago when the idea of CoinSwap Space was only a chart when we were holding a meeting by meetings planning the entire project, we had only one Motivation, which was clear to the entire team, the value needs to come from the product, Investors which see the value will HODL, traders will trade.”
Question 17: What is the $CSS token utility in the CoinSwapSpace ecosystem apart from farming and staking? Where it will be used and why would the demand for your token increase? Please tell us more about your 2021 roadmap and BEYOND?
Answer: Mike: “I think we have already revealed some information about the utility, let us leave the details for later.”
Marcin: “I would like to add, that we are not even 2 months old, I can only say that benefits will come, and all of you are before anyone else.”
Question 18: I have been staking on Coinswap for a month now and I see that the rate of return is decreasing over time. Do you have any way of combating this? I love CSS and wish to stake long term and wish it has some way of increasing the demand for CSS token.
Answer: “Yes, the APRs are decreasing due to several factors, one of them is CSS token price. However, even if the APRs are decreasing if your pool share didn’t change you still receive the same amount of CSS tokens. Our way to “combat” this, is simple, keep developing, keep providing safe and secure features in our ecosystem, build around CSS token. Price follows the Utility.”
Question 19: How do you respond to people saying: “Why spend money on a token that does not have value?”
Answer: “Do not invest in a token that has no value, look for value in the project and utility, look at the potential and speculate on this basis. But remember, this is not financial advice.”
Question 20: I would like to know if there is already a date for CSS to start accepting payments in FIAT?
Answer: “This is a challenging topic for a decentralized exchange, at this stage I can only say that we are in contact with a fintech who is analyzing the possibility of cooperation with us in this area.”
So, there you have it. The event went well indeed, and 3 winners were awarded 10 CSS tokens each, for throwing in the best questions during the AMA.
Lastly, before the AMA ended, one of the co-founders and the project manager of CSS — Marcin, announced the listing of CSS on Coin Market Cap as an exchange
Telegram Announcement Channel: https://t.me/CSS_Announcments