LBank AMA Recap with GIBX Swap
I am Joseph Brant, the COO of GIBX Swap. GIBXSwap is committed to providing real value, fairness, and innovation to Defi through high-quality products and services. GIBXSwap is fast and safe, anyone can exchange and earn tokens.
First five AMA Questions (First Part):
What is GIBX Swap all about? Give us a little summary.
GIBX Swap aims to integrate the distinct advantages of a variety of basic public chains to create a high-performance compound DEX ecosystem.
Using the “dual mining” incentives through liquidity mining and trading mining maximizes the returns for participants.
GIBXSwap is committed to providing real value, fairness, and innovation to Defi through high-quality products and services. GIBXSwap is fast and safe, anyone can exchange and earn tokens.
In doing so, it seeks to provide one-stop liquidity services for more high-quality assets, and at the same time offers users a more secure, reliable, diverse, and cost-effective transaction experience. Choose GIBX Swap for the best trading experience, most economical trading cost, and fastest trading speed.
Could you tell us a little bit about yourself and your team? What are your past experiences?
Sure thing. As mentioned, I am the COO of GIBX Swap. I have been in the crypto market for 4 years. I have extensive experience in the Crypto industry, particularly in CEX and Defi.
GIBX Swap is an exciting and innovative project on the market that has made significant strides over a short period of time compared to its peers. After getting into the crypto industry, I never looked back and my goal is to explore as much about this field as I can.
So what motivated you and your team to start GIBX Swap?
The current processing speed of the Ethereum network is about 15 transactions per second. A Swap operation on Uniswap takes about 20 seconds on the condition that the internet works smoothly. Once the Ethereum network is congested, users generally need to wait for more than 1 minute, and may even encounter a transaction failure.
GIBX Swap is backed by the GIBX Group. Taking advantage of Binance Smart Chain performance, GIBX Swap exchange operation time takes about 3 seconds, so users have almost no sense of delay. The trading experience can almost catch up with centralized exchanges.
GIBX Swap supports a “dual mining mechanism”: liquidity mining and trade mining. The dual mining mechanism combines the advantages of the low transaction fees of BSC and the prosperity of the Ethereum ecosystem. This is why we started — to solve the high cost and low speed problems.
What is ILO? Why is it important to utilize this feature to GIBX Swap?
ILO, also known as Initial Lock-up Offering, means to initially offer X tokens through liquidity lock-up. GIBXSwap ILO is an innovative issuance method that can directly create an AMM liquidity pool for projects and investors. For the project party, cumbersome issuance procedures are abandoned, their own costs are reduced, and the liquidity of the project is improved.
Let’s dive into your token $X. Can you share with us your tokenomics?
The total supply of GIBX Swap platform token $X is 1 billion, of which 1% for ILO (Initial Lockup Offering), 9% will be used for partnership with ecological construction, 10% will be used for development — unlocked linearly in 20 months, and 80% will be allocated to X community members through block emission.
Among the block emissions, 40% can be earned by Trade Mining, 40% can be earned by LP Pool and 20% can be earned by Single Pool.
What is the use case of $X and how does it capture the value of the ecosystem you’re building?
GIBX Swap has a great revenue/profit-generating model. The main revenue generation is through transaction fees from our platform of which we do allocate some of our daily platform revenue into the repurchasing and burning pool, the allocated funds are used for repurchasing and burning the X. Thereby, making GIBX Swap token deflationary helps to create a win-win for both investors and the project.
Different from other trading platforms, GIBXSwap returns transaction fees to users, and the refund amount depends on the percentage of the trading pair and trading volume.
For example, if 1 BNB is converted to USDT, a 0.3% transaction fee will be charged, which is 0.003 BNB, and partial fees will give to LP providers according to their share of the pool. Once the transaction is completed, the system will immediately refund the transaction fee according to the percentage of the transaction volume.
What advantage do you have over more traditional names in the DEX space like Uniswap and Sushiswap?
Here are three main advantages: Fast transactions, Cost-efficient, and Highly rewarding.
Fast transactions: GIBX Swap transaction processing time is about 3 seconds, which is lower than the average of about 20 seconds on Uniswap. Considering that the transaction efficiency will further decrease when the Ethereum network is congested, the transaction speed of GIBX Swap is much faster than on Uniswap. GIBX Swap is based on BSC’s high-performance public chain. Defi users can get a good experience in transactions on GIBX Swap.
Cost-efficient: When Uniswap trades 1000 USDT, users not only need to pay a 0.3% transaction fee ($3 in this case) but also an average gas fee of 30 to 50 US dollars. For transactions of the same scale in GIBX Swap, the handling fee is also $3, but it can be refunded through trade mining. More importantly, the gas fee for a single token transfer of $0.01 is negligible.
Highly rewarding: GIBX Swap, a representative project supported by GIBX’s concentrated ecological resources has a significant trading volume. Different from other trading platforms, GIBX Swap returns transaction fees to users, and the refund amount depends on the percentage of the trading pair and trading volume. For example, if 1 BNB is converted to USDT, a 0.3% transaction fee will be charged, which is 0.003 BNB, and partial fees will give to LP providers according to their share of the pool. Once the transaction is completed, the system will immediately refund the transaction fee according to the percentage of the transaction volume.
Can you share with us some of the future plans, such as the marketing development plan and roadmap for the GIBX Swap?
We are now working on the following features:
1. Multi-chain deployment
2. Gradually support public chains such as HECO, OKExChain, and DOT to realize asset interoperability and create a full ecological DEX.
2. Asset cross-chain
3. Build a cross-chain agreement to realize one-step asset switching for users.
4. As we can see, we have realized this goal from Heco to BSC
4. Provide a more convenient and richer pending order strategy, and users can enjoy a trading experience like CEX.
Selected five Questions with Answers from the Telegram community (Second Part):
what makes you sure that the security system of this project is so secure? Who will be responsible for the project’s emergency response to disasters?
Investing in a crypto project, safety is first. We announced that we passed the audit by Certik. ANd we are still happy about the high score they gave us. Here to check the audit report: https://www.certik.org/projects/gibx-swap
Partners are very important for every project today, may I know which partners you have now? and which partners in the future you will be heading to?
The long-term lock-up function will be launched so that more X holders and users can get gain more benefits. At the same time, GIBX will launch more IMOs to provide users with more air-drop benefits. In addition, GIBX will launch three plans in the follow-up to create more potential benefits for users.