AMA with Tito Titov on WeiDex and JellySwap - Summary

Hello everyone,

We had the pleasure of having @tima_t joining AE’s Telegram group yesterday for an Ask-Me-Anything session.

The session was quite productive and many important questions got answered. Please see the summary below.

Q Welcome, Tito! Please start with a short introduction.
Tito Sure. Here’s an overview of our products:

  1. JellySwap - cross-chain atomic swap protocol. Works like OTC you just go and swap one coin for another. Examples: BTC<>AE BTC<>ETH ETH<>AE AE<>DAI.

  2. Butler - automated market-making script. Everyone can run it on his own machine and start providing liquidity in an automated manner and thus earning some profit from the market spreads.

  3. WeiDex - a decentralized exchange with order book based on Ethereum, we want to support more networks. The problem is that if we support AE we need some tokens on AE as well. WeiDex supports only one blockchain trading, so it will be AE/AEToken1, AE/AEtoken2 etc.

Q What’s the difference between Aternity, Jelly, Weidex, etc?
Tito - Different projects all supporting the AE ecosystem.

Q Do you plan any web language support; is there an app coming?
Tito We can think of this - currently, everything is in English. If there is a high demand, we can add more languages. The Mobile App is coming in a few months.
Follow-up If there is no support in Chinese, there will be no demand from China. So you should start to think about it because language comes first.

Q I want to know if the BTC/AE swap is already live?
Tito AE/BTC swaps will be live tomorrow on JellySwap app.

Q What is the role of æternity blockchain? What is the function speed, can you elaborate.
Tito We support different blockchains and we do have smart contracts for all of them. We have a smart contract on Sophia HTLC for the AE swaps.

Q Does the AE token have any special purpose in the Weidex exchange, for example, deducting commission fees and discounting fees?
Tito Currently, we support swaps between the different blockchains in fully decentralized, transparent and secure manner. The æternity blockchain is one of the first three, this is the special purpose :wink: Plus, we are planning to create a stable coin for AETERNITY AES. JellySwap will be one of the core parts in this project.

Q Any plans related to æternity for 2020?
Tito A stable coin experiment - Aeternity Stablecoin.

Q Please explain briefly how you tackle the problem with the liquidity on dexes and the benefits for the hodlers?
Tito We will release software called Butler. Everyone will be able to provide liquidity and to earn profit from spreads. Clients will automatically receive the best rate so it is win-win for LP and Takers.
Follow-up How secure is this (for my crypto) and what % is the earning?
Tito Everyone can set his spread by his own. However, takers would like to use the best rate, so IMO something like 0.3 - 0.5 % seems reasonable. Risks are related to the market movements and spikes, but this is something that is out of our control. Basically it is as secure as possible.

Q Can I get a custom and white label version of Jelly for my business’s needs?
Tito - You can use Jelly as Iframe or the sdk. The protocol is open. We can customize it for your needs as well, but we should discuss it with more details.

Q Is WeiDex already in use? I see that the transaction volume of all tokens is still 0, when will it start to be used?
Tito Currently, we are focused on JellySwap - cross-chain atomic swap protocol. WeiDex is a dex build on top of Ethereum. It does not support AE for now.

Q Stablecoin on æternity would be great. Looking forward to that. Do you think there is a use case to launch custom markets on WeiDex - like marketplace as a service kind of thing? Use case: a company that is issuing a utility AE token can launch a marketplace for its business operations and build on top of features like JellySwap, AE stablecoin, etc.
Tito Yes, I think that there is a business case. And stable coins are a building block of any blockchain. We saw how DeFi is skyrocketing and everything started with DAI a year ago.

Q WeiDex, do you have a plan for community development and marketing in China in 2020.
Tito We have a company in Singapore, therefore we are trying to get some influence in Asia and we do believe that it is a big market.

Q For dex, BTC is a hard guy to deal with. It has no smart contracts. Have you solved this problem? Or plan to solve it?
Tito Yes, we have solved it with HTLC contracts and using bitcoin Script.

Q One of your features is a Rating system for takers and liquidity providers. How does this system work?
Tito We will have a network of liquidity providers and a network of clients. If the clients or market makers are malicious we can check that on the blockchain and lower their rating. Then only honest market makers and takers will use the app and will have better conditions.

Q What does WeiDex do in terms of liquidity? Is it integrated with platforms that provide liquidity such as Kyber, Uniswap?
Tito We are using KYber on the ETH/DAI pair, but we do not see much trading activity. Our main focus now is JellySwap - we find it much more effective, innovative and simple to use.

Q How could a market maker act maliciously? I guess this is harder than I thought. I hope to just put up capital and earn a bit :slight_smile:
Tito Atomic swaps are a two-step process, so in the middle of the swap someone can interrupt the deal. No one will lose any funds and no one has incentive to do it, but still it is a possible situation that we want to prevent.
Follow-Up That makes sense. If the market maker isn’t doing their job they should be penalized.
Tito True that. That’s why we need a rating system or some kind of collateral. By the way, have you tried the website and do you have any feedback? It will be useful for us.

Q What rate is JellySwap using and how to keep the rate reasonable?
Tito Every liquidity provider can set their own rate. Currently, the liquidity provider is only one and the demand for AE swaps are low, so the rate is high. However, this will be fixed when we have more AE swaps and more liquidity providers.

Q I have seen “shitcoin exchange” do you still run this?
Tito Hah we have stopped it, but it was a funny project.

Q How long (on average) it takes to make a swap?
Tito AE<>ETH like 3-4 minutes. AE<>BTC will be approximately 20 minutes. BTC network is slow and everything is on-chain…

Q What pairs are running currently?
Tito AE<>ETH, AE<>BTC (in a few days) , ETH<>BTC, BTC<>DAI, BTC <>WBTC.

Q Are you collaborating with other projects from the AE ecosystem on the stable coin project?
Tito Not yet, it is an idea and we will create a quick MVP in the next weeks/month. If it works we might collaborate with other AE projects. The idea is to have an AE stable coin backed by DAI and a liquidity pool in JellySwap. So everyone will be able to move from AES to DAI and vice versa. It will be transparent, accountable and a great test case.
Follow-up Are you working on that already?
Tito No, we are still working on the idea and papers, but once done we should be able to execute and deliver fast.

Q Is æternity Foundation helping with Jelly? Like, are they providing liquidity or trying to help with the marketing?
Tito Yes, at the moment :slightly_smiling_face: It would be great if æternity foundation can add some liquidity to JellySwap and AES - the AE stablecoin.

Thank you for participating @tima_t Let’s keep the discussion going here!

Best,
Albena

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