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  • Writer's pictureColibri

AndromedaSwap AMA - The Upcoming DEX in AZERO Ecosystem

Updated: Mar 28, 2023

Gain Valuable Insights into the Upcoming Decentralized Exchange on Aleph Zero Ecosystem





1. Do tell us why and how you started Andromeda Swap.

Our team began developing Andromedaswap on Aleph Zero early last year because we loved the technology behind it. There is nothing as exciting as being able to swap tokens and trade instantly. We were fascinated by how they achieved a block finality of 0.821 seconds.

That’s what motivated us to build on the network. It's similar to PancakeSwap, which enables users to trade tokens instantly. However, we believe that the true origin of this concept lies with Aleph Zero, as it allows you to do all of these things in just a second. You can perform a swap, transfer assets, or engage in many other amazing blockchain activities on the network



2. Could you provide more information about Andromeda Swap?

The primary objective of Andromeda Swap is to offer the community a secure way to exchange their assets. It operates as a decentralized exchange, utilizing an automated market-maker trading model. It also features a Token Lock and Burn function, enabling users to lock Liquidity tokens or lock regular PSP 22 tokens and burn them.


The idea for Andromeda Swap was conceived in September and early October, with implementation beginning in late November and continuing through December. We released the first testnet version on the old Aleph Zero Testnet while I was working on the ink! 4 updates for 4.0.0-beta.



3. Where is the team from, and what experience do they have? You mentioned your experience in Algorand and other blockchains. Could you tell me about the other team members?

We are a team of four Nigerians.

I'm Edinyanga, a senior software engineer with over five years of experience building on various blockchains. I specialize in EVM, Algorand, and substrate-based chains that use Parity's ink!. I conceived the idea for the project and served as the Blockchain engineer for the solutions on Andromedaswap, including Smart Contracts and JavaScript web3 integrations.

Edima is a business developer with extensive experience in business and project development in local firms. She is currently pursuing a PhD in Boston.

Precious is a project manager who worked with Victory to develop the user interface for Andromeda Swap and is skilled in UI design.

Victory is a front-end and UI/UX engineer and works closely with Precious.



4. Has your team created projects before Andromeda Swap? What kinds of projects did you create while working in the Algorand ecosystem, and are they still active?

We worked on ASC Builder, a drag-and-drop smart contracts development tool for Algorand. It serves as a workplace for creating smart contracts, allowing users to drag and drop GUI components that are interpreted into the Smart Contracts language, PyTEAL, which can be deployed on Mainnet, Betanet, or testnet.


The same team of four created this project, and it is still active and functional.

By visiting https://ascbuilderapp.com/ , users can access the GUI builder, including documentation and YouTube videos to assist with development. The platform also provides boilerplate templates to help users start their own development, which is in high demand, especially for those who don't know how to code.



5. Congratulations on achieving 5,000 followers and 22,500 unique testers. What sets AndromedaSwap apart from other AMM DEXs?

Andromeda's unique selling point is its exceptional user experience. We prioritize both security and user experience, along with offering features such as liquidity lock and the burn feature. Our approach to building the DEX infrastructure sets us apart and is more efficient in terms of fees.



6. Did you have any association or partnership with Zstake Finance, considering that's how I found out about AndromedaSwap?

I am a developer at Zstake, but Andromeda Swap and Zstake are separate projects. I founded Andromeda Swap and I am a coder in Zstake finance.



7. How do users benefit from Andromeda Swap's Lock or Burn mechanism? Can holding Aleph Zero or PSP22 tokens be advantageous with this feature?

If a project wants to add liquidity to the DEX, the Lock and Burn feature protects against liquidity providers who remove their tokens and take profits out of the liquidity pool.

By burning the tokens, the community can ensure that rogue activity is prevented since the project owners won't be able to remove liquidity to take profits. The only way for them to make profits is by selling their tokens, which they are not supposed to hold in significant numbers.


When projects remove liquidity to take profits, they won't be able to do so, especially if they lock or burn the tokens. If they lock or burn the tokens for a particular duration, the community can be confident that they will unlock them at a specific time in the future.


There is also a feature that allows people to verify the locks done on the protocol through a link that verifies whether the liquidity is locked or burned.

Overall, this layer of safety is added to protect investors.





8. If I provide liquidity to a project as a user, can I lock tokens, and is there an advantage to doing so since only project developers can burn tokens? Is there a benefit for retail users to lock tokens?

As a retail user, you may not need to burn or lock liquidity tokens. However, if you have personal tokens that you would like to preserve or save for a period of time, you can lock them and keep them for the near future. This is similar to a savings plan. There are no incentive programs, benefits, or rewards associated with locking tokens.



9. Tokenomics and fundraise:
(i) How much did you raise in the first round and what was the intended amount to raise
(ii) The unsold or unraised target of the first round, are you planning to burn the tokens or move to the second round?
(iii) Given 1 AZERO at the time of raise or the proposal of raise as 1 USD and 1 ANS = 0.0085 AZERO , with a total of 1 billion as supply, would you say that ANS FDV is about 8.5 million? How did you arrive at this number?

As the Andromeda Swap team, we successfully raised 64,000 AZERO in our first real round and extended run. Although our initial target was different, we're thrilled with the considerable amount we raised, especially as newcomers to the space. In the presale, we aimed to raise 10% of the total supply, which is 100 million tokens from a 1 billion total supply.

To handle the unraised tokens, we conducted a community poll and made the decision to burn 70% of them while distributing the remaining 30% to our existing investors. Our next fundraising stage is the public sale, during which we'll offer 15% of the token supply (150 million tokens) at a price of $0.0095 per token.

Upon completing the basic mathematics, our fully diluted valuation (FDV) at the end of both rounds will be $9.5 million. We're eager to move forward with the public sale and continue building our project's value.





10. As an enthusiast of AndromedaSwap, are you planning to bring in a DAO in place to drive a little bit of governance in the future about AndromedaSwap?

Yeah, we have a plan for that, but we still have to develop it first.

So we actually need a stable product and a used product because like at the point beyond Testnet. So there's no need to have a doubt when it's not widely adopted yet. So it's on Mainnet that we will make the decision to have the DAO or not.


But yeah, it's most likely to exist.



11. So when is the next sale going to be the public sale? What date are you targeting?

In light of the current situation, our priority is to have the community use and be satisfied with the product before we proceed with the next sale. We anticipate that this will happen when Aleph Zero launches, and we're hopeful that it will occur within this quarter, as outlined in our roadmap.



12. I understand there have been some conflicts in the community regarding Andromeda Swap. I would like to hear your perspective on the matter and what you would like the community to know about the situation.

Regarding the conflicts in the community, I believe that those who are participating in the conflict by spreading FUD, may not have thoroughly gone through the project's documentation or may not have enough knowledge about it.

Nonetheless, we are confident that we are on track with our development plan and moving in the right direction.

I would like to encourage everyone to read through our documentation, use our platform, and conduct their own research before forming an opinion or engaging in conflict. We welcome discussions and feedback from the community and are open to addressing any concerns or questions.



13. Have any team members mentioned Andromeda Swap in their Twitter profiles? If not, is there a reason for this?

It's just a personal choice that we have made as a team to not mention Andromeda Swap in our Twitter profiles. We have other projects that we are working on, but it does not mean that we are not fully committed to Andromeda Swap. As a team, we understand that it may raise questions from the community, but we want to assure everyone that our focus is on the development of Andromeda Swap, and we remain committed to its success.



14. Regarding my previous observations, are you planning to conduct audits in the future after the Mainnet launch?

Yes, we are planning to conduct audits after the Mainnet launch, and we may require funding from the foundation for this. We are already in discussions with OpenBrush, and they are most likely to conduct our audits. We are also in talks with the foundation through OpenBrush, and if we are able to secure the grants, they will audit our smart contract.

After this, we can open up the DEX for bounty programs and conduct events such as hackathons that will encourage developers to use our product and facilitate its adoption across the ecosystem.


OpenBrush is the company that we are most likely going to work with for audits, as they are renowned in the Substrate ecosystem. I have personally been discussing with their representatives. We are going to collectively discuss with the foundation regarding audits and funding for the project. This will help us to conduct a smart contract review and audit by OpenBrush.



15. How soon can we expect Andromedaswap to be live from the day of SC launch?

Well, in 24 to 48 hours, we should be live already.



16. Have you taken any steps to prevent hacks and vulnerabilities in the future, given the recent incidents in DEX and bridges? Are there any plans on your roadmap to addressing this?

Certainly. As the one responsible for developing the smart contracts, I conduct extensive research prior to building. This involves reviewing existing DEXs, as well as exploring available resources on potential vulnerabilities in DeFi, such as the various types of attacks that can occur. I make every effort to incorporate preventive measures against such vulnerabilities. Additionally, working with OpenBrush for audits will help ensure further security. However, it is important to note that there can never be a 100% guarantee for security, but we are doing our best to minimize potential risks.



17. Can you share any exclusive information about Andromedaswap with Colibri that you haven't shared with anyone else yet?

There's nothing we haven't revealed yet, except for the latest news about our partnership with OpenBrush. We are planning to establish a technical partnership that will help the DeFi and development community to build more easily. Although the partnership is not yet established, we are in discussions and have common ground.



18. Do you have any final thoughts or messages you'd like to share with the community about Alephzero, Andromedaswap, or Colibri?

I believe the Aleph Zero team is actually doing a lot and taking good time to achieve the steps in their milestones and roadmaps. So I would just say that the best thing to do now is to encourage them rather than engage in FUD that we are seeing both for Aleph Zero and the projects running on Aleph Zero.

It's best for everyone to do more research than criticism.

I also want to say that we are excited about the upcoming Aleph Zero Mainnet launch and we're looking forward to bringing AndromedaSwap live shortly after. We're committed to building a secure and user-friendly DEX for the DeFi community, and we appreciate the support and interest we've received so far.




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108 views16 comments

16 Comments


Daniel Drozdowski
Daniel Drozdowski
Mar 29, 2023

I'm into this project from the begining. Glad to be part of this community!

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Emanuel Alho
Emanuel Alho
Mar 29, 2023

I am bullish on every single project being built on AZERO, specially andromeda.

Let's go guys🔥🔥🔥

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Guest
Mar 28, 2023

I think this project ob aleph zero ist the greatest for the next time!

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Pearc Sandi
Pearc Sandi
Mar 28, 2023

Boolish to andromeda they're build something big in azero 🤝🍻

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Kinan Ismail
Kinan Ismail
Mar 28, 2023

lovely to see the AZERO eco-system growing. Andromeda swap will be vital for the chain and to attract users and developers. Bravo 👏🏻 keep building

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