well well well what a day to be alive guys welcome to the multi swap twitter spaces this is the
launch of the first initial rollout of multi swap hey nick tahani and how's it going today
what's up everybody doing amazing doing amazing stoked to be here at exciting times
i mean it is incredibly exciting so how what what are your initial thoughts guys
there's there's so many thoughts i mean it's i i i
i feel like it's a moment of like where you can be really proud and also uh feel really really good
because what we've created is going to help so many users we were just talking to a community
member that talks about that this product is going to help so many new users navigate
cross chain swap so easily because of the interface and then i was able to highlight
that not only that it's also going to make their funds a lot safer because it highlights
the safe approvals approach where it doesn't take unlimited or infinite approvals like so many other
other protocols indexes do i made a made a tweet on this topic not too long ago so there's just
so much to unpack here and i'm excited to do that on this uh spaces everyone nick and Ian how do
you guys feel about it all yeah i mean we've worked a long time like really really hard on
this product um to to perfect it and uh you know just seeing people's feedback so far has been has
been really um you know validating i would say um and then yeah i mean i just did a swap from
ethereum paid the gas token and bnb and uh you know it happened in like 12 seconds so um i mean
it's super effective too so it's just it just makes it all the more worth it right um so and
that's why we spent as long as we did building it so it's just uh you know a really great day
to have it out there in the hands of everyone else now so we're stoked this product is a goddamn
game changer i cannot wait for everyone to use it it's it is massive it is massive guys
this product is like magic i've never experienced anything like this in terms of in terms of
swapping what cross chain or not like this is an incredible price so fast so cheap
i i'm blown away it's it's literally like it's i use it and it feels like magic
i love that i love that and i think i think it definitely feels like magic but what what really
is exciting about this and i think that's a really important point that we want to discuss
and highlight on these spaces is that we we could we could have put out a product
a significantly a significant while ago the reason we didn't is because the highlight that
we want to emphasize here is the protocol underneath that's making all this possible
so all of this is designed in a way where firm never mainnet the protocol itself is enabling
these swaps to happen in a secure sophisticated fast and cost effective manner and that's where
our protocol updates we were kind of working on the mainnet infrastructure at the same time to
enable all this to happen some of those integrations have already occurred and more will continue to occur
as multi-stop the product team itself kind of diverges off from the protocol team our plan is
always to obviously make firm network protocol the primary success element of the technology
that can enable products like multi-stop to exist so this is the first use case that we're putting
out and it's so exciting to see it already taking off and it hasn't even integrated completely
with firm network so how much faster is going to get we have an upcoming change coming that is
looking to make the gas optimization cost for these gas transactions at least 3x cheaper than
than what it already is it's already the cheapest and it's going to be even more economical to do
these transaction costs across so i can't wait to share what's coming there's just so much in fact
it's hard to think of where to start but i know tom has a bit of a structure so back over
to you tom maybe you can lead us through some of the questions you've thought about and we can
start start that way and then kind of get into it absolutely thank you very much we already have
some first comments richard and rapper is saying that he cannot stop smiling about how much this
is going to change the whole landscape exactly and we're here to provide you all the and well
probably all the answers that we can at the moment in terms of multi-swap so first things
first this space is obviously being recorded so at any point if you need to get back here and like
you know try to understand the whole concept a little bit more you can obviously go into
be able to do that um but nick taha ian can you just give us kind of an elevator pitch
of um what is multi-swap and why is it a game changer yeah i'm gonna shoot that one off to
nick does a really good job nick you want to take that one yeah sure well uh multi-swap is
a multi-chain dex aggregator that enables you to swap any asset for any asset on any network to any
wallet right so if you want to swap uh let's say um bnb on on binance smart chain for uh frm of
course because who doesn't want to buy some frm uh and soon to be swaps um we'll talk about that
in a little bit but if you want to buy some frm on um on ethereum using binance uh binance smart
chain some bnb and binance smart chain you can seamlessly swap those assets across networks
with like just a couple clicks um so it's similar to like using uniswap like it's as easy as using
uniswap but you're actually operating across networks um so that's like the the gist of it
but then there's so many other usps that i'm sure we'll dive into that kind of separate
um uh multi-swap from other interoperability protocols on the market right now
exactly oh tahun yeah i i love that i feel like um the the the multi-swap team i saw their tweet
as well they did a really good job of kind of saying why waste 30 plus minutes and and waste all
this gas um across multiple platforms i think nix highlighted this before too the the complex
process of swapping a bridge then putting it over for a bridgeable asset and all that right
so i think i think that that whole process is extremely convoluted there are obviously
crushing aggregators out there that have attempted to solve that problem but then the cost goes up
so multi-swap solves all of that very well uh with a single quick swap any acid on any chain
for any other acid any other chain we've got already three integrated with access to tons
of liquidity you can import the top 300 tokens are already integrated you can import thousands
of tokens on any chain uh that that have any significant value but a lot more chains that
are going to be continue to get added as the integrations continues with the multi-swap team
and the quantum portal infrastructure so we're excited to offer all of that and more to the
community yeah that's i'm glad you brought that up taha actually just about the convoluted nature
of moving assets across networks it is such a like cumbersome process to move assets across
networks right now you mentioned swapping the token on an origin chain decks right and then
using a third-party bridge to bridge that asset over and then finding out where the liquidity lies
going to coin market cap i got to see which decks this is on right okay it's on you know
unit swappers on sushi swap or whatever and then i got to go to this other decks and swap into it
oh wait i don't have a gas token to pay for this you know swap on the destination chain that
i'm using for the first time and now you have to ask a friend to send you somewhere you have to go
to a faucet to get some of the gas token so multi-swap actually solves all of that one by
you know offering the ability to conduct all of those transactions within one right so you're
not having to go to three different interfaces to swap that's like the biggest hindrance for
people to want to take part in a new ecosystem right a new chain launches you're like sweet
i want to like go take part in it i want to like lend i want to borrow i want to try their decks i
you know i want to stake i want to add liquidity but i don't really want to go through the hassle
of moving my liquidity over to the network so forget about it i'm not going to do it well
multi-swap kind of removes those barriers to allow people to more freely kind of move across
networks and take part in you know new young and thriving ecosystems and then on top of that
the whole thing about needing gas to pay for a transaction on a new network that you've never
used and having to go use a faucet and all that well you don't have to do that anymore with
multi-swap because you can actually pay the gas on the destination chain using your tokens on
the origin chain so that goes that that goes to multi-swap and then multi-swap actually pays
the gas for you on the destination chain but you're paying for it on the origin chain
so like if you don't have gas in your in this new chain on a new in your wallet on a new chain
don't worry you can still conduct the transaction you'll just pay the gas on the origin chain which
is crazy because then you can just you can just swap let's say you're on ethereum you don't have
ethereum you can swap for ethereum on that network pay the gas and bnb whatever if you're swapping
from buying a smart chain and then you have ethereum in your wallet for future transactions
on that network so that to me is a game changer i don't think that's ever been done before
um so yeah it just makes the whole process of operating on new chains totally way much
way easier that just that literally i i think people are going to realize how often and how
how helpful that is the funding of gas on different chains and different wallets it
literally happened earlier as i was adding liquidity for multi-swap and setting up our
large service the liquidity automated replacement service i needed gas on on a wallet on a different
chain and that wallet did not have gas in in the current chain even so now i'm thinking i got to
contact our finance guy get the gas all this i'm like hold on i got wallet in this other other
i've got gas in this other wallet on ethereum i was able to go to multi-swap enter the destination
address of the wallet that i needed gas on on bsc and in one click i was able to fund the gas
across right instead of having to move it and figure out how to get across and help find a friend
or find your finance guy and all that no it's just go to multi-swap like i i love i love that
there's so many problems that the answer is just go to multi-swap and and i think that's going to
be really exciting for for people to see amazing guys thank you and um actually bitcoin gypsy who's
here in what is one of the listeners in the audience mentioned already in the gc chat about how
incredible the ux kind of is um in this kind of aspect so nick taha can you also tell us a little
bit more about additional usps that make multi-swap one of the best products out there if not the best
products out there um of that kind yeah that's that's a great question nick you want to get
started on the on the features i can get into some of the technical aspects as well
yeah well i think you know we we just kind of covered one of the one of them that's you know
one of my favorites right the ability to pay gas on the origin chain instead of the chain that
you're withdrawing tokens on um so that's that's a massive feature i would say too like i just
conducted a transaction from bsc to ethereum um and you know gas prices are really really
really high on um all these DEXs right now it was 67 which is pretty like i would say for ethereum
it's pretty low right now um and then i would i paid it in bnb right it was a swap from bsc to
ethereum so i actually paid the the gas fee in bnb token um but then it happened in like 12 seconds
right like the the for for the transaction on the origin chain between the time that transaction
was finalized and the transaction on the destination chain was finalized was 12 seconds
that's using ethereum too right so insanely fast um so i would say that's one of you know kind of
the usps too it's super fast right now there's no fees either like um you know we want to uh to
encourage people to use multi-swap right now and so um you know we don't know how long this period
will last but right now there's no like platform fees and so it's super cheap and even if we ever
do when when we do uh incorporate any sort of platform fees we're still going to make sure
that this is the cheapest option on the on the market so fast cheap effective and safe and taha
you can kind of dive into some of the security aspects that make multi-swap safer than than other
alternatives on the market yeah totally i was just uh about to post an update um that that
highlights here let me just do it actually i just got the data back from our developer
who has built a quick script to be able to show the latest average swap times um since launch
and the average settlement time so the fastest we've seen is 12 seconds as nick mentioned
but sarad the average has been i just posted in the thread for the chat as well as 27.85 seconds
so in 27.85 seconds you you're able to get c tokens in your wallet and on the destination chain
obviously this is chain dependent right like the beauty of how and this kind of goes into
the security aspect as well uh we we we spoke and and hit it hinted off this security architecture
and the issues that come with cross chain protocols after devcon bogota as well when when ferrum
attended there and some of our team was there as well nick was there um where when you're building
a crossing protocol and and you're building a system that has to enter and has to keep track
of state and balances and execute transactions and settle assets across chains you need to think
about the security layer of those chains as well you need to be able to segregate out exploit
vectors from chain one for transferring over onto a protocol and then then further impacting other
chains right so we've been able to segregate this uh the security exploit vectors into chain
silos in other words we rely when we when we settle assets on ethereum we rely on ethereum
confirmations and rely on ethereum chain itself for those assets to settle and as soon as those
are settled then our quantum portal infrastructure layer comes through right now because multi-stop
is built as as a dapp that is going to be migrated onto qpn we wanted to showcase how easy it is to
migrate any dapp over the qpn so multi-stop has its own set of infrastructure node infrastructure
so multi-stop nodes pick up those transactions from ethereum they're able to validate it there's a
signature chain that gets developed where there's multiple sets of nodes decentralized nodes that
go through the validation process and then after the validation process that the source transaction
is not a spoof transaction it is a valid transaction the funds are actually settled
that signature chain gets created and then the transaction gets executed on the destination
chain so the part of the multi-site node infrastructure is not dependent on a chain
it independently verifies the chain data it allows the chains to verify their
confirmation and transactional data according to their security standards so everything is
built in a very very modular manner so that is one major architectural enhancement in how we
deploy multi-stop secondly we do not in anything we develop we try not to violate the principle of
single responsibility in software development where our multi-stop protocol the crushing swapping
or bridging and settlement protocols they do not go out and mint or lock tokens we've talked about
this before there's a lot of benefits to going through the lock and mint approach but when you
combine that approach into the protocol itself you see the kind of exploits that we have seen in the
past where hundreds of millions of dollars worth of tokens are either drained from the liquidity
pools or if the attacker gets access to the minting protocol they can just mint an unlimited amount
of tokens and dump them on the market and dump them on the community you cannot do that with
multi-stop i've spoken about this before that any software development team if they say that
their product is unexplorable is delusional you cannot claim that because your product may have
an upstream or downstream dependency it may have nothing to do with your product that could
introduce a vulnerability into your product an example of this is how wallet connect got
impacted by a ledger connect exploit it was a ledger employee who got phished and wallet
connect was was impacted and hence the impact came through on uniswap one inch any d app using
wallet connect was impacted so what you have to plan for is in the event of an exploit that may have
nothing to do with your own product how do you limit that so this is where the second part of
the security comes into play multi-stop is able to transact millions of dollars worth of volume across
while maintaining the fund manager native liquidity at a level of mere thousands so only thousands of
dollars worth of liquidity at any given point based on volume requirements will be locked up
in the fund manager pools this removes the liquidity honeypot attractiveness for hackers
and attackers because when they're looking at what they're going to attack an attacker is not
going to go out and spend you know six months to a year trying to figure out how to exploit
a product where at the end of day the math major exploit reward that you get out is going to
be like twenty thousand dollars they're going to look at protocols where there's tens of
millions of dollars to extract there's a much better uh you know roi for them i guess if
you can look at in terms of black hat hacking so removing those liquidity honeypots is another way
where we're able to automate automatically use a service like large sewer appliances those
liquidity pools based on low and high thresholds while still facilitating large swap volumes and
then the final one is more from a ux standpoint where i talked about one of our community members
had had mentioned this earlier about the user friendliness of of multi-stop and how it's
going to help everybody i want to give a shout out to bitcoin gypsy who mentioned that and and
specifically where there's an issue with approval so a lot of times this this happened in the past
again i want to give a shout out to to uh developers in this space have come out before us and done
really really good job at developing solutions in the space and also have gone through some
problems that allowed us to learn from from from some of the struggles that the space has gone
through so sushi swap is a good example where sushi swap router processor too had an exploit
about a year ago where if you interacted with that router on arbitrum and no matter what token
you swapped if you gave that router an approval that router then had the ability there was an
exploit back to introduce that it could drain your wallet off any token that you had given approval
on that router right and and so now the problem there becomes if a lot of DEX is by default in
order to save gas for people so they don't have to keep giving approvals ask for infinite approvals
so if you transacted usdc on there and you only wanted to transact like $100 worth of usdc but you
got like 5000 in your in your wallet you've given an unlimited approval so when sushi swap router
processor two got exploited it allowed the bad actor to use the sushi swap contract in that
instant to extract unlimited amount of usdc from all wallets that are approval is given infinite
approval is given so multi-stop has learned from that approach sushi swap is also for since then
launched updated contracts and solved this problem but as you know web3 is a space that is very open
sources about sharing what you've learned to make the space more decentralized more secure
better for the community and we've benefited benefited from that and in multi-stop we have
introduced limit approvals these limit approvals ensure that you only give an approval for the
amount that you're transacting this means that even if the multi-stop contract is exploited and a
bad actor is able to get control of the multi-stop contract they will no longer be able to take tokens
out of your wallet they will at most be able to take the limited liquidity out of the multi-stop
but they will not be able to drain your wallet as has happened in the past with some of the
router exploits as i gave the example of the sushi swap router exploit now the user does have
the opportunity to increase the approval amount on networks like ethereum if they want in case
let's say they want to do a swap of a hundred tokens but they don't want to approve every time
so they can like give a approval for a thousand tokens as an example so they can modify themselves
but the default option is not going to take an infinite approval so these three things i
really want to highlight there's a lot more to unpack but these are just some of the three
things that we wanted to highlight here that do add a lot to the security side and hopefully
improve the user experience and protect user funds as well while you're swapping across chains
now that was a lot and there was just a lot of great insight thank you so much for this and guys
i think this is the time to drop some initial alpha here for everyone that's just joined us
because we just get more and more people on this twitter space we're here to celebrate with
the ferrum team the launch the initial rollout of multi-swap and guys let's get the drum rolls i
don't know if you can actually hear this yes so we've got some drum rolls things are getting pretty
pretty serious right now um okay so we've dropped in the previous announcements in the last couple
days we've dropped some some things that the community was not actually that aware of just yet
so let's just break it down for them um once about a time so taha nick e and what can you tell us about
the ferrum foundation's role within multi-swap how does multi-swap fit within the ferrum foundation's
broader mission um what are the synergies here what does it actually mean yes that's a great
question nick again you want to you want to kick it off with the ferrum foundation yeah for sure
awesome um so you know as as you guys all know ferrum's been working on uh multi-swap for a while
now um but we wanted to launch multi-swap in a way taha alluded to this earlier where we could share
how you could migrate a product's existing infrastructure over to quantum portal um ferrum
main net right so we wanted to build multi-swap and launch it as a standalone product uh so that
we could show how to migrate it to quantum portal so other existing projects can do the same in the
future right so um multi-swap you know now being out next phase of of the plan is going to be to
migrate it over to quantum portal infrastructure but before that happens we're going to be launching
the swaps token uh multi-swap is going to be its own standalone project it's going to be the
first project building on ferrum mainnet it's going to be the first project introduced by um
ferrum foundation um so there's going to be uh you know we're already in talks with multiple
other projects right now they're going to be launched as ferrum foundation projects on the
ferrum mainnet multi-swap is going to act as the the first one which is very fitting because it's
also going to serve as the way for people to migrate their liquidity to the ferrum network so
you know it's a multi-chain swapping protocol but it can also serve as a as a bridge right
so it's going to be the vector that people can use to port liquidity to the ferrum network main
net um and so you know the more we thought about it the more it made sense that this product
you know there's so much utility that could be packed into this product and there's so many ways
that we can actually create utility for the frm token as well and actually bolster the network
right um the ferrum network mainnet and so every transaction that's going to happen on multi-swap
will actually you know require the ferrum network mainnet which adds utility to frm and then
there's some things that we can dive into a little bit later and how we can actually use
this kind of sustainable token ecosystem to support the ferrum network by actually delegating
frm to validators so we can dive into that a little bit later i'm sure but yeah so essentially
you know the kind of big news is that multi-swap is going to be its own standalone project
we're going to be launching a swaps token um in conjunction with the ferrum foundation
and multi-swap is going to be the first project building on the ferrum network which means it's
going to be the first project to utilize ferrum network's multi-chain token standard which is
also massive um so yeah we're super stoked about this and um yeah i love the sound effects i love
the gems you're dropping nick here too um and i and i want to i want to get uh ian's caught on
this in a second i just want to share a few things and and then see uh what ian has to add here
thank you nick for for sharing all all of those gems that you're dropping so it's important to
understand a few things right so first first important to understand that ferrum is a protocol
not a product and and as a protocol its goal is to enable the development of products such as
multi-swap so there's as as as a protocol we also have to account for the fact that ferrum does not
want to take on the technical debt of building products like multi-swap and maintaining and
growing them going forward because then it will hinder its ability to continue to create the
infrastructure and ecosystem for more products like multi-swap to develop on its network
however why did we take on building multi-swap to begin with is because ferrum takes an approach
better in my opinion than some of the other multi-chain messaging engine related network
protocols out there where we are not just building a multi-chain messaging in a protocol
we actually care about developer adoption to the point where we're building a use case
as nick mentioned this is really important nick mentioned is that we built multi-swap in a way that
you would have built it without ferrum network first to showcase that this is an app that is working
without the involvement of ferrum network because we wanted to show developers how easy it is to
take a legacy d app that is not using ferrum network infrastructure and to migrate it onto
the ferrum network infrastructure and make it instantly integrate it with a multitude of chains
without adding the technical burden of figuring out how to integrate with those chains you simply
integrate with quantum portal and immediately you'll be integrated with every single chain that
ferrum network is integrated with right so this is the exercise that we're going to go through hence
was our desire to build multi-swap in the manner that we did so that we could use this as a use
case to onboard tons of developers and i think this is going to be huge so now that differentiation of
ferrum network as a protocol and why we built it this way makes a lot of sense now multi-swap is
obviously a product then comes the use case well there's a lot more that we can that we can take
advantage of if multi-swap is going to be its own product it's going to have its own development
team we're going to be sourcing the development team we're going to be ensuring that that
development team is is highly qualified it's going to have its own marketing team that's going
to come on board it's like essentially its own project however it benefits from the experience
of ferrum the six years that ferrum has spent in the space it benefits from the technical experience
of the ferrum mainnet developers the ferrum ecosystem team benefits from the technical experience that
i will bring that nick brings from the partners today ian brings the name brings all of our team
like it benefits from all of that so it's a project that in my mind if i'm looking at it
i look at it as a very bullish project the multi-shop project because it is back
think of it like as if the arbitral foundation was backing their version of one inch that's the way
i look at multi-swap right so that's an important thing to look at it now the ferrum foundation's
goal its primary goal is to encourage developer and builders to adopt ferrum mainnet in its
ecosystem so hence this is an important part why ferrum foundation got involved is ferrum foundation
is going to be backing multi-shop as a project and supporting it that this is this gives us a
vehicle and an entity to support multi-swap to launch the first multi-chain token standard
to utilize quantum portals remote transaction remote balance capabilities to be able to integrate
with quantum portal infrastructure for cctp integration and so much more there is so much
that is going to be used as demos to onboard developers to come onto this ecosystem with a
multi-swap product i i can't i can't wait to to share with you guys the amount of excitement we're
already seeing from developers by showcasing some of this the amount of traction that nyx team has
been working on and gathering and with that with that context i want to hear from the man himself
the co-founder of ferrum ian friend who's who's been with it since the beginning six years in
the making ian all of this that we've shared and where we are right now and with swaps and
multi-swap steam coming to launch now what are your thoughts on everything and and and the optics of
ferrum ferrum mainnet instruction why don't you share with us what you're thinking right now
i mean it's kind of surreal honestly like i can't believe we've gone this far and survived
as long as we have and it's a testament to everyone on the team honestly the community
just everyone's boring us over the years but the crazy thing is is yes okay we launched this
incredible product but it feels to me like we're still in the first or maybe second inning of ferrum
and our existence we have so much coming right between mainnet between these other products
swaps and trust me the ideas and the plans like don't stop it will never stop so to me
obviously a huge milestone huge landmark and i'm like just in i mean i'm on cloud nine today for
sure but there's just so much more coming that's the amazing part i agree i agree can't wait to
share it all so tom back over to you and we can continue through some of the agenda maybe
sharing some things about swaps and what's coming up what do you have in mind tom for us to
discuss next absolutely i mean i'm blown away i'm pretty sure the community is going to be
absolutely blown away with the amount of alpha that's being dropped right now boom um and
yeah let's move on let's move on to the swaps token so can guys can you dive in a little bit
more and but into utilities um into the whole ecosystem what role is actually going to have
how is it going to work yeah i love that um nick you want to kick it off again i think you've been
kind of doing a good job leading some of the conversation so i'd love to hear your insights
because you're the one i'm going to give a shout out to nick when we when we talked about
the approach nick brought up through the econox team if you want to give a shout out to the
nox team as well for some of the ideas that have inspired what nick is going to share and then
i'll come and share some of the technical aspect here so nick over to you buddy yeah for sure no
um i would like to start with the kind of shout out to the equinox team they've the way that
they've been conducting their raise i don't know if any of you guys are familiar with equinox but
they launched star atlas at the peak of the last bull run um they've they've launched a multitude
of very successful projects that are actually in the process of raising for their own um their
own token right now because they've been kind of using an nft-based approach towards uh investing
into early stage projects so the way that they're launching their token is really interesting it's
kind of this quasi fair launch approach that still is able to kind of reward their early
adopters and and their kind of their og community with access to like a presale type of format
but also you know the the kind of the there's two things that really signify a fair launch right
one being that like all tokens are are circulating at once and two being that there's like no
pre-raise or pre-bind so when i say quasi-fair launch that's kind of what i mean because
there's a way you can kind of get all tokens circulating at once but also still give the
ability to the community that's been supporting you you know we've got people in our gc that have
been holding for six years we've got people in the general community that have been holding
for you know an equal amount of time so we want to make sure that folks like that have access
to ferrum foundation projects like swaps um and so um we're we're looking at kind of models to
kind of have this sort of quasi-fair launch approach right where people still get access to
the presale but also tokens are going to be circulating the fdv and the the initial market
cap are going to be pretty much the same right so that's the goal here um and then there's
some really interesting things that we're going to be integrating in terms of like token tax models
that are going to be able to go to supporting the ecosystem and people actually using the product
adding liquidity to prop to the product um and then as far as the utilities go um yeah there's uh
and the token texting we should dive into a little bit too but let's start with the utilities um
we're gonna have the ability for people that are actually using the product to get paid kind of
like sort of like a rebate so you get paid to use the product so um this will be kind of like a
loyalty rewards program that we're gonna have um so just to use multi-swap you'll be able to
to kind of earn swaps tokens um furthermore you know swaps will be able to be used as a governance token
as well um which i think is really cool you'll be able to so that'll be like voting on like which
chains to integrate um uh you know which uh you know features to kind of add and things like that
um uh thirdly um you'll be able to have reduced fees if you hold swaps tokens um
um and or stake swaps tokens so kind of like a tiered system so like the more the longer you
stake the more reduced fees you'll have um that kind of thing um and then i think i'm missing
some ty you got some yeah yeah some other utilities there totally totally so um so the couple of
things let me let me get it oh the deflationary mechanism yeah yeah thank you thank you for
sharing all that it definitely shout out to the NOx team for for initially sharing you know the
idea of how they're structuring the token what i love about web3 is as we learned about this
and and i think this is the benefit of firm foundation backed projects that anybody listening
to this should keep an eye out for because it's different than a new project coming into space
right uh firm foundation based projects firm foundation backed projects are going to benefit
from the years of experience of advising projects that ian's team has been doing on the tdi side
they've got years and years of experience of advising dozens of projects how to launch
successfully as you guys have already seen if you're following tdi you've seen the structure
the difference being that when it's a firm foundation backed project
the advice and the level of compliance and conform conformity to that advice is a lot
stricter as an example the amount of token utility tom if you can drop the token utility
chart here please the high level chart in the in the comments let me know when it's
done if you wouldn't mind um so tom's about to share a chart right now that's going to show you
the the level of conformity that that the foundation can enforce on the projects that
it backs to say hey this is a good idea how to launch a project from our six years plus
of experience of launching and advising projects along successfully and this is how we suggest
you go forward with it right so you've got as nick mentioned governance as a utility this
this is not a token with fall utility it's not a token that's just like stake it and that's its
utility or you get the token and govern with it and that's its utility it's got functional utility
and what's crazy before i dive into the details of it is at at every swaps token transaction also
ties in utility to the ferrum token that is bonkers right to think about a ferrum foundation
back project which will be the first project to launch on ferrum mainnet which will be a massive
multi chain swapping protocol that's already the fastest cheapest the most easiest to use protocol
and then it also brings in transactional utility for every transfer trade sell by of swaps to ferrum
i mean that just blows my mind right so so let's talk about how how that all works so if you if
you look at into what tom just shared it's it's a it's going to be perhaps a screenshot and a link
to mermaid js which is just a way to show flowchart right so that will show you that there's
utility in the form of governance there's a deflationary mechanism there is reduced fees
on multi-swap there are loyalty rewards and there's direct utility of ferrum the loyalty rewards are
really interesting it's funny the way ian wears this where he says we got to tell people you can
get paid to use multi-swap right and that's exactly what it is it's basically a mechanism where
we're building you know you see this in the web2 world a lot you go to your favorite store
your grocery store as an example a lot of grocery stores do this that if you go to them
you get their like grocery store membership card which is free to get and then if you shop over
there you get like 10 cents a gallon off your gas if you fill gas at their gas station so now because
gas is expensive or around the world as we call it petrol is expensive to fill in your cars
you're going to go to that grocery store more because you want those points so you can save
some money on gas so similarly on multi-swap that's just one example i'm sure everyone's available
familiar with other loyalty reward mechanisms on multi-swap we're going to be able to reward
users who use multi-swap without staking anything without without having any liquidity provided if
you just come and use multi-swap as we implement loyalty rewards it is not currently implemented
this is part of the team that the multi-swap team will be taking on and developing here on
forward but if you use multi-stop you're going to earn some reward in swaps if you stake the
swaps token you can earn more rewards on a tiered basis so there's a low there's four tiers
there's a base low mid and high tier i'm not going to dive into too much of the depth of it but i just
kind of want to give an example of the depth of the utility on the swaps token these four tiers
essentially when we talk about staking if you stake in a 30 day pool as an example you might
get the low tier rewards if you stake in a mid tier pool you might get uh uh 90 day pool you
might get mid tier rewards so on and so forth if you add liquidity to multi-swap in the form of a
foundry asset you also get high tier rewards if you had lp staking you also get high tier rewards
we can introduce other mechanisms to get high tier rewards so loyalty rewards are a thing but the best
part is these are not inflationary rewards guys so a lot of a lot of projects can say
we're giving out rewards but again i talked about the experience of ferrum foundation
bringing that experience bringing the experience ian steam has bringing the technical knowledge
that ferrum has bringing all of the crypto partnership insights um you know sort of guidance
and strategic knowledge that nick steam brings right all of this is is coming through here
to ensure that this is this is properly launched so now how come it can you can give out rewards
and it's not an inflationary token because if you look at on the chart has been shared all of
these rewards are sourced from the collected tax which is collected from buy and sell transaction
and transfers as well as multi-swap fees on the platform so it's a sustainable ecosystem
that where transactions generate tax multi-swap transactions generate fees and those help fund
the rewards in other words we are providing a mechanism to incentivize the behavior that we
want for users which is for them to use multi-swap a lot furthermore we talked about the
deflationary tax mechanism and there's a big big gem in here to think about there's a lot
of tax tokens and nick mentioned this earlier about the concept of tax tokens becoming more popular
but with tax tokens becomes a problem where projects can accumulate so much of their tax token
you know let's say you do a million dollars worth of swaps i'll just use simple maths
on a million dollars worth of swap let's say it's a 10 tax five percent by five percent sell
you might end up accumulating a hundred thousand dollars worth of the token right as a project
and then typically what happens is this concept of warping token warping tax warping
and these projects will then sell this token in order to get operation funds in other words
the tax is actually adding cell pressure to the token and then you'll see that these massive red
candles momentarily introduced this happened recently with a few projects i think nick you
mentioned ops tech is a project and a few others where it might have occurred where there was a
sell-off for token tax you don't know for sure but we're looking at charts and you're like hey
this is an actual problem because if you keep accumulating tax in the token and you need to
use some of that tax or operational revenue you're going to need to sell it so how do you
solve that problem and we gave a shot at econox team for for suggesting a solution to this earlier
we took that idea and this is what i love about web3 guys is that when somebody has an idea
instead of sitting on their ass and just keeping it a secret you're very collaborative so nick was
able to reach out to the econox team we had a kind of an idea about how they're doing it
but we wanted to kind of get on a call and brainstorm a bit nick was able to ask them the next day we were
on a call with them in the morning we talked through the idea and if we were able to share with them
that we actually have a crucible router we have a fiber router we have all this architecture that
can make this like basically supercharge this and now we're we might be working with them to
perhaps look at some modifications of their contract as well which also has a swap token i love i
freaking love crypto and web3 like this is the spirit of web3 just work together and make really
cool things for the community you know don't worry about keeping things a secret open source and
get it out there let people use it let people benefit from it so now we're able yo you got so
excited you didn't even mention what the what the what do they want to enable yeah let me get to
that right i i'm freaking excited this is live right so so what it does is when you sell when
you do conduct a sell with swaps token the tax is not collected in swaps token the tax is collected
in the destination token so if you go and sell swaps or eats or if you go and sell swaps or
usdc or if you go and sell swaps for whatever token that you might want to sell it for
that destination token is what the tax is collected in okay now when we receive that tax
a percentage of that tax is used to buy back swaps what this means is that every sell order adds a
little bit of buy pressure to swaps this is breaking money again guys i mean think about it it's not
it's not going to offset all the sell pressure but every sell order will add slight buy pressure
to swaps well furthermore hey tom if you want to drop in the next chart which talks about the
token utility in more detail so you guys can look at this while i while i explain this a little bit
i'm not going to again get into too too much of depth but this part is important to understand
how firm utility is tied in at an extremely integral level so part of the tax that is that
is received from sell orders in in in destination tokens is used to buy back swaps and support
the ecosystem reward multi swaps on a so forth some for operations expenses but part of it
from both sell tax buy tax and transfer tax is used to buy firm guys but not just to buy firm
it doesn't end there this is nick's idea i don't know nick where you found the source of this do
you want to take a second to highlight that i think you found some project that was doing this
bit tensor yeah yes yeah so there's you know the the bit tensor community ecosystem is kind
of on fire lately and i noticed that there's a project building in their community called t-pad
that's collecting their the transaction fee or the the tax right the sell tax they're collecting it
in their in their native token right like most taxes are this is a very novel concept collecting
it in the destination token like ethereum or ucc nonetheless they're collecting it in t-pad and
then they're selling that t-pad for tau so bit tensor's native token and then they're delegating
that tau to a validator so that they're actually able to help the network that they're building on
also earn rewards i'm not sure what they're doing with those rewards but we're going to take it one
step further which you know tah you can explain if you want but um yeah so essentially we'll be
able to collect this uh uh this fee right this this tax in ucc ethereum whatever the destination
chain token is buyback swaps but we can also buy back frm exactly um so it's not if you want
to keep going totally totally man thanks thanks for a shout out to nick for finding this this
guys again i want to head back to the benefit of a fair foundation back project like if this project
was launching on its own on fair mainnet it wouldn't have a nick the mind of a nick to go
find these ideas to add this utility it wouldn't have the mind and experience of an en right like
this is huge to have these sought after capabilities of these experts in the space
to be able to add this utility right so he presented this idea and then i was able to take that and
think about okay how do we put this into the token architecture and what we're able to do thanks
to nick's idea is we're able to take part of this tax that's going to be collected from the
cell orders buy order strengths or orders buyback frm and stake it as a delegate delegate that
stake into a fair minor and validated node and then we're going to be able to earn firm rewards
from those nodes we're going to then use those firm rewards to buy back some swaps which again
is going to generate more tax which it's the cycle that keeps going guys it is it is so
remarkable the amount of functional transactional utility that is built into this that is going
to support this ecosystem i want to kind of stop there there's also burns we can burn yeah of course
all of these things and if you go to multi swap network right now on the landing page if you go
down shout out to our designer dub dubbied scandroli from argentina he's an og he's been with firm
from the early days uh big shout out damn big shout out to tom and everybody else on the team
all the devs that have made multi-shop possible but he's designed uh sort of my messy architecture
diagram into a beautifully presented uh interface that you can go and take a look at how on multi-stop
that network all of this is coming together so yeah i mean there's a lot to unpack here
i want to kind of give it back over to uh to to tom but before that ian we've shared a lot about
this token as well and and and and all of his utility um do you want to talk about some of your
favorite parts i bet it's getting paid to use multi-stop in terms of loyalty rewards but
you want to share a little bit about maybe like what your favorite parts of the token utility are
for the swaps token and maybe some of your thoughts and then we can hand over to tom for
the next items on the agenda ian can you hear us i don't know if you're with us still
maybe there might be a connection issue if you guys can hear me tom why don't you take it over
now and then yeah of course thank you so much nik thank you so much for diving deeper into
into the token economy um this insane the links are in the comments i'm trying to pin them all
um in the nest here for you guys to not to miss out on those and yeah let's wait obviously for ian
and his connection to to get back but i do have a few more questions and obviously we have around
10 minutes left um on oh ian's here yeah what's up guys sorry i missed uh the question no worries
i just wanted to ask you so we shared about all the utilities of the swaps token and all the
different things i wanted to kind of get your insights on on your favorite one i had a feeling
that it was probably the one where you get paid to use multi-stop in the form of loyalty rewards
and then the tax mechanism it's like what are your thoughts what are you most excited about
about all the different kinds of utility for the swaps token yeah so look i don't know if
people know that i spend most of my time advising other projects and helping them with
their token utility and helping launch projects right and so we're pretty familiar with projects
that have a tax token involved what we're seeing with most of those is that um there's no real
revenue coming into their respective businesses to drive um the volume of that token it's just
it's a tax farm as they say right so the volume dries up if the volume dries up which often at
times that it will um then the taxes basically go to nothing and the whole thing falls apart
multi-swap is very very different we have revenue coming in in the form of the fees paid by the
users right portion of those fees are going to be used to buy back the swaps token and i call that
juicing the engine right that is creating that demand for the swap zone creating that inherent
volume and then the whole flywheel starts which i know you guys went over right with
the the ferrum buybacks and the validators and all the all the crazy things that came up but
but the core of it the core of it is we have a product that people want to use that is generating
revenue which is going to token buybacks which starts the whole momentum on the tax side that
to me is the huge differentiator and makes us so different than every other you know tax-based
token out there which frankly most of them do not have that engine that core engine there so
that to me is the most exciting part there's a lot of other amazing things no doubt about it and
uh the diagram uh they came up with i mean you guys see it uh i think it's gonna blow some
minds so uh very exciting stuff and we're gonna reveal more as time goes by but uh yeah this is
uh it's a big big day for ferrum so thanks thank you everybody that's awesome thank you
and for sharing those insights um yeah we definitely highlighted all the experience
that you're bringing to the table with all of the firm foundation-backed projects and
the next bringing the teams bringing so yeah i'm i'm stoked i think this is going to be huge
back over to you tom let's let's move on to the next items and and see what we what we have left
fantastic i've got a couple more questions but i definitely want our community here gathered here
um to ask you guys some additional questions because there's probably a lot of things that
they want to get clarified so we do need to have this time um we don't stop even though
this is the launch of multi-swap and this is the twitter space with spaces where we celebrate this
launch i do want to ask you taha about the future developments and looking beyond the launch what
future kind of developments can users look forward to with multi-swap um are there any specific
networks tokens features you plan to add in the first um a few months
yeah totally i couldn't unmute my mic for a second can you hear me okay just do a little
we can hear you fine okay awesome awesome yeah but there there's a ton packed up and we're going
to continue to support this obviously and continue to development we have a team dedicated here and
then as we formalize the launch and and you know start looking into the race foundation and
structure and everything then we're going to start to accumulate and associate a team that's
dedicated for this purpose to continue our roadmap on frame of our team to continue on more of the
protocol development but let's talk about the multi-swap um development that's coming up we
have more networks we're looking at optimism we're looking at base we're looking at a plethora of
other multi-other networks that are going to be integrated we're looking at uh the ui ux is
already uh remarkable but there's already a version that that improves on all of the tested
items that we've talked about that is on the docket uh we're going to be integrating
wagmi which is going to bring on a lot more wallet connections we're going to be integrated
for those users that want to work with trust wallet um and then there's some things that
i just can't share right now i think similar to how we waited to to launch swaps there's there's
there's trust me there's there's a feature that we're working on multi-swap that is
bigger than swaps and and and i can't wait to share that with everyone but that one uh you're
you're not going to get it out of me and you're not going to get it out of Jarvis either for
those of you trying to get secrets out of Jarvis in our community chat but that's it has to do with
non-EVM network integration i'll leave it at that and it's going to be huge uh so we're excited to
to launch those features multi-stop is going to have also another really cool thing coming
through which is integration with cctp on networks where circle has enabled that which will allow
you theoretically to do a swap of any amount you want or even over a million dollars worth of a
swap um those swaps that route through cctp will take longer to settle because they they
route through circles uh cross chain settlement engine so in that case they can they can take
about eight to twenty minutes but we will be giving users a choice on which route they want
to go whether they want to go the faster route for smaller swaps or they want to maybe wait a
little for when they want to transact let's say a couple of hundred thousand dollars a million
dollars across so there's a lot there's a lot that's coming in that area i think the best place
to look at it right now is ferrum ferrum dot network slash roadmap if you go there you have a
lot of multi-stop really roadmap items and over the next week you want to look at multi-stop
network and multi-stop socials because a lot of that will be going to the multi-stop roadmap
independently a lot more information will be coming out and then you probably want to follow along
like right now we've already discussed having an ecosystem of rewards for early adopters for both
fair mean net and multi-stop as any network really does because we want to attract attraction
right so in in that light early adopters of multi-stop are going to put themselves in
a beneficial position so you might want to look at conducting swaps now before even any of these
this information is announced and and i think we're we're going to be obviously
looking into how how to attract and retain early adopters and traction onto onto the
platform through that reward ecosystem that we validated so yeah that's that's some updates
that i can share for now tom back over to you um i don't know nick if you want to add anything
i think that kind of covers some of them would you have any thoughts that i might have missed
no i mean like i think you know we're just going to be pushing really hard on on integrations
making sure that this product becomes like the most interoperable not just the fastest and
the cheapest but also the most interoperable and then there's other you know kind of third
party applications that we can work with that we've we've started talking to um for for a while now
it's just about prioritizing these so you know there's things like mev protection and um you know
the thing with circle that taha mentioned um there's there's a lot of uh you know privacy transactions
you know these are all things that can be explored too so um there this guy's really
the limit with it with a product like this incredible guys thank you so much and um a
question to our community members um is there anyone that wants to ask nick tahari and um some
questions regarding the swaps token regarding the um the firm foundation multi-swap this is your time
i see lady trader um is raising a hand there you go hey thank you so much for having me up here
really really excited you guys i had a lot of questions um when i was coming into this space
but then one after another all of those questions were asked which is great um but i just want to say
markets are red right now ferrum is green really really awesome job guys like i have seen um the
performance of the team you know from um the back end as well which is amazing all of the stuff that
you guys have been doing the governance committee the investment opportunities that you're bringing
to the table uh the way that you advise projects ian and team i mean absolutely phenomenal
and then building these utilities um an ecosystem basically of so many tools that are useful really
really awesome and then also um i was really excited to hear that you guys are going to be having
um the sale for swaps it's going to be pretty similar to what we did with equinox which was
amazing because it doesn't uh just give you the opportunity to um invest on a very uh fair basis
but then also it kind of brings the communities together right so uh like when when i was partnering
with them you know they basically uh my community was brought over to their community so i think this
is going to be really really great for both projects ferrum and swaps really excited and
really most of my questions were around the utility for ferrum as well because my community
is pretty heavily invested in ferrum i am also invested in it and so um you've answered most
of those questions but anything else that you want ferrum investors to know obviously we are all
excited about swaps coming out but what else is out there that we should be aware of as far as the
the ferrum token goes yeah that's thank you so much for your support and and for the comments
we really appreciate everything you do and your community as well um i i think the the way i look
at this as you know this swaps is one of the projects launching for a minute it's the first
project right ferrum as a protocol its success is we've always talked about it its success is
dependent on the success of its integrated chains and integrated products so we want to make sure
that we build a network in a protocol that can support more and more products like swaps
and i'm going to give it over to nick to kind of hint on some of the things that relate to
already what's cooking up in terms of the amount and the enthusiasm with which projects want to
integrate with the technologies that we have created on ferrum network their projects coming to us
lining up asking for our assistance in integrating with our network so nick do you want to hint a
little bit on that so maybe some of the ferrum holders can can understand what all of this
work coming to fruition is going to look like yeah no doubt so first of all lady trader huge
huge shout out um when i was doing some research some some rnd on you know launch strategies around
this i actually scheduled some time with lady trader and she's a wealth of knowledge so um big
shout out to you thank you so much for for everything you've been doing for the the
ferrum community within your community i love that community by the way i'm a part of it as well
and it is a really fun great community to be a part of um so yeah shout out there
secondarily what does this mean for the network right um the way i see it multi-swap is kind of
just like kicking down the doors right for ferrum network mainnet right it's opening the door for
so many other possibilities being the first project that's going to be migrated and built on top of
quantum portal it means we're at a place now with ferrum network that we're actually able to
facilitate developers building on top of the network now of course we want these initial
projects to be ferrum foundation-backed projects so we can kind of you know um see the inner
workings of the network tweak things and kind of work in parallel right so we can perfect it so that
you know people coming in that have no affiliation with ferrum can come in and build things
and so that's what multi-swap is going to be able to do for the network but you'd be surprised
like we've got let me think here one two three four projects that have come to us
that want to build on quantum portal that now we're kind of taking under the wing of ferrum foundation
and and building alongside them um to be able to make sure that quantum portal is able to
facilitate their needs right so now we've got our mainnet team working alongside some of these
projects that are going to bring you know some of the the first d5 products um and you know
other things outside of d5 as well to the ferrum network mainnet so to me that's super exciting
i've been super busy with projects um you know kind of being the liaison between
the foundation and our developers making sure that you know we're building in parallel with
them to ensure that um you know that that our network is able to um to facilitate what they
want to build um so it's super exciting um for us you know to be able to see how many projects like
actually need qp like it's not just like they they want to build on like a new hype chain or whatever
it's like like no he's like looked at your architecture and the only thing that is able
to service what we want to build is quantum portal so i think that goes to show just like
the novelty behind quantum portal and just like how much of a game changer it actually is for
developers but there's certain things you just can't build without quantum portal and that's
what we're seeing now there's a lot of you know validation coming our way with projects
reaching out being like yep we want to build so um multi-swap just kind of kicked the door down
and now it's like it's pouring like now we've just got tons of projects coming at us that
that want to build so this is super exciting for us nick one one more thing i want to highlight there
that's really important it gave me a reminder even you were mentioning that when we're meeting
with this project when nick's setting up these meetings they reach out to him he does the
vetting and then you know goes through a lot of process to ensure that it's the right
kind of project alignment but when we finally get on a call for a technical review uh nick if you
recall remember i'm asking they're like why are you picking us because we were very open like
people are not stupid we hope that the projects choosing us are smart enough to know there are other
options out there right especially early adopters we want early adopter projects to be very very
well worse in the space which means they should be aware that there are other multi-chain messaging
engines if you don't even know that and you're coming across we'll still help you integrate
but we're not going to spend necessarily the same amount of time if if you're uh sort of
at that level of infancy in the space where you haven't realized that we are not the first
multi-chain messaging engine so luckily the projects that are coming to us are off a caliber
that are very well worse that are already familiar in the crypto space which is kind of a prerequisite
to be an early adopter anyway the crazy thing is when we ask them this question you know we
very directly mentioned names of other very formidable competitors and they they highlight
the same problem that we thought was out there which is that in a lot of cases you have these
multi-chain messaging engines have gone out and we have integrated with a lot of them we've
got a grants from a lot of these projects to integrate our bridging protocols our
DeFi tech stack and so on and so forth the documentation and what's shared as the the
path of integration is not as straightforward as the actual integration effort that goes into it
so the differentiating factor is what seems easy on paper versus actually coming out
when you start integration turns out to be a very different story in many cases
and these projects because they've seen the seamless process of integrating with our
staking tech with our vesting tech now with multi-swap and so on the bridge so on and so forth
they understand what firm represents and that's what they're after they are choosing us over
competitors time after time again because we actually are putting the time and effort
to make sure that the developer integration path is seamless straightforward and it actually saves
the project money and time in that integration process i think that's something that we're
recommitted to and excited about nick have you have you noticed that theme as well on your side
about why they choose us over competitors or or something something to that record
yeah absolutely no i mean you nailed it that's been one of the the biggest pieces of feedback
that we've received from from projects that we're talking with so yeah that's also super exciting
right definitely definitely awesome all right great tom back over to you maybe see if you
have any other questions to answer sure guys if there's anyone if you've got any questions
please raise your hand and i'll allow you to to get here on stage um i will i'll do that i cannot see
anyone just yet but um i wanted to ask you guys um oh lady trader again there you go
i have a question so if you could just kind of break down the security um that we see with
firm swaps versus the others because and in very simple terms because i know some of my community
members they're not very technical there were a lot of great details that were shared by taha
you know it was really really helpful but i also want to uh the community to hear from you
in very very simple um you know terms and and what it means and how you guys have built it
differently why we shouldn't be worried about you know uh basically getting hacked or anything
like that if you can go over that a little bit that would be super helpful thank you yeah
totally as as a community member you're worried about losing your funds right like if i if i get
down to it i kind of sure i do care if the protocol is secure but if the like if you think of yourself
as a community member only right you care about your money like if the protocol gets exploited
and loses funds i'll stop using it but it doesn't affect me as badly as long as my funds are secure
right so if you start from that perspective multi-swap takes that very seriously how to
secure the user's funds and i talked about this specifically i gave the example of the sushi swap
router exploit router process to exploit and how most of the DEXs are are are even as of today
doing swaps some of them have started to implement changes now we do not do infinite approvals which
means the only amount of funds that are at risk of an exploit if there is a vulnerability are
the amount of funds that you approve with with multi-swap the amount of funds you approve that
that allowance is immediately used up when you conduct that swap and the approval goes to zero as
a result of that right so that means that after you complete your swap your approval amount the
amount that you're allowing multi-swap contracts to extract furthermore after a swap is completed
is zero as compared to other aggregators routers and swap protocols for the large part where
there's infinite approvals after the swap is completed you are still allowing them technically
from an approval allowance standpoint to withdraw more tokens from your contract if there's a
vulnerability introduced so this is where as a user you know that only the funds that are at risk
are the amount that you are swapping at that given point once the swap is completed then there
are no funds at risk right so that's part one i'm not saying that when you do a swap funds
at risk i'm talking about in the worst case scenario that if there's an exploit what happens
second thing that comes into play is is there a way that the tokens that i hold are at risk
as a result of multi-swap so you may be invested in a token and if that token is providing a million
dollars worth of liquidity on multi-swap as an example are you at risk an indirect risk so first
was a direct risk did i interact with multi-swap and are is my wallet and tokens are my wallet
at risk second is an indirect value-based risk so this means to think of like the terra luna
situations think of like all of the hundreds of million dollars of bridge hacks that have happened
and crushing protocol hacks have happened so you may not have been doing anything with that bridge
or that protocol that protocol might have had liquidity of tens of millions or hundreds of
millions dollars worth of those tokens and if it gets hacked and those tokens get dumped
you are still impacted as a community member because your tokens value that you were holding
might have dumped by i don't know like 20 30 90 in some cases so how does multi-swap stop that
well two things that i talked about earlier one multi-swap will never be a place that will be a
liquidity honeypot so at any point i do not see how multi-swap will have a need for having tens
or hundreds of millions dollars worth of liquidity locked up in a liquidity pool its architecture
just does not require that so at any given point we are talking about worst case scenarios
even in multi-swap is exploited you're looking at exposure of a couple of thousand dollars
worth of tokens that an attacker can access and liquidate so that that's like some trader deciding
that i want to sell some tokens that's the exposure level from an indirect risk right
and the last one so i talked about direct risk through wallet swaps indirect risk through
liquidity pool hacks the last one is through minting this has also happened recently um over
the last year there's been at least one mint hack that has occurred from a protocol where
the liquidity pool might not be present but if an attacker gets access in a similar way to the
protocols uh minting functionality they can then mint millions of tokens and dump those again you
didn't interact with this protocol users decided to hold the token because it was a good investment
in your mind but an attack happened on some protocol an attacker minted millions of tokens
started dumping on the market all the token you held in your safe cold storage wallet is now
worth 90 less because a protocol allowed a hack to occur that also doesn't happen on multi-stop
because multi-stop itself does not mint tokens it only does swaps of native tokens the lock and
mint functionality when it will be integrated with multi-stop will also be integrated in a single
in the following the response single responsibility principle of software development so the minting
functionality with an entirely separate helper contract when that is integrated not to get
too technical when that is implemented will also be segregated and hence keep people secure from these
indirect hacks so lady trader does that kind of give some insight do you have any clarification
you like around that no this was great thank you so much taha and i'm gonna make a quick
summary for my community as well so they can kind of understand exactly what it means and you know
how they'll basically be very safe while they're using this multi-chain swap i was also a very
heavy user of multi-chain by the way in the past and i have not used another swapping product in
quite some some time no bridging nothing um i've been but also because i haven't really had to
if if i have to do anything that is mostly through exchanges and things like that and
there wasn't i was looking for a product and this is going to be great that you guys have
already launched because right now we are in a bull market so there's going to be a lot of those
bridging needs a lot of swapping needs so this is great guys thank you so much for everything that
you guys are doing and also um you know it was so amazing to witness that firm team was not really
hit by bear market fatigue like you guys are building throughout the bear markets and then
also in 2023 really position uh the firm investors uh in a very good position actually so
very excited to be a part of this community and glad to be here yeah thank thank you for for
sharing that comments and yeah it's going to be great if you can share you know the best practice
of users i love that you're going to summarize that i would also highlight that we always advise
users to prepare for safety right so the best our approach has always been as a company is not just
technical safety but also operational safety if you're ever trying any product or service or
integrating with any network for the first time that you're not sure of it's always a best
practice to use something like a burner wallet i'm not saying that that's what you need to use
multi-swap but i'm sharing best practices when interacting with anything new right if you feel in
your heart that hey i'm not sure about this instead of using the wallet where you're holding all your
funds create a new account on metamask if you're using metamask move some funds into that account
and only use that account to move those funds don't move any extra funds in there you limit
your exploit vectors as a user of the crypto community right these are just some practices
that any crypto user can use to make themselves a lot safer especially when interacting with newer
networks newer protocols or just in general that's the best practice that if you keep your holding
wallets separate from swapping wallets as a company we do that and we always recommend users to do
that anyway because of all the reasons that we've mentioned so i think those things can be super
helpful for anybody and hope they help and we'll be putting out more content around this as well
so with that uh back over to tom i think we're we're kind of at time so if people have
questions maybe we can we can take them in uh in the comments and stuff tom what do you say
yeah the guys this is the final call if you've got any questions please don't hesitate to raise
your hand um and nick taha my final kind of question um do you have any final thoughts is
there anything else that you'd like our community to know nick i'll leave the final thoughts to you
on this one man i'm just like i'm super super pumped about multi-swap uh you know like it was
there was times where we kind of got discouraged with it because there's other protocols in the
market and you know our goal the entire time was just to make it a better version of anything
else out there a better product and you know shout out to our devs um working tirelessly like
you know through the night um taha is an animal who's like i don't know when he sleeps um and
you know these guys are all operating on on different time zones and things like that so
it's just a real testament to the devs um just i'm feeling really proud of the team today um so i
just wanted to say that and um you know really grateful for the community uh i think we have the
best community like in crypto between like rgc and the the regular community the tdi community
um it's just uh you know full of you know really really insightful people um and loyal people like
we've we've you know ferrum's been around forever so um the fact that we've still got like og's like
rocking with us is really really cool um so thanks everybody you know for um you know sticking with
us and you know i think this is a very rewarding day for all of us um the team and the community
alike uh and just you know stay tuned this is just the beginning like i said i think multi-swap
is kicking down the door for for ferrum network main net projects ferrum foundation you know
is like kicking into gear now and uh i'm just really really pumped to that so many people are
interested in building on the network and you know like all of our plates are just so full with like
work right now and it's so fun um there's just like there's so much going on that we you know
haven't really discussed or talked about publicly yet but you know we can't wait to so um everyone
just you know keep keep rocking with us keep paying attention and um more stuff coming soon
100 i could not put that better nick thank you so much um guys stay tuned um go and follow
multi-swap's account that's here in the audience as well um just to stay up to date with all the
developments and everything that multi-swap's going to um bring to the table uh in a very
very near future make sure to join our telegram channels make sure to follow ferrum make sure
to follow uh all of the community members um taha nick here as well from the ferrum team lady trader
um share this love guys thank you so much and um nick taha ian's gone here i think i can't see
him anymore in the audience yeah but all i wanted to say is that right now today probably the whole
community is what what they really want to do is just to give you guys some standard innovation so
there you go way um and yeah thank you so much guys this was um insane um the whole process for
multi-swap and multi-swap's release and and the amount of times that things that changed and we
adapted like this is a huge testament to um to to the ferrum team and ferrum believers um and the
gc members and everyone in the community this has been an insane ride and this is literally just
the beginning so guys stay tuned and once again thank you so much for being here with us
not just today but since the ferrum's inception and until literally the moon thank you so much