We held two chadly AMAs with Chads.vc to talk about our partnership to build the first DEX on Meter DeFi infrastructure. We covered topics such as:

  1. Background of both Meter and Chads.vc.
  2. Why we’re working together on a DEX.
  3. Why the DEX we’re building is better than existing DEXs
  4. The partnership roadmap
  5. More!

Check out the transcripts for each AMA below. 

AMA #1 in Chads.vc Telegram Group - Thursday, October 1, 2020

Intro Questions

To start us off - What is Meter.io? What problems is it trying to solve?

Xiaohan:

Meter is a DeFi infrastructure with a Built-in PoW based low volatility coin.  

We use a unique hybrid consensus protocol that separates currency creation from record keeping. The system uses Proof of Work to create the $MTR low volatility coin, making it as decentralized as Bitcoin. It uses HotStuff based PoS consensus with $MTRG governance coin to manage the ledger.

At Meter we are trying to do 3 things: 

  1. Complete Bitcoin’s original vision and create a metastable sound money independent of the fiat system.
  2. Address performance issues with a Hybrid PoW/PoS + HotStuff consensus that is backward compatible with EVM.
  3. Interconnect with other public chains like ETH, Polkadot and Cosmos as a side chain to provide a scaling and value interaction solution

Can you tell us about your team?

Xiaohan:

Personally I have a mixed engineering and finance background. The first 15 years of my career were in R&D and engineering. After I got my MBA from Wharton and started doing strategy and investments. Back in 2016 I formed a VC fund called ZMT Capital. In 2017 many of our portfolio started launching tokens include Brave (BAT) and Aion. We started investing in cryptos as well. In 2018 I finished the first fund and decided that I enjoyed BUIDL more and started working on Meter.  My co-founders are my ex-colleagues in Silicon Valley High tech companies.  They were seasoned architects in distributed systems, cryptography, and finance with companies like Google, Huawei, Cisco, and more.  We also have professors in computer science, electrical engineering and finance from Stanford, UIUC and George Washington University sitting on our advisory board.

Pantera, GBIC, and DHVC helped us with seed funding so we can start building Meter, and we appreciate their support along the way.

Community Questions

What is more valuable for current projects, capturing the new to crypto users or making something aimed for the advanced crowd. Is it possible to satisfy advanced users and not scare off beginners realistically?

Xiaohan:

Since we are working on DeFi, we are naturally starting with the advanced crypto community. DeFi is still pretty novel even in the existing crypto community. However the ultimate goal of Meter is to create a fiat independent metastable currency and open financial system for everyone and we would like to make crypto more accessible and easier to use for the average Joe.  I think it is a gradual process as we scale up the user base.

Regarding security, given the latest KuCoin event, how do you plan to keep the Chadswap ecosystem secure from hackers? Will there be any ETHICAL hacking involved in the early stages to avoid any future catastrophes?

Xiaohan:

ya, also the private key stuff. We have some ideas for that but it takes time to implement. I think the KuCoin event shows an extremely useful use case for DeFi.  When you work in DeFi, you don’t need anyone to take custody of your funds.  You own your private key and have full control of your funds.  Obviously, DeFi has different risks involved like smart contracts and more.  When we work on the Smart AMM for Chadswap, we will put very close attention to security and try our best to get the code scrutinized and audited.  It is also gonna be fully open sourced and any ethical hacking from the community are greatly welcomed

How will liquidity be stronger on Chadswap vs on Uniswap currently?

Xiaohan:

There are several different aspects for this question.  Recently uniswap introduced UNI following the sushiswap launch.  These tokens as a transaction fee-sharing mechanism.  The ugly truth is that providing liquidity is often a money-losing business without this token subsidy, and there is fundamentally no real profit to be shared with token holders with the existing AMM model on uniswap.  On chadswap,  as a liquidity provider, you will have much lower impermanent loss and better chance of making a profit.  As a trader, when we use the oracle price guidance for the AMM, we could use a much flatter curve than uniswap.  This will introduce similar or even less slippage compared to uniswap with much less liquidity.

Therefore the target of chadswap is more liquidity for traders and more profit for liquidity providers

Why do you want to work with Chads?

Xiaohan:

One of the things we really hope is to introduce more fun culture into the Meter community, which we are really lacking for now.  We are a little too serious for crypto:).  Chads team definitely executed extremely well in this aspect.  We had the idea of building a new oracle driven AMM idea after some of the recent learning on DEX and Chads team wanted to build an AMM as well.  We wanted to build cross-chain AMM and Chads team shares the same goal too.  Even our development team has complementary skill sets.  We believe it would be a perfect partnership and the two teams work together to launch a great product for the community.

Chadimus Prime:

yes, on initial calls our long-term chadmaps are very well aligned.

Xiaohan:

definitely

Chadimus Prime:

Meter's got the tech and brainpower and we've got the memes, chadswap is going to blow people's minds on a design and a tech front. I don't think crypto has ever seen anything like we're envisioning here

Can you tell me more about the cross-chain AMM on Meter? How will it be better than Polkaswap or Polkastarter?

Xiaohan:

The token standard on Polkadot is actually still being finalized.  Therefore it still takes some time for Polkaswap and Polkastarter to be available.  Since chadswap starts on ETH, we obviously need an infrastructure that helps the user to smoothly migrate in the future to a cross chain AMM.  Therefore Ethereum compatibility is also extremely important.  Meter provides that compatibility layer and the high performance.  In the next couple of months, we will release a series product and allow users to use Meter as a side chain for Ethereum.  We will also soon interconnect with Polkadot by working with our partners at Moonbeam and Acala.  Therefore the cross chain AMM could become a hub for ERC20 coins and Polkadot coins, and even Cosmos coins in the future.

Chadimus Prime:

yes, we are also huge supporters of our bros over at Moonbeam 🙂

Xiaohan:

Ya, moombean guys are really cool. we had a lot of good tech discussions with them

Chadimus Prime:

they know their stuff. Agree that the existing cross-chain exchange roadmaps are quite optimistic in many ways. And my discussions with the virgins in the basement suggest that they may not be as decentralized as originally claimed. It's a tricky problem to solve and one which will take time to get right

which is one of the reasons we chose the three phase roll-out for chadswap

Xiaohan:

ya, chad obviously has a lot of virgins in his basement

Chadimus Prime:

we need them to power the tech, otherwise the chadliness of the project would collapse under its own weight. We're nice to them though, I ordered a whole case of mountain dew yesterday. 

Anyways, how does your smart AMM solve the impermanent loss problem?

Xiaohan:

There are actually two sources of impermanent loss in existing AMM like Uniswap.  First the liquidity providers are forced to constantly rebalance 50/50 holding of two cryptocurrencies.  Secondly, the price on CEX often deviates from DEX and the DEX has no knowledge of that and keeps on giving blind price quotes, this leaves a lot of room for the arbitrage.  The Smart AMM we are building use oracle data feed as price guidance and have a different model.  The liquidity providers lend their tokens to the AMM and the AMM try to return the same amount of tokens plus transaction fees.  The LPs could even provide liquidity with just one coin.  This model eliminates the first source of loss.  The oracle guidance reduces the second source of loss. We will always have to leave some room for the arbitrageurs. Since arbitraging is one of the main reasons for people trading on Dex. However, we will try to make it more profitable for the Liquidity providers and allow them to better control their risk exposure

Chadimus Prime:

that would be incredible... if I can take out the same coins I put in + transaction fees then the AMM effectively has zero risk. 

Do you have any plans for integrating chads NFTs into the AMM?

Xiaohan:

NFT is an interesting topic.  It is hard to price them if they are rare and unique.  If there are ways to group them then possiblity comes in.  One idea is to have baskets of NFTs (or NFT with similar values) lock in another token and create AMMs for that NFT ETF type of token.  I think Whale project was working on that but there are much better ways to make it more decentralized. We will keep on cranking ideas and see if there are any good ways to make NFT especially Chads’ NFTs more liquid

Chadimus Prime:

agree, liquidity and price discovery are huge issues for NFTs right now - creating baskets and indexes is definitely one way around that problem. 

Final question, any plans for other collaborations with chads besides chadswap?

Xiaohan:

yes.  We will continuously explore deeper collaborations.  I am pretty sure as we work together on chadswap more thing and collaboration may come up

Chadimus Prime:

agree, as both of our roadmaps are aligned towards polkadot there will likely be many areas of overlap 🙂 ok, that's it for community contributed questions, we'll now open it up for everyone to ask questions to xiaohan in a free-for-all format. Alright chads, go for it,

Rough ETA for chadswap launch?

Xiaohan:

We are targeting 4 to 6 weeks after staking launch

Xiaohan, great memes. Did your team create them inhouse?

Xiaohan:

haha, they were from one of our community members

Can you clarify staking launch pls?

Chadimus Prime:

we are still aligning roadmap with meter - our current target is within next 2-3 weeks.

Xiaohan:

First phase chadswap is to stake your existing Uniswap LP tokens

Does that mean Meter is going to Polkadot either?

Xiaohan:

We will connect with polkadot as a non-substrate chain but talking in polkadot protocol

Xiaohan, when will we mint your chads-of-DeFi NFT.  If so, what level chad are you?

Xiaohan:

haha, I guess it will be a community governance question 😀, but i really appreciate the consideration.

Chadimus Prime:

perhaps one of our community members will make one for the chads of defi competition 😉

is it possible to connect an NFT to an external contract to retain a collateral amount, and the person who has that nft to access that collateral amount needed to burn that nft? is that possible?

Xiaohan:

I guess it is possible, but the value of the NFT may need an external oracle

If I have MTRG tokens I will be able to stake them and get chads in chadswalla, am I right?

Chadimus Prime:

Staking rewards in chadswap will only be stacy. As well as chads distributed out of burn fund for chads/eth LP holders

Xiaohan:

I think right now you will need chads to get chadlletes

With your background in SV , so you see Pantera or any VC’s looking to invest in Chadswap

Xiaohan:

We will see. I think there are many VCs in the Chads group😀

Which regions are Meter marketing to for its initial growth ?

Xiaohan:

Our current community has the most members in the US, China, East Europe and Africa, also southeast asia. 

btw, to participate in the upcoming liquidity mining for Chadswap on MTRG side, you will need the ERC20 version of MTRG called eMTRG.  Its address is on 0xBd2949F67DcdC549c6Ebe98696449Fa79D988A9F.  Most of the liquidity is now on balancer, we will put more into the uniswap pool before the launch as well

Are you considering the partnership with Chads in short term period, or this partnership will be for a long term

Xiaohan:

Chadswap itself is a long term project if you look at the three phase development plan.  We are definitely looking for long term partnership with the Chads team

Chadimus Prime:

as are we, the full roadmap will take months to complete at least

When is Chadswap launching, what challenges did you face and how is the progress.

Xiaohan:

I think it is mainly the development schedule on schedule and security.  In addition, we need a good lauch plan and tokenomic for Stacy, which @Chadsvc is working on.  So far i believe we are on track

with the help of the virgins 😄

Chadimus Prime:

it will take an army of virgins, but luckily crypto is full of them

Chadimus Prime:

yes, thanks @xiaohanzhu for your time and for the amazing information

stay tuned for more updates on chadswap, including the launch of our stacy liquidity mining program

Xiaohan:

Thanks a lot for the great questions from the chads bros.  Thanks a lot @Chadsvc for hosting.  Looking forward to a successful launch

AMA #2 in Meter’s Telegram Group - Tuesday, October 6, 2020

Intro Questions

Can you provide some background info on what Chads.vc is and what you're trying to accomplish?

Chadimus Prime:

Chads was originally conceived as a meme coin, the first to be built on polkadot and specifically moonbeam. We saw the power of memes in creating highly engaged communities, and wanted to leverage them to quickly build an amazing community that couldn't wait to see what we would make next.

We succeeded pretty well at that, and are now moving to building DeFi products that we're really excited about. The first is the cross-chain AMM which we're building with Meter. The second is our NFT platform. We just launched chads.limited last week, and will be featuring limited edition NFTs created in partnership with professional artists on a regular basis. We're also building some very novel functionality into our next series of NFTs, but I'll save those details for a blog post I'm writing soon.

Mike @ Meter.io:

Nice! There are definitely some awesome memes that have come out of your community. And NFTs are super hot right now, so I'm sure that novel functionality is gonna be very cool.

Chadimus Prime:

we think so... the main issue with NFTs right now is the valuation model is completely screwed up. The real power is in NFTs that have clear real world value. That's what we're moving towards and the results will be explosive

Regarding the DEX - what is so attractive about the DEX that you are building that current DEXs don't have?

Chadimus Prime:

I think @xiaohanzhu covered a lot of these points quite well in his AMA and in the blog post. The smart AMM which we're building on ethereum is going to use a novel bonding curve which, if it works, will eliminate the impermanent loss issue by maintaining the balances of coins to the sum total of deposits and withdrawals. It'll allow single side add/withdraw of liquidity as well. 

Right now it's impossible to create a profitable AMM for liquidity providers without incentivizing liquidity by rewarding them with a governance token. CHADSWAP will have governance token rewards as well, but liquidity providers should be able to make profit even without these rewards.

Do you have an update on potential launch dates for CHADSWAP?

Chadimus Prime:

Originally, we were going to try to schedule CHADSWAP Phase I launch for 2-3 weeks prior to migration to Meter's smart AMM, so the launch date was highly dependent on your development progress and so we were reluctant to throw out a hard date. However, I think it's clear the market has exhausted itself of a straight Sushiswap model for liquidity rewards, and this would not incentivize liquidity to move to CHADSWAP in the way we want.

So we're switching CHADSWAP STACY rewards over to a deflationary farming model. We've actually just finished with the design phase and will be soliciting final edits from Meter's team today. Since timing is less important with a deflationary farming model, we estimate we can get the final product out within two weeks once the OK from Meter arrives :). We've tried to combine the best elements of the CORE and SUSHI models, as well as a few unique twists for incentivizing liquidity and making sure STACY holders are aligned with the long-term success of the platform.

What was the impetus to work with us on CHADSWAP? What are the roles of CHAD and Meter, and what benefits will it bring to each community?

To rephrase, what will all our basement virgins be responsible for? 🙂

Chadimus Prime:

The cross-chain AMM idea we originally proposed to the community is a dauntingly complex endeavor. We'd have to grow several times bigger and hire tens or hundreds of virgins to make it work, and our basement just isn't big enough to fit all those virgins. On my initial call with @xiaohanzhu a few weeks ago, we both noticed how aligned our roadmaps were, from the initial liquidity bootstrapping phase all the way to the eventual cross-chain AMM. It just made perfect sense to work together, much more sense than trying to build out identical products independently.

CHADS will be responsible for Phase I, the liquidity bootstrapping phase, and the STACY token economics. Meter will be largely responsible for Phase II, the smart AMM on ethereum. We will both collaborate on the cross-chain AMM once the Polkadot ecosystem has matured enough to make it viable - this is by far the most complex step in our roadmap and will require the combined power of all of our virgins to make possible. CHADSWAP will bring liquidity and yield to both CHADS and eMTRG holders since these will both have incentivized STACY rewards. CHADS and eMTRG holders will also enjoy advantages such as reduced fees on the platform.

I'd like to go back to the NFT topic. You mentioned that the NFT valuation model is screwed up. Can you unpack that a little more? And if you can disclose, how do you plan on solving that?

Chadimus Prime:

Sure, I think like most 'new' ideas in crypto, even going back to the ICO days... the market is still getting its head around trying to value NFTs. Is there any reason why PNG images should cost tens or hundreds of ETH? Potentially, there is precedent in the art world, but we're a ways away from highly regarded artists creating and selling NFT-based artwork. Those days will come eventually, and CHADS will be at the forefront when they do - we're laying the groundwork even now.

A more straightforward model for NFT valuation would be based on revenue stream, or the value of the asset which the NFT grants rights over (where that valuation is more straightforward than, say, trying to value a piece of artwork). NFTs that represent easily valuable assets or clear revenue streams will have clear value, and that's the only hint I'll be giving about where we are moving in the NFT space ;). You'll have to wait a few days for the full answer

Community Questions

Hello chad...when you talk about trading NFTs, do you think there will be huge demand for chadswap from online gaming communities?

Chadimus Prime:

we don't currently have plans for an NFT exchange on chadswap - it may be something we explore in the future but its not on roadmap right now.

I do believe NFTs will have huge value in gaming communities, it's just a matter of getting the large gaming companies on board which should happen soon.

What is stacy? and what is the benefit of chads & stacy to emtrg holders? no one has mentioned.what exact benefits we will be getting from this partnership. i want to know

Chadimus Prime:

STACY is the governance token for chadswap. EMTRG holders will benefit from improved liquidity due to the incentivized emtrg/eth pool on chadswap, they will earn yield from STACY rewards, and will enjoy fee discounts and a proportion of trading fees from the chadswap AMM

There's a lot of reserve chads tokens to be distributed. What can chads holders expect for this soon?

Chadimus Prime:

the reserve will be fully under the control of the community.. lets just say this is intimately tied to the NFT news we have coming soon. CHADS holders can certainly vote to distribute it to themselves, but I think our community will find some much better uses than that (and ones which will be much better for token price)

Why did you skip polkadot for Meter for now? Is there you want us to know? like the advantages you saw?

Chadimus Prime:

There isn't a conflict between our Meter and Polkadot plans. Meter also works quite closely with Moonbeam. We are working with Meter primarily because our roadmaps are very aligned and because we like the team 🙂

How do you guys plan on getting your product to the masses? i must confess this is my first time of hearing about chad and chadswap. Do you have plans to compete with uniswap? and how are you guys going to go about that?

Chadimus Prime:

Mass adoption will naturally come as a result of building great products and a great community. The latter we already have and are continuing to build further. As news coverage, CEX listings happen, more and more people will hear about chads. And people will stick with CHADS because they love who we are and what we do.

Check out some of our existing products/resources:

chads.vc

chads.limited

https://soundcloud.com/user-674757004-604434817/sets/chadsvc-music-competition - launch album

Regarding competing with Uniswap - let me refer you to my answer during the AMA:

I think @xiaohanzhu covered a lot of these points quite well in his AMA and in the blog post. The smart AMM which we're building on ethereum is going to use a novel bonding curve which, if it works, will eliminate the impermanent loss issue by maintaining the balances of coins to the sum total of deposits and withdrawals. It'll allow single side add/withdraw of liquidity as well. 

Right now it's impossible to create a profitable AMM for liquidity providers without incentivizing liquidity by rewarding them with a governance token. CHADSWAP will have governance token rewards as well, but liquidity providers should be able to make profit even without these rewards.

1) I know that your goals are NFT and farming but after launch in polkadot network, what goals will be after that?

2) I have only one concern about CHADS.vs is that their anonym. So are you going to deanon?

Chadimus Prime:

1) Our launch on polkadot is well integrated with our NFT  and cross-chain AMM plans, and opens up a lot of future possibilities. As chads we do what we want, and that means building cool DeFi products however we can. Polkadot offers a Universe of possibilities to make this happen.

2) we don't have any plans to deanon. Our team and dapp development tokens are under vesting contracts to assure the community we're in it for the long term. Like chadtoshi, we will stay anon and true to the crypto ethos. Crypto is anti-establishment by design - to have complete freedom to pursue the projects we want while evading regulators who might try to clamp down on innovation staying anon is best

I believe this is a great partnership, but why does your website look so weird? (i won't say scammy) 😆 any plans to update it soon? or it this by design? looks like something out of the matrix 😂

Chadimus Prime:

Our website is who we are, and our community loves it. Our basement virgins are the ones who build our products. We reward them with doritos, mountain dew, and the ability to hold Stacy's hand.

What's the ETA for Chadswap? I don't think we got an actual timeframe.

Chadimus Prime:

I mentioned it in the ama answer, we will send over design details to Meter's team tonight (right after AMA actually). Once they give final OK we will have it out within 2 weeks

What type of core’s features will you implement in chads? Liquidity lock forever?

Chadimus Prime:

for the STACY/ETH pool yes

In pool Stacy/eth what is The rewards? Stacy right?

Chadimus Prime:

yes all pools will give STACY rewards, STACY/ETH LP holders will have much more to incentivize the liquidity lock

@chadsvc, please let the group know where they can find out more about everything you're working on.

Chadimus Prime:check out the resources above for more info on us and what we're doing - we've got new stuff happening every day and also check out our nft farming platform - chads.limited, our recent arthur hayes NFT sold out in 4 minutes after it was launched

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