SoSwap AMA transcript
1.What is SoSwap？
SoSwap is a multi-chain DEX built on the SherpaX Chain. SoSwap supports both EVM tokens and Substrate tokens of the Polkadot ecosystem. It breaks through the transaction barriers between tokens of two different systems.
2.How does SherpaX work?
Please refer to this image:
Simply put, there are two kinds of modules on SherpaX, Wasm and EVM. The image above is an example. If you exchange Mini Point for ETH, then this is an example of the complete process. (Please note there is no such trading pair yet)
The exchange process between KSX and ERC20 tokens is similar. The KSX on SherpaX originally belongs to the Wasm module, and it needs to be transferred to the EVM (KSX in the EVM will be named wKSX for the time being). Then in the EVM of SherpaX, it is exchanged with some kind of ERC20 token from other chains.
3.Which trading pairs will SoSwap support?
At the beginning of the beta version, it will support the Mini Point/KSX trading pair;
In the future, all cross-chain asset-exchanges on SherpaX will be supported.
4. What are the fees on SoSwap?
- The user pays a gas fee of approximately 0.01–0.1 KSX, which increases with the amount of the transaction.
- And a transaction fee ratio of 0.3%, for example, if you redeem 100 Mini Points for KSX, then the transaction fee is 0.3 Mini Points.
5. Can users do liquidity mining? What are the returns?
Yes, you can. In the initial beta-version, the liquidity provider gets 5/6 of the swap fee, which is allocated by the liquidity provider in proportion to its contribution to the liquidity pool.
6. How users use SoSwap？
A detailed tutorial will be posted on Twitter after SoSwap is officially launched.
7. How is SherpaX progressing now?
The Dai-like StableCoin project on SherpaX has been tested. Not only does it support collateralization of $BTC, $PCX and other tokens to generate stable coins. It also supports digital identity #CID, C-Card NFTs to generate stablecoins for collateral.
You can stay tuned to SherpaX Twitter for further news.
8. What is the use of KSX?
We know that the SherpaX network will have a rich ecosystem of applications, like DeFi or GameFi, etc. KSX will act as a fee for all the user’s actions in the SherpaX network, like ETH is for Ethereum.