CeloLaunch is happy to host an AMA with Mr. JasonChing - COO of Fusotao Protocol on CeloLaunch Official Group. Let's get more exciting information about Fusotao Protocol on this AMA Recap.
Chapter 1: Project Introduction
Q1: Please introduce yourself and your team. We’d like to start off with a short pitch for the people that haven’t yet heard of Fusotao Protocol. So tell us what Fusotao is and what it does?
Mr.JasonChing: Fusotao Protocol is a verification protocol for order-book based matching systems, using the paradigm of “execute off-chain, verify-on-chain”.
Founders can build their own DEXs based on Fusotao. Communities can earn rewards by trading on the DEXs or directly staking tokens for the DEXs backed by Fusotao Protocol to share transaction fees.
The FXDX to be launched soon will be the first order-book based DEX backed by Fusotao Protocol.
Our team began to develop the Fusotao protocol in December 2020, and I joined the team as COO in June 2021.
Before joining the Fusotao team, I had been engaged in the market and ecological cooperation in a tech company for 5 years. I Joined the cryptocurrency industry in 2019 and have been engaged in operations.
Today, our team consists of 10 core members and several other members who are experts from their domains – right from coding to finance, we have an expert handling it for us.
Furthermore, we have ambassadors from India, Korea, Russia, Indonesia, Vietnam and other countries for community management, design and other work.
Q2: What has been the biggest challenge you have faced in your project development?
Mr.JasonChing: We use the paradigm of “execute off-chain, verify on-chain”. We have a centralized service off-chain to store the order book and match the trading order.
Because our technical team has been engaged in the development of centralized exchange matching for a long time and is very proficient in the working principle of the centralized matching engine, we quickly solved the problem of off-chain matching.
For the on-chain verification part, we have tried various verification methods including zero-knowledge proof, and finally, we chose the sparse Merkel tree verification method. We need to ensure the simplicity of the matching proof generation circuit and the accuracy of the verification on the chain, so as to ensure that the user's transaction and assets are recorded on the chain in real time. so the on-chain verification part was our biggest challenge.
Q3: So, now what makes the project different and how does it stand out from other competitors in the same segment?
Mr.JasonChing: We know that many public blockchain ecosystems have their own order-book DEXs. If we are building a DEX, there will be many competitors in any blockchain.
However, we are a decentralized infrastructure that can provide support for order book DEXs. Any founder can develop his own order book DEX based on our matching and verification protocol. I don't find any team doing similar things with us at present.
Here are some advantages for DEXs backed by Fusotao Protocol: 1.0 GAS Fees for transactions in the DeFi World! 2.Order Book based. 3.Faster than Swap(off-chain matching). 4.The Same Trading Experience as CEXs. 5.Assets are always at the user's control. 6.Community can share transaction fees by staking TAO for the DEXs backed by Fusotao.
Q4: Would you mind updating any hot news, features, or big events on the project to attract more users in the upcoming time?
Mr.JasonChing: The development and operation of our project are making new progress every day.
The big events we will make to attract more users are the following:1. Our mainnet will be launched at the end of April and this will totally be a new journey for Fusotao. 2. We will IDO on skyward in May. Those who think our project has potential can join IDO and become our early investors. 3. We will develop a market maker sub-protocol. Community users can lock their funds into the sub-protocol. Market makers borrow funds to make the market, and market makers share rewards with users.After the mainnet is launched, we will immediately launch the first DEX backed by Fusotao. Then we plan to cooperate with more partners who are willing to own their own DEX backed by Fusotao.
Q5: Marketing is an essential team for every project so that everyone knows the potential that a project can bring is vital to achieving the goals set. What is your strategy to attract new users and investors to your platform and keep them long-term?
Mr.JasonChing: We have attached great importance to the market and investors from the beginning.
First of all, we have an experienced and diligent operation team. Secondly, we have more than a dozen ambassadors and regional community managers to help us promote and manage the community. Thirdly, we have strong partners and ecological support. All our investors will fully support us in the market and we will get support from NEAR Ecosystem Success Team through our project’s entire lifetime.
In addition, Octopus network will help us in many aspects such as marketing, fundraising, recruiting, know-how sharing, token listing, and more.
Fusotao Protocol is a completely decentralized and non-licensed community protocol. Therefore, most of TAO tokens will be generated by community mining and distributed to community members who maintain the operation of the Fusotao protocol and carry out trading. 63% of TAO tokens will be allocated to community members participating in the Protocol, that is, community traders, block validators and TAO staking participants.It is worth mentioning that individuals and partners who contribute to the Fusotao Protocol will receive market & developer rewards.
Q6: How could the player earn in this project?
Mr.JasonChing: For community members, they can participate in our projects in many ways, so as to obtain long-term benefits.
Trading rewards: Proof-of-Trading (PoT). The trading itself is the core of the whole system. Fusotao protocol introduces the Proof-of-Trading to motivate transactions to get TAO rewards. When users trade on DEXs backed by the Fusotao Protocol, they will get TAO tokens according to the trading volume.
Validator Rewards: Proof-of-Validator (PoV). Verification nodes of the Fusotao Protocol are provided by the Octopus Network (OCT). Community users can obtain TAO rewards by becoming the verification node or staking OCT to verification nodes in the octopus network.
TAO Staking Rewards: Proof-of-Staking (PoS). Apart from these above, In order to incentivize the long-term holders of TAO tokens, the Fusotao Protocol will also support TAO token staking after the mainnet is launched.
Share transaction fees: Community users can directly share transaction fees through staking TAO Tokens for the DEXs backed by Fusotao Protocol.
Q7: Could you share with us more about your seed sale or IDO?
Mr.JasonChing: We have a total of 3 rounds of funding, namely angel round, seed round and A round.
We have closed the seed round funding joint lead by D1 Ventures, Seven X Ventures and Big Brain Holdings. More than 20 investors from all over the world participated in the seed round and can bring much more value to our project than only money.
Three months after the mainnet is launched, 30% of the investor’s token above will be unlocked at one time. In the following 12 months, the remaining 70% of the investor’s tokens will be unlocked linearly by month.
A total of 12.5% of the tokens will be distributed to investors, which includes 2% for the angel round, 8% for the seed round and 2.5% for the A round (in progress).
Chapter 2: Live questions with CeloLaunch community.
Q1: Hello Jason How do you plan to spread awareness about your project in different countries where English is not good? Do you have local communities like Vietnam, Indonesia, Thailand, Korea,.. so they can better understand your project?
Mr.JasonChing: We already have a lot of local communities and we are working on more local communities. We always need excellent people to help us promote and manage our local community. if anyone interested in this ,you can DM me after the AMA. and this is some links about our local communities:
Q2: What are the advantages of the Fusotao for platforms and users?
Mr.JasonChing: Founders can build their own DEXs based on Fusotao. Communities can earn rewards by trading on the DEXs or directly staking tokens for the DEXs backed by Fusotao Protocol to share transaction fees.
Q3: Too Many people ask about Long Term Plan, but I want to know what is your short term plan? What are your top priorities in 2022? Could you share some plans for this year? Which part of the project are Fusotao most focused on right now?
Mr.JasonChing: The development and operation of our project are making new progress every day. I think the three most important things in 2022 are the following:
1. Our mainnet will be launched at the end of April and this will totally be a new journey for Fusotao.
2. We will IDO on skyward in May. Those who think our project has potential can join IDO and become our early investors.
3. We will develop a market maker sub-protocol. Community users can lock their funds into the sub-protocol. Market makers borrow funds to make the market, and market makers share rewards with users.
After the mainnet is launched, we will immediately launch the first DEX backed by Fusotao. Then we plan to cooperate with more partners who are willing to own their own DEX backed by Fusotao.
Q4: One of the DeFi features of Fusotao includes the DEX. Can you tell us what users should expect from the DEX?
Mr.JasonChing: Here are some advantages for DEXs backed by Fusotao Protocol:
1.0 GAS Fees for transactions in the DeFi World!
2.Order Book based.
3.Faster than Swap(off-chain matching).
4.The Same Trading Experience as CEXs.
5.Assets are always at the user's control.
6.Community can share transaction fees by staking TAO for the DEXs backed by Fusotao.
Q5: What are your plans for your token to remain valuable in the long run? Do you have incentive strategies for Fusotao holders?
Mr.JasonChing: TAO holders can stake TAO token for rewards or stake TAO for some DEX backed by Fusotao Protocol to share the transaction fees.
We hope that you have a great time with Fusotao Protocol. Please follow Fusotao Protocol's social channels to get more updates:
Demo video: https://youtu.be/NjwhsonPdHM
About CeloLaunch Labs
CeloLaunch Labs - Venture Capital of CeloLaunch, identifies, aims, and empowers viably potential decentralized entrepreneurs, startups, and communities, providing financing to industry projects that help grow the project larger in Celo and other ecosystem.
CeloLaunch provides a constantly expanding set of decentralized services by offering revolutionary, flexible technology to add value to the DeFi industry as a whole, in CELO Network specifically. Startups may boost their initiative and reward communities by utilizing our services. Our vision is to construct an autonomous launchpad on CELO after recognizing the CELO Network's future potential.