Vivian Talk | BlockSwap Co-funder Matt & Scott : Staking Assets Power Engine, BlockSwap LBP Offical Start
“Vivian Talk” is a refined AMA live broadcast event held by Blocklike. This event, which has received extensive industry attention, regularly invites popular exchanges, the most potential projects, founders of hot topics, and KOLs. So far more than 30 famous guests have been invited to this show.
Every live broadcast of “Vivian Talk” will be jointly announced by over 50 blockchain media, more than 30 communities will broadcast simultaneously, more than 100,000 people will be covered. Guests’ opinions shared during the live broadcast will be sorted into reading materials to be shared on Blocklike and other 8–10 media platforms.
This AMA is the 40th episode of ViVian Talk. The topic is “Staking Assets Power Engine, BlockSwap LBP Offical Start”. We invite guests from BlockSwap, Matt, CEO of BlockSwap, Scott, COO.
Vivian：First of all, would you please briefly introduce yourself, your team members, and，BlockSwap Network?
Scott：Myself — COO / Commercial Lead of BlockSwap I entered the blockchain sector in 2014, I previously held the role of Director of Global Business Development at Wanchain Foundation, a blockchain protocol focused on cross-chain smart contracts. Prior to BlockSwap I built and lead WeWork’s Blockchain focused incubator. Helped to support 20+ startups in London in the areas of growth and operations including companies (MakerDAO, Celsius, Chainlink) and mentors from (Binance, Pantera, Tezos).
Matt：Matt — Blockchain architect specialized in cross chain, PoS architecture who headed the multi-chain asset tracking network DSCAN and Social money platform woolah prior to BlockSwap. BlockSwap is an immutable, decentralised, non-custodial protocol that brings fixed income products to proof of stake chains. We use staking and PoS stake as a mechanism to trustlessly redistribute wealth.
Vivian：What are the reasons to develop the fixed income product on PoS chains, what are the features of your product?
Matt：Blockswap Network is on a mission to onboard everyday users to the PoS chain by giving a stable yield for them. We are focused on mainstream adoption of DeFi connecting it with the outside world. Opensaver is our key product to make this happen
BSN is building an Immutable protocol bringing fixed income products to PoS chains. Using PoS and staking as the mechanism to trustlessly redistribute wealth.
We at Blockswap believe the mainstream adoption for Defi will be thru solving real-world problems of everyday users, the best way to do that is ensuring they have a safer and easier place to preserve and grow their wealth on-chain we do this in two ways, providing a non-speculative saving market-based PoS native yield while providing the user onboarding very easy and cost-efficient manner This is the crux behind Open Saver — as it named it is Open for everyone and inclusive in terms of 100% permissionless every Saver Account is completely collateralized with staked PoS asset and be available onchain there is no uncertainty around lending and borrowing demand exist in current Defi.
Scott:Where to park your money in crypto for sustainable savings even when the market crashes?
We are focused on bringing a sustainable savings market.We focus on 2 types of users.Users who want to stake their base native token and earn higher yielding inflationary rewards.Users who want to bring fiat and earn a sustainable APY Savings without having to touch PoS themselves.
Vivian：What is the operating mechanism of BlockSwap? We notice that BlockSwap has a dual token system, could you introduce this system in detail?
Matt：The tokenized PoS assets that come to Open Saver are classified in two categories. liquid staked asset and tradeable tranches of yield bonds. This mixture is making Open Saver all-weather by Market to take direct exposure to PoS asset staking yield on simple token purchase this will give the easiest way for capital players to deploy their capital to PoS assets and earn yield directly. It’s a groundbreaking capital coordination network at scale.
dToken/SLOT are dual token systems how we trustlessly tokenize PoS staked assets through our Automated Asset Market Maker (Stakehouse). This two token system is a critical component for creating a fungible liquidity layer accessible on Defi.
Scott：StakeHouse is an Automated Asset Market Maker (AAM). It is a simple share registry that allows node operators to register their node and associated validators on-chain in order to permit liquidity abstraction. For stakers we have simplified the staking process and isolated the slashing risk where we enable stakers to bring 32ETH and join a specific onchain staking node called a Stakehouse. In return for their 32 ETH a users receives 24dETH with dETH being a 100% non slashable 1:1 token to their undying stake (i.e liquid staked ETH) and 8 SLOT token which is the perpetual bond token representing the equity of stakehouse node.
Vivian：: BlockSwap Network is a DeFi protocol, we notice that there is a convergence trend between DeFi and traditional finance, what is your opinion about this trend? how could this integration develop based on DeFi？
Matt：Blockswap Network will be an easy plug play for all DeFi protocols and Fintech apps to gain access to SaverUSD and saving market on a simple API call, also our L2 gateway will be gasless endpoint for interacting with the system and not to get priced out. blockswap has a huge focus on last mile delivery and distribution from a product perspective.
This is a transformational shift on how efficiently deploy capital to PoS asset class without going through 20 steps and learning staking, through blockswap retail and institutional players can get exposure to PoS asset such as ETH2, ALGO, ADA and DOT on a simple token purchase and efficiently manage their portfolio. This will increase the mass adoption of user for the chain onboardng millions of users and providing 100’s billion dollar monetary bandwidth to create wealth preservation onchain.
Scott：PoS and staking are quite synonymous with fixed income products like a government bond. Where Ethereum or other PoS chains are paying stakers a steady inflation reward.
Users are staking their assets as collateral for network security and being paid a inflation reward for that service and the principal is redeemable anytime.
This is similar to a government bond debt which is paying a coupon rate to the user for lending their money in the form of a fixed-rate yield and their principle returned at expiry.
If you look at the current PoS landscape. PoS chains continue to mature and attract continuous liquidity.
ETH2 shall see +$200bn of assets transitioning to PoS over the next 48 month with $7.8bn worth of ETH already deposited into the ETH2 staking contract.
Defi TVL has grown by over 60x (+6k%) in the past 12 months and we have seen a flux of different vegetable tokens incentivising short term, super high rate yields. However until now no one has been able to offer a long term, fixed rate and sustainable savings product.
Vivian：The Berlin hard fork of Ethereum has just been completed, as ETH2.0 keeps moving ahead, will it affect the BlockSwap Network?
Matt：In general， state cost has gone up with Berlin hardfork, however our system is very lean and gas efficient for example in Stakehouse AAMM ( Automated Asset Market Maker ) it will only take ~500 USD to spinnup a Stakehouse for a staking Node, this is order of magnitude cheaper than any other system out there for setting up a staking derivative. Our system is focused one most important factor “How to bring the coordination cost lower to negligible rate for financial products”
Vivian：Currently, cross-chain projects grow rapidly, what kind of cross-chain modes do you think would be more compatible and sustainable in the future？
Matt:We are a Cross-chain project, BSN has a custom L2 for transaction processing and makes it available for Fintech apps and others to access our products easily. L2 also has a unique construction enabling cross chain communication. its based on zk-rollup
In the beginning, OpenSaver will support ETH2 and ALGO as collateral for staked Asset. Then ADA and DOT will be integrated shortly. These 4 PoS assets alone give us the bandwidth of about ~200 Billion USD to kick off a sustainable saving market. We work with chain foundations closely to make integrations fluid and accessible to the ecosystem.
The market opportunity for Open Saver services is practically limitless in the current near-zero interest world. BSN **Open Saver Vault** enables web and mobile apps to create USD depository accounts in a matter of minutes. With Open saver, any online startup from DeFi protocols, wallets to nimble fintech/non-crypto apps can incorporate DeFi enabled yield services into its offerings instantly and seamlessly.
Scott：We are a middle layer as an L2 that connects various PoS chains with DeFi, so existing chain users can integrate with our solution easily from their native wallets and Dapps. At the same time L2 will give them a gasless endpoint for transaction processing, so integration possibilities are wide from a cross chain market gateway narrative.
BlockSwap is an L2 with a modular architecture. BSN protocol is a fully automated immutable smart-contract suit. The system is architected based on an interdependent two token system (dToken/SLOT). BSN has a specific type of onchain staking node called Stakehouses which holds a SLOT token — a perpetual bond token as equity of the node to incentivize Stakehouses for a continuous cash flow. This ensures the staking operations are taken care of and protects normal stakers from the slashing risk, who receive a non-slashable token 1:1 for their deposit on dToken that continuously accrue yield from staking rewards.
Vivian：As we know, BlockSwap’s LBP activity is going on, could you explain the characters and workflow of LBP on Balancer？
Scott：LBPs allow us to effectively distribute the CommunityNet token in a capital-efficient way while protecting against front runners and large price spikes that might be the case with any other AMM’s.
We choose LBP as the fairest means to distribute the token to the Community. We want the token in as many hands as possible where the cBSN token is required to participate in the CommunityNet, participate in the StakeHouse game and start earning incentive rewards.
This a good read on LBP mechanism from a fair distribution to wider users:
BlockSwap also have our LBP user guide here:
https://blog.blockswap.network/cbsn-balancer-lbp-user-guide-4a67dc5dafe7
Vivian：The community ecosystem has always been important to project participants,Would you like to share some goals on the community governance？
Scott：We shall list on Uniswap after the LBP ends. Once CommunityNet starts the Community and cBSN token holders can vote for other DEXs. Each of these official pools shall be eligible to receive the cBSN incentive rewards.
There are 3 buckets to earn rewards in the CommunityNet:
· LP into DEX’s
· Playing the StakeHouse coordination game
· Community building activities through proposals (Articles, Videos, UX…etc)
Vivian：For the future development of BlockSwap，what are your visions and plans？
Scott：April — CommuntiyNet for ETH2 + Algorand
April — Balancer LBP + Uniswap for CommunityNet Token Launch
*BlockSwap is part of the Algorand EU Accelerator https://algorand.foundation/news/accelerator-europe
Then Launching Open Saver — Universal Basic Savings Account Scheme for ETH/ALGO. Next Chains (DOT, ADA)
We are launching our ETH2 CommunityNet (CN) through a protocol market fit exercise which is going live in April. The CN shall launch a unique token incentive scheme bootstrapping our genesis community.
~250,000,000 tokens will be distributed through an incentivized CN phase across 5 months. For full details of the CommunityNet and Token here also
https://docs.qq.com/doc/DVWd5YmF4QlpvbVVW
CommunityNet is to drive a better alignment between users and our products intended functional utility. We want to enable users to test our products in a safe environment and allow us to improve on the UI. Users shall also learn how our AMM coordination layer works. We reward users through CommuntiyNet token for their participation. At the same time we build a foundational user base for the mainnet going live in 6 months. Communitynet token is redeemable 1:1 with Mainnet token.
Vivian：ok，The first session comes to the end, our audiences seem feel not enough, many questions are raised by audiences, our assistant would pick some specific questions, Hi Scott and Matt, could you help to answer? you can feel free to choose one or two questions.
1，Do you have the strategic layout of global promotion?
2，How much is the market value of the project？Do you have the expectation for the future market value?
3，Have BlockSwap corporated with other well-known projects? 4 Where are the majority of BlockSwap’s current users? 5 What is the audit unit of the project?
Matt：We have an ongong LBP which is live now, its a mechanism for a fair network price discovery. so you can be part of it there too。
Have BlockSwap corporated with other well-known projects?
We work directly with all chain foundations directly to make our product be accessible to their ecosystem. Currently blockswap is integrating with ETH2, PolkaDot, Cardano and Algorand.
Scott：Have BlockSwap corporated with other well-known projects?
We have some really exciting news coming out with our StakeHouse partners next week.
Here is a sneak peak from one… (Polygon/Matic)
Republic is our advisors and we have some more news with them.yes there is lots of news coming with partners.
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