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Blockcast.cc: Let us welcome Andrew Kang, CEO of Bestswap and Gigi, CMO of Bestswap to the Asia Blockchain Community. Hi to the both of you.
Please tell us more about yourself. What you have done before Bestswap, your education background, hobbies and anything you can share.
Andrew: Hello everyone, glad to be able to have this opportunity. I have experienced various parts of blockchain industry from ICO projects, exchanges and incubation, currently at Bestswap. I went to Drexel univ in Philadelphia and majored in Biological sciences. In my spare time, I like to go to Café and relax.
Gigi: Hi everyone, nice to meet you here. I have been engaged in Crypto & Blockchain space for a while before I joined Bestswap. I used to work as the Market Manager in both crypto centralized exchange and crypto lending company. Because I was majored in TCFL, therefore I got chances to learn how to negotiate and communicate in both Chinese and English which is very helpful to my current job. I enjoy playing badminton and jogging when I have spare time.
Blockcast.cc: We understand that you studied and worked in US for quite long time. How was your life there? How is that experience affected your life?
Andrew: Life in the States was very free and relaxing. The pace of life was very laid-back and gave me time to adjust to the culture. Living in the States really helped me to broaden my perspectives on life in general and become comfortable being in uncomfortable situations. Seeing how people live in different countries and learning how to enjoy their cultures will help you become a well-rounded person who can connect with anyone.
Gigi: I haven’t ever studied abroad but luckily I got the chance to stay in the US for a few months because of the business trip, that’s an amazing experience there. I attended lots of meetups in San Francisco which enabled me to know some great projects like Compound who didn’t issue the governance token—COMP back to that time, Bloq, NEAR, Chainlink, Librea, Cosmos… Besides, I met a lot of interesting ppl in crypto space who have taught me a lot at Miami Bitcoin Conference and Stanford Bitcoin Conference as well as a lot of investors too. That would be the most memorable experience in my life.
Blockcast.cc: How did you get into blockchain? What is your role in Bestswap? What excites you most in Bestswap?
Andrew: I first got into blockchain through working for an ICO project related to health data. I am currently the CEO at Bestswap. The most exciting part of working with Bestswap is the potential it holds. As Defi and Decentralized exchange grow rapidly, Bestswap team has been working very hard to keep up with the DeFi trend and to improve and seeing those improvements excited me the most!
Gigi: Well, that time all friends around me always talked about BTC, at the beginning I thought its scam, later on I read the Bitcoin Whitepaper and found its very cool, thought it would probably be the way to protect our property against the devaluation of fiat. Now I am the CMO of Bestswap. The most exciting part is the teamwork, that we don’t only work hard but also came up with good strategies and business model to make Bestswap more competitive in DeFi field.
Blockcast.cc: Tell us more about Bestswap, what problems it solves? What is the difference between Bestswap and Uniswap?
Andrew: Bestswap Dex solves problems regarding to security and transparency. Bestswap reduces the risk of hacking and mismanagement.
- We all know that congestion frequently happened on Ethereum, in order to solve this problem, we provide cross-chain and multi-chain solutions.
- Community support, our angel investor incubated 499Block which covers 200 global communities with millions of members including lots of active DeFi users as well as 2000+KOLs, this would definitely help us to be the first community-based DEX in the whole world.
- The whole ecosystem support, Bestswap has built rich network from Industry Funds like Roark Fund to integration of wallet like IM Token, BitKeep to 499DATA and 499 Rating Institution which help us to select qualified projects and discover trustworthy assets to invest.
- Bestswap’s platform token is BET
Blockcast.cc: What is your happiest and saddest moment while developing it?
Gigi: Let me answer this. The happiest part of working on Bestswap is hearing good feedback and also seeing improvement myself as we grow! The saddest part would be challenges we face due to face-paced trend of Defi, but these challenges also work as a good motivation for us!
Blockcast.cc: Tell us about the tokenomics and how individual investors like our community members can participate in and benefit from it?
Andrew: Bestswap’s swap and pool are very strongly linked to individuals. Liquidity Pool is created by participants and swap ratio also is very reliant to user participation. Bestswap already issued platform token – BET and BET liquidity provider can automatically participate yield farming, besides, there is actually 2 parts of yield that liquidity provider can get which is different from other DEX. Everybody can figure it out by providing liquidity on Bestswap.
Blockcast.cc: The blockchain and crypto market has been changing. What do you want to see in the near future for this industry?
Andrew: Some products and services currently out in blockchain and crypto market are very limited and distant. I want to see more widespread usage of cryptocurrencies where it is crucial. At first we have been converting everything into blockchain, now we are in the stage of decentralizing what is necessary such as finance. I want to see more active and wide usage of DEX
Gigi: You are right, the space keeps updating and new concept and field has been brought forward continuously, that is why it is so exciting, it enables us to learn fast and improve fast. I think it is very cool. DeFi is now a big hit and will be always the way to manage crypto assets with full autonomy. Apart from this, I have been focused on NFT for a while, I personally think it is an interesting topic as a new world of fine art. Well, it is just my own perspective.
Blockcast.cc: Will Dex Dapp like Bestswap replace the traditional exchanges?
Andrew: Currently, I don’t think DEX will replace traditional exchanges. They both serve different purposes in our crypto market. As P2P trading of centralized exchange has certain merits, liquidity pool and swap also provides other benefits to our users.
Gigi: Well I do think it is possible to say that DEX will replace the centralized finance, but it is gonna take a long time, maybe decades, who knows? But I also believe that DEX and CEX are currently complementary, both of them are able to cater the certain needs of users.
Blockcast.cc: Share with us an inspiring quote for our readers.
“DeFi the World!”
(Haha) I think decentralized finance is still at the early stage, it may have some problems that we are encountering right now, but I also believe it will be definitely better and sexy enough to attract more attention, therefore to change the whole world, if everybody can take part in, it will make a huge difference.
“There is an opportunity to recreate the financial world as we know it in the parallel universe that is the blockchain. We are writing rules for this whole new universe.” – Patrick M. Byrne
Blockcast.cc: Inspired with the sharing and the ending quotes by Andrew and Gigi. We will take 5 questions from the Q&A session, each chosen question will be given 5000 GROW
@venkat7733: Heard BestSwap is going to Add TRC 20 Support tokens soon. Is this is true?
Gigi: It is true, our tech team is working on cross-chain & multi-chain support like TRX, Casper.
@Ja_Alexander: What are your plans for upcoming years, did COVID affect your plans for this year?
Andrew: COVID has been very widespread and hit our economy pretty heavily, but even with COVID have worked unstop to keep up with our plan
@Gates9: What were the problems that you BestSwap will solve that currently that Uniswap and others can’t?
Gigi: We actually already answered this question like we offer community support since we are the first Asian community-based DEX, besides there is some rich network in this ecosystem like Roark Fund, Wallet integration, 499 Ranking Agent will help us select qualified projects and trustworthy assets. As we all know that any shitty projects can be listed on Uniswap, they are mainly frauds and will run away with the money they raised. We are working with Im Token on Genesis Pool which can prevent the shitty projects from stealing your assets!
@SAhashmi: Your main direction is DeFi will it have any significant role in Crypto adoption? How do you see the future of it?
Andrew: The most important parts of Finance would be security and transparency. Many DeFi products and also DEX provides not only security and transparency we also break down walls between industry sectors allowing rapid growth.
@robiganteng: How much price this token?
Andrew: Current price of BET is at $0.00139 at BestSwap come and swap some!
Blockcast.cc: Thanks, everyone for the participation. Special thanks to our admins: Jenny Zheng, Anndy Lian, Shuja, Apple, Khate for being here to facilitate the AMA. We wish Bestswap all the best and hope to see them in the channel real soon.