AMA Summary from Reddit

So I went through and pulled out all Viper Team’s Q/A and stuck them in a Word Document. Below is the text only version of it. Formatting didn’t come through, but I think you can get the gist.

Please let me know if I missed anything or anyone.

Question 1:

What is the biggest benefit that Harmony provides to both of your projects, and what is one aspect that you think holds you back in terms of viability? In regard to the latter half, what has the Harmony team done to rectify that or what can they do to improve it in the future?

Answer: 0xViper

I guess the biggest benefit for us has been that we could be a very early participant in the emerging DeFi ecosystem on Harmony.

The #1 thing holding back the entire Harmony ecosystem - without any doubt - is the explorer. Without an Etherscan-esque explorer no one will unfortunately take Harmony seriously. The sooner this can be resolved, the sooner Harmony can start attracting more DeFi attention + compete with the likes of Ethereum, BSC, Matic and Fantom

Question 2:

Harmony now has three unique Dexes - Viper, Mochi, and Openswap - and all three seem to have a different mechanism for stabilizing their governance token. Why did you go with the lockup, and how do you think it compares to Oswaps deflationary aspect and Mochis retroactive deflationary tool with Onemoon?

Answer: 0xViper

Primary reason for going with the lockup was mainly due to personally aping hard af during DeFi summer '20 and seeing how fast governance tokens & pool 2:s can get rekt.

On Ethereum gas fees will keep some participants from farming & dumping, but on low cost chains like Harmony you can end up with a dump fest very fast since literally anyone can claim and dump their rewards w/o any cost whatsoever.

So on chains like BSC, Harmony, Polygon etc. you either have to choose between two options: either lockups or an insane amount of features (i.e. PancakeSwap) that entice farmers to hold on to their tokens & utilize them vs simply dumping them.

Granted this project was just started by me (i.e. one developer), the lockup system made more sense since it’d buy me more time to implement other complementary aspects of the protocol that could bring more utility to the token (besides governance & ViperPit staking).

Re: Oswap & Mochi, deflationary stuff is definitively interesting, but lockup vs burning isn’t the only variable you have to consider.

Besides the 95/5% lockup Viper also has a highly customizable multiplier system that can be tailored to suit desired goals, i.e. incentivizing LP:s to continue staking their tokens when the tokens unlock vs simply dumping them since base emissions get increased again.

A regular SushiSwap MasterChef setup with an initial bonus period that is then followed by perpetual 1x emissions do not tend to perform well since there’s no reason for LP:s to stick around anymore since the APR typically drops massively. That typically leads to a negative death spiral where LP:s simply dump the token and move on to other projects instead of waiting for the lower emissions to make the token more scarce and pump the token price. I’ve seen it happen so many times I’ve lost count.

Question 3:

Does Viper team have any work to get it listed on exchanges in future plans? If so, how are the current studies?

Answer: 0xViper

We are currently negotiating with some CEX:es, but just to keep expectations in check - it’s not Binance or similar top tier exchanges. We’re still a pretty new project and it’ll take a bit of time to get listed on the top tier exchanges.

Question 4:

What are your future plans to improve & more recognition of viper ?

Answer: 0xViper

We’re currently working on multiple initiatives to add Viper to more price- and DeFi-tracking platforms.

We’re also currently negotiating with multiple CEX:es to get Viper listed somewhere else than ViperSwap.

Question 5:

Some threads on VenomDAO governance forums have originally had a lot of activity from Viper, but recently he/she doesn’t seem to be responding in them at all anymore. One such example is the airdrop post. Is it due to lack of time or another reason?

Answer: 0xViper

The governance forum initially started as a way to control the chaos on Telegram and try to collect ideas there vs sifting through stuff on Telegram tbh.

And yes, I was way more active in the initial stages of it, that’s true. Lately I’ve barely had time for it due to development work. But you’re right, we as a project should become more active there again. I’ll see if I can work out a strategy with the CM:s.

Question 6:

Timelock used to be a big topic in the early days. Was this idea replaced by Multisig, and what’s the status on that?

Is a decision on the “The 5m VIPER airdrop”-discussion in the governance forum on the horizon?

Can we get a teaser for the next big thing coming up for Viperswap?

Answer: Aerias

We’ve had ongoing multi-sig negotiations but we’re moving towards a Timelock based solution again, it’s taking time because we prioritized TheGraph & charting as these features were highly requested by the community.

The airdrop discussion is still ongoing, the consensus for the time being leans towards a trickled down airdrop on a block per block basis over the course of several months, stay tuned for more info !

Several partnerships incoming, including cex listings , new projects onboarding on viper, additional incentivized Liquidity staking pools and more to come.

Question 7:

Any plans to rollout a lend/borrow platform to ViperSwap?

Answer: Zil

This is definitely in the cards! I’ll quote 0xviper :

Both a yield aggregator and a borrow/lending platform are being considered. Viper is intended to be a multi-product DeFi protocol on Harmony, the swap is just the first product.

Question 8:

I provided liquidity in the ONE-Viper pool, some of course will be locked until 25-12 and gradually released through 2022, is that linear per month?

Answer: Zil

When rewards begin unlocking from 25th Dec 2021, these will be unlocked linearly every block (every 2 seconds). It has been planned so that 100% of the rewards will be unlocked by 25 Dec 2022 - this equates to approx. 0.27% unlocking each day.

Question 9 :

Don’t you think the 95% lockup could be hindering the DEX’s potential to grow? What if instead it decreases over time? (E.g. Still follow the original unlock schedule after Christmas, but every month there is 1% less of the reward locked up)

Answer: 0xVIper

“Don’t you think the 95% lockup could be hindering the DEX’s potential to grow?” On the contrary actually - what typically happens is that a lot of these DEX:es & farms end up with a death spiral where the price of the governance token gets massively rekt → APR drops → TVL drops → LP:s withdraw → no liquidity = dead DEX.

The price of Viper has been relatively stable since after the first wave of the crazy 256x-64x rewards. This ensures that the APR is still decent and there’s sufficient motivation for the LPs to continue to provide liquidity.

The lockup system also gives us ample time to build out the Viper ecosystem on Harmony, without having to take drastic measures due to the token price.

The way the lockup works can’t be modified - smart contracts are pretty much immutable (unless you deploy using more complex proxy setups) and the current ruleset can’t be modified

Question 10:

While we still have a solid 8 weeks at 8x emissions which have been averaging about 1000% apy for the “riskiest” of LP’s and about 600% for the more “safe LP”, what is the plan to ignite interest and keep the TVL when the APY begins its eventual decline. We saw the likes of DeFi week but simply adding more pools seems like it would only thin the allocated emissions incentives further.

Answer: 0xViper

ViperSwap utilizes a dynamic emission schedule - base emissions will go back up to 32x again at later stages of the emission cycle.

We’ll also be adding new pools again soon and retiring/archiving some pools that are no longer as desirable as they once were.

Question 11:

Is there any possibility of adding a 1ETH to VIPER staking pool?

And bonus question what coin pairs are in the works for the staking pool?

Answer: 0xViper

1ETH/VIPER has been considered before, but we opted for other 1ETH pools last time around. But it’s definitively something to consider for the next set of pools.

There are plans for new pools, but we haven’t decided on the exact pools yet.

Question 12:

There are a lot of coins from ETH/BSC ecosystems I’d love to see offered via ViperSwap. Is there a technical limitation preventing more coins from being listed (i.e. AUDIO), does it need approval from the coin’s team, or is it more of not wanting to spread the liquidity too thin for now between all the pairs?

Based on above example of DAI, it seems that when no pool is offered, there is no incentive to provide liquidity. What’s the situation with these coins? Is DAI not officially supported or omitting a pool for it was by mistake?

Answer: 0xViper

For some pool launches we do joint partnerships with other projects. They get a higher allocation and in return they do some marketing of the pool and ViperSwap. The protocol is permissionless and we can add pools as we desire.

There has been very little interest for DAI to be honest - this is the first time I’ve seen someone actually wanting a DAI pool on ViperSwap vs other coins. What typically happens for these smaller DEX:es is that unless you provide incentives, LP:s won’t typically LP non-incentivized pools naturally. As a consequence of that there’s barely any DAI liquidity on the DEX.

Question 13:

How about creating a yield aggregator service to complement the swap?

Harmony $ONE could also need a lending platform by the likes of Fortress.loans ($FTS on BSC Chain) or Venus $xvs.

Also Viper: Is there a roadmap to further developer your defi eco system towards similar products in addition to swaps?

Answer: 0xViper

Both a yield aggregator and a borrow/lending platform are being considered. Viper is intended to be a multi-product DeFi protocol on Harmony, the swap is just the first product.

Question 14:

Would it be at all possible reward people who compound their viper LP earnings back into Viperpit? Maybe doing it by amount of transactions done (3)? .01 viper earned per 3 transactions. 1st. Collecting LP viper earnings. 2nd. Compounding that 5% into Viperpit. 3rd. Next cycle of collecting LP viper.

This would reward new investors and early all the same but it would also incentivize keeping viper out of circulating supply

Answer: Aerias

A similar solution is being considered at the moment, other aspects of the dex were prioritized due to demand but a reward in the form of an airdrop for the Viperpit users is being discussed currently. The airdrop would reward the investors staking in the pit over time, giving users a 3rd financial incentive (with Lp staking and original Viperpit rewards) to keep their holdings in the dex.

Question 15:

Thank you for the AMA and Giveaway opportunity. For myself, these have been so helpful when making decisions on where to invest. I would say my experience is slightly above starting investor.

For either group, are there plans to host these regularly? How will people be notified for future events and what is the best way to invite others?

Answer: Zil

ViperSwap has frequent contests and giveaway opportunities and we would love to work with the Harmony Reddit Team in the future to arrange similar AMAs.

You can stay up to date with ViperSwap events by following and joining our social media platforms where details will be announced for our next giveaway contests:

Twitter: https://Twitter.com/VenomDAO

TG: Telegram: Contact @VenomDAO

Discord: https://discord.viper.exchange

Question 16:

Can you provide an ELI5 for some of your features? I’ve tried to figure out Dex’s and how things like Farming and Liquidity Pools work but I’m at a loss.

Answer: izgothyme

Here are some good articles about Viper/VenomDAO for you to check out. If you still have any questions, feel free to post on reddit, or drop by our telegram/discord channels:

Introducing VenomDAO & Viper Protocol — a cross-chain, multi-product DeFi DAO launching on Harmony | by VenomDAO | Medium

How to yield farm VIPER on Harmony | by VenomDAO | Medium

Question 17:

In the early days of the project, Telegram Admins mentioned that there could be a launchpad in the future. Is there any progress on this? If so, would it make more sense to announce this after all locks have been removed?

Answer: Aerias

The launchpad is still on VenomDAO’s roadmap, and is still scheduled to be released in the near future. The launchpad will enable eligible small projects to be kickstarted by the DAO with endorsements, promotion, features linked with Viperswap and subsequent venom product. To fully benefit from the platform, the venomDAO ecosystem needs to evolve further and other products that can benefit the newly created projects need to be implemented first.

3 Likes

Great stuff!

2 Likes

Appreciate the dedication ser!