Rhythm AMA | dialogue O3 Labs, vice President of product: new DeFi model chain trade

On June 15, 2021, Tim, VP of Product at O3 Labs, visited the RHYTHM BLOCKBEATS AMA to introduce the development and future plans of O3 Swap, the company's cross-chain DEX project.

The following is the content of the AMA, organized by Rhythm Blockbeats:

Rhythm Blockbeats: Please introduce yourself and briefly introduce O3 Swap.

Tim:Hello everyone, my name is Tim and I am very glad to share with you our recently launched O3 Swap. I used to work in a consulting company for a while before joining the O3 team. O3 Swap is a cross-chain aggregate trading platform incubated and created by O3Labs. It aggregates the liquidity of leading Dex on different chains, and allows users to complete the free trading of cross-chain assets through the link of cross-chain trading pool.

Rhythm Blockbeats: Why did you choose the Swap track?

Tim:The team was founded in Japan in 2017, which is an early developer community in the crypto industry. At the beginning, we started from wallet. In 2020, we began to transform to multi-chain wallet.

Wallets, with the user's trust in security, are the best entry point to connect to the Defi application, optimizing the experience and lowering barriers to participation. For the project side, the wallet is the entry point for users and credit approval. Therefore, I think Wallet + Swap will continue to develop.

RulyBlockBeats: O3 Swap has two core modules: O3 Aggregator and O3 Hub. Can you explain the functions of these two modules in detail? What is the operating logic?

Tim:The first is Aggregator. Users can simply select the From and To assets to achieve the free transaction of assets in the same chain/different chains. Our Aggregator will go to the header's Dex to make an query and recommend the best quality and efficient transaction path.

The second is O3 Hub, which is a cross-chain trading pool built based on Poly Network cross-chain protocol. Users can realize the transaction of different blockchain assets through it, or they can choose to provide liquidity for the cross-chain pool to obtain O3 reward.

Rhythm BlockBeats: What problems does O3 Swap solve in current Dex trading?

Tim:Defi's innovation has brought a lot of practical applications to the industry, but the problem of network congestion is increasing, so we have seen a lot of new chains developed recently, such as BSC, HECO, Polygon, etc. However, assets on different chains are rarely effectively integrated at present. This is something that you will feel when you use blockchain networks in everyday life.

At this time, cross-chain will become an important role in on-chain transactions. O3 Swap is committed to solving the problem of liquidity separation. We hope to connect the liquidity of assets between different block chains by means of aggregation + cross-chain. In a more accessible way, the community calls us a "multi-linked 1inch" + a "cross-chain Curve."

Rhythm BlockBeats: Cross-chain everyone is most concerned about security, O3 Swap how to provide cross-chain security?

Tim:First of all O3 Swap code is open source, accept anyone's review; In addition, we have invited professional institutions to conduct security audit on our project. Currently, Certik and CEMG are providing audit reports. Third, we will also organize a bounty program for security breaches; Finally, our cross-chain pool is deployed on the basis of Poly Network protocol. At present, Poly has generated more than $4 billion of assets, which is a mature cross-chain solution.

Beat BlockBeats: What rewards can ordinary users get for trading on O3 Swap?

Tim:Transaction mining has not been opened yet, but now we have opened mining activities on Ethereum and BSC. We currently support cross-chain pool LP mining, O3 single currency mining, and single currency mining for other cooperative projects. You can check it directly on the official website.

BlockBeats: What do you think will happen in the future for Swap? As the most important part of DEFI, each major chain has its own AMM, but Uniswap is still the leader. What will happen in the future for AMM gameplay?

Tim:AMM pool has almost been the function of DEFI of different chains. On this basis, O3 is the first DEFI project to build cross-chain trading pool. We currently support three-chain stablecoin pool and ETH pool, and users can directly exchange their native assets in the cross-chain pool. It is also optional to provide liquidity for cross - chain pools to dig O3.

Can you give a brief introduction to the token economy of O3? What functions can O3 hold?

Tim:O3 Swap uses O3 Token to motivate users to trade on the platform and provide liquidity for cross-chain pools. Through DAO, O3 Swap encourages users to participate in governance and build an open and decentralized community. In terms of token allocation, the most innovative design is that the O3 released through the unified system can only be unlocked by providing liquidity for the project, and the mining users who are willing to accompany the development of the project for a long time are screened out, so that the project can develop in a more benign and sustainable way.

Blockbeats: How do you see the development of DEFI now? It seems that the innovation is not as good as the second half of last year. What new segments will emerge in the future?

Tim:We believe that cross-chain and Layer2 will be a hot spot for the entire industry in the coming months. As mentioned earlier, with Defi booming, the liquidity of different chains is not being well integrated, which will spur cross-chain trading and L2 solutions. Therefore, cooperation with some potential L2 projects is one of the key points of O3 SWAP. At the same time, we will continue to improve the user experience of cross-chain transactions.

Rhythm Blockbeats: What are the future plans for O3 Swap?  

Tim:High quality liquidity sources and assets are also an important part of a project. Our main consideration is in the following aspects:

1. Sources of liquidity with a large user base and deep transaction, such as those of various public chains/side chains. Solana, Polkadot, Avalanche

2. Layer2 is also the focus of attention of the whole industry, so cooperation with some potential L2 projects is one of the key points of O3 SWAP. Polygon, Abtrium, Optimistic

3. Last but not least, DAO. Now we are planning how the subsequent holders of O3 can participate in our project to build a decentralized ecology

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