HECO AMA Series Recap — ButterSwap
Guest: Jimmy, the development lead of ButterSwap
Host: Andy of HECO
Introduction — Segment I
Today with us we have Jimmy, the development lead of ButterSwap. Welcome, Jimmy. Could you tell us about yourself? What did you do before ButterSwap and why did you choose to work for ButterSwap?
I first heard about BitCoin in 2010 when my labmates talked about BitCoin, and I googled it to check WTH it is, and I closed the website 1 minute after, sadly. After a few years, I realize that blockchain is the future technology trend and I became a serial entrepreneur working on various interesting projects. We chose to build ButterSwap platform because we were fascinated by UniSwap’s AMM system and Pancake’s yield farming system. However, we feel that there are still many innovations to try out and we have many interesting new ideas to implement. In the meanwhile, HECO chain is very attractive to us, such as its reliability, fast speed and low gas fees. We believe ButterSwap can grow very well in the HECO ecosystem.
Q&A — Segment II
Q1: Could you tell us more about your project? In other words, what does ButterSwap do?
Jimmy: At the core, ButterSwap is an AMM enabled DEX, where various crypto assets can be exchanged, similar to UniSwap and a yield farming system, where liquidity provider LP tokens and single tokens can be staked to earn, similar to Pancake. We also have an original board system, in which benefits are shared across board members, and they can also help with community voting. We are developing a brand new blind box and NFT card system, which is a combination of farming and card collection game. It will be enjoyable and profitable! In future, cross-chain bridges will also be supported. We hope to bring all crypto investors on one platform and allow them to exchange, play and earn.
Q2: As we all known, there are many similar DEX out there, some have been quite successful. What is special about ButterSwap compared to other projects?
Jimmy: That’s a good question, let me elaborate.
The most important thing for a project is its creativity and innovation ability. There are many many DEX coming out everyday. It’s like a jungle out there in the blockchain world, but many of them are not real innovators. Just compare them with Pancake and it is hard to find a single new line of code. We are different in the sense that we learnt from UniSwap and Pancake in our starting stage, but we are creating new stuff. For example, our board system is created solely by ourselves, and we wrote the code line by line from scratch.
In the board system, the board members can cast their valued votes to decide on important community decisions and have access to exclusive pools and special prize events, such as Lucky Lucky (airdrop 1% of total BUTTER production per day each day) and Lucky Blind Box (airdrop 1 blind box per hour). In order to join the board, you have to stake 0.1% of the total supply of BUTTER and in return, there are many benefits. This mechanism is not used in other projects and we believe it will greatly boost the BUTTER community.
The upcoming NFT system is also created originally by our development team, we created the new NFT system, including Blind Box, BUTTER Card, Dinner Table Farming and Auction Market. If you watch carefully, not many projects really do innovations. We are among the ones that really wish to innovate and create.
We learnt from Pancake, but we do not want to copy pancake’s everything. We want to create our own world, and make our users both enjoyable and profitable. We have a very strong engineering team with high efficiency and a great blockchain background. We have many creative ideas that we plan to implement in the near future.
Also, we have been targeting international investors ever since day one. Within the first month of our launch, we support 18 different languages for our homepage to facilitate world wide investors. Not many projects do that.
Q3: Could you give us some info on the ButterSwap Token?
Jimmy: BUTTER is the platform token for ButterSwap and can be mined in ButterSwap via LP mining (in Farms), BUTTER staking (in CREAM pools), and Dinner Table farming (with NFT cards). For fairness considerations, not a single BUTTER was pre-minted before genesis mining, hence all investors get an equal chance of getting BUTTER. The first ever BUTTER was minted on 2021–6–16. BUTTER is minted as block number increases. 0.05% of all transaction fees in ButterSwap’s exchange will be collected in ButterSwap treasury, which will all be used to buy back BUTTER and burn, and for community growth. Performance fee and early withdrawal fee of Auto BUTTER Pool will also burn BUTTER automagically. There are also many new ways to burn BUTTER such as 10% of all blind box sales and dinner table plate unlock fees will be burnt. 10% of NFT auction market will be burnt as well.
In sum, the production of BUTTER will become lower and lower, with burning becoming higher and higher, and the price of BUTTER can be supported by the whole system in a healthy manner.
Q4: What would be one’s motive to hold BUTTER tokens? What can we do with $BUTTER?
Jimmy: First, you can hold BUTTER as a long term investment if you believe in the creativity and innovation capability of our team.
Second, you can stake BUTTER to earn BUTTER and get 1:1 free CREAM tokens to earn in various CREAM pools. Once you have more than 0.1% CREAM tokens, you can stake these CREAM tokens to join ButterSwap board and enjoy all the board benefits.
Third, you can stake BUTTER and many other popular tokens, such as BTC, ETH, HT, DOGE, SHIB, MDX, etc. in yield farms to earn profits.
Q5: Can you elaborate on your new NFT system?
Jimmy: The new NFT system is built solely by us. We wrote every line of code ourselves and it was built from scratch. We absorbed some innovative ideas from other games, such as Hearthstone and other crypto projects. But the system design and implementation is absolutely original from us.
We have an innovative NFT system that is both enjoyable and profitable to play with. You can purchase our first blind box (the first series named “French Banquet”) to draw 8 different BUTTER cards, with different rarity and color. The card table is here.
Each of these BUTTER cards has some farming energy, and if you place the card in the dinner table, it will start farming for 15 days, generating BUTTER profits for you. Our first dinner table is named Monet’s Garden. The most precious BUTTER card in the first series is the Golden Blue Lobster, and its APR is estimated to be 78200% for 15% days. The real APR for each card may vary. If more and more users participate, the APR may become even higher.
Currently, we have submitted smart contracts for review to CertiK and they can complete within this week. We will release the new NFT system before 8/15. We plan to do a big round of NFT blind box airdrop with CoinMarketCap, and hopefully with HECO too 😄
Future legendary BUTTER cards may also have some additional aura effects, such as boosting farming speed in ButterSwap farms and pools. There are many new series and many new cards, with many new rules to come in the near future.
Q6: If you were to summarize your project in 1 word, what would it be? Why?
It’s a marathon, not a 100 meters race. We may fall once, but it’s ok, and we stand up again and start running. We are not in a hurry, because we strongly believe we will reach our destiny.
So in the very beginning, during our genesis mining, the BUTTER price went a little bit too high, and we warned our investors not to buy when the price was too high. We could not control the price at that time, because we did not pre-mint a single BUTTER token and we didn’t have BUTTER to sell even for ourselves to keep the price low. Many of our early supporters can prove what I said here.
In the initial phase of the project, we are not very eager to promote ourselves. Instead, we wish the growth could be slower and steadier. In fact, we believe being slow sometimes is better than speeding. We want to make sure the system is reliable and the BUTTER does not contain any bubble. We hope the tokenomics is good enough to support the long term development of ButterSwap.
Currently, the daily BUTTER production is less than 100,000 USDT. We are confident that our number is a healthy number that will not make our investors have big losses for their investment, because we think our innovation and system development can support this valuation.
In fact, we would be very concerned if our project’s daily production is too high today, because our believers may lose big money if we can not support it in the long run. But once all our systems (including the NFT system) are out and healthily running, and people really love it, we will be very happy to see BUTTER going to the moon, or mars, or wherever higher.
Q7: How do you guarantee users’ asset security?
Jimmy: First, every operation related to your crypto assets is carried out via well-tested and deployed smart contracts. There is no way for anything (including ButterSwap developer team) to manipulate your assets.
Second, all smart contract source code is available in the GitHub repo. Anyone is welcome to review the source code and compare it with the deployed version on the blockchain.
Third, our smart contract source code has been audited independently by the prestigious security company CertiK and KNOWNSEC. Before our launch, they have helped us test and improve the security mechanisms. We have all details in the audit page of the docs.
Last but not least, we upgraded our internal safety mechanisms since the project launch. Now, every operation involved with smart contract function calls will be reviewed by three core development team members independently, and if any of them spots any problem, the operation will be canceled and improved.