AMA with Canary DEX at MATIC.NEWS — full recap
On November 4th Canary team attended AMA session hosted by MATIC.NEWS — the news hub associated with Polygon who has run a series of sessions recently with the most exciting projects on Avalanche. For those of you who could not attend the event we have compiled everything that was discussed there into a condensed version that can be found below.
INTRO
Canary is a purely community funded DEX striving to drive mass adoption of DeFi on blazingly fast Avalanche blockchain. We do not have venture capital funds or other big backers behind thus we are able to channel 95% of our total CNR token supply to our community ensuring fair and ethical distribution approach. To be precise 90% of total supply is reserved for liquidity mining incentivisation and 5% for airdrops.
SAFETY
Beside making DeFi simple for people we pay a lot of attention to the safety and reliability of our platform. All our contract codes are open and can be validated by anyone. You can check if other DEXes you know do the same. Also all our contracts have a 3 days timelock. It means that the execution of contracts is finalised after 72 hours thus allowing DEX time to validate any suspicious transaction or unauthorised leak of funds within 72 hours if these have been reported. In case the transaction happens to be a part of malicious plan and cannot be validated on the blockchain it will not be released for final execution thus preventing loss of funds. It is worth to note that DEX is not able to stop authentic transactions on the blockchain even if they have been reported.
Avalanche mainnet has been launched a bit more than one year ago and we have been there for the last 5 months. As we are getting more and more attention we work hard to earn trust of people. Our community on social media and specifically telegram asks quite challenging questions sometimes and we try to address those as we understand only this way we can grow.
TOKENOMICS
Max supply is 562 million tokens. Circulating supply is 30 million tokens. Current CNR price is $0.024. Current marketcap is around $700k.
The details on tokens distribution schedule can be found in our docs.
We would like to reiterate that we are building a truly decentralised exchange on Avalanche thus Canary team does not hold 40% or 30% of tokens. Our development fund is 5%. This is the example of our belief in the work we do.
If some VC funds wish to invest they can purchase CNR on Avalanche DEXes as any other interested individuals. Even if we get a crazy offer we can do nothing as we own just 5% of tokens.
NATIVE DAPP
We worked hard to build a prediction dApp integrating Chainlink oracle solution and we must say we are very happy with the results of this collaboration and we are proud to say that Canary DEX prediction functionality is the first such application on Avalanche to use Chainlink oracle data feed. Chainlink team was not shy to make a post about this partnership with Canary.
So far it is predominantly to get some dopamine guessing the price of AVAX correctly but this allows us to build our capabilities further to offer new exciting DEX services based on oracle data feed.
We plan to undertake few marketing actions to draw Avalanche community attention to our AVAX prediction game at Canary DEX.
CANARY DEX
Canary does not charge any fees thus users pay only transactional Avalanche network fees which are fraction of what you can see on Ethereum. There is also a standard swap fee of 0.3% and this goes to reward liquidity providers, i.e. not to Canary.
At the moment we do not have any bonding periods to stake and provide liquidity. Anyone can stake or provide liquidity for few hours and withdraw. Rewards are accumulated every minute and can be seen under ‘Claim’ section.
We have many features and enhancements in the pipeline. For example, borrowing and lending, automatic optimisation of pools’ ratios and swap fees via balancer-like protocol, limit orders, better UI, higher flexibility in depositing and claiming certain amounts, harvest all and stake all functionalities. We also consider new use cases for CNR such as built-in currency for the browser-based games.
At last we are very excited about new ways of NFTs application in DeFi. We are currently working on our Canary DEX NFT collection which will have a number of utilisation options at Canary DEX. For now we plan to pilot NFT staking so the owners can stake their NFT and get CNR as a reward for participating in the experiment.
CONCLUSION
We believe DeFi will become a routine some day because it is hard to imagine something more effective and at the same time ethical and transparent in the area of assets management. We do not make focus on currency or money, we make focus on assets which covers everything that can represent value. It is only matter of time when other real world assets will have their digital identity on the blockchain and can be managed via decentralised platforms such as Canary. We plan to be on the edge of it.
Avalanche is a perfect network for this ambition. It solves this triangle of security, scalability and decentralisation issues in its unique and innovative way due to elegant subnets solution. It is super fast and reliable despite the pace of growth it has been demonstrating recently. In our opinion it is yet to be appreciated as it deserves to be.
