PhoSwap AMA Transcript

BSC.NEWS hosts PHOSWAP, a decentralized exchange on the Binance Smart Chain. All questions were answered by @AlexATNguyen.

Kamran Iqbal
February 15, 2021

Alex AT Nguyen: Hi everyone! This is Alex, Founder & CEO of Phoswap. Nice to meet you all. Thanks BSC NEWS, KDOT and everyone for having me. 

KDOT (AMA Host): Perfect

Alex AT Nguyen: So good to be here 

KDOT (AMA Host): Ok cool room locked :)

Alex AT Nguyen: How are you guys going?

KDOT (AMA Host): Amazing! Welcome @alexanhtuan, Firstly Thank you for attending and putting some time aside to do this :)

Alex AT Nguyen: Oh yeah I would love to

KDOT (AMA Host): We've had HUGE response with Qs, over 150 Questions haa

Alex AT Nguyen: Oh man

KDOT (AMA Host): but i've had to narrow it down, so it doesn't take too much time :D

Alex AT Nguyen: That's what I am talking about

KDOT (AMA Host): Right, let's get the ball rolling, You ready? Cool! Let's start off by getting to know the team;

Q1: How many people are a part of the PHO team?

Alex AT Nguyen: Our team has me as Founder & CEO and 2 more core people. And we also have a team of developers  who are responsible for building the platform. They are coding (they have deep knowledge in the field right now. All things relating to DEX, Staking, Farm, Swap, NFT…etc..) working and taking care of the platform 24/7.

KDOT (AMA Host): ah amazing!

Alex AT Nguyen: Little bit about myself. I started knowing and participating in Crypto like BTC, ETH, LTC, DASH back in 2013-2014 almost 8-9 years ago. When BTC was just like $25 and ETH, DASH, LTC so cheap at that time. And people were mining a lot. It's been a lot of things to learn so far. The good the bad all things. I mine, trade, invest, build team all kind of things haha! I succeeded then I failed, up and down just like that. So I learnt a lot. It is the main thing. But I love Crypto just like all of you here. It is the future. Actually it already is.  It is now. Future is BIG, HUGE in crypto guys

KDOT (AMA Host): hah :) so you're no newbie to the world of crypto :)

Alex AT Nguyen: No haha

KDOT (AMA Host): perfect!

Q2: What motivated you to start the PHOSWAP project?

Alex AT Nguyen:I started this project in October 2020. More than 3 months right? After those DeFi boom you guys remember? YFI YFII Sushi the Pancake and Burger and Bakery. Do you guys like the name Phoswap? It is good right?

KDOT (AMA Host): Yes :), the room is locked they cant reply hehe

Alex AT Nguyen: I looked for a name for the project and I thought that I am Vietnamese and we have PHO (Vietnamese Noodle Soup). It is popular in my country and also all over the world. People know it. That’s how Phoswap project was picked. I had some projects before Phoswap. They taught me that DEX will be number 1. That's the motivation

KDOT (AMA Host): perfect, makes sense! a guy who has a vision and takes action :)

Q3: What is PHOSWAP project trying to achieve as a whole?

Alex AT Nguyen: Well, thinking about DEX, Phoswap is going to be DEX, Yield Farm, Staking, Swap, NFT to that path is the goal

KDOT (AMA Host): ah ok! so a big roadmap!!

Alex AT Nguyen: Decentralized. Oh yeah

Side Q: With this big roadmap, what is the short term goal you want to achieve out of what youve just listed above?

Alex AT Nguyen: Right now we have swap pools, Staking is on and PHO is listed on Hotbit. Another exchange will be announced in less than 24h. we also have community Twitter about 31k followers Telegram 11k

Q4: With PancakeSwap being the go to AMM to swap & add liquidity, how do you plan on taking a market share to benefit users who add liquidity to your swap so they can use other projects to farm with?

Alex AT Nguyen: I think so far we have done a good job. We know that. And Pancake has always been my motivation. They are doing good. We learn a lot from them. But the market is big. we share just like exchanges Binance, Coinbase, MXC they all share that's how we do business together

KDOT (AMA Host): Ofcourse, but what is your plan to grab a market share? We can see alot of CEX release a product but never succeed in any avenue of business, the question is, how does phoswap plan on taking a market share.

Alex AT Nguyen: on our side, we will provide users the best we can. we have better APR. We take care of each user. We fix issues and we do refunds if necessary. That's how we will take the market share

KDOT (AMA Host): perfect, thank you :)

Q5: What are the recent challenges the team has faced?

Alex AT Nguyen: Well, a lot of work needs to be done. we have some delays. So now we are working 200% to make it happen Farm, Analytics, Lottery we focus to release soon any Phoswappers here? They know what happened with us. But all things are fixed now and we are happy about that and users too i think

KDOT (AMA Host): thank you :)

Q6: Can you provide an overview of PHO tokenomics? deflationary, inflationary?

Alex AT Nguyen: Well, we dont have tokenomics but I can say this:

Foundation: 80%

Team: 15%

Investors: 1%

Circualtion: 3%

Others: 1%

Right now over 70% of PHO is in the biggest wallet controlled by the Foundation. We know it is important to be transparent to the community. We always talk about that in our telegram group and people understand

Side Q: is there a vesting period for the 80% that the foundation hold?

Alex AT Nguyen: We think the price of PHO now is just the starting price. It has so much to be more valued in the near future. We never release any amount of that 80% if PHO does not get to the price we expect. That is a promise

KDOT (AMA Host):Thanks

Q7: With recent rugpulls and exploits, do you plan on getting the contracts audited to make sure users are safe?

Alex AT Nguyen: Yes. We are working with Quantstamp and hopefully we will have the report posted soon

KDOT (AMA Host): perfect

Q8: As you stated you want to be fully decentralised, do you plan on bringing in a governance model?

Alex AT Nguyen: Yes it will be like that soon. good question

Q9: Do you plan on collaborating with other BSC projects?

Alex AT Nguyen: We always welcome any projects to partner with us. Many things to work with each other. We are one family right? on BSC

KDOT (AMA Host): Yes, are you actively seeking collaborations?

Alex AT Nguyen: yes

KDOT (AMA Host): Ok perfect, just a couple more questions.

Alex AT Nguyen: To go far, we go together. Sure

Q9: What can the community look forward to next? & when?

Alex AT Nguyen: Well, Farm, Lottery coming soon in a couple weeks then we will have NFT after that. Also DEX coming

KDOT (AMA Host): Amazing :)

Q10: Anything you'd like to add or say to the community?

Alex AT Nguyen: yes. right now we are focusing on marketing a lot. so please join us for airdrops, AMA like this and many other programs coming soon

KDOT (AMA Host): Perfect, Thank you so much for giving some time to attend the AMA.. Would you mind giving a few mins just in case the community has some Qs. Also regarding the giveaway, I will send over the winners to you shortly.

Alex AT Nguyen: Oh yeah! Thanks! And thanks everyone for being here! 

Contact me on telegram or twitter @alexanhtuan

Thanks guys!

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Kamran Iqbal

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