Solanda_Daily hosts Atlas DEX: #Atlas #DEX #SolanaDaily #Solana
Solanda_Daily Admin: Today we welcome Patrick to our community! Hello, how are you feeling today?
Patrick: Hey! Thanks for having me. Looking forward to the conversation!
Solanda_Daily Admin: We all are! Our topic for discussion for today is about a DeFi DEX project called Atlas! And Patrick will help us get to know more about this wonderful DEX.
Shall we start the AMA?
Patrick: Yes, let us begin! Love to share about Atlas DEX.
Q1: I think we all want to know what Atlas is all about. So please give us a short summary of the project. Why did you decide to build Atlas?
Patrick: Atlas DEX is a decentralized platform built to create a seamless trading experience for anyone looking to trade any assets across multiple blockchains.
Right now, our early supporters include (but are not limited to) Huobi Ventures, Genesis Block Ventures, Solidity Ventures, Genblock Capital, 3Commas Capital, Solar Eco Fund, Momentum 6, GSR, 0xVentures, Bixin Ventures, AU21 and Paramount Capital.
Powered by the decentralized & permissionless bridges, Atlas DEX enables users to swap between any tokens on any chain. In short, users will be able to swap token X on chain A to token Y on chain B (e.g. $SOL on Solana to $CAKE on BSC).
Well, swapping and transferring assets between different blockchains have always been a complicated and lengthy process. We are excited to simplify that process for all DeFi users with the launch of Atlas! All in all, we build our products with DeFi users in mind, and we hope to create the best user experience for all.
We currently have a demo video on our Twitter. Check it out in the tweet below to catch a peek of what we are building behind the scene!
Solanda_Daily Admin: Thanks for the video guide! So in short, Atlas is an easy-to-use cross-chain DEX where even newbies can use with no effort!
Q2: Why did you choose Solana and not Binance Smart Chain? In what ways will the users be benefited by this decision?
Patrick: Very simple, we have 3 reasons (but of course, never limited to them) we often share with our users.
Competitive Tx Cost
The cost of Solana to complete a transaction is 0.000005 SOL, which is equivalent to 0.05 cents. The sheer difference in the transaction costs makes this advantage pretty self-explanatory. At Atlas, we believe that for our platform to attain mass adoption, we need the cost-effectiveness that Solana brings to our users to scale our DEX successfully.
“Organizations at scale simply cannot afford to bet on the wrong tech stack. The opportunity cost of being wrong, and the explicit cost of having to later migrate/bridge, are massive. I contend that the only blockchain protocol that can answer this question – or will be able to answer this question within the next 24 months – is Solana.”
This is a quote from Multicoin (https://multicoin.capital/zh/2021/05/25/technical-scalability-creates-social-scalability/) which the team at Atlas DEX resonates deeply with. With Solana as our underlying tech stack, we have strong conviction that we can provide an unparalleled cross-chain user experience at scale.
Solana’s ecosystem has grown to a large extent to include AMMs (Raydium, Orca, etc.), DEXs, CLOBs (such as Serum), oracles (Pyth, Switchboard, etc.), lending protocol (solend, port, parrot, oxygen, etc.), derivatives (mango markets, synthetify, symmetry, etc.), launchpads, asset management, etc, which are all widely used by DeFi users. Based on DeFi Llama, Solana’s TVL is sitting at $11.5b as we speak, and we are expecting the ecosystem to flourish even further as the ecosystem matures even more. Overall, we believe that the Solana ecosystem provides a great foundation for Atlas to build on.
Regarding other chains such as BSC, we believe that in the long run, multiple chains will co-exist with one another, and they will each have their own use cases. For example, projects focused on decentralization may choose to build on Ethereum, but projects focused on speed may choose Solana. That is why at #AtlasDEX, we don’t like to make bets on which chain will be the winner in 5-10 years. We simply build bridges to allow users to transact seamlessly across all major blockchains.
Solanda_Daily Admin: Alright thank you for the clear answer. Speed and transaction cost is a huge advantage for Exchanges in general and I think Atlas has thought about this carefully before choosing which blockchain to develop on.
Q3: Could you tell us a little bit about yourself and your team? What are your past experiences?
Patrick: Of course!
First of all, I am the Chief Marketing Officer of Atlas DEX. I have been with the team since July, and have been part of the team shortly after their inception. Initially, I joined as their strategic advisor and was helping them with their fundraising, tokenomics, and business development work.
After working with the rest as their advisor for 3 months, the team managed to convince me to join them full-time, leaving my marketing stint at Bybit to be their Chief Marketing Officer (CMO). Now, I am working alongside several brilliant minds to build the first cross-chain liquidity aggregator on Solana and I help to shape the narrative and build the best user experience for all of you.
Let me introduce some of the other core members who aren’t with us today as well as I feel that they deserve a shoutout.
We have NFT, one of the co-founders of Atlas DEX, who most people know by his Twitter handle NFT Maximalist (https://twitter.com/NFTMaximalist).
He has a background in software engineering, and have been in crypto since 2016, mostly in Bitcoin. As a DeFi power user, he saw the future of a multi-chain world, but saw that cross-chain infrastructure was still lacking and there was a huge limitation in bridging assets across chains. That’s when he decided to start working on Atlas DEX with the other co-founders.
Ahmed, the other co-founder of Atlas DEX, is a brilliant gentleman with >20 years of experience in Technology and has worked as a consultant for Microsoft, IBM, and investment banks in the past. He is bringing his past traditional experience as well as blockchain-related experience (from his past involvement with Cere, Tidal, and Marlin) to the table and has done a fantastic job building Atlas DEX from scratch since day 1.
We also have another Co-founder on the team, Ninja (https://twitter.com/Ninjascalp). He’s a very connected influencer and I’m sure most of you would have heard of him. He has brought on many friends and supporters on this journey to bring us further and beyond, and we owe the initial marketing traction to him.
Solanda_Daily Admin: Glad to know Atlas is backed by a Team of experts. So besides the core members of Atlas. How many minds are working on this project right now? Is there an estimate?
Surely Atlas must be on a global scale with different developers, maybe community helpers perhaps, correct?
Patrick: Of course – we have a team of developers working around the clock with our CTO, Ahmed. On the marketing team, I have two very bright and diligent teammates working with me. We also have a couple of advisors working closely with us.
Our team is lean and efficient, that’s why we were able to deliver so quickly, and we are always reactive to all the feedback from our community.
Hint: Check out our Discord channel and find out how you can get OG status! 😉
We have many community ambassadors who have come forward to help us manage our communities.
We remember everyone’s contribution to Atlas DEX!
Our discord channel, for the convenience of everyone.
Q4: I understand that Atlas is about to launch its app in January 2022. Can you tell us anything about the upcoming launch?
Patrick: Atlas DEX is expecting to launch in January 2022 on a leading launchpad from the Solana ecosystem!
In fact, the partner has already listed us in their upcoming project list. I wonder if anyone knows which launchpad is this? 👀
Anyway, that’s something you don’t want to miss out on, so join our newsletter and be the first to our news!
Q5: What’s the competitors of Atlas, what are your competitive advantages?
Patrick: Well… There are several bridges available in the market right now. But what I can say is, our competitive advantage over other decentralized bridges is speed and convenience.
Most bridges currently allow users to only bridge single assets. For example, you can bridge USDT on Solana to USDT on Ethereum. Here at Atlas, we connect to top AMMs on every supported chain, and allow users to swap any token on the source chain into any token on the target chain. For example, with #AtlasDEX you can swap Raydium tokens on Solana directly into Sushi tokens on Ethereum. This is powered by our proprietary liquidity aggregation algorithm “Guiding Light”.
Centralized exchanges is also a popular way of transferring assets across chains. However, not everyone has access to centralized exchanges, and many users choose not to go through KYC. #AtlasDEX is also a lot faster than CEXs. The wormhole bridge can process cross-chain transactions in under a minute, while on CEXs, it often takes about 10-20 minutes for deposits to confirm and another 10-20 minutes for withdrawals to be processed.
Hope this sums up the value-add we are bringing to DeFi users!
Solanda_Daily Admin: So direct trading across chains and speed If I’m not wrong 🧐
So what about the liquidity pool situation in Atlas?
Sometimes it’s a big problem for DEXs, running out of liquidity, does Atlas have any measures to counter this problem?
Patrick: It’s definitely something we have considered! We will be aggregating the liquidity from various AMMs to provide the best trading experience for our users.
This brings us to the topic on our integration of Wormhole technology.
In aggregating liquidity, we utilize Wormhole as the bridge with several decentralized guardians to secure all the transactions that’ll happen on our DEX. We offer a secure and decentralized way of transferring assets from one chain to another which is backed by Solana and audited by Kudelski. Since Atlas doesn’t hold any cross-chain funds, it ensures that Atlas is as secure as Wormhole itself and can’t be hacked like other cross-chain platforms while we make liquidity provision and cross-chain swaps convenient for all of you.
Q6: What can we expect in the next 3 months and in 2022 as a whole?
Patrick: Our public alpha is also launching this month, so please follow our Twitter to get the latest updates, and be the first to experience our slick cross-chain DEX!
Going forward, you can expect us to further integrate other leading blockchains into the platform and also develop new products including an all-in-one DeFi dashboard, its own liquidity pools and an NFT marketplace.
The next big milestone is definitely our official launch in January 2022, so stay tuned for that! You can participate in our IDO which we will be launching on a renowned launchpad from the Solana ecosystem.
Subscribe to our newsletter so you won’t miss our launch!
If you head to our Discord channel, you may be able to find a way to access our cross-chain swap early… Who knows what rewards await for early adopters? 👀
Solanda_Daily Admin: So there will be rewards for early birds! Remember people, the official launch is this month: January 2022.
Q7: Where can we find out more about Atlas?
Patrick: 📌 Last but not least, please subscribe to our social media channels on top of our newsletter – be early to all our latest news!
Solanda_Daily Admin: With this we are now at the end of our AMA session with Atlas 🔥🔥🔥
Time for wrapping up, any last words you would like to say to our community?
Patrick: Remember to subscribe to our newsletter so you won’t miss out on our IDO in late January 2022!
Also, follow our social media channels to stay ahead of the news!
Solanda_Daily Admin: It’s a pleasure having Atlas here with us! Thank you for coming and we wish you success for the upcoming journey!