AMA Recap: Relay Chain
Hello, $START-ers! Here you can catch up with our AMA with the team behind Relay Chain, the multi cross-chain platform developed to bring BaaS (Bridging as a Service) to the DeFi liquidity space.
We had an awesome chat, with a huge range of questions answered, but if you need any more info explore Relay’s website and get on their Twitter & Telegram channels. You can also read an introduction to Relay here.
Their IDO kicks off on August 02, 2021 at 18:00UTC on Polygon. Here is a direct link to the pool: https://starter.xyz/#/pool/3
Let’s take a look at how the AMA went down…
Koven Leader
It’s time for our AMA!!! Starter x Relay Chain
In case you didn’t know here are the details!
🏆 Total Reward pool: $100 USDT (in BNB) 👀
Requirements: 👉 Follow Starter on Twitter 👉 Join Relay Chain Telegram group 👉 Follow Relay Chain on Twitter
Learn how to win below:
- Join Channels: @relaychaincommunity @StarterXyz @Starter_Announcements
- 2. Follow & Ask Questions on Twitter: 👉https://twitter.com/relay_chain 👉https://twitter.com/StarterXyz
- 🌐 Website: RelayChain.com for more details: Relay Chain — @relaychaincommunity Starter — @StarterXyz
Koven Leader
Thank you for joining us today for another AMA from the Starter team.
Today we are speaking with the team behind RelayChain!
We’ll be learning more about their amazing system that allows fast and simple transfers between blockchains
Today we have @edmundhillary1919 joining us to introduce his team and project.
Edmund Hillary — WILL NEVER DM YOU FIRST:
Hey all!!! @Gram_Relaychain will be joining us in a bit as well!
Koven Leader
Thank you for joining us.
We’re happy to have you and we look forward to @Gram_Relaychain joining us later on.
Gram⛄️
Hi everyone, happy friday!
Koven Leader
Ahh seems Gram is already here.
Perfect 👍
So let’s get started.
Can you tell me about yourselves and what roles you play in the team?
Gram⛄️
I’m Gram, one of the original co-founders of Zero Exchange (soon to be Relaychain). I do a bit of everything, working with devs, marketing, ops, partnerships. We are a team where most people wear multiple hats, myself included.
Koven Leader
That’s how business gets done.
Edmund Hillary — WILL NEVER DM YOU FIRST
Edmund here — gotta say my role doesn’t differ too much from Gram’s — maybe a bit more technical, but that’s about it. We wear many hats and try our best to have a little bit of fun in this crazy world that is crypto.
Gram⛄️
Yes, we all help out where we can. True startup mentality. I call myself the Head Intern in our TG community chat because I try to be of value and make the job our teammates have to do each day a little bit easier. One of the core values we hire for and aspire to each day is to be helpful wherever possible. These projects ultimately require varied skills and we have gotten used to existing in a place of discomfort as a means to get better.
Koven Leader
That’s great to know.
It shows that your team is truly willing to do what it takes for your project to succeed.
You mentioned co-founding Zero Exchange.
Can you talk to us about that and how it relates to Relaychain
Gram⛄️
Sure. So we (6 of us) started out with the idea of Zero Exchange Q3 last year, we were just starting to really realize the impact and importance of decentralized finance and at the same time were watching the launch of the Avalanche blockchain mainnet. After doing quite a bit of research around EVM compatibility and understanding the challenges Ethereum was facing from high fees, to network congestion, slow finality, we thought — wouldn’t it be great to build a DEX on top of Avalanche and bring people most of the creature comforts they have come to love on Ethereum without the slow speed, costly cancelled transactions and high gas fees. We set out to build a DEX on Avalanche that could bridge back and forth to Ethereum and on Feb 5th of 2021 this year we did just that, becoming the first cross chain dex to connect ETH < > Avalanche.
Edmund Hillary — WILL NEVER DM YOU FIRST
How it relates — we ended up learning what we do best
… bridging
We are *very* good at creating bridges to new ecosystems.
A bridge that is safe, secure, and fast.
Koven Leader
Wow 🤩
Gram⛄️
One of the incredible benefits of RELAY versus other new projects launching is that we have had 6–7 months now to really work out the kinks, of course we have learned a ton as well. Most projects doing an IDO, either just launched and are brand new, or are still working out their platform. We come to the table with 8.5K in TG, and over 20K on twitter. The strength and power of our community is incredible.
(We recently raised $2.5m to win Bridge Mutuals Coverage Mining Competition, mostly raised by our community)
Koven Leader
Impressive 👍
Gram⛄️
This was for coverage mining, not a raise for the project itself, but for insurance policies to provide coverage for our bridge and solidity contracts.
Koven Leader
Ohh okay, I understand
So what would be the benefit of purchasing your token?
Will users need to have the native token to complete the transfers on your site?
Gram⛄️
Nope!
So with RELAY we become the Bridge that connects DeFi — with an extremely unique tokenomics model that rewards LPs with gas token rewards (ETH, MATIC, BNB, HT, and AVAX) which we are coining the Gas Token Index, but the bridge collects fees and rewards those fees to those providing liquidity. A portion of the fees also goes to buying back and burning the RELAY token, making it deflationary.
The highest rewards will go to relay token holders that are providing liquidity with a gas token pairing. We eliminated the sell pressure from traditional farming rewards by changing the token that is emitted to LP’s. This creates a ton of utility for RELAY holders while, again, eliminating all emissions sell pressure from our project.
Koven Leader
Okay, so with Relay there have been changes implemented to expand its functionality.
Can you talk to us about some of those token utilities?
Edmund Hillary — WILL NEVER DM YOU FIRST
We’ll be introducing DAO aspects as we mature a bit— RELAY holders will have a say as to what we do with them.
But the ultimate utility is simple hold RELAY LP earn gas tokens (highly liquid and valuable tokens) or just hold RELAY and take advantage of continuous buybacks and burns.
Gram⛄️
The core functionality is still the same, it is a governance utility token, where token holders get to vote on changes to the fee structure, vote on new chains we can add, new features, etc.
What we did was change the incentive model so $RELAY token holders would be incentivized to hold the token, provide value to the ecosystem via liquidity provisions, while not being penalized by the sell pressure that is created when a project emits its own native token as liquidity mining rewards.
The ecosystem itself is built to provide incentives to its participants via that gas token rewards idex. Partners who whitelabel our bridge get to share in the success they bring to the table as we share bridge fee profits (again, in native gas tokens) for them to use as they wish. They can add these profits to their treasury, they can buy back and burn their own token (to offset other emissions or create deflationary tokenomics that previously didn’t exist).
Tons of value for partners as well as they now have assets that give them a lot of flexibility
Think of being rewarded in ETH, AVAX, BNB, MATIC… these are highly liquid tokens, you can sell them to whatever other token you would like, or hold them to speculate on their future value. That reward mechanism is unique to $RELAY as far as I know and brings incredible utility and value to our token holders as these are tokens most of us hold anyway
Koven Leader
Understood, great explanation.
It seems users can gain some real profits from the ecosystem you’ve developed.
Gram⛄️
Yes! and at the same time gain exposure to other ecosystems, platforms, and blockchains previously not connected
Koven Leader
So tell me what is the next steps for RelayChain? What can we expect to see at launch?
Edmund Hillary — WILL NEVER DM YOU FIRST
We have an IDO with a certain…. community… platform… which one could it be… that’s right… STARTER!!
So it’ll be the ‘cheapest’ place to get RELAY as it’s a discount on the spot price of the RELAY token at the time of the IDO.
The IDO and TGE will be occurring this Monday 8/2!
The bridge itself is already operational and has been since February at https://app.0.exchange/transfer
And we’ve recently announced a whitelabel partnership with Quickswap who brought the AVAX token over from Avalanche into the Polygon ecosystem.
Last I checked that pool had about a 230% APR and around $300+K in liquidity and growing. But that’s the power of the bridge — bringing these tokens that you would’ve have had exposure to and letting you get that exposure from a single ecosystem.
Koven Leader
Rules for posting questions in Starter AMA:
If the question is copy-pasted from external sources, winner will get disqualified for the next 10 AMA sessions and will not receive any reward. The user who provides the proof that the question is copy-pasted from external sources will get 20% of the prize.
If the question is copy-pasted from internal sources, the user will be disqualified forever.
Our goal is to have AMAs that benefit our community and help shed insight on the project and it’s team. As such, the questions should be genuine, not copied from other AMAs. All the remaining funds from the questions which were disqualified will be distributed to the community. The 80% remains will go to the AMA reward fund for Starter. So if the winner of option 2 gets disqualified, the reporting user wins $20 and $80 goes towards the winner of option 2 for the next AMA. This way, the next reward will be $180 instead of the usual $100.
Koven Leader
I commend your team for this milestone. There is definitely power in the ecosystem you’ve developed.
Before we head into the community section can you tell us how $ZERO and $RELAY will work together?
Edmund Hillary — WILL NEVER DM YOU FIRST
Great question.
Gram⛄️
$RELAY is $ZERO reborn. $RELAY will replace $ZERO, where $ZERO holders will be able to swap their tokens for $RELAY. So while the two will co-exist for a short period of time (few months), ultimately $ZERO will be sunsetted and out of that $RELAY will be born.
Edmund Hillary — WILL NEVER DM YOU FIRST
And hopefully that ‘few months’ is really quite a bit shorter. We expect ZERO holders to anxiously swap to RELAY as we are reborn and enjoy the benefits of that buyback and burn model.
Gram⛄️
Also just as a side note the $ZERO project thus far has all been self funded, for the last 8–9 months the core team has paid for all the dev, marketing, and operations. This very small IDO will allow us to continue the work that we do and build a little runway to beef up our development and growth to new blockchains. Also, marketing :)
Edmund Hillary — WILL NEVER DM YOU FIRST
I’d be remiss if we didn’t mention some new marketing efforts too such as our great informational videos on our youtube:
Gram⛄️
Our new marketing team is unbelievable. On Aug 2nd you’re going to get to see their masterpiece, what they are creating is what we think is the first “animated white paper”. Afull feature 360 degree view into our project, all custom designed in video format similar to some of the amazing teasers we have posted to youtube recently. We’ll of course also have an old school PDF version as well for those who prefer to read rather than watch. They both will break down our project into digestible chunks of info. One of the things we got a lot of constructive feedback for on Zero was our lack of documentation. We hear you 😉
Koven Leader
Thank you for that wonderful answer! I think that provides some great clarity about the transition from Zero to Relay.
Dear community, we are opening the chat. Please prepare your questions. @Gram_Relaychain & @edmundhillary1919 will select 5 of them.
Please remember the rules ❗️❗️❗️ Only genuine questions will be rewarded. Copied questions will be disqualified
Read the rules here (https://t.me/StarterXyz/243983)
For the Community Part of the AMA, every user will be allowed to post maximum 3 questions. One message should contain maximum 1 question. If you post more than 3 questions, you will not receive the reward if selected. Thank you for understanding and good luck!😉 Also, don’t forget to join @relaychaincommunity
LuckyLife
Currently, there are many platforms that also provide BaaS services that convert between platforms with very low cost and easy operation. So what factors will RelayChain have to compete with existing platforms on the market, such as C98 Space GATE — the recent Binance IEO project?
Gram⛄️
We have many many months of experience and we understand as a user that security, safety and speed are priorities, it’s why we went out and got 3 audits and engaged with Bridge Mutual Insurance to provide insurance coverage for our bridge and solidity contracts. Our attention to these details around safety and security should speak for itself. Users always come first.
The Light Jerry
How will you build trust among our users about a project that promises quality like RelayChain?
Gram⛄️
See my answer above.
3x audits and insurance, and we haven’t even launched yet
*SinB
We all know, security issues on smartcontracts are now always the top concern of users. Even when conducting an audit with a high score, it is not certain that it will be completely safe in the event of an attack or vulnerability. So, do you have any plans for your smart contract audit, are there any additional solutions or upgrades you are working on to ensure the safety of your users?
Edmund Hillary — WILL NEVER DM YOU FIRST:
Any project that says they have 0% risk is lying
However, the Relay bridge will be triple audited once the Halborn audit finishes:
Andiez
Partners and relationships are an important part of every project, so is RelayChain having partnerships, with investors, organizations or projects?
Gram⛄️
Right now our focus is heavily on business development, getting the word out on what we offer, potential prospects could be dex’s, projects with cross chain or multi chain aspirations, and large ecosystem blockchains that are interested in bridging their assets to other chains to connect to new crypto communities.
Edmund Hillary — WILL NEVER DM YOU FIRST
As well as the aforementioned Bridge Mutual insurance, we’re doing everything we can to insure security and safety.
Apple GOV
What are the product cases and services to generate revenue streams for RelayChain?
Edmund Hillary — WILL NEVER DM YOU FIRST
Gas token index. Bridge crossings generate fees. Fees generate revenue to LPs and buybacks and burns
Great video on that here:
Koven Leader
Thank you for all your amazing questions!
I see you’ve already gotten started!
Beshi Kore Kha
There are lots of PUMP & DUMP projects in the market. How is your project different than others? What are your plans for the project’s sustainable long term growth ????
Gram⛄️
Security…. building trust by showing through actions that we put our community of users and their funds FIRST (cough chainswap, cough cough anyswap, cough cough cough Thorchain).
Koven Leader
Please answer at least 5 questions and choose one as the winner!
Gram⛄️
Shots fired* 😊
Ann Adiele
What are the priorities of this TOKEN in 2021? Are there any exciting initiatives that you’re planning which you can share with us? @Gram_Relaychain
Edmund Hillary — WILL NEVER DM YOU FIRST
Adding new partners (whitelabels) to create bridge traffic and adding new chains.
Ble73
After IDO, would there be a possibility to stake or farm the tokens? I want to invest long term
Edmund Hillary — WILL NEVER DM YOU FIRST
Yes, you’ll be able to stake relay against the gas token pairs (relay<>eth, relay<>matic, relay<>bnb, relay<>avax, and relay<>ht) and earn gas tokens in kind
Gram⛄️
Yes, we, along with our partners will provide liquidity mining incentives in the form of gas token rewards, so relay token holders that provide this lquidity will earn ETH, BNB, AVAX, or MATIC depending on the chain that they provide liquidity for
I Love Parisa
Hello sir 💖 can I buy your tokens right now? And which wallet supports your token?
Edmund Hillary — WILL NEVER DM YOU FIRST
You can buy relay via the START IDO or on the open market on 8/2. The START IDO is the cheapest place to get RELAY
Gram⛄️
Currently we are listed on both CMC and coingecko under the ticker $ZERO (0.exchange)
This will switch over to $RELAY (relaychain) on or about Aug 2nd. with new tokenomics, new socials, and new website/app
Spam And Ghari
Do you have any plans to add Nft’s to your ecosystem as this is the hottest topic in the crypto space?
Edmund Hillary — WILL NEVER DM YOU FIRST
If NFTs make sense — sure. NFTs can be fun ( a la pancake swap), but we’d prefer our NFTs to have utility — reduced bridge fees or something. NFTs are super ‘hot’ right now. But chasing a trend to chase a trend is not always the right solution.
Boll
How do you plan to expand and develop partners in the future?
Edmund Hillary — WILL NEVER DM YOU FIRST
Lots and lots of phone calls
The Light Jerry
How will you build trust among our users about a project that promises quality like RelayChain?
Edmund Hillary — WILL NEVER DM YOU FIRST
The same way we did by building our massive ZERO community. Time, effort, and transparency
Gram⛄️
So there are several projects out or recently launched that specifically have multi-chain aspirations, one is interested in doing cross-chain trading competitions, another is interested in multi-chain NFT minting. these types of projects are right in our wheel house as using our bridge solution brings them profits and it also provides our token holders with value as well, as the bridge transactions inherently increase
Business development is key
Andiez
What is the main goal and problem solving when creating your Bridge of DeFi for users in this vast Blockchain space, what benefits will it bring to users?
Edmund Hillary — WILL NEVER DM YOU FIRST
Create one true bridge. There have been multiple bridge exploits over the last couple of weeks alone. Exotic bridges are proving dangerous. Tried, true and boring is the way to go
Gram⛄️
“Boring”, that being said, secure, fast, and dependable are the traits that matter. And this is all within the context that we too will not stop developing our capabilities. we expect to iterate and make more improvements to both our bridge as well as the surrounding infrastructure as the technology allowing it progresses.
If you know of a project interested in bridging to a new chain let us know! we may even incentivize your help in gas tokens!!!
Edmund Hillary — WILL NEVER DM YOU FIRST
If we can convince more partners into that theory; the entire defi gas index fly wheel effectively completes itself.
Koven Leader
Thank you!! You have answered the required amount of questions, please choose a winner
Gram⛄️
@edmundhillary1919 will pick our winner 😊
No pressure project lead
Edmund Hillary — WILL NEVER DM YOU FIRST
I’m going to pick one I didn’t even answer… But that’s because I think they did a good job mentioning specific competitors:
LuckyLife
“Currently, there are many platforms that also provide BaaS services that convert between platforms with very low cost and easy operation. So what factors will RelayChain have to compete with existing platforms on the market, such as C98 Space GATE — the recent Binance IEO project?”
Edmund Hillary — WILL NEVER DM YOU FIRST
The reason being that competitors in defi are fast and furious.
We welcome the competition — it makes us better.
Gram⛄️
Great question
Edmund Hillary — WILL NEVER DM YOU FIRST
We think we stand out the best through three major points…
Security, Speed, Reliability.
Gram⛄️
One thing that we learned from day 1 was that despite competition being heated sometimes, it is always better to collaborate than put other projects down. As project builders and founders in defi we know how much risk and hard work it takes to actually build something. We have the utmost respect for other teams, projects that have taken the dive into this dream with us. It is no small feat to actually have an idea and then execute. It is incredibly hard.
Koven Leader
Thank you! Well there you have it Starters! As always we appreciate you joining us and taking part in our AMA sessions. We look forward to bringing you more AMAs and opportunities to learn about the projects that come to our platform. Don’t forget to join the @relaychaincommunity community and don’t forget to place your vote on their upcoming pool page.
The chat is open!
Gram⛄️
Thank you all so much for spending your Friday’s chatting with us. You all are the reason we do this every day. I can’t tell you how much it means to us to have a great community that supports us, even through all the challenges, market ups and downs, it is no small thing. We appreciate you.
RelayChain
✉️ Telegram: https://medium.com/r/?url=https%3A%2F%2Ft.me%2Frelaychaincommunity
🐦 Twitter: https://medium.com/r/?url=https%3A%2F%2Ftwitter.com%2Frelay_chain
📄 Docs: https://docs.relaychain.com/docs/intro
🌐 Website: https://medium.com/r/?url=https%3A%2F%2Fwww.relaychain.com%2F
Starter
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🐦 Twitter: https://twitter.com/starterxyz
🔊 Announcements: https://t.me/starter_announcements
🚀 START BSC Contract: https://bscscan.com/token/0x31d0a7ada4d4c131eb612db48861211f63e57610
🚀 START Polygon Contract: https://polygonscan.com/token/0x6ccf12b480a99c54b23647c995f4525d544a7e72
The #1 and most technologically advanced community token presale platform for Polygon and Binance Smart Chain $START https://starter.xyz
