AMA with Baryon Network on SecondLive Recap: Getting to know the trusted DEX on BNB Chain
Baryon Network has just organized an AMA on SecondLive, in which we have received numerous thought-provoking questions from our growing community. For those who have missed the AMA, we have prepared a recap below to help you catch up.
- Project: AMA with Baryon Network
- Date & Time: 12:00PM (UTC), Oct 14 2022
- Host: Mint - Baryon Network CM
- Speaker: Daphne - Baryon Network Builder
- Venue: SecondLive AMA Hall (https://secondlive.world/event/56/68)
📝 Section 1: Warm-up | The project Introduction
📝 Section 2: Open-Ended Questions from Twitter
📝 Section 3: Live Questions from Baryon Community
Section 1: Warm up | The project Introduction
1. Could you introduce a little bit about yourself and the Baryon Network team?
So my name is Daphne. I have been a dedicated builder at Baryon Network from the beginning. Actually, I entered the cryptocurrency market as an investor and researcher for the first time at the end of 2018. However, until 2021, I just had the courage to step out of my comfort zone and officially work in this industry. I feel incredibly honored to be accompanied by the Baryon team to build a Trusted DEX on the BNB Chain.
From our building experience, there’s a lack of necessary tools and foundations as well as flexible-yet-dedicating support for long-term builders. They need a trusted platform with growth support to be assured of adding more value to the space knowing that there are people standing by with them. That’s why Baryon was built.
Baryon Network is a BNB Chain-based Trusted DEX, containing three fundamental pillars: BaryonSwap (AMM), BaryonFarm, and BaryonStake. We are incubated by Coin98 Labs which has established more than 5M users worldwide with its Coin98 Super App.
You may hear some people say that BNB Chain is full of scams and shit coins, so we would like to change this landscape on BNB Chain via Baryon. We aim to redefine the trading experience on BNB Chain where users can swap, stake, farm, and earn juicy rewards and long-term builders can build on top.
2. Can you explain more about the three fundamental pillars of the Baryon Network?
I think the services on Baryon Network are very easy for you to understand. As you know we have three fundamental pillars: BaryonSwap (AMM), BaryonFarm, and BaryonStake.
- BaryonSwap is a decentralized automated liquidity pool built on the BNB Chain, allowing users to exchange BEP20 tokens.
- BaryonFarm enables users to maximize gains on LP tokens with additional reward tokens provided by projects, a vehicle for builders to support their liquidity providers.
- BaryonStake allows the project team to reward their loyal holders with the staking feature.
Moreover, we just launched Baryon Snapshot to support our users in easily tracking their joining campaigns with us.
3. Security is one of the most important points for a successful DeFi platform. How Baryon's security is guaranteed? Daphne could you please share your thoughts with us?
When skinning in the game many people care the most about the security of the platform. There are a lot of hacks in DeFi these days. Therefore, besides providing a trusted DEX service where users can find hidden gems, long-term builder Baryon is very serious about security.
Baryon Network is a decentralized platform, offering users privacy and control over their assets by taking power away from third parties like banks, brokers,… Baryon does not ask users for personal information such as email, identity proof, or phone numbers. To trade on Baryon, users just need to connect to Coin98 wallet, which is a non-custodial wallet.
All of our on-chain features are inspected by Inspex. You can see the full report in our document.
Finally, our platform is built on open-source software, and all of our smart contracts are publicly accessible for maximum transparency.
Section 2: Open-Ended Questions from Twitter
1. What does Baryon mean? (@linhphaa)
I really love this question. Actually, the word Baryon is derived from Naruto manga - In specific, although Naruto has plenty of skills at his disposal, Baryon Mode is perhaps his strongest power allowing Naruto to kill in a few hits against most enemies. That's why we use the image of FOX - as a representative character for our platform. You can see them on our avatar today
And with the same vibe, and energy of this mode on Naruto, we would like to build Baryon as a Trusted, energetic DEX on BNB Smart Chain that allows users to swap, stake, farm, and build on top.
Also, I think the Baryon name was very beautiful and fun, nobody used it yet.
2. When do you issue your token? And what is the tokenomic plan? (@dieubui22)
Currently, we have not launched the token yet. We decided to concentrate on the product first. We want to prioritize development over an early token launch.
Baryon Team has always held the opinion that a great, mature product with a clear product-market fit will add far more value for our devoted users and supporters.
This a little hint that our token will be released at the most unexpected time soon.
The best way to keep up with any updates from the Baryon Network team is to follow our social media accounts. I will send all our official links in the comment so that you guys can follow us!
TG Channel: https://baryon.link/telegram
TG Chat: https://baryon.link/chat
3. Could you tell us more about Baryon's team backgrounds and experiences? Why does your team choose to be anonymous? Is it right if I assume Baryon & COIN98 are built by the same team? (@NguynHo85628613)
Basically, our team is made up of individuals from various fields who are eager to build a trusted DEX on BNB Chain, namely:
- Front-end/back-end/blockchain developers
- Graphic designers/UX/UI
- Marketing, community, BD, content, and so on.
In general, we actually TRUE BUILDERS. Our team isn't anonymous, we are a doxxed team and commit to being a long-term builder in the market. Our team representatives have already joined big events in the market like Token 2049 as the latest. And as I mentioned earlier, Baryon is built by a team incubated by Coin98.
4. What strategy are you putting in place to make your project better known in the same way as the other projects already created and which are promising? What innovation will your project bring to cryptocurrency? (@Misbahrdx)
Although the technical and functional specifications are not so different compared to other DEXs on the market, however, Baryon will be distinguished in terms of Distribution, and market approach:
(1) Incubated by Coin98, by leveraging the experience and network resources advantage in the BNB Chain ecosystem from Coin98 Labs, projects on Baryon Network will be well-equipped and become fully dedicated to developing their projects and expanding the space.
(2) Additionally, as I said we are a doxxed team and commit to being a long-term builder in the market.
Unlike other dexes, Baryon Network has multiple options for campaigns with dedicated support to grow the projects' community, especially social metrics, and on-chain statistics like trading volume, and holders via farming, staking, trading competition, and marketing support. This model has been proven when we work with AURA and OGS.
In general, Baryon wants to support rising, long-term projects that have a solid base at an earlier stage from the beginning. They will choose Baryon as a destination to pour liquidity. Also, Baryon Network will be the destination for users to find hidden gem on this blockchain.
5. What is the current earning opportunity on Baryon? @HiddenCrypt0
On Baryon, you can earn passive income while sleeping in BaryonStake and BaryonFarm, trade, and earn on Baryon Snapshot.
We are having 2 two farming pools: AURA & CUSD.
On BaryonStake, besides OGS and AURA staking pool, we just launched our first Stake House with 10 different types of staking assets, such as CAKE, HOTCROSS, RACA,... with very attractive APR. These pools have an expected duration of 4 months, so you can feel free to join. The sooner you join, the higher your chances of getting a high-interest rate.
And don't forget our CUSD Trading Contest with rewards of up to 5000 CUSD is still happening right now.
Going forward, our team is working hard to launch more staking, farming pools, and trading competitions for many quality projects on the BNB Chain. Stay tuned!
Section 3: Live Questions from the Community
1. Apart from the basic features of a DEX like Swap, Farm, Stake, are there any other ways we can earn money with Baryon?
Besides 3 core pillars: BaryonSwap, BaryonStake, and BaryonFarm, we also just launched Baryon Snapshot - our newest feature, where we will host multiple trading competitions coming together with juicy rewards both from the team and our features. This real-time dashboard helps participants easily access general information about all campaigns, a transparent and comprehensive campaign leaderboard, your rankings as well as your competitors in the trading competition. Information such as rank, wallet address, trading volume, estimated rewards, and other result data give you a better strategy to gain more rewards.
We plan to collaborate on a regular basis with many projects to organize Trading Competitions with attractive prizes! For example, now we are organizing the CUSD Trading competition with 5000 CUSD in total reward. In addition to being in the top trading, you can also participate in Social Activity with very simple tasks.
And many other earning opportunities will be constantly updated by us through our social network. Let's wait and see!
2. We found that Baryon Finance service is only available through Coin98 wallet. Is there any reason why?
So as you may know from the beginning, Baryon Network is incubated by Coin98 Labs with Coin98 Super App being one of our core products.
When compared to alternative wallets, the Baryon connection with Coin98 Super App (on mobile) (iOS / Android). or Coin98 Extension (on desktop) will offer the most frictionless user experience. However, other wallet integrations are still being discussed. So for this time to ensure a seamless experience, please download Coin98 to enjoy Baryon Network's features to the fullest.
3. What is Baryon Stake House and how can your users benefit from this?
With the aim of becoming the trusted DEX on the BNB Chain, Baryon always looks for new opportunities to offer our community. Stake House is a one-of-a-kind event where users can stake and earn numerous project tokens. If you consider yourself a true HODLer, this is absolutely fantastic.
Besides that, we're also closely listening to our community feedback in order to release the much-awaited staking pool as soon as possible, with juicy rewards as a surprise!!!
And we have already started this week by welcoming the arrival of 10 brand-new Staking Pools on the Baryon Network: Mines of Dalarnia, Radio Caca, PancakeSwap, Thetan Arena, Hotcross, Impossible Finance,...
So users just need to access the Stake section on Baryon, find their favorite tokens, and earn now without IL.
4. How is SecondLive & Baryon collaborating? What are the next steps for this collaboration?
Recently, Baryon was honored to cooperate with SecondLive to organize the Baryon Uniform Design Competition with a prize of 1300 BUSD. In just 10 days of opening the application, we have received more than 40 designs of extremely creative and impressive uniforms. It's really hard to decide who the winner is.
The community voting portal is currently open and will close on October 17. Please vote together so we can find a winner!
5. Does BaryonSwap charge any fee? What is the fee structure? Is it transparent?
Absolutely we are always transparent about the fee charged on our platform. We have it stated clearly in our FAQ Docs and we already posted about it on our social media. I will ask the host to send you the FAQ link about our fee below, please read it to understand better.
Now, let me briefly talk about the fee structure when using BaryonSwap:
First, there is 0.25% of the total swap amount will be for Liquidity Providers Rewards
Secondly, 0.05% of the total swap amount will go to Baryon Treasury which is used for Baryon’s further development in the long run.
Lastly and most importantly is the network fee or as known as the gas fee. You will need gas fees to pay for transactions. And since Baryon is a DEX on the BNB Chain, you will need some BNB (BEP20) for gas fees.
Read more details: https://docs.baryon.network/product/faqs/fees-of-exchange
👉5 Twitter winners: @linhphaa, @dieubui22, @NguynHo85628613, @Misbahrdx, @HiddenCrypt0
👉5 Live Q&A winners: missgrandvietnam, PhatPhlipPhlop.eth, nina, Kiki, lisacailay
About Baryon Network
Baryon Network is a trusted Decentralized Exchange (DEX) dedicated to the BNB Smart Chain with the aim of redefining users' trading experience. We contain three fundamental building blocks: BaryonSwap (AMM), BaryonFarm, and BaryonStake.