Welcome to the FOLLOW SWAPS LIVE AMA wih The Gem Hunters! We would like to thank the team for coming today and sharing information with the community!
Let's start off with an introduction of what FollowSwaps is actually all about?
FollowSwaps is a copy trading bot (it does not make trading decisions). Copy trading is a pretty popular form of trading, and I've found eToro for normal markets to be an excellent copy trading platform. We can provide a similar service in a crazy crypto/Uniswap space. We have copy trading (when "donor" transaction was already successful) and front-run option (which is more expensive and not needed for everyone, which allows you to make a trade before the "donor" wallet you're following). P.S I would like to tell you about moral aspects using the front run feature in my final speech, hopefully, if I am allowed.
There are 3 core members and also people we outsource. The main Dev is very experienced. He has been coding for a long time and also made copy trading bots/other bots for Binance and BitMEX for private customers in the past. All of us have been involved with crypto since 2017.
Where do you see the benefit in running a bot such as yours compared to manually trading?
A lot of people are unsuccessful when it comes to trading, some due to lack of knowledge, others because they simply haven't got the time to trade (and millions of other reasons). Many people then look up to big whale traders and influencers, trying to figure out how they make so much money and try to copy their trades. However, if you try manually follow big/profitable wallets on Etherscan, check their buys or sells and copy, you'll quickly realise it's near impossible to follow successful wallets and be profitable, as human speed is merely not fast enough. Most of the time, price changes too quickly, and you can't copy every trade successfully. For example, by the time you see that someone you're following is dumping their bag, its usually too late and the price has already changed significantly. You would also need to consistently monitor the wallet, looking out for any changes. With the Follow Swaps bot, you unlock the opportunity to follow/copy any ETH address and even front-run them. If you pick a very good and successful wallet to copy, you can go about your day while the bot working for you.
You are working on multiple features for the bot. Can you guide us through them please and give a brief explanation of what they do and where you see their usecases?
One of the features we always wanted to add to our bot is selling before "donor" sells if a token reaches 2x, 3x profit. We then realised it's technically the same as implementing the limit order feature everyone wants to have on Uniswap. After talking to the community we decided to add limit orders in our final local version of the bot. Also, we are working on a range of filters customer can apply. For example, ignoring bytecode tokens, check an approve function, do not buy more than X amount of times And many more. I was also thinking about more use cases. Obviously, copy trading but what else? Another use case we have is if you bought a "bag"/coin but worry about contract owners to dump/sell on you.
Let's say we want to use your bot, is there a subscription or what type of payment model is it going to have?
Yes, we have subscription plans and you need to use WAPS to pay for that every month.
For normal copy trading where you can follow 2 "donor "wallets you need to pay 1 WAPS. You can also get this for free if you are happy to hold 10 WAPS on your wallet.
If you want to use front-run function where you can follow 1 "donor " wallet you need to pay 2 WAPS per month, You can also get this for free if you are happy to hold 50 WAPS. This feature is more expensive and not everyone needs it and 50% of all subscription profit in WAPS will be burnt every month.
That sounds good. Kinda similar to another trading bot project we rly like. Can you give some insights on how the set-up of the bot going to be? Would I be able to set it up without too much hassle?
Setting up your copy trading bot is simple, no coding required. Choose a wallet that you'd like to copy, input the amount you'd like to allocate, or % from donors position, customise your gas, apply filters and click Start. You'll be duplicating their positions/swaps automatically in real-time and direct proportion. There isn't a lot of hassle at all, we've also set it up so that you get all the notifications on telegram.
Let's get to the presale of your $WAPS token, which is currently active and the token itself: What are the sale metrics eg. Softcap / hardcap, initial circulating supply / maximum supply, presale price / listing price
3000 WAPS Max Token Supply
2400 WAPS Initial Circulating
1500 WAPS presale (0.12 ETH per token)
No minimum, maximum 10 ETH
720 WAPS and 120 ETH added to Uniswap liquidity pool
0.166 ETH per 1 WAPS Uniswap listing price
180 WAPS for marketing
600 WAPS currently not in circulation
480 WAPS for a team locked for 3 months
120 WAPS for future marketing locked for 3 months
*At the end of pre-sale, all unsold tokens will be burnt.
All information is available on our website
Once our presale is sold out we will add the allocated liquidity and lock the LP tokens, providing you with the Unicrypt address to verify.
Okay great, so regarding the $WAPS token - you've already mentioned that it's going to be used for the usage of the bot and also have an deflationary aspect to it. I guess we can skip the question regarding the use case then.
yes i think its pretty clear :)
Can we expect more features being implemented in the future? If so, do you have an approximate ETA for these?
yes of course
Most important next priorities are a local version of our bot (similar to TBB bot) and better user interface. We already showed our community sneak peek video on our new UI (You can find it in the announcements chat pinned message).
The first week of February is our due date for that and we are aiming to roll out limit orders and stop losses end of February.
We apreciate the Follow Swaps team coming to TGH and sharing information with our community, we look forward to following the progress of the team and project!