Arken Finance Monthly AMA Summary: December 2021 Edition
From the first ama session to our second, we do have quite a lot of questions set to us, so I won’t delay the session any further. The live chat will now be closed and at the end of AMA we will open the chat again. Without further ado let’s get started!!
- Arken has officially been launched for around 6 to 7 months, from then to now, can you recap what Arken has done?
Arken is now officially 7 months old. It was very quick for the team, but lots of things have been done from the very short time. But of course, we have to thank our users who have supporting us from the very first day and also the new users who just recently got to know us. We really hope you do enjoy using Arken Finance and stay with us onwards.
Let’s shortly wrap up our journey from day one, and go through our developments and business growth as well. First, regarding the product itself, we started off as a DeFi trading view for all tokens. Back then Arken supported only 2 chains, which are BSC and Polygon Network. Then we have been focusing a lot on improving the swapping experience, by improving our Best Rate Algorithm. The users who have been with us from the start may have came across the announcements of launching Best Rate 1.0, 1.5, 2.0 versions. So, yeah. We keep upgrading the algorithm and still are improving right now. We also integrated up to more than 40 DEXs from different chains which results in even more pools and routing to find better exchange rate for the users. To be more numerical, we sought the routing for all your transactions from more than 500K pools at one time.
We also conducted a lot of user interviews to keep improving other trading experiences in general. From that, we came out with the Gas Optimization mode, Token Camparison feature, and recently the Limit Orders and Price Alert features.
Then from the community and business side, Arken team also joined the Hackathon arranged by SCB10x and won 3rd place. That event had boost our reputation up and helped us grow a lot. And apart from that, we have partnered with so many projects and networks to help support each other and build up a strong DeFi community. From that, we have grown from operating on 2 chains to now 5 chains, which are BSC, Polygon, Ethereum, Avalanche and Arbitrum.
2. From what you said, we did a lot in the past 6–7 months. Did we reach our mission this year and whats next for 2022?
We are on ouy way and the road to it is promising for the team. Just to recap for everyone again, our biggest mission was to make a world where everyone has an “equal financial opportunity from every corner of the world. We wanted to do that by trying to make the all-in-one, friendly user experience tool for trading DeFi. A product that anyone from any background can use. Today, we might not be there yet, but we do see the light at the end of the tunnel. And we hope that the users feel the same from our growth in the past 7 months. Next year will be great. Many more interesting features will come. As well as the tokens of course.
3. From what you said we are already in a lot of chains, BSC, polygon, Ethereum, and the 2 newest are Avalanche and Arbitrum. Do we plan on expanding to any others?
The chain expansion is always in the roadmap. However, right now before we move to more chains, we wanted to focus on building our credibility first by applying for smart contract audits. So, right now we shift the focus to auditing first, then we go back to expanding to new chains.
4. When will the users be able use hardware wallet with limit order?
We are developing it. You should be able to use hardware wallet with those features soon.
5. Will there be an easier access to Arken platform such as Arken mobile app?
We did considered about making an app, but it’s still in the backlogs and we cannot say the exact time yet. We’ll have to see from the future market trends and more from user feedbacks. Please let us know what you think.
6. In the future will there be any leveraged trading?
That is also the same with mobile app.
7. Do we or will we have any API tools for best rate swapping?
Right now we have release price API for some dapps and businesses to test the market and usability. But the full engine is not yet ready for public and retail use. Please wait for it together. But definitely it will come.
8. Last month we talked about our tokenomics and opening Arken’s LP, will there be any uniqueness of our LP to compete with other key DEXs.
Actually our core business is not DEX. So to be honest, we will not have very fancy preposition for the LP since Arken will still keep our focus on our core product. However, please rest assured that we do have a solid plan to partner with key DEXs in the market too. So don’t worry.
9. A question that has been mentioned quite a lot since last AMA, when will our token be launched?
Token launch will be around end of January or mid-February next year. Winners from the Airdrop can also claim your tokens when the token is launched.
10. This month is the month of festivity, there are two things we will announce isn’t that right could you give everyone more details into this
Right first of all, we are revamping our Market Page tomorrow. As I have mentioned before that we have been expanding very fast to 5 chains. So the Arken team wants to accommodate our users by improving our UI for an even better trading experience. So, from tomorrow onwards, users will not have to switch networks any more. From now on, all tokens from all chains will be listed in the ‘All Token’ list. And users can select a filter above to view only the assets from the chain you are interested in. This will make the searching experience very simple and fast in just a few clicks. So yeah, we are very excited to launch this new UI, because I think it’s the beginning of us, creating something even bigger after this.
Last but not least. Perhaps, the biggest news of all. Early next year, we are giving out New Year’s presents to our user! The details will be release on Christmas Day. Be sure to stay tuned and enjoy our New Year’s celebration campaign.
Merry Christmas and Happy New Year!
Arken Finance team : )
