Q: When do you plan to launch NovelSwap mainnet?
A: We plan to launch mainnet within 2–3 weeks from now. We (the developer and beta testers) still continue to test all functionality of the DEX, we want to assure that the DEX is free of bugs before we launch at mainnet. So far, all the functions of the DEX are working properly.
Q: What about security and safety of NovelSwap since this is not a fork from UniSwap?
A: We followed strict safety and security protocols when carrying out development. When swaps occur, NovelSwap only approves the exact amount required for that trade, we do not approve a huge amounts like other swap. The only tradeoff for security is that when you sell your token, you must first approve (and pay some gas fee, which is $0.15 per approve per trade). This approach will assure in the event of hack of the swap, user funds are SAFU. If we approve large amounts, then hacks of the swap will mean user funds are drained by the hacker.
Q: Where can I see the Github of NovelSwap?
A: The team are yet to make the code public yet. It is in private repo. We don’t want to release it just yet as many projects will simply copy our code and fork it. When NovelSwap achieves a good volume and reputation, the team will then make it public.
Q: NovelSwap is launched at Public Mint? What is Public Mint?
A: Public Mint (PM) is a fiat native blockchain. For Ethereum, for example, all the gas fee are paid in ETH. For PM, all the gas fee are paid is USD, and thus the gas fee is fixed, while the gas fee of ETH will depend on the price of ETH. This approach encourages retailers and mass adoption more applicable, no retailers would like to use a blockchain where the transaction fee can vary from $1 to $200. Moreover, PM has instant finality, which means only 1 confirmation is required rather than for ETH 30 confirmations. And the block time for PM is just 4s in average. Making PM a very attractive blockchain for DEX application.
You can read more about Public Mint here:
Q: But there aren’t projects on Public Mint yet?
A: Correct. However, PM will launch a ERC <-> PM bridge, then all erc20 tokens can be bridged to PM and thus trade using our DEX.
Our first pair of trading is MINT-USD where MINT is already launched in their native blockchain.
Q: Is NovelSwap only on PM?
A: No, we will also launch NovelSwap on other blockchain in near future, notably ETH, BSc and Polygon.
Q: Ok, where to get some test USD for testing?
A: You can get some test USD here: https://testmintdex.github.io/faucet.html to test on https://novelswap.plutos.network
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