Gasp launches gasless cross-chain trading for crypto assets

0:01I'm Ashton Addison from the cryptocoin show and today on blockchain interviews we have back with us Peter crisp co-founder of gasp Peter welcome to the show and it's been a while um but I know that you and your team have been working on a lot excited to dive into cross chain dexes liquidity uh what's going on in the space right now and everything you and your team have been working

0:23on Aon it's great to be here again it's quite a while and you know we have some updates so I'm very happy to share definitely uh the space is getting very busy right now and I think there's a need for more liquidity and and cross chain interaction as well your team has been working on some of those solutions could you start our conversation off with more of a high level on what is

0:46gasp uh what are the problems to be solved in the industry gasp is the first Consolidated asset platform and now what do I mean by Consolidated know every industry is going through different phases and currently crypto is very heterogeneous meaning that you have so many solutions you have so many chains and so many messaging Bridges interoperability

1:12protocols and it's really hard to keep up and let's say manage your portfolio and if you want to manage your portfolio you usually go to centralized exchange right the are at binance or maybe byit and that's where you are holding your inventory your funds and that's how you trade but we like to push the industry for forward so that's why we came with gasp

1:37which is a single unified place that is connected to all the other blockchains it can be connected to rollups or either to other layer ones where people could have a single place where they can trade all the assets and manage their portfolio yeah it's a big problem because crypto was designed to be more noncustodial decentralized but because there's all these different blockchains

2:04they don't always speak to each other natively and a lot of users are sort of forced to use crypto centralized exchanges to have them manage everything in the back end so with all of the different languages and Technologies different blockchains different crypto assets what's the solution that gasp is building to make that a seamless experience so that you can trade from

2:28one asset to another with without having to learn the intricacies of all of the underlying technology the power of gasp is coming from us being a rollup so we're something like a rollup on ethereum but simultaneously we are a rollup on all the other blockchains as well we have came with a unique architecture uh that is something like an omni chain roll up

2:53and the great thing about this is that we have the connectivity and ability to connect to any blockchain right so cently if you at the landscape of crypto let's let's talk about let's say two players so you have Unis swap Unis swap is Awesome every we all love Unis swap Unis swab is great for bootstrapping like initial pools for early projects so the power of Unis swap is that is

3:16permissionless and anyone can create any pool they like and people can trade it but the problem of Unis swab is that the liquidity is still siloed is isolated on on the given blockchains where Unis swap resides and there is not that much communication in between so it's it's bit problematic to unify everything you just have to still you have to jump from

3:38chain to chain to chain now let's talk about let's say thorchain thorchain another great pioneering project from the past and the great power of forchain is the connectivity right they can connect to multiple blockchains you can trade Bitcoin there PR predominantly but on the other hand the problem of thorchain is that they do not have that much permissionless listing it's like you

4:03cannot just very easily list 1,000 pools on on thorchain so we look at the space and we are combining the power of permissionless listing of Unis swap so you can have 1,000 pools you can have 5,000 pools on on gasp and combining it with the connectivity of thorchain meaning being able to connect to any rollup or any other blockchain at the same time

4:30we took those two we took the best parts we combined it into one and we are releasing this next week uh another work is that we are based on aen layer we are thinking from the security first principle so we wanted to be as much secure as possible we looked at all the technology available on the market and we picked the parts that would guarantee us the biggest security possible so all

4:57the liquidity on gasp is secured by Escape hatches what does it mean if people or let's say the rollup would go down completely for whatever reason like some malfunction or or failure uh people can always trigger withdrawals so all the liquidity all the deposits on gasp they are inheriting the security of their respective origin chain and when we put this

5:23together there is a logical question like okay but how is the consensus the finality how is it actually secure you know the cross-chain swaps because you have two layer ones they don't trust each other what is the solution usually what is the solution in terms of like Bridges or maybe Thor chain is you sometimes rely um on economic security of your own token we want it to be this

5:46as much secure as possible so we decided to rather tap into the security of aen layer so we are tapping into the restake ethereum and that is the validation finalizer of all the operations on on gasp and this solution is probably the most secure cross change solution right now that is in the in the space and I can even say that we are the first cross-chain deck based on aen layer and

6:16we could be even seeing the first application in the aen layer ecosystem where people can very easily interact with right they can just type in the web page and just trade and that is a very compelling thing that we are introducing just at the right time and I believe we there is a very big potential wow that's very interesting and I want to dive into

6:39that igen layer a little bit more to understand it from what I know about igen layer the platform is mainly for for staking and raking ethereum and there's a huge amount of value locked in that so when you say that it's secured by igen layer does that actually mean that the value of those ethers are also protecting the protocol exactly you just said it

7:05absolutely correctly uh people are restating ethereum they're delegating that to ABS operators and those AVS operators are checking and finalizing all the operations on gasp so in the ethereum resters can even earn rewards of gas from the the pool that we will be sharing toonomic very shortly wow that's really cool uh I feel like that's uh

7:34really important because obviously the security is of utmost importance to secure the assets and to be able to tap into something that already has billions of uh you know like a blockchain that's has billions of dollars of security behind it uh you're not starting from scratch you're able to tap into you know one of the most secure networks uh baring like Bitcoin as the most secure

7:56blockchain network definitely well very shortly I hopefully in in 2025 we'll be adding Bitcoin trading as well because our solution can connect even as a layer to on top of Bitcoin so it's definely one of the things in our road plan wow so with the liquidity aspect obviously having high amount of liquidity low

8:22slippage and then low fees is important uh when you're trying to move between different blockchains and from what it looks like on Unis swap right now if there's a ethereum USD pool on base chain and on ZK sync chain linear chain none of those are tapping into each other and it's like small fragmented pools that all have high costs but if they were to be able to be

8:48pulled together through different chains then that would obviously be much more efficient so is that what gasp is able to do and and how exactly does that work we cannot connect that much existing pools on on on rollups even though we are working on a solution that would be somewhat as a messaging type of solution where even the chains can communicate

9:15and potentially even connect all the pools that are sitting there but in the first phase which is now Alpha launch um people need to First deposit the assets on the gas and then create pools or either trade essentially when you when you think about it the the functionality is is the same as centralized exchanges let's say if you want to go to binance

9:39you just need to do a deposit from ethereum then you trade let's say for soul on Solana and then you make a withdrawal to Solana right and the very same flow is on gasp so you deposit assets you trade them and then you withdraw them wherever you want but you can trade them in a gasless manner are no gas fees costs are fixed fees only so there is a guaranteed cost for trading

10:05which is the automated Market maker price which is 0.3% uh and you can trade in in a very fast and efficient manner with with that trading on ethereum people who have traded on on Unis swap or other dexes before they know that especially when the market gets busy the ethereum transaction costs can be tens or hundreds uh if that of dollars so if they're on gasp then

10:35there's no fee for the transaction fee how does that work on gasp you don't pay gas because we are not a smart contract platform you know all the evm chains they need to have gas because you need to have some sort of an auctioning mechanism like U where would you allocate the execution where would you allocate the transactions and essentially people are

11:00competing against each other who gets to be the first in a block and that results in a sometimes sky high prices of of gas which is then in return let's say making the profitability of Trades uh much much less we don't need toloy this mechanism because we are application specific rollup meaning the things you can do on gasp is only exchange related so that's

11:28providing liquidity trading voting in governance and that's pretty much it so we are super specialized on one use case and that's why we can come up with much more efficient solution than uh other platforms so you mentioned the alpha is just launching now what are the things that people can do upon the first launch you mentioned obviously depositing

11:54assets and and having tvl growing and you said that it's permission so you can have any amount of pools so can people deposit any crypto Assets in there or is gasp trying to get more you know ethereum or stable coin into the platform initially you know what are the first goals actually from the day one even though it's an alpha launch people can deposit any asset and create any pool

12:21that they would like from the connected chains in the beginning we are connected with base arbitrium and ethereum layer one this is the alpha phase now we will be adding additional rollups as we progress along then we will be adding another layer ones as well so the scope of assets that can be traded on gasp will be growing over time but we just want to be very cautious so that's why

12:46we're launching only Alpha launch right now where mayet will be at some point in the future we need to test things properly we want to be really Security First um so we want to test things properly so that's why we're launching just Alpha launch but the people can trade any asset that they like that's really interesting to know and with that initial choice for the alpha obviously

13:13ethereum is important uh arbitrum I believe to be one of the original you know Layer Two rollups that is strong and Bas is is much newer you know they they don't have a token yet but they're supposedly coming out with one eventually uh is there a uh a rationale behind those rollups being the first ones to test out we are Community Based project so we

13:41are listening to our users we've been talking in our discords for quite some time which Chains would be the best for starters and the most common answer was base or ethereum layer one or arbitrium so that was the joint listen to the community and we are connecting those chains MH that's really good obviously Community uh feedback is important um and you mentioned three primary

14:11functions you know depositing and also governance with the community how are they planning to also help shape where gasp goes as it grows the best thing to contribute is on Discord right now very soon we will be launching a governance forum where we will be talking about which assets do we want to incentivize with liquidity mining uh which chains do we want to

14:36connect next so Community can still affect like which which rollup will be added as the third one we can be adding all the chains reasonably quickly so we even Embrace Community to help us with with this decision making uh because we want to make the best product possible and that is only when you are providing features and connections that that people would love uh so besides that if

15:06you have the token you can stake it because the token requires staking and you can earn rewards even on top and with depositing your ether stable um if you creating a pool there's normally some kind of apy uh that are you're getting in return for for adding liquidity into the pool does that just depend on supply and demand and how do you incentivize users to deposit on gasp

15:35versus Unis swap or any other taxes I wouldn't like to disclose the proper numbers right now in terms of apy but we will be sharing that very shortly in coming articles in next two to four four days so uh but there is a liquidity mining campaign there is a staking pool in the to economics that will be Distributing rewards there will be air drops and they have been communicated in

16:02the community but it won't be a single air drop so there will be more um so there are so many ways how someone can participate in gasp and I encourage everyone to do so that's very cool and do you think that g gasps model moving forward into 2025 and the years Beyond as as Dex has become more prominent is is sort of the go-to model of with it's gasless cross chain should this be

16:30something that is like the status quo for decentralized trading of course I would love if this would be the status quo and I think we are moving just exactly to that that status quo I think if if you're looking at the market share of decentralized exchanges versus centralized exchanges it is growing towards decentralized exchanges a lot and we are seeing much

16:54more launches which are native launches U for instance like hyper liquid right people could trade it only on hyper liquid and I think that that was the smartest thing that hyper liquid could do uh and it worked really well and we are in the similar category and what would you say to the majority of people that are on a centralized exchange they still have yet

17:21to uh for one reason or another move to a DEX whether it's just having to worry about your own fun or having to trade between a different blockchain um do you think that gas could bring completely new users to the Dex side that that were afraid to use a decentralized exchange before of course because well the user experience is matching the central wise

17:49exchanges so this is exactly what they are used to on on the traditional exchanges and second of all U as a user uh you have to understand that that centralized exchanges are usually later in the life cycle of projects so that means that if someone wants to be truly participating in a Grassroots types of communities you have to get onchain you have to get there you have

18:16to install a wallet you have to move your funds on the blockchain and start exploring various products and this is where you can get even early access to all the early projects and we've seen that even like recently with even salana salana had a had a huge up search of of tokens and if you if you weren't on salana you would just not get the access to early early Community right so uh I I

18:44think this is a very strong given trend for 2025 and we will see so much more growth in that area I agree that getting on chain and and building a footprint uh is rewarding you know and we've seen that through different uh airdrops and and these layer twos coming out like bass for example that they don't have a token yet but there's expecting to be one and some of these other layer twos

19:08have given you know five six figures of of people that actually tried out Things Early uh and you mention there with the alpha there's also airdrop campaign and other ways for incentivization for people to use the platform they get rewarded so is there any more information you can give about that on hey you're trying out something new but there it's a rewarding

19:31experience what can tell that uh there will be a dashboard and sort of a competition for rewards so if you participate early and you are active as a user and you are trading uh it will fall into a criteria for future rewards uh we've already communicated about the airr so one or let's say the first wave

19:59of air drops will happen very soon after after the launch uh but there are planned more waves so if someone joins us this early I think people are in a great place that's good to know and you know when I when I look at it my two major setbacks of using a decentralized exchange as the primary trading platform is the ethereum fees which you seem to

20:28have soled and trading between different chains which seem to have solved so um I I think that you know this is something that I would love to see grow more going forward and I'm excited to see the alpha uh being launched here and and getting involved early on and hopefully getting rewarded for it uh let me add one thing uh and that is one of the big differentiators from

20:52us is that our token gasp is the actual utility token so the network gasp cannot work without the token so we have to launch it both at the same time and we have a strong utility meaning that there is a staking required and locking of tokens U it it serves a function of spam prevention right I I do not want to get too technical here uh but if if you do

21:18not have some sort of a fee mechanism for very small transactions someone could just very easily attack your network and spam it and essentially make the network uh malfunctioning so everyone who trades and is trading below certain small amount of time like value let's say $5 you need to lock certain small amount of tokens but this is a stronger requirement and this is where

21:45where the utility of of the of the gasp comes from so the more trading there is happening on the blockchain the more gasp tokens need to be locked for certain period of time and is a real it feels like a small distinct but it's a really big thing because that makes the gasp a true utility token no that makes sense and yeah if you you whenever something is is free or

22:12gasless um then people can just trade back and forth and and clog up the system so there has to be some mechanism in there I'm I'm sure you know when ethereum fees are $100 uh you're you're going to be saving significant amounts so I'm looking forward to checking it out Peter what is the best way to check it out and to get started you mentioned the Discord and the alpha how can I go

22:36there and test out the the deposits in the trading the best thing is first visit our Twitter then go to our web page gasp doxyz and from there you can get into an app which is now running on a test net but very soon it will link to the alpha product and there you can test it very easily sounds great I'm going to leave those links in the show notes below as

23:01well I really appreciate your insights into dex's cross chain uh the future of of decentralized trading and how it should be done wishing you and your team all the best on the alpha and and the further launches for gasp and would love to follow up with you in the near future Peter thank you very much ason it was great to be here again and I would love

23:23to come again when we have reached certain other Milestones so we can talk again about all the excited thanks let's do it thank you so much thank you bye