GASP builds a cross-chain DEX that eliminates gas fees

0:01I'm ashon Addison from the cryptocoin show and today on blockchain interviews with Peter Chris co-founder of gasp here to talk about deck decentralized trading cross chain trading and something interesting today gasless trading which I'm super excited to dive into uh and more uh Peter welcome back to the show and it's great to see you hi everyone hi it's great to be here

0:26again I've been following gasp uh in the AL launch right now for the decks and uh a lot of things are happening on the in the inner works I'm excited to hear what you and your team have been up to since our last video a couple months ago um the market continues to grow and I think that there's more interest in decentralized trading and cross chain as

0:49more other evm chains and other blockchains become more popular uh would love to start off with high level on what you and your team have built at gasp then we can dve into all the latest details since the last time we have already launched our Alpha version of the main ad so gasp is a cross-chain Dax that is helping people to trade in between blockchains in a gas lless and

1:14me low environment so we can guarantee fixed costs you don't have any problems with paying additional tokens for gas uh you can choose a pleora of assets if you look at the current cross chain infrastructure it's currently very hard to create cross-chain liquidity pools right the liquidity is very fragmented it's sitting in its own silos so for instance you don't have trading pairs in

1:39between salana and let's say based on ethereum we can do that in a very permissionless manner right even if you look at other like even per U dexes or perb exchanges they're pretty much limited to um on the like if you're talking about the spot liquidity uh they're pretty much limited to only where they are bridged and they cannot just list any asset or the users cannot

2:05create any trading pair on gasp you can just come and create any kind of trading pair you want you can provide liquidity to it and and start trading so this is something that hasn't been done on the market yet and we are coming first with with such solution everything because it's cross chain you know it needs to have some security or some guarantee uh that the

2:31execution is correct and like no hacks can happen uh this is why we decided for an integration with aen layer so aan layer is providing us with the security or let's say Economic Security that is finalizing all the transactions that are happening on gasp and finalizing it further on on the ethereum layer one uh we just launched the alpha mayet we have

2:56been now running this for few months we needed to launch this is in a let's say incremental way because the product is a little bit more complex and we needed to test and see things in the wild before we unveil further much better features for users right so we've been running this for a few months and now I'm happy in coming weeks we will have much bigger

3:22news to come that's very exciting and I appreciate that explanation on the cross chain uh it's one thing to have I think there's been a big limitation in dex's where it's just on ethereum for the most part you know when Unis swap came out and there wasn't all these other chains you were just trading ether to one token or stable coin to one token and it was

3:45sort of limited whereas on the centralized exchange the majority of people are using it you could do different chains but the centralized Authority is handling all that in the back and you don't have to worry about that but of course you have to give up your your keys to them and there's counterparty risk and all these things um and what we saw from bybit hack

4:07recently the users funds weren't lost but the exchange was holding a lot of money and they were hacked and hopefully that problem can be solved in decentralized exchanges being more secure um so with those advancements in Cross chain what's the what's the situation in where it's at right now and and where the vision is how do you choose which blockchains to to start

4:32integrating with and do you integrate with all of them or just the most popular essentially I can say that integrate with all of the blockchains we can very quickly integrate any kind of blockchain because we're using this modular architecture so gasp is essentially a roll up layer too it's using kind of like a multi settlement so it's simultaneously connected to

4:56multiple multiple blockchains any of our any of our choice uh and because of that we just need to deploy the smart contracts on on any chain and uh the representations of the tokens will be deposited on a on on gasp on top of it it's protected by Escape hatches which is a function of of rollups meaning that um if the rollup would go down for like it would stop functioning for whatever

5:21reason users can always withdraw their assets it it has a 100% guarantee through um forced exit on on the layer one from the origin chain so uh if you compare this to let's say centralized exchanges right you are losing custody of your asset so if something happens and for instance if if an exchange decides to Halt withdrawals you're just lost right you

5:47you cannot do anything but on decentralized exchanges or on Solutions like like gas you can always withdraw your assets because you are the ultimate holder and you have the ultimate control over over the custody of of those assets so this is something that has been in the market and in defi since since the day one uh and I believe the growth of defi well defi will just grow in in

6:11imminent future yeah yeah I'm looking forward to it and one of the special things about gasp and what your team has built that I haven't seen anywhere else is gasless transactions where you don't have to pay the transaction fee and for any people who have tried Unis swap on ethereum or any of these other is depending on the market conditions I think right now it may be a couple

6:34dollars or or less to make a swap but depending on the network conditions if there's congestion uh you could be paying $500 for uh a transaction fee for some token and if you're buying a small amount then it's not even worth it it makes the platform unusable so how is it possible uh to do gasless transactions on Dex on gasp and how do you make that work

7:00yeah people people absolutely love our gas swaps U that's one of the biggest features that people are telling us that they love because you are just paying a fixed fee on a trade and you have a guarantee that it's just going to be gasless and it works in a way that we are giving a utility to our token gasp so imagine you're holding let's say 1,000 gasp tokens right if you're

7:25holding it on your wallet and then you lock it it it will give you a guarantee of let's say 20 trades per day which are gasless so you have no additional costs the only thing you need to do is hold the token in your wallet and lock it and the great thing about this what people love about this is that you're not spending gasp to make transactions on

7:54the decentralized exchange you are only locking it and that's a very big difference so on top of it if the gasp token you know appreciates in price because it's cars and it works sort of as a kind of like a measuring tool for the throughput on the on the blockchain uh they can additionally even like allocate some some Capital into into gas token that's really interesting because

8:19I I know there are some features that have come out now where you can make a bridge or make a swap and you can pay with a token instead of ether as gas for example could pay with a stable coin or something but to use the gasp token but then you don't actually lose the token um you know you're just you're just staking it and you still have the same amount a after the trades um I haven't

8:42seen that before so that's really cool exactly so what do you think are based on the research and and how you've developed the decks what are some of the main barriers to entry for why more people aren't trading uh on decentralized exchanges you know we touched a few things of the gas cost or cross chain or is it just the complexity what what needs to be solved to drive

9:08hundreds of millions more into decentralized rating I'm just going to repeat what is being repeated in industry and that's the user experience is still not the best right you need to understand what is a wallet you need to understand that you need to have some browser extension uh you need to understand that you are securing your own assets right so you need to uh save your um access to

9:37the wallet so those are things that still need a solution or alternatively the market will find some solution something like custodial wallets right so imagine a metam mask with your assets but the keys are not in your computer but are securely stored with the provider if you choose so it could be but you have the power of transparency of the blockchain and you

10:06can trade natively on on blockchain so I think that in the coming future we will see this direction being developed uh much more um you know we currently see many uh Solutions in the defi that are that are growing for instance hyper liquid has done a great job in terms of uh user user adoption because it's really fast um the ux is really great uh and and it feels like trading on a

10:31centralized exchange right so I think that much many or like more solutions will be coming along this way and we will see more adoption for for all the all the decks decks to made that's a great point and I think the hyper liquid was really successful in they had an airdrop campaign and they they did it really successfully and a lot of people use the platform still and you know even

10:57post launch people are still touting that you know we should be using this instead of centralized exchanges and know a lot people got a lot from their airdrop and then it actually continued to go up as well so they did something right um is there any lessons that you can take away from hyper liquid and and move it into gasp in how can we make something successful and not just

11:21successful and then sort of Fades away successful and then the long term it continues to grow if it's possible but focus on the product first before launching the token MH this is what hyper liquid has done very very right they have been building the product I think for a year and a half right so a lot of people didn't know hyper liquid but they've been

11:45actually building for the past two years or something or even more uh so they've done quite some growth on the product first and then they launched the token right so uh this is one thing that or let's say one lesson that other projects could could take if they can take it for instance we couldn't take this route because um our token has a strong utility within the network so our

12:09Network cannot work without the token we cannot launch the chain without the token because it's the management tool for for the TR for the throughput yeah for for gasless swaps MH so we had to launch our product with the token uh but that's the reason why we have decided to launch in a let's say more limited version uh so we can scale and polish the product first in the early phase and

12:35then we can uh unve more functionality as time will progress yeah I looked into how the inner workings of the of the gasp Alpha works and it's really interesting because I have never seen this before in any other decks and you're right that if you want to have gasless swaps you need to stake the gasp you need the token for the platform to work efficiently you

13:01can't do exactly what hyper liquid did where they're focusing on the product I'm sure gas Biz as well but you need that functionality to actually provide thees of gasless swaps so I see that the token is in there but it's actually not fully released yet it's not trading on centralized exchanges it's not even fully tradable can you talk about that hybrid approach and and it seems like

13:27this is the first platform to ever do this we had to do this to make sure that the product is functioning really well that the connection to aan layer is being integrated properly um that the gasless swaps are working properly right so not strictly focusing on the on the token trading aspect but focusing more on the product uh but now with coming days uh

13:56we will be unveiling the tradeability M and people then could buy the token and have much Fuller experience on the gas platform very exciting and so with the Dex of course you're going to be able to trade between one coin to another and possibly between different chains as well um but then there's also defi functionality inside of a DEX as well so

14:25can you talk about what are the other things you can do in terms of Financial products and ways to earn besides just trading one token for another yeah I haven't mentioned that the token has other utilities besides gasless swaps and that is staking technically speaking gasp is a multi settlement optimium with its own data availability so when you are

14:51staking the token you are securing the data availability of the network and the liveness as well right so people can stake and earn additional rewards from the staking rewards which are being generated from the fees on the platform uh or they can additionally decide to restake the the token on the Egan layer and contribute to the finalization security so there

15:20are various options what what you can do with the token and it all contributes to the security and to the liveness and overall like guarantees of of the gas platform uh in terms of other features you can provide liquidity obviously um very soon in our upcoming road map we will be unveiling the road map uh in the future there will be connection to bitcoin there will be connection to to

15:44Solana uh there will be cross-chain lending which is um an emerging feature that will help solvers and algoritmic Traders so imagine you put ethereum into a collateral on the L1 and you get an asset on the other chain on the other side uh this is something that hasn't worked yet too much because even traditional Bridges cannot cover this

16:11use case but uh gasp as a platform or as a hub that is sitting in between blockchains we can absolutely facilitate this U so there are many things to come in the future and I'm happy to deliver that you know every month that's really cool and of course salana has had a lot of traction in part due to the meme coins which may be dying off now uh but the fast and cheap um and I think easy

16:38to onboard people in whether they got in through meme coins or not um has helped salana grow I think it's a very important part of Defi and so tying into that is is smart but more importantly Bitcoin you mentioned there tying into the Bitcoin ecosystem which you know natively Bitcoin hasn't really had def bu um but of course being able to stake or build liquidity pools with Bitcoin I

17:05think is important to tie into the rest of the ecosystem what are your thoughts on defi on bitcoin and do you think institutions and the the major players that have held the ETFs uh and big money might be interested in Bitcoin having this increased functionality and driving more Capital into defi absolutely this is the topic within Bitcoin circles for

17:31quite some time and Bitcoin l2s are here to stay and most importantly because Bitcoin wants to have more expressiveness or Bitcoin wants to have more functionality and achieving that through layer twos U is a is a way to go um even though there are still some requirements so we need to do certain soft foring on on bitcoin before like the fully capable fully full

17:59capabilities is unveiled uh but I believe it will happen and we will see much more functionality on bitcoin so that's a great news for us because again we are a layer to architecture so we can become we will become an L2 on bitcoin at the same time so we can enable for instance pairs in between Bitcoin and ethereum and people can trade it very very seamlessly uh for now we are in enabling

18:30Lombard BTC or Lombard Bitcoin uh that is one of our Singularity pools so it's one of the initialization pools of of gas that we are currently bootst ring that's very cool and personally I've been looking for solutions that if you had ethereum and you want and you know your friend wants to accept Bitcoin there really aren't very many solutions where uh you can do that in a DEX you

18:58you have to send to an exchange and then trade it and then withdraw again and U I think we need something like that and I feel like that would be very popular exactly I mean if you look at the cross chain space there is still not that many solutions because it's first of all very complicated and costly to build properly and securely and the user experience is not

19:22that great so it's a space that can evolve and this is where gasp comes and we are evolving this whole vertical mhm it's very cool looking forward to that Evolution and sort of back to where the the Present part of the alpha of gasp is right now I saw that there's over a million locked in to the platform uh but of course there's a lot more to go

19:49because this is just the alpha so usually getting involved early has some incentives or rewards you mentioned that the gasp token you can get it and then there's rewards as well for the staking for the liquidity pools um is there are there other incentives for the early adopters and innovators that are testing out the platform there will be future rewards

20:15for early testers we are paying attention we have for instance a dashboard for every user so in the dashboard there are various activities being tracked meaning the vol traded mhm liquidity pools created days active number of deposits so all those metrics we are very carefully observing and in the future the best

20:43users and the most loyal ones will be rewarded that's great and it's been a few months now since the alpha launch is there a a timeline for the future on moving to the to the full version um and you know how how for the early adopters or people that haven't gotten involved yet how you know if they did eattle around and and then the main version

21:11comes out um is there any tentative timeline on the next part I cannot say for 100% when but it will happen this year and it depends on the whole stability and polishing of the platform and the features that we consider a good full mained version uh so right now we're still staying in the

21:41alpha phase maybe we will move a little bit to more production ready version uh but uh definitely it will happen this year very exciting and um with I I I saw something about a grand vision of even going Beyond crypto you know of course having cross chain is important uh but also the institutions are interested in tokenization of the stock market and and real world assets

22:11and you know the quadrillion dollar derivatives of other things that aren't aren't in crypto right now is that something that may be incorporated into gasp in in the long-term Vision or is there a long-term Vision outside of crypto well the real world assets are are already on gasp today if you look at the pairs there is pretty large pair of Euro versus the dollar and stable coins

22:37are part of the real world assets uh so any token that is sitting on any blockchain can be traded on gasp so that includes all real world assets being even tokenized stocks tokenized real estate tokenized bonds or or anything you can imagine and actually I think that the future of defi is in that direction because now with the proliferation of stable coins I just

23:03read that one of the biggest banks in the US will launch their own stable coin if the regulation will be right uh it's a Hot Topic in in the DC in in Washington and uh even if you look at it through perspective of liquidity or liquidity provision it's a great thing to be providing liquidity into Euro versus the dollar because the volatility of the rate is not so

23:30high so you don't need to have impermanent loss that much but the volumes are there because the demand is high so I think that this whole category will even grow and gasp is more than well positioned to to be sitting right in the center of it that's really cool to hear especially because I think one of the barriers to entry is higher higher risk for some people they they

23:57they stable coin are essential and important for Defi and um sometimes they people get in the trenches and there's they're looking at micro cap projects and trying to see high apys but then there's impermanent loss or other risks that they may not understand but having stable coins and and uh tokenization of Fiat currencies Global currencies I think is important so I'm looking

24:23forward to that and what you mentioned there about real estate I did just see news that Robin Hood mentioned you know they're planning to potentially have real estate on the platform I feel like that will be some kind of rwa tokenization play with crypto involved probably so it would be cool to see gasp beat out Robin Hood in bringing that Innovation into the decks and

24:47tradability so I'm looking forward to that I'm looking forward to that as well I mean I I love Robin Hood um personally the user uh so uh I like what they're doing and they're actually on boarding a lot of new people into into the space so um they are of big help to to the industry uh and I believe we can be sitting there in parallel and uh on boarding other users to to gas

25:15platform that's amazing so if you want to get started in testing out the gasless transactions and staking and the other functions what is the best way to take the first step ideally you have a metamask wallet or rabby MH and you have it connected on ethereum layer one or on base and then you have some stable coins

25:42so you buy some stable coins or let's say on Unis swab or some Aerodrome and then you make a deposit to gasp and that's the point where you can start trading you can buy gasp you can stake it you can trade other coins uh you can restake to Egan layer you can explore other pools you can create other pools there's a lot of stuff to do uh and the best way to do it is is through through

26:06Bas but we have as well currently we have a connection to arbitrum we have a connection to ethereum ler one uh and very soon we will be integrating other chains that we will announce very soon on our Twitter and social media very cool looking forward to it I'll leave a link to to those uh Social Links you mentioned and the platform as well in the show notes below

26:29I'm looking forward to the next versions I see that there's countdowns to impending updates and I I've been testing out the alpha a little bit as well and Gathering some points for this next reward incentive so I'm looking forward to seeing uh how it grows and I'm wishing you and the team all the best on this and thank you for making a big impact uh especially when we move

26:50cross chain this is a solution that the industry needs um and people are always looking for some way to move uh securely between different chains and and swap back and forth as blockchains become more intermingled so I'm really looking forward to it thank you so much for the time today Peter all the best with gasp and everything moving forward and let's

27:10follow up in the near future thank you very much Aston it was great to be here again and I'm happy to talk again if someone needs uh they should reach out to us either on our Discord or on our Twitter I'm trying to respond to everyone over time so don't be uh do not hesitate to contact me or anyone from the team and we are happy to show you everything around

27:35gasp great thank you so much