AMA Session: SimpleSwap & Quai Network

Introduction

On March 22, 2024, SimpleSwap carried out an Ask-Me-Anything (AMA) session with Quai Network (QUAI) which took place on Twitter Spaces. We answered a number of users’ questions, and here's a recap of the session.

Questions & Answers

Host: 

Can we get a brief overview of what SimpleSwap does?

SimpleSwap:

We are a B2C crypto exchange offering cross-chain swaps supporting more than 1500 assets as well as fiat-to-crypto on-ramp and off-ramp service.

Host:

When was SimpleSwap founded? What problem was it founded to solve? 

SimpleSwap:

We have operated since 2018 and have since built relationships with more than 6000 partners and hundreds of thousands of users. When we started, the crypto market was quite segregated with limited offer in terms of supported assets. Cross-chain swaps almost did not exist back then. SimpleSwap has been offering this from the beginning with no registration required. That’s why the service is called SimpleSwap.

Host:

Brand trust is extremely important for a product like SimpleSwap, because people have to send their tokens to SimpleSwap before the swap can be initiated. How did you initially form this brand trust, and how do you ensure new users can trust that your protocol functions as intended? 

SimpleSwap:

Brand trust and our users are our key assets. The best recognition and a proof of a good standard for us is the feedback from our customers. We have 90% of 5 star reviews on TrustPilot, a lot of which praise our level of service and customer support quality, which we are very proud of. We ensure this by always improving our operational processes and expanding our network of technical partners that we work with that allows us to constantly improve on things that we do.

Host:

Can you talk about the customer support side of the business a little bit? How do you manage such a large volume of individuals needing support?

SimpleSwap:

Support is our strength. We have a few dozen inhouse customer support agents who speak multiple languages. This allows us to provide support 24/7 and respond to any incoming request in a matter of minutes. Support team is present on our social networks and Discord. On Trustpilot, we help users who have questions or problematic cases. 

Host:

There are always new chains popping up all over the place – how does SimpleSwap decide which ones to support?

SimpleSwap:

We continuously do business development activities and follow all the trends that happen in the industry. The process of adding new coins is 2 fold. We either reach out to their team or they reach out to us. The main things for us here is to make friends in the Web3 community and build long term lasting relationships.

Host:

Do you see Proof-of-Work having a renaissance with Bitcoin L2s, Kaspa, and other projects like Quai? Do you think there will be a pendulum swing back to Proof-of-Work or is the industry decided on Proof-of-Stake?

SimpleSwap:

Yes, indeed it does have a renaissance with these functionalities. 

• PoW is more secure and decentralized;

• PoS is more environmentally and user-friendly;

• This mechanisms will co-exist where each will find its own niche;

• We are partners with KASPA, they have our widget on their website.

Host:

What does the process of getting a new token supported on SimpleSwap look like?

SimpleSwap:

You can contact us, our listing team is looking for cool projects and adds them in our service when it’s possible.

Host:

Will SimpleSwap be supporting swaps to and from Quai Network on Mainnet? 

SimpleSwap:

We are waiting for your launch and will be happy to add you to our list. We are following your project’s development. 

Host:

Are there any upcoming improvements or features being added to SimpleSwap? Anything exciting users can look forward to in the coming weeks/months? 

SimpleSwap:

• Renewed Loyalty Program;

• Analytical articles continue appearing in the Learn section; 

• Improve website experience: stats of the latest swaps even for those who are not signed up, ability to add favorite crypto pairs to the list in the profile;

• Custdev sessions with our users – they help improve the product.

Host:

What differentiates SimpleSwap from other bridging/cross-chain swap solutions?

SimpleSwap: 

• User-friendly set up with 24/7 support available;

• On-ramp and off-ramp service;

• Instant exchange;

• Versatility. Tens of thousands of pairs for swap are available;

• Referral and cashback system. We reward our loyal users. Renewed loyalty program, affiliate program;

• Only approved coins;

• More than 100 networks available;

• Seamless cross-chain. 

Host:

How can users get involved with SimpleSwap if they find what you’re doing interesting? Discord, Twitter? 

SimpleSwap:

We’ve got Twitter, Telegram, Facebook, Reddit, Discord, Youtube, so our audience is free to join us wherever it’s comfortable for them. We like to engage in conversations on Twitter and get to know our customers there. Also we like to hold community events like giveaways, puzzles and polls for our customers to have fun with us. We always try to answer all of the questions and inquiries on every social media we’re in.