Socket X CryptoEarn Important AMA report
06.07.2022 an AMA session was held with the Socket project, AMA session was held in English. Our channel was visited by a representative of the project Socket - Absolute Unit. You can check full AMA text in the comment section in this post, so far there is more than 2.5k views
An AMA was divided into 2 main parts - the first part of questions we collected beforehand via special form and choosed best and most interesting of them
In the second part anyone could ask a question they like and Absolute Unit answered all of them
Here is an AMA transcription (1st part)
Q: Let's start from basic questions, tell us a little bit about Socket ?
A: Yes of course! Socket is a metalayer that aims to unify the multichain ecosystem by connecting all chains and enabling seamless asset & information transfer b/w them. It acts as a metalayer that gives protocols seamless connectivity across chains & enables developers to build unified apps with shared liquidity & state across chains.
Developers can access the Socket metalayer via easy to use APIs & build apps with interoperability as a core part of app infrastructure. With Socket, devs can program bespoke liquidity & information movement b/w all of their app instances & go truly multichain!
A: Currently we are already integrated in some big name protocols like Zapper, Zerion, Polynomial, etc. As their bridge of choice.
Q: Can you tells us the best features of your project that make you ahead of the competition ?
A: Definitely. Socket has some of the best security of all multichain applications due to its modular design and non upgradeable proxies (unlike our competition who have upgradeable proxies, which gives an easy in for would be exploited)
We also have the fastest response time for our cross chain Apis (we tested this vs. LiFi, connext, Hop, etc.)
And lastly we have the best team (lead dev team were the Genesis team at Polygon), and easiest integration - integrating Socket apis takes 1-2hrs of code time.
Q: What is your project's competitive advantage that you feel most proud of ?
A: Good question. Our team is definitely our secret sauce. I already mentioned that they were the Genesis team at Polygon, but in addition to that our lead dev (Vaibhav) was the creator of the first zkrollup. He is incredibly brilliant and building this multichain protocol in an extremely smart way.
In addition to that our other co-founder, Rishabh, is one of the youngest people to ever take a startup to $50M+ valuation and is an absolute beast at BD.
Then the rest of the team is full of people well known in the dev community for being some of the best/brightest in the field.
To me all else stems from our strong team.
Q: How Socket is different from protocols that provide custom API solutions? A: Yeah I think this is hard for retail to see but devs see a huge difference in Sockets API. I already mentioned some above but to say it again -
-Fastest response times when compared to competitors
-Highest security with non-upgradeable proxies and limited approvals
-Very minimal integration effort (only 1-2hrs for a custom bridge and 1-2 days for a custom widget ft. Bungee)
-Automatically detects low gas then sends a small amount of gas to the destination chain through Bungee Refuel
Here is an AMA transcription (2nd part):
Q: Who will provide liquidity in cross chain transactions? A: So that's part of the beauty, Socket built Bungee (https://bungee.exchange/) so Socket just plugs into the liquidity of every other bridge since Bungee is an aggregator
Q: Socket aims to unify the multichain ecosystem. How it will be implemented? Is it unique architecture?
A: Correct by being the backbone architecture of multichain apps. Two examples already on market are Zapper and Zerion, but we will also be launching with other big name protocols soon
Q: Does Socket have plans to support Atom and Polkadot ecosystems ?
A: Most definitely. They are both on the road map
Q: Is there an airdrop planned for early adopters of the protocol? Or maybe an incentive program
A: 😉 For people who are active in the community there are some plans
Q: Do you plan to enter into agreements with some blue chip defi so that cross-chain interaction in these protocols occurs thanks to your project?
A: Yes! We're actually chatting with some now and they are integrating Socket apis as we speak
Q: is there any plans to integrate with Trustwallet, FTX wallet and xDefi wallet?
A: Yes! A few of those are in the works ;) as well as a few other bigger name wallets
Is it possible to repay the loan simultaneously in multiple chains?
A: Correct so that's coming once our Data Layer hits market. That should be happening later this quarter
Q: If Socket provides cross-chain depositing automate bridging, who will pay for gas? Or Socket technology
A: Yeah good question, if it's cross chain being done by a protocol (like cross chain yield farming) then the protocol will pay. But if done by the user, then the refuel feature in our API will help with that ( https://bungee.exchange/refuel)
Q: What is the difference between socket API and deBridge API, are those projects similar ?
A: They are similar with a few key differences. Debridge relies on users to supply liq while Socket can pull from every other bridges liquditiy since it's an aggregator. As well as a few minor security/usability differences
Q: Usually bridging needs some native tokens to pay gas fee, for example from polygon to mainet. Does socket resolve this issue?
A: Yes please check out refuel! Https://bungee.exchange/refuel
Q: Could you please clarify about Position Migration. What happens with liquidity when positions migrate across from one chain to another?
A: It depends on the exact architecture but let's use Aave as an example -
-User 1 has $10k of collateral on Arbi and $10k of collateral on Polygon at risk of being liquidated. Sockets Data Layer API can allow for a portion of that liquidity to be burned, minted and sent over to the destination chain
Q: Is there any plans to support chains which addresses are not like erc-20. For example solana and flow
A: They are not on the immediate road map. But they will eventually be integrated