AMA Transcript: SpykeFast x Ella Finance

6 min readNov 25, 2020

This AMA (short for “Ask Me Anything”) with Spykefast Community was attended by the CEO of Ella Finance, Sai May Reddy.

In this blog post, you can find a wrap-up of the key outtakes and ideas that were presented by ELLA team in the AMA.

Host: Spykefast Team

Guest: Sai May Reddy, CEO

Time: November 20th, 16:00 (UTC)

Platform: https://t.me/spykefastofficial

Rewards: 50$ USDT i.e. 25$ each to the best 2 questions by group members.

There were 2 rounds of AMA conducted (for about 60 minutes of in-depth discussions with Sai MayReddy). In First round, Spykefast Hosts asked the questions. In Second round, Spykefast Community members put up their live questions.

Round 1

SpykeFast Team: Please give brief introduction about yourself, your individual role in #ELLA and experience in crypto?

Sai MayReddy: I am 30 years old I currently reside in Seattle, Washington U.S.A, and I specialize in DevOps and Cloud engineering with over 8 years of experience in the field. I previously worked at Ripple for two years as a DevOps engineer and am the CEO of EllaSwap, a next-generation on-chain liquidity provider that leverages on chainlink oracles decentralized price oracles to provide pure on-chain liquidity for everyone at zero slippage

SpykeFast Team: What are the core features of #ELLA which makes it different from other similar #DEX in space and How is it different from everyone’s favourite #uniswap?

Sai MayReddy:ELLA is powered by chain-link decentralized price oracle. Chain link price oracles retrieve accurate market prices of crypto-assets through a network of nodes. ELLA aims to provide an accurate market price for every crypto-asset so as traders will sell/buy without any impact on the price of the crypto-assets. The result is that traders can buy/sell at market price with zero slippage.ELLA liquidity protocol is powered by Chainlink decentralized price oracles while most DEX like UNISWAP liquidity protocol is powered by an automated market maker (AMM) algorithm.

SpykeFast Team: At zero slippage is what seems intresting to me but how zero slippage will be maintained for low liquidity assets?

Sai MayReddy: Traders can trade with Zero slippage and there no impermanent loss for liquidity providers

SpykeFast Team:. #ELLA website claims to be a powerful Automated liquidity platform. Any thoughts?

Sai MayReddy: Anyone can use app.ellaswap.com to swap crypto-assets with zero spillage ELLASwap maintains zero spillage for low liquidity crypto assets by encouraging arbitrageurs to step in and stabilize Liquidity Provider’s portfolios

SpykeFast Team: What are the leading utilities of #ELLA token in #ELLASWAP ecosystem?

Sai MayReddy: EllaSwap has a native token with the ticker being (ELLA) which is built on the Ethereum blockchain. ELLA is the governance token that powers EllaSwap.

Ella holders will have immediate ownership of:

Ellaswap governance

Ella community treasury

The protocol fee switch

SpykeFast Team: Since when you are working on this project? What specific progress has been made so far in #ELLA ecosystem?

Sai MayReddy: I left ripple 2019 when I conceived the idea of building a protocol where anyone can swap crypto assets at the market price at zero slippage. we released the centralised version on Jan 2020 and it failed on test net. We rebuilt the infrastructure on ethereum blockchain with chain-link price oracle and deployed the testnet on august 2020, tested it severally and it was deployed to main net on oct 2020

SpykeFast Team: Great, we thought its a concept copied from Uniswap.

Sai MayReddy: UNISWAP liquidity protocol is powered by an automated market maker (AMM) algorithm which is very different from Ellaswap protocol

SpykeFast Team: Can you share details about presale. Detailed Tokenomics, presale price, soft cap, Hardcap and initial listing price? Where it will be listed first?

Sai MayReddy:

Total Supply: 10,000,000ELLA

🤑Airdrop : 10000 ELLA

💰Presale : 8,000,000 ELLA

💰Reserve : 1,000,000 ELLA

🦄Uniswap and exchanges: 100,000 ELLA

💰Ellaswap Liquidity : 490,000 ELLA

🔒Liquidity Lock: 3 years

✅Team : 400,000 ELLA

🔥🔥PreSale Info🔥🔥

Start date: NOV 24th 10:00 UTC

End date: Dec 2nd 16:00 UTC

Tokens: 8,000,000ELLA

Presale Price: $0.3

Listing Price : $0.6

How to buy ELLA tokens?

1. Visit our website ellaswap.com

2. Connect your wallet

3. Click “Buy ELLA” button

4. Done

SpykeFast Team: What future event or feature on your roadmap are you most excited for?

Sai MayReddy: 1. Defipulse listing (DEC 2020): We are in communication with the Defipulse team and in the process of auditing the protocol for a successful listing on Defipulse.This listing on defipulse will bring in more liquidity providers, more token holders and thousands of users to the platform.

2. Liquidity platform for NFTs (FEB 2021): We are currently building a Liquidity platform for NFTs.Users will be able to buy/sell NFTs instantly, we would help NFTs enthusiasts trade NFTs like the way crypto assets are traded.

SpykeFast Team: Well this ends round 1.

Round 2

Sicxa: Which area does EllaSwap focus on at the moment? (DeFi, Dapps,Stake, Yield Farming..)

Sai MayReddy: Ellaswap is purely decentralised and belong to decentralised finance category

we already have a staking platform which token holders can stake their $ELLA

Atia Otroski: Many investors hit and run in the sell and sell session after listing on the first exchange, How did Your project prevent early investors from selling their tokens and what benefits you would give them?

Sai MayReddy: the team will lockup 75% of every funds raised on Ellaswap liquidity pool forever. Ella is built to protect investors in defi space

Aria Owen: I am a professional vulnerability finder on the web, do you think Your system is secure enough from hackers? Does your project have a program that rewards individual vulnerability detection of the system?

Sai MayReddy: we have 500k usd bounty funds allocated for that

natasya: ELLASWAP has many big competitors like TrustSwap and Unicrypt. I understand you are meant to beat them. When do you think you will be successful in this or at least in direct competition? What strategy do you have and plan to achieve this?

Sai MayReddy: EllaSwap currently have no competitor in crypto space, we built EllaSwap protocol to co-exist with other dex in the space

Yvonne Hamill: What region in the world is EllaSwap focusing on right now, like Asia or Africa? Or are you a global project that anybody in the world can use without restrictions?

Sai MayReddy: Ellaswap is a global project. Anyone can use the protocol with No RESTRICTION

Sarung Khan: What was your Motivation to build EllaSwap Projects? and what is your vision and mission now?

Sai MayReddy: Our vision is to build the most liquid marketplace were anyone can buy/sell any asset (crypto assets ,stocks and real world assets) in the world instantly.

Gwendolyn Will: Is this smart contract improved? Why is ELLA a better investment option? What are the outstanding features?

Sai MayReddy: Ella smart contract have been properly audited by the team and it is currently under audition by third party auditors

Stephania McDermott: Currently attracting real users and mass Adoption is a problem for Blockchain projects. So how will EllaSwap solve this problem?

Sai MayReddy: Ella NFTs liquidity platform is the game changer in the way people buy or sell real world assets. Anyone will be able to sell anything starting from cars , artworks instantly

Sydnie Lesch: What is EllaSwap fairness and transparency? What technology of EllaSwap helps ensure fairness and transparency for users?

Sai MayReddy: We initially built ellaswap to be centralised with a centralised price feed from price aggregators but it failed because the pool can be drained through manipulation of the price feeds. With the decentralised nature of chain link price oracle, it was possible to achieve this breakthrough

TsumaniX: Do we as investors of Ellaswap have the right to participate in the governance of the project? On what kind of decisions can they vote on about the project?

Sai MayReddy: They vote on distribution of ELLA community treasury funds and for the protocol fee switch

End is the Beginning:

In the end, Spykefast team thanked Sai MayReddy for taking time out of busy schedule to answer all important and critical questions related to ELLA project.