Name : Xrivijayan / @xrivijayan
My Journey to ParaSwap
I have been active in startups since 2017, when I left my corporate job to join a non-crypto startup working with the founder/CEO. My introduction to crypto was in 2018 - I was lucky enough to angel invest in a local crypto exchange. I knew the founder from school, and advised him to push ahead with his idea, introduced his major early investors, and came along for the ride. However I wasn’t really involved in crypto itself outside that, until the pandemic where I had enough time on my hands to fall down the rabbit hole and discovered smart contracts, DeFi, etc.
Since then I’ve been spending a lot of time outside my day job in crypto. I don’t actively trade or speculate, but try to invest for the long-term and adjust the portfolio more slowly. I’ve learned from bitter experience getting blown up/rugged on several projects (LUNA/UST, SPELL, SBR/SUNNY are my lowlights). After going through the euphoria and hype cycle of 2021 and the collapses of 2022, I started looking to deconstruct crypto projects as their underlying businesses, mostly through conceptual and financial analysis. I do this as much to learn for myself as to share with others. I try not to get drawn in by hype and narrative anymore, and understand if a real business with solid product-market fit is being built. I have occasionally shared this analysis on Twitter (see samples below):
I believe the possibilities of crypto tokens for capital formation, and smart contracts for operating efficiency (see Uniswap vs. Coinbase revenue per employee) mean that it’s possible for crypto startups to direct a significant amount of their earnings back to tokenholders. That’s how ParaSwap came to my attention when the PSP 2.0 proposal popped up on my Twitter feed. I was very impressed by the thoughtfulness of the framework and the subsequent active DAO discussion on how to improve it, and bought my first bag of ParaSwap to experiment with P2P 2.0 when it launched, while also starting to direct all of my trades through it.
ParaSwap DAO Involvement
I got involved in ParaSwap DAO by chance - I saw some of those trades not get accounted for in my ParaBoost dashboard, so I pinged on Discord. Soon I was talking to @Bach about filling up a Github request. Shortly after that, I started collaborating with @Bach and @0xytocin for the first Express Proposal to add tokens submitted by myself and the rest of the community to the ParaBoost whitelist.
After the Express Proposal passed, I DMed @0xytocin since I wanted to do a similar thread for ParaSwap as my GMX analysis above. I mentioned that it was my first time actively participating in a DAO after lurking and enjoyed collaborating with him and Bach. 0xy encouraged me to take a look at the ParaTroopers proposal. Now I’ve decided to throw my hat in the ring!
ParaTroopers in the Vanguard
I experienced the first epoch of PSP 2.0 and quickly realized that this is the promise of DAOs, Web3, etc. made real. We, the users of ParaSwap and its owners via staking PSP, benefit directly from using the product and its continued growth. We are rewarded for being loyal ParaSwappers and are incentivized to bring our business to ParaSwap. When we refer others to ParaSwap, we get a direct benefit linked to the amount of business they bring. This is all thanks to the elegant design of PSP 2.0, which I believe has set a new benchmark for aligning tokenholders as customers and users to the collective benefit of themselves and the protocol. The benefits of being a ParaSwap DAO member by owning PSP, publicly available to anyone, contrasts with being an early adopter of Web2 products. In Uber or Wise, we got a nice referral fee or a couple of free rides, but we never got a chance to own a piece of the business.
The disconnect between the demonstrated value I see being created with PSP 2.0 and the amount of attention ParaSwap has gotten outside of the DAO to me is a wasted opportunity. Our innovative tokenomics and our great product deserve to come to the attention of all the DeFi traders who should get rewarded for bringing their flows and liquidity to our protocol. I want to be at the vanguard of the battle to bring ParaSwap to the attention of the crypto masses, and to do that I would focus on 3 things:
Content Marketing - I haven’t seen a truly viral thread about PSP 2.0 since the first epoch on Twitter, or a great interview with a major crypto content producer. We should actively focus on raising our profile if we believe (like I do) that we have a great product and superior tokenomics that benefits the average user.
Product Feedback - I’d like to focus on some low-hanging fruit here that will make it easier for the average non-technical user to access ParaSwap effectively, and surface key elements of the PSP 2.0 value proposition like the gas refund and referral bonus. See this suggestion on improving our referral links system as an example.
Protocol Metrics - I think ParaSwap’s operations and performance needs to be better understood by everyone in the DAO. The visibility of the Metabase dashboards is a great first step - more can be done to surface useful information. For example, showing the implied yield for sePSP1 vs. sePSP2 as the epochs progress.
These are just a few thoughts I have to make ParaSwap a vibrant, fundamental building block of the decentralized finance landscape for every onchain user who trades, and for DAO members who want to more actively contribute to its success by referring other users.
ParaSwap Code of Conduct
Nothing to add here, I think this is a great expression of principles. I will flag that I continue to have a day job, albeit one which has a lot of flexibility in terms of time. I currently allocate a significant portion of my time, including certain weekends, to crypto. I manage a small amount of friends & family money which I invest in crypto alongside my own (including PSP). As part of my investing, I was already thinking of doing my own analysis and posting more about ParaSwap publicly, which is in line with my thoughts on how to contribute as a ParaTrooper above.