Sameep Singhania on How Trading at Lightning-Fast Speeds with Near-Zero Gas Fees with Quickswap (Episode 198)
Today Sameep Singhania joins us to discuss trading at lightning-fast speeds with near-zero gas fees with QuickSwap.
Sameep Singhania is the Co-Founder at QuickSwap, a UniSwap DEX clone utilizing the most adopted Ethereum Layer 2 scaling solution: Polygon Network. QuickSwap is known for its lightning-fast speeds with near-zero transaction fees. You can follow QuickSwap on Twitter @QuickswapDEX.
Sameep has a bachelor’s degree in CS and has been a professional programmer for the past six years. He would characterize himself as a software developer, blockchain engineer, and consultant who loves to work on exciting new projects and meet new people from different cultures. That’s why the idea of joining Toptal thrills him, freelancing would enable him to work on exciting development projects while seeing the wonders of the world.
The following transcript was created using artificial intelligence. There will be some grammatical errors below.
00:00:05:13 – 00:00:25:04
Richard Carthon: Hello, everyone. Welcome to another episode of Crypto Current, your host here Richard Carthon, and today we got a special guest working on a cool project that’s going to actually help you be able to get even more Crypto in your hands and actually even have some breaking news to share with us at some point today. So for everyone listening, I want you to welcome Sameep with QuickSwap. How are you doing today?
00:00:26:13 – 00:00:37:16
Sameep Singhania: Hey Richard first of all, thanks for joining me today here. And it’s like, wonderful talking to you and I hope this particular piece is going to be fun for both of us. I’m doing good today. How are you?
00:00:37:18 – 00:00:55:24
Richard Carthon: Man, I’m doing well. Can’t complain. Even though we’ve kind of been in this horizontal sideways movement in the Crypto space, I think things are about to turn in a positive direction. So, feeling pretty optimistic this morning. But before we dive into QuickSwap, I want to first learn more about you. Can you give us some background on yourself?
00:00:57:00 – 00:01:26:10
Sameep Singhania: Yeah, of course. So, yeah, so, like I’m an engineer by heart. I would say like, to start with because like, that’s what I am. So, I’m an engineer by heart, software engineer you can call me. So, I’ve been working in the software industry for more than 10 years now, and I, yeah, I used to develop some cardboard back end stuff back in the days, but then in 2017, I decided to move on to Crypto space, Blockchain space because I really love that industry. So, I moved on to it and since then it has been one hell of a ride I would say.
00:01:26:12 – 00:01:44:13
Sameep Singhania: So, I started as a freelancer in 2017. I worked on a lot of projects and then I, you know, I worked on ParaSwap, I worked on OpenBazaar and then like, finally we decided to start QuickSwap. So, I think I would like to brand myself as an engineer and I love that.
00:01:44:29 – 00:02:05:17
Richard Carthon: Yeah. I mean, being an engineer is great, but you’re also a pioneer in the fact that you got in so early and you were trying to help create and innovate to get there. And it’s interesting your journey, right? So, you started as a freelancer and what I think a lot of our listeners, some of them are are freelancers. And to get to the path of where you’re ultimately trying to be, I think freelance work can provide a couple of things.
00:02:05:19 – 00:02:33:29
Richard Carthon: One, some income, two, some experience, and then three, kind of an opportunity to see how different companies are trying to create their business. And it allows you a lot more, a 10,000 square foot view of how everything is kind of coming together to be made. And I think that probably provided a ton of insight for you and how you created QuickSwap. So, let’s talk about that for a moment. Like, what was the inspiration for QuickSwap and what did you identify as a challenge and what is it helping to fix?
00:02:36:14 – 00:02:59:15
Sameep Singhania: So as I said, I started as a freelancer, right? So when I started as a freelancer, like, honestly speaking, I knew nothing about Blockchain. I was more into Java space and developing applications on top of that. But hopefully, I’m not sure where it came from, but a project came to my hand, which was connected to Blockchain and I really loved doing it, right? So like, since then, I’ve been working with the Blockchain space and I would say it’s a good ride.
00:02:59:18 – 00:03:18:14
Sameep Singhania: And yeah. I mean like, if you are a freelancer, like any of the listeners, like, you should definitely choose the spot. Please give it a try, I would say. And I’m not talking more about QuickSwap. As I said, I was into this Blockchain industry for quite some time, I started my journey in 17. So, I’ve been doing a lot of service based projects, right? Mostly in the DeFi space.
00:03:18:16 – 00:03:47:06
Sameep Singhania: So, I like, I started my DeFi journey in 2018, like, in the very beginning when DeFi was just starting up. Like, and in 1999, I was more into DeFi. Like, I was more into ParaSwap, doing a lot of stuff, a lot of integration. So, I had a good grasp on what DeFi is and then, I got to understand that DeFi is the code of any platform, right? Not just for any like, any financial aspect, but you need DeFi if you want to build anything, even if you want to get a gaming infrastructure, or an NFT infrastructure, like any infrastructure, DeFi’s the code of it, right? So, I was looking to build something, right?
00:03:47:08 – 00:04:29:19
Sameep Singhania: I had that in me that I want to build something. And then, like earlier last year or even in March, the Ethereum prices were very low, I think somewhere 1,900 US dollars. And then, from there it started going up, right? Like, the COVID was going up and the Ethereum price and the entire Crypto industry was going up as well, right? So, basically the Ethereum ecosystem was getting a lot of traction from the people, right? A lot of like, new projects were coming in, a lot of DeFi was happening at that time. Uniswap was growing big. Balancer came in and Aave came, Curve, came in, Compound came in, Synthetix came in, a lot of products came in. So, basically the adoption was increasing. And with this increased adoption, the price of Ethereum was going up, right? And the trajection cost was also going up.
00:04:29:21 – 00:05:01:08
Sameep Singhania: So in March, if you want to do a transaction on Uniswap, it would cost you some like, pennies I would say. Some cents, not even a dollar in March, right? But it kept on going up, right? With like, each passing day, it was increasing exponentially, I would say, right? And then, somewhere in July or August, Ethereum prices would fall under US dollar if I’m not wrong. And the gas prices were like, 50 to 100. So, transaction cost was very expensive. So, I wondered what transaction on Blockchain, it was very expensive. And so, basically the Blockchain was becoming a thing for the rich, I would say, right?
00:05:01:21 – 00:05:02:06
Richard Carthon: Yeah.
00:05:02:08 – 00:05:26:22
Sameep Singhania: People like me, small traders or small users, they couldn’t use it. Like, I had to think twice. So, I even had to think twice at the time. When I was doing a transaction on Uniswap, I had to think twice, whether I should do it or not, whether it’s a meaningful transaction or not, right? And if I wanted to have a very small transaction, let’s suppose I wanted to swap 100 US dollars. And if I have to pay 10 or 15 US dollars in fees, I’m not going to do that because that’s almost 10 percent in transaction costs, that’s very high.
00:05:26:26 – 00:06:18:09
Sameep Singhania: So, even if I want to do a 100 dollar transaction, sorry, $1,000 transaction, and if I have to pay $10 as a fee, it’s still one percent, it’s still too high, right? So, basically the Ethereum ecosystem, this DeFi ecosystem, was, you know, becoming a thing of the rich, right? And that whole point of doing this DeFi, doing this NFT, this gaming, was to bring the next 1,000,000 users into the decentralized space, like, because we see the future of the world. Like, it’s a mix of decentralized and centralized, right? So, we wanted to bring the next 1,000,000 users who would make it decentralized, right? And that’s not going to happen if they have to pay a high transaction cost. So then, like you know, we tried to figure out, like, how we can subsidize this, how we can build a platform which anybody can use without thinking twice about the fees, about a transaction cost, about a transaction time because on Ethereum, transaction times were high as well, right?
00:06:18:11 – 00:06:18:26
Richard Carthon: Right.
00:06:18:28 – 00:06:30:07
Sameep Singhania: Like, to be minimum, it’s somewhere around 15 seconds, if you are using the very fast gas price, right? And if you are using a medium gas price, can take minutes or even hours or sometimes it gets dropped this way.
00:06:30:14 – 00:06:30:29
Richard Carthon: Right.
00:06:31:01 – 00:06:42:28
Sameep Singhania: So like, that’s sort of good UX in my opinion, that’s sort of good user experience. So, we wanted to, you know, enhance user experience because then only you will get the next 1,000,000 users to the Blockchain, otherwise you will not get 1,000,000 users to the Blockchain, right?
00:06:43:00 – 00:07:30:17
Richard Carthon: Right. And real quick, I definitely want to interject here because I think this is very, very important where a lot of people miss this and this, especially for the newbies. So, if you have not have the opportunity to use a thing like you Uniswap yet, so let’s say, for example, you’re using something like MetaMask, you have some Ethereum in there and you’re trying to buy some within the Ethereum ecosystem and you’re trying to transfer it to something else. Now, to do that, you’re going to have a fee, one, to set up your wallet just to allow it to have the transaction. Then you then have to have the money on deck to then to have the the swap that you want to do. Then you’re going to have another fee for gas and to get all that done. And at some point, you were having to spend 100+ dollars just to change whatever money you want into something else.
00:07:30:22 – 00:08:04:18
Richard Carthon: So, even if, you know, if you wanted to change $10 into $10 of something else, you were still having to pay that like $100 just to have that done and it’s not sustainable. Like you were saying, DeFi was meant for the people, it’s meant for anybody, the next million people to come on. And it was technically at that moment only for the rich, only for the extremely wealthy, which is defeating the whole purpose. So, I definitely just wanted to spend a moment to reemphasize the importance of fixing that problem because it is a significant one. And sorry, I’m just going to give it back to you, but I definitely wanted to just re-emphasize, like, how important it is that that gets addressed.
00:08:05:25 – 00:08:25:08
Sameep Singhania: Yeah. I mean, thanks for emphasizing on it because like that’s why we created QuickSwap. We wanted to fix the user experience problem. Like, we knew that, you know, that Uniswap is great and we love Uniswap. Even I use Uniswap these days, I swear it’s great. But we wanted to fix this user experience problem, you know, where like, you don’t have to think twice about the price, the transaction cost and the transaction time.
00:08:25:17 – 00:09:01:11
Sameep Singhania: So then we realized, you know, we want to build an infrastructure on Layer Two solutions, you know. There, all all sorts of applications can come and like, they don’t worry about the transaction cost. And the first thing that’s needed for all that infrastructure to be built is a decentralized exchange. That’s the first requirement because, and like, we see that. For any new project that comes to Polygon, like, they first come to us. Even before they launch, they come to us, like, because they want to have their token listed somewhere, like, they want a place where people can pay for the tokens, right? They can buy their tokens too. Like, if it’s a gaming platform, users should be able to buy a token somewhere to use that token within the game, right?
00:09:01:13 – 00:09:01:28
Richard Carthon: Right.
00:09:02:00 – 00:09:28:14
Sameep Singhania: Same for NFTs, same for any other platform. So then, we realized this in August of last year that, you know, if Layer Two has to survive or like, we have to bring next 1,000,000 users, then we need a dex, you know, which is like, useful for every event, which anybody can use without thinking twice about it. So, then we decided we need to follow Uniswap, right? And we chose Polygon. At the time, it was MATIC. They rebranded to Polygon somewhere in January I guess. It was MATIC, right?
00:09:28:16 – 00:10:05:20
Sameep Singhania: So, I’ve been working on MATIC for quite some time, like, before their mainnet was launched. So, I had a very good experience with their team, I had a very good experience developing on their ecosystem, so, like, that’s why, like I personally chose like let’s try this with MATIC, right? And then, we discussed this with, you know, the MATIC team and we discussed with, like, we created our own game, like we all came on board. And basically, they are our marketing advisors and they are a great, like, marketing team. So, like everyone, they are fantastic people, right? So like, one of the best marketers I’ve seen, like, in my whole life so far.
00:10:05:28 – 00:10:06:13
Richard Carthon: Yeah.
00:10:06:15 – 00:10:23:07
Sameep Singhania: They did a great job. So, we created our team, right? And then we decided, let’s do this, right? And before Uniswap, like, we deployed this on Polygon. The one thing like that we focused more on was the security aspect, right? We wanted to solve this user experience problem, but not at the cost of security.
00:10:23:12 – 00:10:45:15
Sameep Singhania: So, he wanted to inherit the same security model which Uniswap had at that time and it was better tested as well. So we decided we will not change even a single line of code, even a single letter in the smart contract of Uniswap, because that’s where it’s security came from, right? So, we didn’t do that. We didn’t change anything and like, we are proud of that. Like, that’s why we are so security. We are as secure as Uniswap. Like we say that, right?
00:10:45:17 – 00:11:06:24
Sameep Singhania: So we did that. We deployed like, Uniswap, like, which is QuickSwap on Polygon, and like, we started like, let’s see what happens, right? And then there were a lot of problems in the beginning because like, the Polygon ecosystem was also very new at that particular time. There were not many projects that were coming to Polygon. There were not many tools out there at that time, so like, we built some of our tools like, by ourselves, right?
00:11:06:26 – 00:11:26:27
Sameep Singhania: So, at that time, like our protocol was not there and we wanted to show our architect, so, we launched on our own graph, like, version of graph nodes, right? And like, we were the first to bring architect to the Polygon. So, we did a lot of innovating stuff over there, there’s been a lot of, like, ecosystem development. And finally, we launched QuickSwap in October last year, right? And since then, it has been a great ride.
00:11:27:10 – 00:12:02:03
Sameep Singhania: Like, and the biggest thing is we see people doing a swap of even $1. Like, and when I see that, you know, that people are doing a swap for $1, it gives me so much satisfaction because that is what we wanted to achieve, right? Allowing users to do a swap as less as $1 or even less than that, right? And that’s happening. So, we were, like, getting somewhere around 600,000 transactions each day. Like, that was an amount of transactions that we were getting, right? The volume was not that high as compared to Uniswap, volume was somewhere around 800,000,000 US dollars. The number of transactions was 600,000 transactions. So, like, it basically shows like, how many users are actually using it.
00:12:02:13 – 00:12:02:28
Richard Carthon: Right.
00:12:03:00 – 00:12:08:27
Sameep Singhania: So, even the very basic users are using it for the smaller transactions. That’s why like traffic volume is not high, but the number of transactions are so, so high.
00:12:09:17 – 00:12:57:16
Richard Carthon: Right. And, you know, honestly, it’s amazing because you have opportunities to keep the growth going. And the fact that, you know, me even listening to this, that someone has the ability to swap something as small as $1 and it still makes sense and it’s still feasible, like, that’s encouraging to me to even come on and see how I could use this, because, I mean, like, as much as I do enjoy Uniswap, their fees have poured me up in the past. And so, if I can come on here and you’re saying I can greatly reduce my fees, which means my margins for how much money I actually get to keep is highly enticing to me. So, I guess the first question I have is this, you know, sounds great, let’s say that someone wants to be able to save some more money on their fees and when they’re swapping and everything else and they want to use QuickSwap, what does that look like? If someone wants to go and use QuickSwap right now, walk me through how that process works.
00:12:58:26 – 00:13:33:17
Sameep Singhania: The process is simple, right? But honestly speaking, it’s still not that user-friendly. We are working like, to fix that problem, but like, we wanted to fix, like, all UX problems. And the first UX problem that we wanted to solve is like, transaction cost and the transaction time because we thought this is the biggest problem, right? The biggest hindrance, right? So, that next set of problems that we’re trying to solve is like, improve user onboarding. Like, improve the entire process of, you know, doing a swap on QuickSwap. So, if I’m a user and if I’m doing a QuickSwap, sorry, a swap on QuickSwap, it should be as easy as using Robinhood. Like, that’s what you’re targeting right now.
00:13:34:16 – 00:13:35:01
Richard Carthon: Right.
00:13:35:03 – 00:14:00:15
Sameep Singhania: Right now, if you want to do a swap on QuickSwap, like, I think you should, you just need to go to the exchange website. There are different types of wallet that you can connect to. You can connect to Coinbase, you can connect to MetaMask, you can connect to Venly, and you can connect to Potus as well, right? So, all these wallets we support, so you can connect to any of these wallets, right? If you have funds, let’s say on Ethereum, there’s a bridge as well. You can bet your funds or like, your assets from Ethereum to Polygon if you want to do that.
00:14:00:17 – 00:14:22:06
Sameep Singhania: And if you don’t have any funds, you want to like, buy funds directly on like, Polygon, Layer Two solution, you can either do that to exchange because a lot of exchanges now support Polygon. So, we now support Polygon now. I think OKEx supports Polygon, SynDEX supports Polygon. So you can go to those exchanges, buy funds. If you don’t want to do that, you can like, buy directly buy different assets on QuickSwap as well, using onramp services.
00:14:22:08 – 00:14:50:23
Sameep Singhania: So, right now, we support transactions. So, we are like, in discussions with other like, big onramp service providers as well. And soon you will exceed that as well. So, once you have like, your funds and your wallet setup, you can like, simple go there and start swapping assets. Like it’s as easy as, you know, doing it on Robinhood. Like, not that easy, but swapping is very easy. You don’t have to worry about the transaction cost or transaction time. With QuickSwap, there are virtually zero fees, zero dollar fees and the transaction is confirmed in a blink of an eye.
00:14:50:25 – 00:15:32:21
Richard Carthon: Which is extremely great and powerful and something I am going to be looking more into. I’ve had a lot of people, one, I’m also a Polygon, MATIC fan and have seen its rise and its ecosystem is very strong and for reasons like this, being able to do these transactions quickly at a good cost and securely. And I think a lot of people are really looking forward to being able to have more of that kind of experience as the greater Crypto world continues to expand, but I also heard that you had some pretty good news come out about QuickSwap recently. Do you want to share that?
00:15:34:06 – 00:15:58:24
Sameep Singhania: Yeah, of course. Thanks for letting me share that. So, like, we recently got listed on Binance. Like it happened this morning and so, like, even like, I didn’t know that we got listed on Binance. Like when our partners told me that, Hey Sameep, we got listed on Binance. I was like, what? And then, like, he shared the announcement with me. And like, I’m so happy, so, so happy because getting listed on Binance is one thing, but this validates that what we are doing is right.
00:15:58:26 – 00:15:59:11
Richard Carthon: Yeah
00:15:59:13 – 00:16:21:06
Sameep Singhania: And it is actually making a difference, right? And it is actually needed. Like, that’s why like, an exchange like Binance is one of the top exchanges. They listed us and we didn’t know about it, so, like, it’s great. Like, it’s like one of the biggest achievements for QuickSwap to this date. And like, we are looking forward to more such achievements, like in the future, right? That’s the biggest news I would say, that QuickSwap has had in recent months.
00:16:21:24 – 00:16:28:19
Richard Carthon: That’s amazing. Congratulations. That is big news. If someone wanted to find your ticker on Binance, what does that look like?
00:16:29:20 – 00:16:44:14
Sameep Singhania: It’s quick. It’s Q-U-I-C-K. Sort that symbol that we have, it’s the same ticker on Binance as well. And it’s even bigger for us because QuickSwap is not even at year one now, right? So, we started in October and right now we are starting in July, right? So, in seven or eight months time, we are listed on Binance.
00:16:44:22 – 00:16:45:07
Richard Carthon: Yeah.
00:16:45:09 – 00:17:03:22
Sameep Singhania: So, I think we are doing good. Like, the community is doing good because another point I would like to focus here is like, QuickSwap has grown organically. Like, from the very beginning it has grown organically. So, the community is wonderful. It’s also like they are supporting us since day one. Like, I haven’t seen any of the community doing that.
00:17:03:24 – 00:17:25:19
Sameep Singhania: Like, each center that is there in the QuickSwap area, like, it’s not inorganic. Everything is organic. Like, everything has been put up by the community members or by the like, different institutions without contacting us or without me reaching out to them that guys, let’s do this, let’s do that, right? So, I think we are one of the only exchanges who has like, achieved this organically.
00:17:26:20 – 00:17:27:06
Richard Carthon: Yeah. And congratulations to the team.
00:17:27:08 – 00:17:36:11
Sameep Singhania: And of course we get a lot of support from the Polygon team, right? They supported us, like, a lot from the very beginning, and like, I’m thankful to them for that
00:17:37:07 – 00:18:31:04
Richard Carthon: Definitely. And, you know, it just speaks to all the hard work and what it means to build a really good team, kind of like you’re highlighting earlier of being able to have the right people in place to bring everything together, get it out to your community, have it work because if it’s, you know, you’re getting that amount of transactions organically without doing a whole lot of promotion, it just speaks to solving a core problem that’s out there and people identifying and wanting to use. So, you know, kudos to you all. Keep up the good work. And, you know, we were talking about DeFi earlier and we were talking about, you know, how do we keep expanding and getting to mass Crypto adoption. And I think DeFi is a good path to doing that because it allows a lot of financial access to tools that most people in the world don’t have. You know, how do you think DeFi is going to continue to evolve over the years and as we continue to become a more mature Crypto audience?
00:18:32:19 – 00:18:56:08
Sameep Singhania: Yeah. So I think, you know, as I said before, so,, DeFi is a base layer of like, achieving anything. Like, if you want to create an ecosystem, DeFi is the base layer because without DeFi, it’s virtually impossible, right? And I think there is still a lot of innovation, which has to come into the DeFi. Like, what we are, like, looking at right now, it’s the very beginning I would say. So, DeFi is still in its very early stages that I would say nascent stages, right?
00:18:57:00 – 00:19:53:05
Sameep Singhania: So, we still need to, like, in my personal opinion, we still need to like, fix a lot of user experience problems because at the end, users like, are like, everything to the ecosystem. Like. if they are not satisfied, if they are not able to use our protocol, even if that protocol is, I’m not sure, if even if it’s very good algorithmically from contracts perspective, like, anything, but if users are not able to use it, it’s a waste of time, I would say, right? So, we still need to solve a lot of user experience problems, lot of onboarding stuff, which DeFi, all the ecosystem at large, like, has to solve, right? It should be as easy for a user to come and use any of the DeFi platform as like, we are right now using our, let’s say Robinhood or other applications out there, right? I simply go to the application and login over there and I start using it. I don’t have to worry about wallets, I don’t have to worry about gas fees, I don’t have to worry about moving my assets, all that stuff. It’s all built like, within that particular application.
00:19:53:11 – 00:20:11:23
Sameep Singhania: So, I think DeFi still has to mature a lot and we are seeing that, right? We are seeing a lot of V2’s and V’s. So, Uniswap started was V1, then they moved on to V2 and now they have V3 as well. So, it basically shows how far the DeFi space is maturing, right? Even Aave has V2 now. Even Balancer has V2 now, right? Same with Synthetix.
00:20:11:25 – 00:20:44:01
Sameep Singhania: So, every protocol is maturing. Like, in every six months we see a new version. So, basically it tells us that DeFi is maturing up. Like, it’s growing from the nascent stage, right? So, like, I think we are on the right track right now and we just need to keep building and like, keep solving all the experience problems. So, like, if we target user experience as the core of developing anything, we will definitely hit a point where, like, DeFi is like de facto to anything.
00:20:44:03 – 00:21:28:17
Richard Carthon: Agreed. And like you were saying, that user experience is so crucial. But when you think about where we are, like, yes, we’re in our first decade of Cryptocurrency and everything that’s been going on with it, but we’re still so early. We still have so much to build. I mean, there’s so much foundation work being built right now to when you get to a point to where something as simple as you said as Robinhood, you know, I think we’re still a couple of years out from that because there’s so many bridges that have to be built and have to build securely, quickly and everything else that it’s going to take some time. All of this takes time. But the fact is, is that whoever can help figure that out and bring that kind of experience the quickest, those are going to be your winners.
00:21:28:21 – 00:22:04:11
Richard Carthon: And I am very much a fan of companies who have that forward thinking, that intuitive experience that they’re trying to create for their users so that anyone can pick it up and immediately know how to do that. So, I think it’s great that that’s your focus. I think that’s the right focus. And thank you for that insight. You know, as we kind of wrap up here, man, there’s two questions I’d like to ask that I think bring a lot of insight one, into yourself, but then can give a lot of value back to our own listeners. So, if you could take all the knowledge that you have right now and can impart two to three pieces of wisdom when you first started in this space, what would you tell yourself?
00:22:06:12 – 00:22:26:11
Sameep Singhania: Okay. So, when I first started, like, as I said, I had no knowledge of Blockchain, right? So, I started working on out of the blue, right? So, and when I started working on like, the first thing that I like, I saw it was a lot of opportunity in this particular space because, as I said, I’m an engineer, right? I’m a developer and when I started looking out for resources, I didn’t find any resources over there, right?
00:22:26:13 – 00:22:45:29
Sameep Singhania: So, they were very, very scarce resources over there. Even I wanted to learn solidity and there was nothing out there, just bits and pieces. And out of those bits and pieces, I learned like, whatever I could learn. And then, I like, put myself into practical use. And then, you know, I compare this with other technologies, like, with Java technology, with darknet, like, all the other technologies, which were there.
00:22:46:01 – 00:23:22:13
Sameep Singhania: And then, like, this question came to myself that, you know Sameep, you are in a very early stage of something, which is going to be a great, which has a great future, right? So, I am like, sitting at the very nascent stage and I started Blockchain, what Ethereum was at its nascent stage. And then, I like, thought this to myself, that if I keep doing this right now until let’s say next five or 10, 15 years, so, after 10 years, the amount of knowledge or experience that I’ll have, no one will have because like, I have been there since day one. It’s more like, you know, you are, like, looking at a baby’s growth since its very early stages, since day one, day two.
00:23:23:13 – 00:23:23:28
Richard Carthon: Right
00:23:24:00 – 00:24:09:01
Sameep Singhania: Day two, right? So, I still think, you know, we are in the very early stages of Blockchain, right? And this is a clear enough motivation for anyone to work to get into an industry that you can see it has a great future ahead, right? And it’s still very nascent, so, if you know, pick this stuff or this industry at this stage, just assume after 10 years, right? When this is a mainstream thing and you have been in this industry since it was a baby, right? So, you know how it has become what it is now after 10 years. You have seen all the developmental stage, all the hard times, every crash you have seen, every, you know, big bump you have seen, like, every bubble you have seen, right? Everything you have seen, right. So, you are one of the, I would say you will become an OG, right?
00:24:09:06 – 00:24:09:21
Richard Carthon: Yeah.
00:24:09:23 – 00:24:30:11
Sameep Singhania: One of the OGs of like, Blockchain space. And I think that for me that’s the biggest motivation, because after 10 years, I can see myself being, you know, one of the like, biggest people over here, not me, myself, but my project as well, like QuickSwap as well. And like, that’s the biggest motivation for me to adopt this technology as early as possible. And I’m happy for that.
00:24:31:12 – 00:25:25:06
Richard Carthon: And that’s great. And, you know, it’s, I like to think in larger time horizons, so, I’ve had a lot of mentors, I’ve had a lot of people who have come on the show who have the insight and the fortitude, kind of like you said, and look at this more as a long term play. A lot of people want to enter a new type of technology or a new type of environment, they see it as a how can I get as much money as I can in a short amount of time, be in and out and get back to something more secure and less risky. But risk goes away the more time that goes into it, and the more validation, and the more infrastructure that goes into it. So like you said, if you’re around people who are looking at that long term horizon and knowing that, like, Okay, I am going to make this choice right now to be one of those people, so, when the rest of the world catches up in the next decade, they’re going to be like, Oh, this person clearly knows what they’re talking about. They’ve been around for the last 10, 10+ years. And that’s how I feel about that as well.
00:25:25:08 – 00:25:46:18
Richard Carthon: And the best way that you can kind of get that knowledge personally, for me, it’s just through having great conversations with individuals like yourself. So, I appreciate that insight and I’m sure my audience is going to appreciate that as well. So, thank you for that. But, you know, as we wrap up here, Sameep, we’ve had a ton of great discussions, a ton of great things that we’ve learned from you, but what is the final thought that you want to leave with everyone here today?
00:25:48:27 – 00:26:16:02
Sameep Singhania: Ah, okay. So, my final like, wrapping thoughts are, you know, so guys, like, I’m like, a part in this particular industry, especially for the Ethereum ecosystem, right? And this particular ecosystem, like, in my opinion, is going to survive because Ethereum is not speculative stuff, right? It’s something like, which has actual use case. A lot of adoption is happening, a lot of great products are being built and this is something, which like, this planet needs.
00:26:17:01 – 00:26:53:27
Sameep Singhania: Like, and like, one more thing like, I would like to clarify, like, there’s a lot of talk, which like, happens about traditional finance and decentralized finance. Like, decentralized finance, you know, like, battling with traditional finance and traditional finance battling with DeFi. I think that’s not true. I think this world has space for both traditional finance and decentralized finance. So, don’t think of decentralized finance as a competition to traditional finance or traditional finance as a competition to decentralized finance because when you think more from the perspective of competing with someone, you lose your creativity, because now you focus entirely on, like, competing with that particular entity, right? And you lose your innovative minds, right?
00:26:54:06 – 00:27:30:26
Sameep Singhania: So, in my opinion, like, instead of doing a competition, we should focus more towards innovation because a lot of people are focusing more on competition with decentralized finance and traditional finance, but, I personally think that both are going to survive. Decentralized finance as well traditional finance as well. We will have a bridge between them. They will both co-exist and work with like, each other. But I think, you know if everyone starts thinking from that perspective, because right now what happens is everybody starts competing, right? If it’s a gaming industry, they start competing with their traditional gaming industry or decentralized gaming, same for NFTs, same for finance as well. But I think that’s wrong. I mean, like, we should not do that because that inhibits innovation.
00:27:30:28 – 00:27:50:21
Sameep Singhania: We should think of ways where both can co-exist because like, honestly speaking, you can’t expect banks to go away in 10 years, right? And everything to be replaced by decentralized. That’s not going to happen, right? That’s not how things will work. Banks will exist, but they will start adopting decentralized finance as well. And similarly, decentralized finance will start adopting banks as well.
00:27:50:27 – 00:28:03:29
Sameep Singhania: So, I think we should look out for use cases where both can co-exist instead of competing with them, right? We should find out a solution where both can coexist. I think that’s my last thought, because if we think from that perspective we can achieve a lot, I would say.
00:28:04:13 – 00:28:37:24
Richard Carthon: I think that’s a great final thought. The world is going to have to keep adapting to the new opportunities that are out there. We’re definitely moving to a more technological base, but at the end of day, we still need the physical ways to transact and so, that human element is continually going to be needed there. And to just upend an entire financial institution in the course of basically 20 years, pretty hard to do. So, I agree that that’s going to continue to still be around, but it’s going to be the innovators, the ones that are able to keep blending and coexist and keep building these bridges so that everything plays nicely together. Those are going to be the winners.
00:28:37:26 – 00:28:47:12
Richard Carthon: So, again, I think that is a great final thought. Thank you so much for sharing that. For people that want to learn more about QuickSwap and learn more about yourself, what are ways that people can connect with you?
00:28:49:07 – 00:29:14:07
Sameep Singhania: So, there are a lot of ways. Like, you can to Telegram, like Google our official account, you can connect over there. You can like, directly ping me as well on Telegram or you can go to our Twitter page. We are pretty much active, like very active on Twitter as well. You can post your questions over there as well. Then we have a Reddit account as well. And we have recently started our Discord as well and like, we are pretty much active on Discord as well. So, like, either you could go to Discord, Telegram, Twitter, or Reddit and you can get in touch with us.
00:29:14:26 – 00:29:24:01
Richard Carthon: Great. And we’ll make sure to include those links in the show notes. But again Sameep, thank you so much for spending time, dropping all that knowledge. And of course, for everyone listening, Stay Crypto Current.
Crypto Current will be guiding all of you who are new to the cryptocurrency world to becoming a cryptocurrency and blockchain expert. Crypto Current was founded to give access to information to everyone on current events occurring in cryptocurrency and blockchain in a digestible way. Since its creation, we have created content that impacted thousands of people through its podcast, blog, and social media.