Chatswap - a decentralized crypto exchange for social analysis

[barkerp]

When was the last time you were buying or selling any sort of asset, not just crypto, where you thought about the real sentiments of other people investing in the same assets? Probably doesn't cross most minds. Exchanges are seen as kind of robotic and lifeless, only really showing trading as statistical. However behind every trade of every asset there is a human (or at least a bot programmed by a human and running for a human) that most likely has real feelings about what they are buying and selling. If it's a stock then maybe they just really like the company's direction or its product. If it's a cryptocurrency then they most likely really like the project and what it aims to do. If they're selling the coin or token then they most likely see some sort of downtrend in the market or the project could be going downhill. Despite all of this there is no real way to tell what people are thinking about a given token or coin in real time. Sure you can see what's trending on Twitter or maybe go look through wallstreetbets but Twitter is dominated by influencers and it could be difficult to analyze any sort of consensus on Reddit of all places. All of typical social media has a lot of bias and analysis isn't really effective by just browsing.

What if there was an exchange in which people could discuss the assets their trading collectively while they are trading them? What if you could see in real-time who is buying what? What if all of these interactions and sentiments to assets are recorded, analyzed, and organized automatically by AI? This is where Chatswap.ai comes in. Chatswap is a simple DEX that aims to allow users to interact with each other while they trade, see each other's actions, and automatically analyze this to present to users the current trends on people's minds. With this you don't have to only rely on making decisions only around statistical analysis, which is a great option on its own, but now you can see how real people feel towards a project.

Chatswap right now is in its VERY early stages and is currently only an alpha product. However here are the current features it has implemented:

- Token AMM swapping via a liquidity aggregator
- A global chat for discourse with everyone on the app
- Current trades of users being posted in the chat in real-time

There are many features planned for it but here are a few of the notable ones:

- AI trends table that shows organized sentiment analysis of users towards a given token
- Swapping on multiple chains (right now swapping on only the Ethereum network is implemented)
- Community events such as airdrops
- Charting tools for technical analysis
- Staking and Liquidity mining
- The eventual conversion to a DAO
- Shared portfolios and NFT support


Check it out at https://www.chatswap.ai and if you'd like to contact me directly you can at contact@chatswap.ai

[WillyAp]

Chatswap right now is in its VERY early stages and is currently only an alpha product. However here are the current features it has implemented:

So why publishing?
Do you wish to appear as a scammer you are on your way.
Brand new account and strait publishing a financial instrument. That is modus operandi of most scammer.
Just study the project section. 99% are newbees. None get financial support, most get betten up.

[Yamane_Keto]

I am surprised at how tracking the results of ordinary traders can achieve profits, as a trader's behavior indicates loss on average, otherwise many would not have made a fortune, so all trading groups focus on copying the trading of experienced users, or you would prefer the analysis of an expert in stocks to that of your friend.
How will you ensure that abuse is prevented, since the pumping team can register hundreds of accounts and fool the artificial intelligence that there is activity for traders to buy a specific pair?
Will you be able to display the trading results on the platform and the real-time prices so we can compare them?

[joniboini]

With this you don't have to only rely on making decisions only around statistical analysis, which is a great option on its own, but now you can how real people feel towards a project.

Isn't that a bad idea though? As far as I can see, people failed to make profits due to a failure to keep their emotions in check. Whether they cut losses too early or take profit too early even though technical analysis shows otherwise. They also failed to stick to their target and didn't manage their risk properly based on their risk profile.

Personally, I have a bad experience relying on others to make calls even though I do think the project is good. One of the reasons is because it affects how I enter or exit the trade. I thinks only a handful of people will be able to utilize your tools properly whle the others will just get tricked as usual. Not to mention your current alpha is just a chatbox with a trading window, like what other exchanges already have today.

[barkerp]

Chatswap right now is in its VERY early stages and is currently only an alpha product. However here are the current features it has implemented:

So why publishing?
Do you wish to appear as a scammer you are on your way.
Brand new account and strait publishing a financial instrument. That is modus operandi of most scammer.
Just study the project section. 99% are newbees. None get financial support, most get betten up.

No scamming is going on here. I simply just don't use forums such as these often and wanted to get the word out about something I created. The entire API that I use for facilitating trades is a well-known liquidity aggregator called 0x. No sensitive details go through the site either all trades are also facilitated through Metamask so, like most DEXs, private keys are never entered. Also not looking for financial support I'm building the product single-handedly as a sole-developer, but maybe if the project gets traction I'll look towards building it into a proper organization with funding.

[barkerp]

I am surprised at how tracking the results of ordinary traders can achieve profits, as a trader's behavior indicates loss on average, otherwise many would not have made a fortune, so all trading groups focus on copying the trading of experienced users, or you would prefer the analysis of an expert in stocks to that of your friend.

So this isn't really geared towards specific traders' thoughts, as in you would see one or two people's chats and make a decision on that. It's more or less to show an aggregate of many different sentiments all at once. Let's say you saw a lot of trades of a particular token happening in the chat or a lot of people having genuine conversation about a token, you maybe could use that information to make a buy or sell decision. It's not to replace expert analysis by any means but since the market is dictated by the collection of individual users, knowing the "average" of what they think as a whole could be useful.

How will you ensure that abuse is prevented, since the pumping team can register hundreds of accounts and fool the artificial intelligence that there is activity for traders to buy a specific pair?

I have already implemented methods to stop spamming of my API and to the chat. If you manually try to send more than a few chats per second right now the server will stop you. This alone will not stop pumping but there are a few methods I am working towards right now such as chat voting. Chat voting would basically mean that users can upvote or downvote chats, which will greatly affect their gravity on the AI. This can also be based on the user where if a user gets a certain amount of downvotes in a certain amount of time, then their chats' effect on the AI can be nullified. Methods like these plus IP tracking and a reputation system based on IP/user can be implemented as well.

Will you be able to display the trading results on the platform and the real-time prices so we can compare them?

Absolutely, real-time pricing exists right now if you select a pair and type in a value to trade. However in the future I plan on recording trade data and showing those statistics. Because the exchange uses a liquidity aggregator I will probably use an API like bitquery to query the pricing data of the entire aggregator to show this data in the nearer future until the volume of Chatswap is large enough to show enough data.

Isn't that a bad idea though? As far as I can see, people failed to make profits due to a failure to keep their emotions in check. Whether they cut losses too early or take profit too early even though technical analysis shows otherwise. They also failed to stick to their target and didn't manage their risk properly based on their risk profile.

You are definitely correct, people make bad decisions based on their emotions. Despite this they still make decisions that affect the market. This data that would be collected wouldn't necessarily be used to follow what others are doing, if you see a large irrational sentiment and trading decisions towards a token you can choose to make the opposite decision. The goal of this exchange would be to see why people are making the trades they are in real-time, but there's no set use for this it's simply showing data.

Not to mention your current alpha is just a chatbox with a trading window, like what other exchanges already have today.

Definitely a very early stage prohect but one difference I've already implemented is seeing real-time trades in chat. If you make a trade you will be able to see it in chat.

[joniboini]

This data that would be collected wouldn't necessarily be used to follow what others are doing, if you see a large irrational sentiment and trading decisions towards a token you can choose to make the opposite decision. The goal of this exchange would be to see why people are making the trades they are in real-time, but there's no set use for this it's simply showing data.

So basically it just makes it easier to check the trend? What's the difference between buy and sell signals available on other websites then? I'm referring to stuff like bullish, bearish trend, etc. Basically, any technical tools that aggregate the overall sentiment of the market for people who like to counter trade.

To be honest I don't see the appeal of your product. It is definitely a convenience to see how others react in real-time, until it becomes too much or just spammy in general. I'd rather stick with checking social media and so on. Maybe it is just not my thing in general.

[barkerp]

This data that would be collected wouldn't necessarily be used to follow what others are doing, if you see a large irrational sentiment and trading decisions towards a token you can choose to make the opposite decision. The goal of this exchange would be to see why people are making the trades they are in real-time, but there's no set use for this it's simply showing data.

So basically it just makes it easier to check the trend? What's the difference between buy and sell signals available on other websites then? I'm referring to stuff like bullish, bearish trend, etc. Basically, any technical tools that aggregate the overall sentiment of the market for people who like to counter trade.

To be honest I don't see the appeal of your product. It is definitely a convenience to see how others react in real-time, until it becomes too much or just spammy in general. I'd rather stick with checking social media and so on. Maybe it is just not my thing in general.

Pretty much all technical indicators are based on past performance and stats of an asset, so this would be a compliment to technical indicators rather than a competitor to be used in tandem. I actually plan on implementing trading view charting so that users can perform technical analysis across the entire DEX with all pair combinations. Trading signals are mostly based on technical analysis as well so this wouldn't really be a competitor to them either. Sometimes coins get hyped by an influencer or on social media and this hype is *sometimes* reported by some trading signal sites, but if this hype is across the internet then Chatswap would definitely pick up on it as well.

You can definitely stick with social media which is a perfectly viable option, but I would say Chatswap is a social media web app as well! Furthermore, I actually have some ideas for aggregating sentiment across the web rather than just on Chatswap using the Twitter and Reddit API and AI to parse it.

[moneystery]

Sure you can see what's trending on Twitter or maybe go look through wallstreetbets but Twitter is dominated by influencers and it could be difficult to analyze any sort of consensus on Reddit of all places. All of typical social media has a lot of bias and analysis isn't really effective by just browsing.

what today's online platforms cannot overcome are problems related to bots, bias, influencers, etc., and these will not be eliminated by online platforms no matter how they address them. and i'm sure that the swap platform you offer will not be separated from these things, trust me. even a company the size of x (twitter) still has difficulty managing their platform with these problems, let alone a new platform like yours. all activities on your platform can be manipulated by people and when the AI technology that you set analyzes this information, in the end it makes wrong recommendations which have the potential to make people lose money.

[barkerp]

Sure you can see what's trending on Twitter or maybe go look through wallstreetbets but Twitter is dominated by influencers and it could be difficult to analyze any sort of consensus on Reddit of all places. All of typical social media has a lot of bias and analysis isn't really effective by just browsing.

what today's online platforms cannot overcome are problems related to bots, bias, influencers, etc., and these will not be eliminated by online platforms no matter how they address them. and i'm sure that the swap platform you offer will not be separated from these things, trust me. even a company the size of x (twitter) still has difficulty managing their platform with these problems, let alone a new platform like yours. all activities on your platform can be manipulated by people and when the AI technology that you set analyzes this information, in the end it makes wrong recommendations which have the potential to make people lose money.

Chatswap is not aiming to make any recommendations for what people should or should not do when it comes to trading. It simply is presenting data based on AI analysis of users interacting with the platform. Just like with any sort of financial indicator or tool, it's down to the person actually trading to make their own decisions. There will be no buy recommendation or sell recommendation, simply what the AI makes of different chats and interactions.

This is a basic description of what the AI trends table will look like: It will show the token, how many chats the AI has detected relevant to it, the time period for which it has been relevant, and the overall sentiment of the user activity on a scale of 1 to 10. I'm thinking there will be an option to click on the asset and see the list of the most relevant chats, just so you can see exactly what the AI was taking into consideration.

I also agree that any platform, including Chatswap, will not be able to fully overcome the influence of bots and those with malicious intent. However Chatswap is specifically designed to facilitate the discourse of blockchain projects and cryptocurrency and will make specific measures to help prevent bots and malicious influence through the design of its AI and with anti-spamming measures on its servers. Platforms like Twitter/X and Reddit are not designed towards this end, but instead only implement solutions to prevent spamming as a whole. I'm not saying that Chatswap will achieve this fully but there isn't really a platform that can.

[Yamane_Keto]

How will you ensure that abuse is prevented, since the pumping team can register hundreds of accounts and fool the artificial intelligence that there is activity for traders to buy a specific pair?

I have already implemented methods to stop spamming of my API and to the chat.

This will be your main problem and solve it well. The presence of people who love to post may make the service you provide distinctive. Therefore, you must be careful and strict in identifying bots, otherwise the average number of individuals participating in the discussions will turn from a good tool into an attractive place for scammers to pump their codes.

Will you be able to display the trading results on the platform and the real-time prices so we can compare them?

Absolutely, real-time pricing exists right now if you select a pair and type in a value to trade.

So far, I am not convinced that the average number of individuals in discussions can help improve the quality of trading, but let us see the results and judge.

[blckhawk]

what today's online platforms cannot overcome are problems related to bots, bias, influencers, etc., and these will not be eliminated by online platforms no matter how they address them. and i'm sure that the swap platform you offer will not be separated from these things, trust me. even a company the size of x (twitter) still has difficulty managing their platform with these problems, let alone a new platform like yours. all activities on your platform can be manipulated by people and when the AI technology that you set analyzes this information, in the end it makes wrong recommendations which have the potential to make people lose money.

There is solutions to bots but there is not a lot of developers do it because it is not worth their time and they secretly want the bots populating their projects because in a way they still count as an engagement to the platform which is coveted by many platforms so it is a symbiotic relationship, they do not mess with bots too much, and you get the pseudo engagement that they provide. Regards to the project, OP needs to make sure that you have the ability to pull off the socialization feature because that is a tall order to do for an exchange and no exchange has done it before so make sure you get it right because if not then others will pick up your concept and they will improve it.

[barkerp]

what today's online platforms cannot overcome are problems related to bots, bias, influencers, etc., and these will not be eliminated by online platforms no matter how they address them. and i'm sure that the swap platform you offer will not be separated from these things, trust me. even a company the size of x (twitter) still has difficulty managing their platform with these problems, let alone a new platform like yours. all activities on your platform can be manipulated by people and when the AI technology that you set analyzes this information, in the end it makes wrong recommendations which have the potential to make people lose money.

There is solutions to bots but there is not a lot of developers do it because it is not worth their time and they secretly want the bots populating their projects because in a way they still count as an engagement to the platform which is coveted by many platforms so it is a symbiotic relationship, they do not mess with bots too much, and you get the pseudo engagement that they provide. Regards to the project, OP needs to make sure that you have the ability to pull off the socialization feature because that is a tall order to do for an exchange and no exchange has done it before so make sure you get it right because if not then others will pick up your concept and they will improve it.

Implementing the AI trends table will definitely be a challenge. I'd say most of the work will be in training the AI to pick out which chats are speaking about a cryptocurrency and preventing bot spamming/manipulation. The idea is to make it so that the community can collectively pick out bad actors and ensure that the AI knows not to take them into consideration. To be honest, there's a multitude of different ways to go about this. My plan is to build the parts of the AI that I know need to be implemented and then wait and observe the community to see what the best way is to approach a secure solution.

[joniboini]

My plan is to build the parts of the AI that I know need to be implemented and then wait and observe the community to see what the best way is to approach a secure solution.

Maybe prevent new users from posting without doing some task, or something similar. Not sure what you can ask since your platform is centered around people sending messages though. Other platforms also require people to pay to prevent bots like Bitcointalk with its evil IP, but I doubt it is suitable for your platform either. At the end of the day, I believe the issue is not going to be big unless your platform becomes really popular.

[Vod]

OP - why not use the free credits of a cloud provider to build a base model for AI trades.   Your parameters could include info about the price, the trading, other technology stocks, etc.

After you record a few thousand data points, your model could start making predictions.   

[barkerp]

My plan is to build the parts of the AI that I know need to be implemented and then wait and observe the community to see what the best way is to approach a secure solution.

Maybe prevent new users from posting without doing some task, or something similar. Not sure what you can ask since your platform is centered around people sending messages though. Other platforms also require people to pay to prevent bots like Bitcointalk with its evil IP, but I doubt it is suitable for your platform either. At the end of the day, I believe the issue is not going to be big unless your platform becomes really popular.

Yeah I agree I think that this isn't something in the short term that needs to be worried about. At the very least I shouldn't worry about it at all until the AI is actually operational.

OP - why not use the free credits of a cloud provider to build a base model for AI trades.   Your parameters could include info about the price, the trading, other technology stocks, etc.

After you record a few thousand data points, your model could start making predictions.  

This is my plan so far actually. GPT has an option with its API to train a model for a specific use case. So I could train a version of GPT specifically for Chatswap.


Chatswap has been updated to Alpha v1.1! This update was made to record chats and view them upon loading the page so that you can see what people were talking about before viewing the website.

[wallet4bitcoin]

So I just came across a platform a few days ago that talks about something similar to what the OP has just said. If the social analysis can be done it can go a long way...I thought to myself.

The other platform i saw is called Sentiment Ai, it does same chat analysis on a project, collating data from the project's community to give the overall bias of the community regarding the project and also gives a technical analysis from an ERC20 smart contract address, although they tend to want to expand to other chains.