AMA Recap_Layerfi x Satoshi Club
In this blog post we recap the most interesting questions during the AMA (Ask me anything) hosted on Satoshi Club (11th Jan), as well as the answers of our team members: Nagle Sean, Paul Logan
Section 1. Questions from Satoshi club users
Q1. from Telegram Username @johana0012
The Layerdebi project basically focused on the value of combining with NFT in the Defi project, and the NFT card service is a core membership program for Layerfi and I understand that the card service is limited what are the features What do I have to fulfill to obtain this membership? What is the number of cards they are willing to supply and their classifications?
A(Nagle Sean)
The membership service offers four main services:
1. when you steak LF card, you can receive annual rewards for required LF quantities per card
2. Refund by grade when you use Exchange and OTC Market
3. Share 10% of platform transaction fee revenue
4. Initial Project Investment Opportunities with SandBOX
Membership services that have not been experienced in other decentralized platforms will be issued on a limited basis by grade, divided into four classes (Black, Gold, Silver, Bronze) of the ERC721 type NFT cards.
A(Paul Logan)
And it’s in our Whitepaper, so please refer to this! The number of cards issued has not been determined yet, but will be issued in a very limited quantity.
Q(Mary / Satoshi Cluib)
Are this cards already minted?)
A(Paul Logan)
The design phase is now over and is about to be published.
Q(D. / Satoshi Cluib)
btw you had or you will have token sale?
A(Paul Logan)
We plan to proceed this month.
Q(D. / Satoshi Cluib)
So, what working products do you have now?
A(Paul Logan)
https://finance.layerfi.com/
Currently, the beta version of the dapp has been released.
But LF tokens have not yet been issued, normal use is impossible.
Q(D. / Satoshi Cluib)
So, how can we check if it work correctly?) Can we use another crypto on it now?
A(Paul Logan)
If you enter the ‘MY WALLET’ section of the current dapp, you can see that it works normally. And when we run the sale of LF tokens, we will do this on our Sandbox section.
https://finance.layerfi.com/Sandbox
Q2 from Telegram Username @asalas95
According to your roadmap, by mid-2021 LayerFi expects to start its collaborations with other DeFi projects and with real-world financial corporations. Have you defined so far which would be the first DeFi projects you would partner with? What aspects of LayerFi would you expect to improve through those first partnerships? Which companies would benefit from your services?
A(Paul Logan)
Currently, various partnerships are being pursued to successfully carry out IDO in the blockchain field and Defi projects such as LID, Trustswap, and Trustdao. There will be a partnership announcement on this before or after the token sale. Although the partnership has not been confirmed within that list, one of our dapps, the Sandbox platform will hold a token sale like Pols.
Of course, we plan to focus on projects involving NFTs. The prospect is expected to be good because of the demand for NFT and the demand for projects that consumers want to verify using Sandbox.
Q3 from Telegram Username @Winterkom
LayerFI has set aside 2.4% of its total supply as Liquidity Locked. Can you tell us on which platforms these tokens are locked? Only on Uniswap as LP?
A(Paul Logan)
right. We gonna offer Uniswap LPs for the first Liquidity Locked with one-year lock. Through platform such as Unicrypt used by many projects, we want to ensure transparency for one-year locked up.
Q(Mary / Satoshi Cluib)
So, do you have tokenomics?) Can you share with us?)
A(Paul Logan)
Here is our latest LF tokenomics. You can check this on here
https://layerfi.com/economics.html
Q(Mary / Satoshi Cluib)
You will lock with Unicrypt or will look for analogue?)
A(Paul Logan)
I don’t know what analog means, but we want to transparently show what is locked up through smart-contract.
I think the most convincing platform for users is a popular platform such as Unicrypt.
Q4 from Telegram Username @KevSalom
Most of the projects that work with NFT are focused on art cards designed by well-known people in order to collect them, however your approach to them is a little different. What is the role of NFT within LAyerFi? Why don’t you focus on art like everyone else does?
A(Nagle Sean)
we are focusing on the graded defi system. Membership services that have not been experienced in other decentralized platforms will be issued on a limited basis by grade, divided into four classes (Black, Gold, Silver, Bronze) of the ERC721 type NFT cards.
A(Paul Logan)
Thank you Sean for answering.
We aim to build an NFT card system that can effectively and privately use the defi system. Both project called Exnetwork and Duckdao are currently in operation after growing in the OTC market.
We plan to actively introduce NFT cards to prove users’ contribution in the OTC market and incubating market through our SANDBOX platform.
Q(Mary / Satoshi Cluib)
Will this cards be used only for membership? Will it be possible to trade them?
A(Paul Logan)
Our dapp EXCHANGE will be used as a platform such as Opensea is currently being developed. NFT card can be traded on our dapp, and it will be possible to trade on Opensea too.
Q(Mary / Satoshi Cluib)
Wait, i didn’t hear about that projects, can you explain detailed?
A(Paul Logan)
The project Duckdao is derived from an OTC group called dach, and Exnetwork is a project derived from a group called OTC Deals.
Q(D. / Satoshi Cluib)
what currency you will accept on your platform? only ETH?
A(Paul Logan)
Firstly, we will treat ETH and LF tokens as the main currencies. After that, when the pool using the stable token is opened, we will handle that currency too.
Q5 from Telegram Username @kozmal
What is your relationship with Sandbox? It is a pretty popular and awesome project. It is good for your image to be partnered with them?
A(Nagle Sean)
Our sandbox is not related to the Sandbox at all haha
A(Paul Logan)
Sandbox means a test environment for software development, and we focused on this meaning and named our IDO platform Sandbox. Just using word SANDBOX for word meanings.
Q(D. / Satoshi Cluib)
😄 i hope in the future you will collaborate with Sandbox as well😉
A(Paul Logan)
We hope so :D In fact, I’ve met Sebastien once, but I’ll try to contact him.😂
Q6 from Telegram Username @alex_satang
75% of the tokens are reserved for rewards and only 10% for the public sale. Why you decided on such a small distribution for the public sale and such a big one for the rewards?
A(Nagle Sean)
we are planning to run the platform for a long term. so that is why the tokenomics distribution is like that
A(Paul Logan)
And Second of all, looking at our lockup plan, we have created a structure in which the token structure is organically circulated for more than two years, and the amount of LF tokens provided as rewards(APYs) to the pool has a structure that is variably changed through voting by our governance have.
Q(D. / Satoshi Cluib)
will your token have any governance functions?
A(Paul Logan)
There is no need to add Governance function to the LF token’ contract, and voting will be conducted through the Snapshot platform initially.
Additionally, we have seen many Yield Farming projects fail with high APY. We want to prevent this token inflation with APY changes every month.
Section 2. 10 Questions from Satoshi club telegram users
Q1. The staking program of LayerFi can give revenues of LF tokens even for five years, what are the conditions to become a staker and getting rewards for that long? What made you take the decision of going for such a long term staking program?
A(Paul Logan)
We haven’t announced yet, but we plan to proceed Ethereum 2.0 mining in the early days. 2.0 mining proceeds with LF tokens, and ETH is paid as a reward. So we thought that this will prevent the price of LF tokens from collapsing in the early stages, and at the same time prevent the initial LF tokens from putting pressure on the market to sell.
Q2. When do you plan to release LayerFi Dapp Mainnet?
A(Nagle Sean)
this month! as i mentioned earlier, there are bunch of new things coming. aren’t there?
Q3. You’re running a private sale. Can you tell me clearly about that? Is there any extra profit that we will get if we buy from private sale buying from other platpom?
A(Paul Logan)
We didn’t run a private sale at all. We are only going to have a public sale.
Q4. As far as I know Sperax is not into NFT. Can you tell us what was your experience with Sperax?
A(Nagle Sean)
our cowoker Steve is an advisor of Sperax. So he is doing essential role in that. for more details, we will speak soon with coming partnership with Sperax.
Q5. How can I earn LAYERFI NFT membership and LF token ?
A(Nagle Sean)
Layer Fi membership is a special plan for Layer Fi to drastically address user management, which is a problem of decentralized DPY, and to provide users with various benefits based on their membership grade in Defi Finance. The initial issuance of NFT Card can be purchased at auction from the beginning of LayerFi membership service, and in order to purchase it from various markets (Dex, Cex), flexibility should be offered through LF Pool, and LF token must be mined.
Also, throughout LayerFi Exchange, you can trade cards according to market valuation.These membership system can then be eligible for initial investment in new projects by voting by governance, such as partnerships with other projects and distributing profits within the platform, making decisions to change the amount of card issuance or LF required, and holding and steaking membership cards.
Q6. What is your major future goal to archive? How dominance yor project to achive that? And waht is the status of that per now?
A(Paul Logan)
The layerfi platform’s TVL exceeds $1 billion for first month, and exceed the NFT trading volume of the Opensea platformfor the next.
Q7. How do you plan to increase the use of LF tokens in the future? What projects are interested in using Layerfi services?
A(Nagle Sean)
throughout sandbox, membership service, IDO token sales, we will increase the usage of LF tokens. please refer to our website for more usage way of LF tokens.
Q8. I have read about NFT membership tokens on your website, but do you really mean that new LF token holders will receive an NFT? or does it refer to a particular membership? Could you detail us a little more?
A(Nagle Sean)
Our token is used to use various services within the platform, and Totally 20,000,000 LF will be issued.
The initial distribution volume will be 2,000,000 LF on public sale and 400,000 LF on liquidity-supplied, totaling 24 million LF. Detailed betting and token information is shown below.
Team (5%)
Used for project development and team operation. the team will be distributed 25% per quarter, After a one-year lock-up of the Uniswap V2 liquidity supply from TGE
Marketing (5%)
3% is used to secure many users through public relations such as community events and exchange listing, and After one month from TGE, 10% will be distributed 10% by each month.
2% will be distributed to advisors and partners, and After 3 months from TGE 10% monthly will be distributed.
Sale (15%)
Public Sale (15%) : We will sell it at a later sale and distribute it at TGE
Platform Reward (75%)
11% will be distributed through NFT Card stake for 5 years, and 64% will be distributed by mining through Pool for 5 years.
Details of the token sale will be released in later. Please continue to focus on our announcements and posts. Thank you.
Q9. The Layerfi platform uses NFT. What methods can you offer me to get NFT: purchase, mining, can I create it myself?
A(Paul Logan)
Both purchase and mining methods you mentioned will be accepted.
First, we plan to make NFT available to users freely trade through Exchange, one of our dapps.
Secondly, we will make it possible to obtain NFT cards by staking or swap within certain amount of LF tokens, and this is likely to be the first NGE(Nft Genesis Event).
Q10. I don’t say that you’re not legit but could you please explain your tokenomics on about how can we trust this project❓
A(Paul Logan)
Recently, there have been many projects that have suddenly disappeared after raising ETH or after a sale. There is one thing that many users miss here, and one is the dapp. We will first show the developed dapp to users before the token sale. In addition, the sale of LF tokens will be carried out on our dapp, and at the end of the sale, Liquidity will be transparently locked up within the same platform as Unicrypt.
