On August 12th 2021, our community had a chance to welcome LuaStarter
This AMA was held by Azcoinvest Group – the crypto community in Vietnam, where investors and traders can obtain the lastest news and signals from bot/ admins, as well as discuss and share investment experiences in the crypto space.
At this AMA, the LuaStarter directly greeted the community and provided detailed information as well as some key products and future plans.
Time: 08:00 PM (UTC + 7) onTuesday , August 12th, 2021
Airdrop 100 USDT for the best questions in the AMA.
Below are some main points of this AMA:
Question for Part 1- Project overview
Question 1: So, Mr.Nang , to start today’s AMA, can you give us a short overview about LuaStarter and your team’s background? What’s the motivation for starting build LuaStarter?
LuaStarter: LuaStarter is a new product of TomoChain lab, under the brand of LuaSwap – a Multi-chain liquidity and exchange protocol product. The team who built this product is the team who built TomoChain, including solid blockchain developers, marketing team, business development team and myself, product manager of TomoChain and product lead of LuaStarter. The motivation lies on 3 main factors. First, it is the need of connecting project creators and investors at early stage in a trusted and transparent platform in term of fundraising. Secondly, it is also important to reward token holders in a way of early investment and guaranteeing their buying spots if they are interested in. Thirdly, LuaStarter will provide access to TomoChain ecosystem to project creators who will be valued by our network and marketing activity, helping them to get higher network effect.
Question 2: Next, please name some key features of LuaStarter that make it outperform the other competitors.
LuaStarter: Each platform has its own unique features. However, at LuaStarter, we have several winning features. First, LuaStarter itself provides multi-chain support, both in Ethereum and TomoChain, hence users will have access to both chains IDO at the same time, providing project owners to have wider option to select. Second, LuaStarter introduces Tier Guaranteed System which makes sure token holders will be guaranteed a number of tokens before IDO is live. There will be no lied on lucky lottery anymore. Moreover, LuaStarter will count total tokens in both Ethererum and TomoChain (LUA and TOMO token and major liquidity provider pairs) to classifier user’s tier which help them to utilize their cryptoassets to join an IDO.
Question 3: Finally, can you update your project’s progress to our community? What have your team achieved so far and also point out the goals that LuaStarter wish to accomplish in the near feature?
LuaStarter: The progess is right on plan. There are also lots of project applications and our team is working on Due Diligence phase and already gave advise back to project owners, including some DeFi and GameFi. In the future, LuaStarter will be a platform for community to successfully invest in early projects, and project creators can reach out community at LuaStarter, LuaSwap and TomoChain. Whole community can find good place for asset management at LuaSwap both in Ethereum and TomoChain. Futhermore, we will be developing additional features of automated investment systems and robot strategies to make DeFi and GameFi truly accessible to the whole community on LuaStarter’s ecosystem.
Questions for Part 2 – Pre-collected questions from Twitter:
Question 1: Trust and security is very important in any business, what makes investors, customer and users safe secure when working with your project? @Chakrika01
LuaStarter: We all start with trust and go to the end to the road with the help of both security and trust. LuaStarter is developed by TomoChain team, who successfully built TomoChain network for more than 4 years. To some extent, it proved the trust of community to our products. Security in an IDO has more concern on the launched projects in which we have complete IDO application process, carefully screeining, kick-off call, Due Diligent, checking smart contract, require audited, project’s community, project’s existing users, amount of fund raised at the previous rounds. Importantly, we are always seeking for project’s owners who are ambitious and enthusiastic about it project which can fight for the project until its success. In short, both history of our product and the way we access project will bring trust and security to community
Question 2: Is your platform suitable for Crypto beginners? Or does it only appeal to professional users? @AhmedSa23113409
LuaStarter: It is an interesting question and I do think it will value a huge number of users. We start with the fact that there are thousands of projects nowadays, which makes community hard to know which one is good, or it is scam projects, and so on. With years of experiences in crypto products, being advisors to many of products, including some launchpads, and being early investors in some products such as Axie Infinity and C98, we are confident to bring good products to community to participate in, reducing lots of screening time for the community. Hence, with the trust and security which we just discuss above, Crypto beginners can feel more confident to join our platform for buying tokens in the early stage with less risk exposed. Moreover, Crypto beginners can follow our medium or insight articles to gain more knowledge, too. We are here to support community for suitable investment.
Question 3: Can you list 1-3 killer features of Your Project that makes it ahead of its competitors? What is the competitive advantage your platform has that you feel most confident about? @Dipanita56
LuaStarter: In the introduction sections, I already gave an overview onsome winning features. I will make some of them clearer here. At LuaStarter, we provide multi-chain IDO which are straight forward for the explanation. The key winning features are based on 2 terms. Tier Guaranteed System model (TGS model) and “S-E-A-T” mechanism, standing for Selective, Easy to participate, Adaptive allocation, Total Tier Count. Let me explain them in details. TGS will reward token holder to be 100% sure the number of tokens they can buy based on their tiers. The higher tier, the higher guaranteed tokens for tokens holders. Some of platform requires long time of staking and cooling down period while it is still based on number of lottery ticket by random allocation. Here, LuaStarter allows users not only staking tokens, not only LUA tokens, but user can only just hold TOMO tokens in the wallet, and in any chains to be tier classification. Furthermore, Liquidity provider tokens will also be taken into accounts for major pairs (ETH-TOMO, ETH-LUA, TOMO-LUA, ETH-USDC, LUA-USDC, TOMO-USDC). It will definitely increase capital efficiency in the way that users can hold multiple assets to be in tier system. Highest tier also has privilege rights including potential private sales participation and more insights which will be announced later. Adaptive allocation means ussers can commit more than guaranteed number. In case some user do not execute their rights, it will transfer this opportunity to others who would like to buy more based on our adaptive calculation model and based on First Come First Serve basis.
Question 4: At the moment , where you are focusing right now ? building and developing product or getting customers and users, or partnerships ? Could you share it?
LuaStarter: It is quite general question but it is good to let you know your plan. We have very clear focus on key products for long term in sustainable product development. The main focus is integration. LuaSwap and LuaStarter are the main products to make huger community and higher liquidity decentralized exchange. We also have LuaVentures to invest in potential products in the very early stage; hence, any project’s application may have the chance to get investment from LuaStarter’s investment partner, named LuaVentures. Another developing product is related NFT Studio, just for a sneak announcement.
The second part of the question will be our all-time focus as getting customers and building partnership will be true focus at any points of developing or building our product. As our CEO, Mr. Long Vuong mentions: “Ideas have no border. And we are the protectors of $TOMO and $LUA’s community.”
Question 5: I noticed that LuaStarter uses a multi-tier token allocation model based. Could you briefly describe the benefits of this model to LuaStarter platform? @live_defareint
LuaStarter: Multi-tier here means two things: Multi-chain and multiple tiers. Multiple tiers will rank the token users by the tokens they hold or stake for higher number tokens they are guaranteed in advance. The highest level can have additional privilege such as potential private sales or private market analysis, new trend analysis. Multi-chain will value all tokens holder without moving their assets back and forth between chains, increasing their capital efficiency. Higher tier will also have slightly higher weight applying to the tokens they are sure to buy, by which we highly evaluate the contribution of token’s holders. The higher contribution, the higher opportunity they earn for any of IDO they would like to participate in.
PART 3: BEST LIVE QUESTIONS
Question 1: Almost 80% investors have just focused on price of token in short term instead of understanding the real value of the project. Can you tell us on motivations and benefits for investors to hold your token in long term?
LuaStarter: The first question relates to holding token aspect: I agree with the point that many investors focus on short-term profit and valuing crypto assets is not an easy task. For short-term investor, it brings to me the Gates’ law: ““Most people overestimate what they can achieve in a year and underestimate what they can achieve in ten years.” For example, thorough out more than 10 years, we are seeing Bitcoin growing incredibly while it also dropped more than 70% of its value about 6 times if my brain serves me well. In my point of view, crypto is still in early stage with more potential development. In term of valuation, network effect will be one of the key factor to be consider to evaluate the tokens. In the very early stage, it will require more studying on the founding team, investment organization backed, technical check, winning point of the product and more, that’s why LuaStarter is here to support the community based on our existing network, existing products and existing investment fund. For long-term investor, holding TOMO and LUA is a good choice, and it will also bring you opportunity to access to new trusted IDO products in our platform.
Question 2: Does your project support staking program? if yes. how is your stake system work, what is the requirement for user if they want to stake in your platform? Do you have a Token Burning plan to increase Token value and attract Investors to invest?
LuaStarter: The 2nd question related to what is next after IDO. First, our system have staking program, called LuaSafe on LuaSwap exchange, available for all to stake. So, you will stake LUA to earn more LUA and being eligible to be in tier system. After the IDO, we also have program for all buyers to add liquidity of the newly issued tokens and/ or stake LUA to earn newly issued tokens. We do not have burning plan, but we have buy back plan to reward LUA to stakers. More details you can find in your published documents: https://docs.tomochain.com/luaswap/luasafe (both for LuaSafe and LuaStarter).
Question 3: Which platform are your closest competitors? suppose, do you accept Uniswap, Curve or Balancer as your competitors?also LuaStarter will you take to the next level?
LuaStarter: The 3rd question related to competitive advantages. We have complete study on what launchpads are doing and what are their model. I think when building this product, I do not consider all of them are my competitors but partners. LuaStarter has several unique winning features which values multiple chains, letting token holders know the number of tokens they are sure to buy in advance for their asset management based on their tier. After thoroughly assessing projects, we sometimes recommend either dual IDO or recommend project owner to join our partner’s platform to maximize their community exposure. Instead of competing, cooperating is more important for us and by that, I do think community will have more benefit. There is the way for us to go up to the next level by increasing internal strength of assessing projects and building trusted product in the most security manner as we have been doing for more than 4 years.
Question 4: Without a working products any idea has zero value. We see many projects are on paper only and no product. So, kindly ensure us that your project is just not an idea and it’s already has a working products or practical use cases?
LuaStarter: The 4th question related to launched products from “Published”. It comes to 2 matters: our product and upcoming launch products. We have built TomoChain and LuaSwap for a couple of time and having quite strong community and holders, which proves our product will be valued to the whole community and they are definitely working products. The second point is related to launched products, which we will comprehensively check products before introducing them to our launchpad. It is the most important part of an IDO platform.
Question 5: As far as I can see, NFT and BSC are the next trend of new projects. As I know there are a lot of very good development projects on this platform, What do you think about this development?
LuaStarter: The last question relates to the new trend. Yes, it is new, and it will continue to grow, not only in BSC but in other chains, too. Our investment product, LuaVentures, invested in Axie Infinity since early stage and currently invested in some other NFT Games products (GameFi). Those products are under completed check and advised, some of them will be lauched in LuaStarter in the very near future. Some of the investment are listed on our medium, you can feel free to spend more time on upcoming GameFi products and keeping subcribe to our pool, twitter and medium for getting updated. Please kindly spend a little of your valued time to read our document for understanding more and ready to join the crypto journey with LuaStarter, LuaSwap, LuaVentures, and TomoChain.
For all of the questions that have not been answered yet, guys feel free to search for more information or ask directly to them on the links provided below:
Telegram channel: https://t.me/LuaSwapANN