LuaStarter x Crypto Challengers AMA Recap

We are pleased to inform you that the AMA event between LuaStarter and Crypto Challengers, which is one of the top-ranking crypto communities with high-quality users, took place very successfully. With the enthusiasm of the Crypto Challengers community and Admin team, our LuaStarter’s project lead had a great opportunity to understand more in-depth about users’ interests and then give the most detailed answers to help them have a better overview of LuaStarter.

In this AMA Recap, we will try to summarise the most interesting points for you.

Host: 𝗛𝗲𝗹𝗹𝗼 𝗖𝗵𝗮𝘁, 𝗪𝗲𝗹𝗰𝗼𝗺𝗲 𝘁𝗼 𝗮 𝘀𝗽𝗲𝗰𝗶𝗮𝗹 𝗔𝗠𝗔 𝘀𝗲𝘀𝘀𝗶𝗼𝗻 𝘄𝗶𝘁𝗵 '𝗟𝘂𝗮𝗦𝘁𝗮𝗿𝘁𝗲𝗿. 𝗟𝗲𝘁’𝘀 𝘄𝗲𝗹𝗰𝗼𝗺𝗲 @NguyenTheNang 𝗳𝗿𝗼𝗺 '𝗟𝘂𝗮𝗦𝘁𝗮𝗿𝘁𝗲𝗿

Mr. Nang Nguyen: Hi everyone, hi awesome Crypto Challengers community.

Host: Welcome you. So, 𝘄𝗶𝘁𝗵𝗼𝘂𝘁 𝗺𝗮𝗸𝗶𝗻𝗴 𝗮 𝗱𝗲𝗹𝗮𝘆…𝗟𝗲𝘁’𝘀 𝘀𝘁𝗮𝗿𝘁 𝗼𝘂𝗿 𝗔𝗠𝗔 𝘄𝗶𝘁𝗵 𝗯𝗮𝘀𝗶𝗰 𝗜𝗻𝘁𝗿𝗼𝗱𝘂𝗰𝘁𝗶𝗼𝗻 𝗦𝗲𝗴𝗺𝗲𝗻𝘁. 𝗖𝗼𝘂𝗹𝗱 𝘆𝗼𝘂 𝗽𝗹𝗲𝗮𝘀𝗲 𝗽𝗿𝗼𝘃𝗶𝗱𝗲 𝗮 𝗾𝘂𝗶𝗰𝗸 𝘀𝗲𝗹𝗳-𝗶𝗻𝘁𝗿𝗼𝗱𝘂𝗰𝘁𝗶𝗼𝗻 𝗳𝗼𝗿 𝘁𝗵𝗲 𝗰𝗼𝗺𝗺𝘂𝗻𝗶𝘁𝘆?

Mr. Nang Nguyen: Sure. Many thanks host. Hi everyone. It is my pleasure to be here today. I am Nang, Product Manager at TomoChain and Product Lead of LuaStarter. I got involved in crypto 4 years ago as a retail investor, then started to work at TomoChain as I found it a suitable environment for teamwork and focusing on building crypto products. In this May, I took one more role to build LuaStarter product, which is an important product of TomoChain and LuaSwap for specific, aiming for providing a transparent, efficient, and cost-effective launchpad for the whole community.

Host: C𝙖𝙣 𝙮𝙤𝙪 𝙗𝙧𝙞𝙚𝙛𝙡𝙮 𝙞𝙣𝙩𝙧𝙤𝙙𝙪𝙘𝙚 𝙩𝙝𝙚 𝙥𝙧𝙤𝙟𝙚𝙘𝙩 𝗟𝘂𝗮𝗦𝘁𝗮𝗿𝘁𝗲𝗿. 𝙬𝙝𝙖𝙩 𝙖𝙧𝙚 𝙨𝙤𝙢𝙚 𝙤𝙛 𝙪𝙩𝙡𝙞𝙩𝙞𝙚𝙨 𝙤𝙛 $LUA 𝙃𝙤𝙬 𝙙𝙤 𝙮𝙤𝙪 𝙩𝙝𝙞𝙣𝙠 𝙮𝙤𝙪 𝙨𝙩𝙖𝙣𝙙 𝙤𝙪𝙩 𝙖𝙢𝙤𝙣𝙜 𝙩𝙝𝙚 𝙘𝙤𝙢𝙥𝙚𝙩𝙞𝙩𝙤𝙧𝙨 𝙞𝙛 𝙩𝙝𝙚𝙧𝙚 𝙖𝙧𝙚 𝙖𝙣𝙮?

Mr. Nang Nguyen: After successfully launched LuaSwap last year, we continued to build an IDO launchpad as we analyzed that even though there are several launchpads in the market at the moment, each of them has pros and cons and the market is very huge to creating a safe and transparent investing environment, which will benefit both project creators and investors at the early stage of a project.

At LuaStarter, you will stake LUA and/ or hold TOMO (TomoChain network) and/or TOMOE (TOMO on Ethereum network) to be tier classification when joining an IDO project. Moreover, you can also earn xLUA by staking LUA, too, as a passive income.

In the current Defi ecosystem, there are several problems such as the difficulty to know if projects are trusted among the community, tokens may not be fairly distributed in the offering, scatted tokens, and liquidity provider tokens (LP tokens) on multiple chains are not counted together for the IDO registration.

Several launchpads have been trying to solve these problems by providing fixed and dynamic swap features, fairness model, para-chain crowd loan, anti-bot protection, full KYC integration. Others try to provide high allocation to retail investors (some launchpad call it capital allocation feature) or introduce an integrated vesting schedule.

There are some limitations to all of the above solutions. So LuaStarter is in place to tackle all of the above matters by proving the “TIER GUARANTEED SYSTEM Model” with the help of the “SEAT mechanism”.

Host: C𝗮𝗻 𝘆𝗼𝘂 𝘀𝗵𝗮𝗿𝗲 𝘁𝗵𝗲 𝗮𝗰𝗵𝗶𝗲𝘃𝗲𝗺𝗲𝗻𝘁𝘀 𝘁𝗵𝗲 𝘁𝗲𝗮𝗺 𝗵𝗮𝘀 𝗺𝗮𝗱𝗲 𝘀𝗼 𝗳𝗮𝗿 ? 𝘄𝗵𝗮𝘁 𝗮𝗿𝗲 𝘁𝗵𝗲 𝗺𝗮𝗷𝗼𝗿 𝗮𝗰𝗵𝗶𝗲𝘃𝗲𝗺𝗲𝗻𝘁 𝘁𝗮𝗿𝗴𝗲𝘁 𝗟𝘂𝗮𝗦𝘁𝗮𝗿𝘁𝗲𝗿 𝗶𝘀 𝘆𝗲𝘁 𝘁𝗼 𝗮𝗰𝗵𝗶𝗲𝘃𝗲 . 𝗜𝗳 𝗽𝗼𝘀𝘀𝗶𝗯𝗹𝗲 𝗮𝗹𝘀𝗼 𝘀𝗵𝗮𝗿𝗲 𝘆𝗼𝘂𝗿 𝗿𝗼𝗮𝗱𝗺𝗮𝗽.

Mr. Nang Nguyen: In general, the team who build LuaStarter is the team who built TomoChain network 4 years ago, including several products such as TomoX, TomoZ, TomoWallet, TomoDEX, LuaSwap. Recently, we define that Lua will be the core of a ecosystem, starting from LuaSwap, then LuaStarter. They are quite lots of achievement so far but I do think still not enough yet. Specifically, LuaStarter is a luanchpad, hence its roadmap is quite straight focus on operation of selecting, running IDO platform with comprehensively check projects and make it safe for all users to join.

Host: C𝗼𝘂𝗹𝗱 𝘆𝗼𝘂 𝘀𝗵𝗮𝗿𝗲 𝗮 𝗯𝗶𝘁 𝗮𝗯𝗼𝘂𝘁 𝘀𝗲𝗰𝘂𝗿𝗶𝘁𝘆 𝗮𝗻𝗱 𝗮𝗹𝘀𝗼 𝘄𝗵𝗮𝘁 𝗯𝗲𝗻𝗲𝗳𝗶𝘁𝘀 𝘆𝗼𝘂 𝗽𝗿𝗼𝘃𝗶𝗱𝗲 𝘁𝗼 𝗶𝗻𝗰𝗲𝗻𝘁𝗶𝘃𝗲𝘀 𝘂𝘀𝗲𝗿’𝘀 𝗰𝗵𝗼𝗼𝘀𝗶𝗻𝗴 𝘆𝗼𝘂𝗿 𝗽𝗹𝗮𝘁𝗳𝗼𝗿𝗺?

Mr. Nang Nguyen: Regarding to security, we focus on security as go to the end of 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 the community to our products. Security in an IDO has more concern on the launched projects in which we have complete IDO application process, carefully screening, kick-off call, Due Diligent, checking the smart contract, require audited, project’s community, project’s existing users, amount of fundraising at the previous rounds.

Futhermore, LuaStarter can solve several current matters: low capital efficiency, lucky-based participation. Also, with the help of existing multichain liquidity and exchange protocols from LuaSwap, LuaStarter enables cryptocurrency projects to distribute tokens and allows investors to find a safe and transparent investing environment via LuaStarter. Moreover, 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.

Host: 𝗪𝗵𝗮𝘁𝘀 𝘁𝗵𝗲 𝘁𝗼𝘁𝗮𝗹 𝘀𝘂𝗽𝗽𝗹𝘆 𝗼𝗳 𝘁𝗵𝗲 𝘁𝗼𝗸𝗲𝗻 ? 𝗖𝗼𝘂𝗹𝗱 𝘆𝗼𝘂 𝘀𝗵𝗮𝗿𝗲 𝗮 𝗱𝗲𝘁𝗮𝗶𝗹𝗲𝗱 𝘁𝗼𝗸𝗲𝗻𝗼𝗺𝗶𝗰𝘀 𝗼𝗳 𝗺𝗮𝗶𝗻𝗻𝗲𝘁 𝘁𝗼𝗸𝗲𝗻’𝘀 𝘀𝘂𝗽𝗽𝗹𝘆 𝗱𝗶𝘀𝘁𝗿𝗶𝗯𝘂𝘁𝗶𝗼𝗻.

Mr. Nang Nguyen: For LuaStarter, we will not issue new tokens. LUA tokens are introduced last year, and we continue to build more products and to rewards both existing holders and new holders. Hence, tokenomics of LUA will be related to LuaSwap, which I do suggest to find more information in our published docs: LuaSwap - TomoChain Docs

For a little information, we have buy back procedures to rewards community and LP providers.

Twitter question Section

Q1) 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?

Mr. Nang Nguyen: In short, LuaStarter introduces The Tier Guaranteed System model built on SEAT mechanism to tackle most of the current problems in IDO by offering several features:

  • Total count tokens on multi-chain for tier classification (Ethereum and TomoChain)

  • 3 Nos: No cooldown requirement, no whitelist, no lottery.

  • Transparently publish the number of tokens investors can buy in advance for their better asset management, and:

  • The flexibility to participate in the selected project.

There are 4+1 tiers, Tier 1 to 4 and tier 0 (not require staking). The higher tier the users are, the higher number of tokens users can be sure to buy in advance for each upcoming project launched on our LuaStarter. I would say, several winning features of this TGS model are: Easy to participate and Multi-chain support, Transparency, Flexibility, Total counts (count multiple tokens on both Ethereum and TomoChain for tier classification). Importantly, if you are in tier 4 (Galaxy tier, the highest tier), you have privileges such as opportunities to join some private sales, privilege market analysis.

Q2) Could you tell us about the background and experience of your DEVELOPMENT TEAM? How will they carry out your project during this current pandemic?

Mr. Nang Nguyen: 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. In IT and Blockchain sectors, the affect of pandemics seems to be much lesser than in other industries. We can work at home, via online meeting with partners as usual as in global business, working and meeting online are not a strange story.

Q3) How can users stay updated with this project? Are there channels, including local communities where users can get the latest updates?

Mr. Nang Nguyen: Users can follow our upcoming pools by clicking the “Subscribe” button on our page: LuaSwap Interface, or follow our Twitter, medium, telegram group for information.

Here is the Twitter link: You can also find telegram group there, our team will be there to support and provide the latest update information.

Q4) LuaStarter is the multi chain IDO platform on LuaSwap, as an IDO platform What support do LuaStarter provide for projects prior to IDO and post-IDO? Also explain to us, what benefit that provide by LuaStarter for investors and project that holding an IDO at LuaStarter Platform ?

Mr. Nang Nguyen: At LuaStarter, we are very focusing on go together with the apllication products at the early stage, not just launching it. After calling and discussing, we either invest in that project or giving the advice at least. Besides LuaStarter’s partner, LuaVentures, a capital venture of TomoChain lab, can provide financial investment if the project is potential enough, so I do think we can fully support projects before IDO to making sure products are trusted and make a good impact. After IDO, we continue to advise them in developing features and marketing activities and they are all benefited from our TomoChain’s ecosystem and community. Hence, LuaStarter is a comprehensive product, not just only a platform.

Q5) Lua Swaps one of recent products is Lua Starter which is a cross chain IDO launchpad for starting projects. So how can projects apply for your launchpad? And since there are many launchpads that offers the same service, why shall we choose Lua Starter?

Mr. Nang Nguyen: Project creators can apply for IDO by clicking the “Apply for IDO” button on our page: LuaSwap Interface, then fill in the required information. After screening on application information, there are comprehensive steps to be taken as follows:

Project Screening

Kick-off call

Due diligence check

Final security check (including audited smart contract)

Besides some key winning features of the Tier Guaranteed System model which I mentioned in the previous question, LuaStarter participates in applied projects by advising or supporting in blockchain knowledge and experience, not just a place for them to be launched on. The TomoChain’s community to be very unique for project creators for application for selecting us to reach out more.

Live Q&A section

Q1: 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?

Mr. Nang Nguyen: It is quite common question recently and it 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 partner of LuaStarter, an investment product, LuaVentures, invested in some GameFi 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.

Q2: How do you see this challenges and why should we invest on your project? Crypto market is in recent bear market and in this scenario it is very hard for investor to trust and invest on any project.

Mr. Nang Nguyen: Every coin has its 2 sides. There will be good opportunity in bad situation, and vice versa. Definitely building product takes time. For me, bear market brings opportunity to new comers to join, and it is for me, definitely good time to take very close look on other projects and select the best possible. It is also the time to accumulate knowledge to join, seeing success and failures of some projects and understand why. That’s how we go through 3 bear markets already.

Q3: Where did you get the name “Lua” and how does it represent that project’s missions and goals?

Mr. Nang Nguyen: That’s interesting one. LUA has 2 meanings: (i) in native Vietnamese it is paddy rice, there are many LUA field in Vietnam. :slight_smile: (ii) Lua means the moon (from Portuguese). The mission is related to our general mission. LuaStarter enables cryptocurrency projects to distribute tokens and allows investors to find a safe and transparent investing environment via LuaStarter’s Initial DEX Offering platform.

Q4: The crypto industry is a fast-paced industry, how flexible is LUASWAP to change quickly and keep pace with technology trends? What is your long-term vision for the forecasting industry in which the LUASWAP project operates?

Mr. Nang Nguyen: Yes, thing change fast. We have seen it and been with it at least 4 years. However, our products are all related to quite substainable such as infrastructure, it is TomoChain, TomoWallet. LuaSwap for DeFi system, DEX, and LuaStarter for a long-term platform providing environment for both project creators and investors for safe, transparent fundraise and investment. We will have LuaNFT, please keep following. Regarding a little on trending, we will list some GameFi products soon, too.

Q5: 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?

Mr. Nang Nguyen: 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: LuaSafe - TomoChain Docs (both for LuaSafe and LuaStarter).