On 22 Apr, 2021, Marketing Manager of LuaSwap joined an AMA with Crypto Titan’s to share with the community about LuaSwap’s development journey, recent updates and upcoming plans.
Ha Hoang: It’s my pleasure to joining with you guys today on the AMA. I’m so ready, can’t wait to answer questions from the community.
Host: Welcome Ha Hoang. Now let’s start first with some Introduction Questions. Question 1: Can you please introduce yourself as well as LuaSwap?
Ha Hoang: I’m Ha Hoang - Marketing manager of LuaSwap. so basically LuaSwap is the new swap protocol inspired by the previous AMM-based swap protocols such as Uniswap and SushiSwap. The idea and philosophy behind LuaSwap is that it’s a multi-chain compatible and on-chain trading protocol.
Right now we operate the AMM separately on TomoChain and Ethereum network, digital assets can be converted from Ethereum to TomoChain via TomoBridge.
Host: Q2. What are the advantages of the LuaSwap Project?
I think one of the key differences of LuaSwap here is that we are focus on smaller pools of emerging tokens instead of fighting for liquidity within the top token pools. Secondly, LuaSwap is a multi-chain platform as now we are building on TomoChain and Ethereum and maybe other platforms in the future. LuaSwap is now fully operated (swapping, staking, running ) on both TomoChain and Ethereum. On TomoChain you guys can do a lot of stuff with supper lower fees compared with Ethereum and 2s confirmation time. We also have many special features under development and have a plan to integrate them into new platforms in the future.
Host: Q3. Please, tell us about the goal that you are planning to achieve this year?
Ha Hoang: As we just released the farming incentives on TomoChain now the next goal for long-term LuaSwap plans to develop a future swap system to facilitate decentralized margin trading of tokens where all activities take place on-chain, eliminating the need for a third party. Besides that is working to get onto new platforms like BSC or Solana and bring new projects/token to LuaSwap to increase trading volume and liquidity. Multi-chain development is the future of Defi when there is no boundary between platforms and we will try to achieve that goal
Host: Q4. DeFi is one of the hottest and most sought-after topics in the blockchain space right now. Can you share your opinion on DeFi with us? Do you think DeFi will disrupt the current financial system? What is LuaSwap’s approach to the DeFi sector?
Ha Hoang: DeFi space still has a lot of room to grow, and LuaSwap will be an important part there. We believe that as decentralized platforms are growing and start to offer significant advantages over traditional financial systems, an ever-increasing number of traditional assets will start to be listed on the blockchain. Market making is a critical part of financial market, the rise of decentralized exchange and DeFi has promoted a new kind of model call AMM. LuaSwap allows anyone to join and provide liquidity for the exchange.
Host: Thank you for all these great answers. Let’s go for the next session " Twitter questions". Q1: Today’s DeFi Blockchain projects are mostly built around Farming and Staking with hype. After the hype clears up, its value and attractiveness diminish over time. So what will LuaSwap do to maintain and develop its farm in a stable manner?
Ha Hoang: That’s a good question, since ppl on crypto/blockchain want to have 3-4 digits APY on farming/staking then LuaSwap want to focus more on creating a good source of liquidity for small projects. As mentioned above we are working on derivative margin trading and maybe an IDO marketplace for new projects on TomoChain. And building a new version of TomoBridge that supports transition among many platforms.
Host: This new and great idea, If it’s happened I will be the first one to join. Q2: How will you make users suffer the lowest Gas fees on Ethereum?
Ha Hoang: On the TomoChain blockchain, LuaSwap allows you to purchase tokens
- Nearly instantly
- At near-zero gas fees
- Without network congestion
For a long-term plan, we want to integrate into new platforms with the same structure of fee like BSC, Solana to make sure ppl can have the lowest fee. It costs only 0.1TOMO (0.2$) to all of the steps from add liquidity, stake LP token to harvest LUA reward on TomoChain vs 1-200$ on Ethereum at the moment.
Host: Q3: Can you list 1-3 killer features of Your Project that make it ahead of its competitors? What is the competitive advantage your platform has that you feel most confident about?
Ha Hoang: It is currently very difficult to take more complex financial positions on a decentralized protocol. Few existing decentralized protocols support derivatives or margin trading. When LuaSwap releases our version of margin trading it will be the big one.
Meanwhile, TomoChain has many similarities with BSC and Polkadot such as cheap transaction cost, high speed, and even more decentralization. We also have a decentralized bridge that helps to connect between different platforms.
We also think about the cross portal swap to connect liquidity from a variety of sources while getting the best conversion rates on a single interface for all actions. This feature will help to connect liquidity from many sources for example LuaSwap can connect the liquidity from a variety of sources.
Host: Do you have any tool or article available that can guide or educate us on which is Farming (of those available) the most convenient for us?
Ha Hoang: Staking/farming simply means lock up your token to earn rewards from a particular platform. At LuaSwap we have created a tutorial on how to farm LUA token on TomoChain. You can check it out here: Farming LUA on TomoChain for beginners
Host: Unfortunately, some projects remain halfway because their developers abandon the concept because they cannot achieve the desired capitalization in the long term; how do you plan to make this project sustainable for its development?
Ha Hoang: As initially stated in the launch ann, an additional 10% of all LUA distributions (equal to approximately 9.09% of the total LUA supply) have been set aside for the LUA Treasury. We proposed and got approved 7 (Budget Proposal for LuaSwap's Development & Operation) on February 1st, 2021, for a budget of 20 million LUA from the LUA Treasury to cover continued operation through October 2022.
We just got approved a new budget proposal allocated to multiple purposes, including but not limited to
- farming incentives on other chains,
- market liquidity provisions, listing.
- community and ecosystem development activities, including airdrops, bounty campaigns, among other promotional and community building campaigns; 60% of rewards on Ethereum platforms will be used for that purpose.
Host: Let’s move to the live chat questions. In this Session, we will unmute the chat for 180 seconds so everyone can send their Questions to participate in the AMA.
Live question
Q1: A partnership is essential for Adoption, so can you tell us what partners you have now and in the future?
Ha Hoang: Now we are discussing with numerous partners and projects to bring their tokens to LuaSwap as well as call for the contribution from the community and supporters. TomoBridge’s new version is also expected to help the transition from another platform more convenient. We also have some good partners on LuaSwap right now like Ramp and Frontier.
Q2: What are the ways that generate profits/revenue to maintain LuaSwap project and what is its revenue model? How can it make benefit win-win to both investor and your project?
Ha Hoang: LuaSwap charges 0.35% LP fee and 0.05% comes to LUA’s holder via LuaSafe. It encourages ppl to come and stake LUA into LuaSafe, the more vol LuaSwap have, the more rev token holders will get.
Q3: What methods does LuaSwap plan to control the distribution volume and supply-demand relationship and ensure the value of LuaSwap?
Ha Hoang: LUA’s token economics is re-designed with a vesting schedule to not only reward early adopters but also incentivize them to stay and participate in governance for a longer period of time. At the core, LuaSwap delivers a community-governed, multichain protocol via the LUA token.
We have no pre-sale. 25 percent of tokens farmed in the beginning will be released immediately, while the 75 percent remaining will have a one-year vesting period started on (21 Jan 2021). The vesting period ensures token farmers have incentives to stay with the protocol over the long term.
Q3: Tell us a little bit about security? Have you done an audit of the platform? Are the smart contracts error-free? What are the test results?
Ha Hoang: Yes, we got audited by Arcadia that you can find the report here: http://research.coinone.co.kr.s3.amazonaws.com/contract%20audit/Audit_verification_report_LUA.pdf
Q4: Community is the backbone of every project. What is LuaSwap’s strategy for building a strong global community? How can the community contribute to the success of LuaSwap and generate income?
Ha Hoang: Community is very important to any project in the crypto space. With LuaSwap, after farming released on TomoChain it’s time for us to reaching out with some marketing activities including promotional campaign trading competition, Co-marketing plans with partners/exchanges, Media and influencer and of course don’t forget to join LuaSwap telegram Telegram: Contact @LuaSwap to keep updating the news from us.