Last Friday we organized our first Community Voice Chat. Thank you to everyone who joined and participated !
Here is a summary about what topics we discussed during this voice chat.
The first question we had was : Is there any plans for Ledgity to come on Cardano and do you plan to build any innovations on Cardano?
Yes Ledgity plans to launch LTY on the Cardano network soon. Cardano launched their Smart contract on the last 12th of September. Everyone is now waiting for Plutus application backend (PAB) that will help to build applications based on Cardano. This is the main reason why there is no Cardano decentralized exchange at the moment. But a couple weeks ago we had some information. We have more visibility on what Ledgity will be able to do on the Cardano network. In the next few weeks we are going to accelerate the development and the innovation on Cardano.
What does this mean ?
Between the end of December and the beginning of next year, we will launch the LTY token on the Cardano network. LTY will be launched on Cardano’s DEX. This will bring a lot of benefits for our token holders. First because Cardano is a huge ecosystem and also we are one of the smallest circulating market cap (around 800,000$) launched on a Launchpad. So we can have a huge demand on the Cardano side and bring a lot of value to the LTY token holders.
Our team is working hard to build the first tokenization protocol on Cardano Network. As example, in Europe, investment funds transactions represent more than 1,5 trillions per year. This kind of innovation is a valuable use case for Cardano Network. Cardano has the potential to become the standard for the financial industry. This innovation can be pushed as a Cardano innovation proposal. This milestone could be huge for LTY and can be a game changer for the LTY token as well.
The second topic we discussed was about the tax mechanism.
We had a lot of questions about tax mechanism lately in the Telegram group, we noticed and read all of your suggestions. We discussed internally whether or not we should apply them. We took into consideration part of the suggestion of the community and we lowered the buy side tax from 4% to 0%. For now we really believe DeFi innovation is pretty new in this ecosystem and brings a lot of benefits for our long term token holders. For the moment the sell tax is still the same but will be lowered to 10% when LTY price reaches 0.04$ or sooner depending on the innovation we will launch. It’s important to notice that those taxes are allocated to our holders. First with the reflection mechanism, by simply holding your tokens in your wallet, you will see your LTY amount grow over time. The second benefit for our holders is that the tax adds liquidity to the Liquidity Pool, because the more liquidity you have in the LP the better the price is stable and reduces the downside pressure for the long term holders. All the tax allocated to the LP is locked for 5 years. Liquidity is key in order to provide good trading condition for the community. It’s the main reason we partnered with Amber Group. They helped us to bring liquidity in the LP when we launched LTY on PancakeSwap (around 1M Liquidity on the BSC).
About the gas fees on the Ethereum Network there is nothing we can do on our side. The best that we could do was to launch on PancakeSwap and to provide a bridge. So for now the LTY taxes are 0% on the buy side and 25% on the sell side. But be sure that the tax on the sell side will be reduced soon.
Another question we had was : Is there any listing on exchanges coming soon ?
The next listing of the LTY token will be on Cardano’s DEX. We are also in discussion with some Centralized Exchanges. But we strongly believe in DeFi and decentralized exchanges so we rather build products and innovations around LTY and launch our token on other decentralized exchange (DEX) rather than centralized exchanges (CEX). We analyzed several projects which listed their token on DEX and CEX. Most of them have more volume on PancakeSwap than other CEX (except top 1 exchange like Binance for sure)
And the last topic we talked about was about our Ledgity Wealth App.
We are happy to announce that we are in the final tests for the release of the Ledgity Wealth App in beta version on Android and iOS. It will be available for the first days in France and Monaco, then we will expand in Europe. This first product represents the foundation of our wealth app for independent financial advisors & their clients, meaning that we integrate in a single solution all the functionalities for financial advisors in order to simplify their day to day job and to dramatically improve the user experience of their clients. It’s the really first product that connects financial advisors and their clients in the easiest way possible. The second phase of the product for the next 4 months will be to add a crypto platform. The demand from High Net Worth Individuals is really huge and is growing day after day. At the moment everyone is not very familiar with crypto currencies. Ledgity is designed for clients of private bankings and wealth management who are not very familiar with wallets, decentralized exchanges etc…. For the moment financial advisors have no solutions to advise crypto assets to their clients so we will be the first regulated platform for independent financial advisors to answer this increasing demand in the market especially in Europe. Ledgity is proud to participate in the democratization of cryptos assets and DeFi yield strategies in traditional finance.
The utility of the LTY ecosystem will grow in parallel with the launch of the product, which means the LTY token will be used for example for discount fees, to have premium memberships, to specific investment opportunities and other utility functions.
Thank you for reading this summary, we will soon announce our 2nd Community Voice Chat. So stay tuned ! 😉
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