July 15th AMA: Token Migration, Community Platform & Incentive Pool
In case you missed our AskMeAnything (AMA) session, you’ll find below all the questions asked to our CEO Hugo Renaudin and CTO Charles Couillard. Topics covered: Token Migration, Community Platform & Retail Onboarding.
Token Migration
If I have my LGO in a myETH Wallet and never moved the LGO am I required to do anything to receive the new tokens? Secondly if I don’t have to do anything — do I simply add the new token address to see the new tokens in my wallet?
You don’t have anything to do and yes.
Can you please explain the addition of the extra bullet point that wasn’t published in the original medium post, an caused a lot of confusion: “The LGO reserves which haven’t been used will be transferred to new addresses controlled by LGO with higher security standards. When calculating bonuses 3 and 4, the balances of these reserves will be considered untouched. Any bonus that should have been paid to these reserves will go to the incentive pool.”
During the smart contract migration, we will change the addresses of the LGO reserves that we have not touched in order for us to manage them with a higher security and a better governance. From a bonus calculation standpoint we will treat them as if they had not moved during the smart contract migration. When calculating bonus 3 and 4, if the reserves haven’t moved by then, we will get a number of “bonus” tokens to send to the reserves and will send those to the Incentive Pool directly (rather than the reserves themselves)
Will the new token have the same short name LGO? which could lead to OTC scam sell.
You’re right it is a risk. A way to mitigate it is to communicate very clearly (on our website, on Etherscan, wherever we can actually) that the new token is the one that has value
Is this safe if I keep LGO in ledger during migration new contract?
Yes it is safe. Token holders do not need to touch their LGO during the migration process.
What happens to tokens that remain on IDex platform before and after the swap?
If your tokens are on IDex, you don’t have to do anything. We are in contact with the IDex team: during the migration, they will move your balances from the old token to the new token
Community Platform & Retail Onboarding
Can you give us an update on retail?
We have sent onboarding emails to all Round 0 participants (2,000 participant). We have 101 accounts (ie token holders that went through a first part of the onboarding process) and ~40 fully onboarded clients ready to trade.
Community platform release this month? Do you plan to onboard immediately after release, or wait few weeks for people to start using platform?
The goal is to launch the community platform this month yes. Currently undergoing security tests. We will onboard as soon as it launches!
Will ICO participants be on the top of the leaderboard automatically?
ICO Participants will automatically gain points for having participated in the ICO. A notable jumpstart in the leaderboard.
What is the estimated amount of people that are able to join the exchange, let’s say on a weekly basis? When ico round 1 can join the exchange ?
When the community platform launches, anyone can 1) join the platform and 2) onboard with LGO. We will onboard 25 retail clients per week to start with, and ramp up as we go.
Besides ICO participants, will retail onboard before LGO pair integration and before fiat on/off ramps?
Definitely before fiat on ramps, perhaps before LGO pair integration as well
Do you have a retail client target for Q3? By the end of Q4?
The target for us is to onboard as many people as possible on the community platform. In terms of retail client target, our goal right now is to onboard 25 clients per week and most importantly clients who will trade and use the platform. Which is why we have the leaderboard in the community platform. Our learning from the past few weeks of retail onboarding is that a lot of people don’t go through the whole process or simply don’t trade. We want to be efficient and onboard token holders, prominent community members and traders in priority so that we can ramp up the activity asap.
I suspect that LGO incentive pool will be used to reward for people who participate in community sharing etc. How liberally will you give tokens from that pool to the people? I mean lot of people used their BTC in ICO to get tokens. It dont want to see LGO token price falling because there are millions of LGO tokens released to anybody who shares some link
It’s a very good question and to be 100% transparent we are still thinking about a good model for the governance of the incentive pool. Some initial thoughts here. The incentive pool will be used with one goal in mind: increase the size and implication of our community to get more traction and more trading on the LGO platform. Which means that every use of the incentive pool will be made with the idea of increasing trading activity ultimately (although not necessarily directly). So this should translate into something beneficial for token holders.
Right now, the team is involved in the use of this pool. With the community platform, we’ll be able to have the community offer some proposals, even vote on incentives and uses of the LGO incentive pool.
Most retail money tends to go where good projects with potential high returns are listed. Not saying LGO should end up a place for pump and dump but in general how easy/difficult is it for a regulated exchange to onboard new projects?
Our approach is to list assets which our clients and community members want to trade. So depending on what they want, we will try to list it. There is a lot of regulatory implications to list new assets (and we are going to be regulated both in the US and Eu) and it is important to keep this in mind. Also, adding a new asset has a cost: tech integration, market making/liquidity, operational. All these costs have to translate into a reward, which is why we have this very client-driven approach when thinking about new assets to list.
Other Topics
First, can you give a general update about the MM situation, second, do you think any of these low-liquidity periods are scaring away clients? And third, curious if you can say some words about what your strategy to attract MMs and secure liquidity in the future?
As you saw, our traders outpaced our market makers the past few weeks …. Which is a good problem to have. We are solving the problem, it takes time bc new MMs need to onboard, integrate to our API etc which takes a bit of time. But the team is managing this and it is one of our #1 focus points. Pierre and Camilla have been very good at managing client expectation and there should not be any problem to ramp up with them.
How far into are you with ethereum chain integration? Do you see yourself launching eth and lgo pairs before end of Q3?
It is a work in progress, it will be live Q3/Q4.
You can find the discussion thread by joining our Discord server: https://discordapp.com/invite/BUqnxQF
LGO has built and delivered a trading platform for digital assets with proprietary technology which is provably transparent, non-custodial and secure. The firm currently offers BTC / USD with additional pairs and currencies to be added in the future.
