LTO: ERC-20 | Mainnet | Waves
What’s the deal with all the swaps, which token do you get, where to store them, and how to trade LTO? Here is the guide.
LTO Network has its own blockchain with the native LTO coin (mainnet released on January 15), but is issuing an ERC-20 token for the crowd sale. What’s the deal about that? Let us explain what every token is intended for, and how they relate to each other.
First, you will get confused.
Seed: Waves-based LegalThings One tokens
In December 2017 we released and distributed Waves-based LegalThings One tokens. Back then we were doing some simple blockchain integrations, and that was our seed round which raised $1.4M from supportive community members all around the world. These tokens are being swapped as the LTO tokens will no longer be on the Waves blockchain.
Private sale: Mainnet LTO tokens
We kept working, expanding our solutions, and after only a year raised our private round of $1.7M from clients and some institutional blockchain integrators. We shifted to our own blockchain, and did this round in mainnet LTO tokens. These tokens can be staked, used to pay transaction fees in LTO, leased and used within the LTO Network blockchain.
Crowd sale: ERC-20 tokens
January 14–16 marked our crowd sale in ERC-20 tokens, done on the Ethereum blockchain. There was quite a cool complex smart contract. We issued this token because it is easier to integrate ERC-20 tokens into exchanges and more convenient to ensure liquidity.
Then let us try to make it less confusing.
So we ended up with 3 pools of tokens.
- Seed investors can already swap Waves-based LegalThings One tokens to LTO mainnet tokens by following in-wallet instructions. It is a one-way swap which will be available for about half a year, and there is no rush to do it. Waves tokens will cease to exist and will be abandoned. You will not need to interact with them, this info is just for seed round participants.
- Mainnet <-> ERC-20 have a bridge. These are the same LTO tokens, but simply exist on different blockchains (1:1) — the total supply of less than 460,000,000 LTO is simply being split into two different sides, where the bridge makes the flow possible.
Here is how it works, based on formula starting at 55% on January 17, and then going to about 0% gradually over the course of 6 months till July.
55*exp(-0.5*t). Check live stats in the Telegram bot.
ERC20 -> Mainnet: a static fee of 40 LTO is taken, which is given to already existing miners on LTO mainnet as a reward. 40–60 split due to BitcoinNG.
Mainnet -> ERC20: a dynamic fee is taken, to prevent dumping.
Which token is tradeable, and what about lockups?
The lockups can actually be seen on the picture above: seed and private sale participants do not have direct liquidity, and have to pay a bridge toll to trade and sell!
- LTO mainnet coins are for using the LTO blockchain, paying LTO tx fees, and staking (NOT directly tradeable).
- LTO ERC-20 tokens are for liquidity (directly tradeable). Only the ERC-20 tokens are directly tradeable.
You can use the bridge to go there-and-back between LTO Network mainnet and Ethereum, just keep in mind the bridge troll. The supply is the same, it is simply distributed over 2 blockchains and can travel there-and-back.