AMA Recap Crypto Library with LuaStarter

                                        

On 14th August 2021, LuaStarter conducted an AMA in the Crypto Library Community. Our guest is Nang Nguyen. Lots of questions as usual from the Community about LuaStarter progress. The LuaStarter team took part in a very interesting AMA session which included introductions, questions from twitter, and a live AMA session with the Crypto Library community. If you missed the AMA in person, read this recap for a deeper insight into LuaStarter.

Let’s take a look at the most interesting points of our conversation. 

INTRODUCTION
Crypto Library Team : So, before we start the AMA could you please introduce yourself to our community?

Nang Nguyen (LuaStarter) : Hi everyone. I am Nang, Product Manager at TomoChain and Product Lead of LuaStarter. I have about 9 years in project management and 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 blockchain 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.
FIRST SEGMENT (HOST)
Crypto Library Team : What is LuaStarter? and how your team can create this project?

Nang Nguyen (LuaStarter) : It will revert back a little time when we built LuaSwap, a Multi-chain liquidity and exchange protocol product. After successfully launched this product, 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. The analysis of building it happened about 3 weeks, after understanding clearly of markets and features analysis, we started to build it in this May, and now it is ready to go to public.

Crypto Library Team :  What features and products does LuaStarter want to offer? And why should we choose LuaStarter?

Nang Nguyen (LuaStarter) : LuaStarter can solve several current matters: low capital efficiency, lucky-based participation by providing some key winning features: multi-chain support, Tier Guaranteed System. 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.

Crypto Library Team : Please tell us about $LUA & $TOMO tokens! What are the token use-case in this project and where we can buy it?

Nang Nguyen (LuaStarter) : Basically, TOMO is the native token of TomoChain network while LUA is the native token of LuaSwap. 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. LUA tokens can be exchanged on FTX centralized exchange or by on-chain swapping on LuaSwap (relatively low fee: 0.35% swapping fee and low gas cost). TOMO tokens can be exchanged on both FTX and Binance centralized exchange or by on-chain swapping on LuaSwap.

Crypto Library Team : Could you give more details of your Tier Guaranteed System Model with its complete features?

Nang Nguyen (LuaStarter) : In short, LuaStarter introduces The Tier Guaranteed System model built on SEAT mechanism to tackle most of the current problems in IDO by:
  • Total count tokens on multi-chain (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.
SECOND SEGMENT (TWITTER)
Crypto Library Team : I noted that LuaStarter is supporting both Ethereum and TomoChain pools, we all know there are very different chains, can you tell us what difference does it make to invest in both pools? Especially in relation to the speed and cost of fees?

Nang Nguyen (LuaStarter) : Actually up to this point of time, we are able to support on BSC, Polkadot and Polygon rather than only Ethereum and TomoChain. Definitely that Ethereum requires higher gas fees but it has several pros. TomoChain and Polygon are good options in terms of gas fee and specially types of community, especially in side-chain asset management. The investment is definitely up to investors who wants to manage their assets in the chains they prefer and the ecosystems which they find they can gain the most benefit on.

Crypto Library Team : LuaStarter supports Ethereum & TomoChain pools currently. In order to gain more hype/exposure, Do you intend to expand the LuaStarter platform on other blockchain pools like Binance, Polkadot, Solana etc?

Nang Nguyen (LuaStarter) : As I just mentioned, we are already expanding to Binance Smart Chain, Polkadot and Polygon to support more project owners and investors. Ethereum is still have a lot of advantages as there are many assets there, the attractiveness to a lot of developers and project managers, etc. Solana is quite different in terms of coding aspect then it will need to spend more time, focus and resources. Up to know, we are able to support Ethereum, TomoChain, BSC, Polkadot, Polygon.

Crypto Library Team : LuaStarter presents the Tier Guaranteed System model built on the SEAT mechanism to address most of the current problems at IDO. Can you explain what the Tier Guaranteed System model is? How do you deal with problems in IDO?

Nang Nguyen (LuaStarter) : The interesting concept of LuaStarter is Tier Guaranteed System model. At LuaStarter, we provide multi-chain IDO which are straightforward for the explanation. The key winning features are based on 2 terms. Tier Guaranteed System model (TGS model) and “S-E-A-T” mechanism, standing for Selective, Easy to participate, Adaptive allocation, Total Tier Count. Let me explain them in detail. TGS will reward token holders to be 100% sure of the number of tokens they can buy based on their tiers. The higher tier, the higher guaranteed tokens for tokens holders. Some of the platform requires a long time of staking and cooling down period while it is still based on a number of the lottery tickets by random allocation. Here, LuaStarter allows users not only staking tokens, not only LUA tokens, but user can only just hold TOMO tokens in the wallet, and in any chains to be tier classification. Furthermore, Liquidity provider tokens will also be taken into accounts for major pairs (ETH-TOMO, ETH-LUA, TOMO-LUA, ETH-USDC, LUA-USDC, TOMO-USDC). It will definitely increase capital efficiency in the way that users can hold multiple assets to be in tier system. The highest tier also has privilege rights including potential private sales participation and more insights which will be announced later. Adaptive allocation means users can commit more than the guaranteed number. In case some users do not execute their rights, it will transfer this opportunity to others who would like to buy more based on our adaptive calculation model and based on First Come First Serve basis.

Crypto Library Team : What are the LuaStarter IDO launch platform's multiple tiers? To be in the highest tier, how much $Lua do I need to have?

Nang Nguyen (LuaStarter) : We have 4+1 Tier, from tier 1 to tier 4 are Earth, Moon, Mars, Galaxy accordingly, and Tier 0 (Community Tier). Each tier requires a different amount of LUA staking and TOMO holding and the weight is accelerated when the tier is higher (except Tier 0 - no require, but no guaranteed). To be the Galaxy tier, the requirement is that you stake 250,000 LUA or hold 25,000 TOMO in the wallet you participate. However, you also can use LP token, too. For each LP token, we will calculate how many LUA you have in that pool, and multiple to 2 to get your LUA equivalence for tier classification.

Crypto Library Team : LuaStarter's IDO platform will also help boost the confidence of interested investors in the legitimacy of startup projects. Exactly how will you do this? how will the selection process of such projects be conducted? can we trust such a selection process?

Nang Nguyen (LuaStarter) : At LuaStarter, we are very focusing on go together with the product 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. The project must undergo an intense process including:
  • Initial application
  • Project Screening
  • Kick-off call
  • Due diligence check
  • Final security check (include check audited smart contract)
So, with the focus on security and project innovation itself, I am confident that we will bring the most trusted potential projects to the community.
THIRD SEGMENT (LIVE QUESTIONS) 
Crypto Library Team : How does LuaSwap deal with other DEXs currently obstacles to accessing DeFi services : high gas cost with on-chain transactions, liquidity being fragmented to various protocols and services, trade fee, subpar UI/UX and lack of efficient market-making mechanisms?

Nang Nguyen (LuaStarter) : This is much better if you mention LuaStarter as it is topic of discussion today. Gas cost is the concern of most retail users as it will affect their decision on chains to manage their assets. TomoChain is doing very well on that with very low gas fee, about 0.0001 TOMO per transaction. The fragmentation issue we solve quite completely with total tier count, and support multi-chain IDO. In terms of UX/UI, our team will always listen to sentiment then improve it from time to time. The new LuaStarter we will introduce a new face to the public, please go over and see it.

Crypto Library Team : What do you think about dual IDO? How LuaStarter can support project creators and users on that matter or do you have any plan for that?

Nang Nguyen (LuaStarter) : Initially we support dual chains: Ethereum and TomoChain. However, right after the launch, we finish multiple chains support quicker than plan and now we can support on BSC, Polkadot,.. It can be considered to have good network effect as it reaches out more communities, benefiting project creators. In term of dual IDO in different launchpads which may be your meaning, it is totally good, as it will reaches out more community in different methodology to multi-chain IDO. However, project oweners must consider their tokens issued on which chains and how many of tokens to be issued on which chain carefully. Our plan will support both multi-chain and willing for any Dual-IDO with partners.

Crypto Library Team : I see $LUA has a new project which I think is quite potential namely "LuaInsights" when will it be introduced to the public, could you tell me the benefits and goals of this project?

Nang Nguyen (LuaStarter) : Yes, it is one of my plan this year for product features development. LuaInsight is defined as sub-product and it wil bring the benefit to LuaSwap's ecosystem, which is the core. LuaInsights will provide insight analysis to the whole community, case study, investment decision, and also be the right hand of LuaStarter. Hope it will benefits the whole community.

Crypto Library Team : You said: apart from providing startups with much needed support for their IDOs, LuaStarter also ensures investors can enjoy a seamless user experience. How do you go about achieving this? And also How do you ensure a great user experience?

Nang Nguyen (LuaStarter) : In the plan, LuaStarter is a place for assessing Decentralized Financial Market where users can manage their assets by "traditionally swapping" token on LuaSwap (both TomoChain and Ethereum), using our TomoChain bridge to bridge the assets, can farm, and stake on LuaSwap pool, can join IDO with LuaStarter, then stake to earn the new listed tokens with high APR, too. I can say user can find most of the things in DeFi here. Rather than that, we will introduce lots of one-click button for user to upgrade tier, buying tokens, etc. Hope it will bring to the community great experiences.

Crypto Library Team : The team that built this product is the team that built TomoChain, so can you explain the reasons why Tomochain smart grid decided to build this project? LuaStarter will provide access to the TomoChain ecosystem?

Nang Nguyen (LuaStarter) : Definitely, I do appreciate that you go through the answer to know on that fact. When building LuaStarter, we aim for supporting the growth of DeFi as it will be a place for project creators and investors find each others in a transparent, trusted platform with the support of solid blockchain developers and experts. And definitely that all project creators and investors have access to our TomoChain's and LuaSwap's, LuaStarter's ecosystem to be benefited.
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