Dear LuaSwap Community,
It has been over 2 months since the initial launch of the LuaSwap project.
During this short yet intensive phase, we have achieved some great results:
Launched LuaSwap Staking and successfully conducted liquidity migration from Uniswap to LuaSwap exchange.
Launched LuaSwap V1.0 core products:
- LuaSwap exchange: An AMM-based decentralized exchange where users can swap tokens and add/remove liquidity.
- LuaSwap information: Analytics, API, and Information for LuaSwap’s liquidity protocol.
- LuaSafe: Stake LUA and earn passive income.
- LuaSwap proposal: A community governance platform where users can use LUA to vote on governance issues.
Built and supported an enthusiastic community with over Twitter 3,500 followers and nearly 3,000 Telegram members (in top 10 AMM by communities)
Liquidity Pools supported by Frontier, Mantra DAO, RAMP DEFI, Serum, FTX, KardiaChain, and others.
Listed LUA token on a number of exchanges (FTX, Coinone, Serum (on default markets), Uniswap, TomoDEX, 1inch Exchange, Coinpark, TokenizerDEX)
Wrapped LUA token for use on TomoChain and Solana blockchains
Updated the cross-chain portal TomoBridge to swap back and forth between LUA on Ethereum (ERC20) and wrapped LUA on TomoChain/Solana
Listed LUA token on the popular token list of Solet Wallet.
Listed LUA token on Coingecko, Coinmarketcap, Blockfolio, TrustWallet, Coin98 Wallet, VNDC Wallet
Listed LuaSwap exchange on Coingecko and Coinmarketcap
Listed LuaSwap on Dapp.com and Dapp.Review
Integrated LuaSwap into 1inch Exchange’s DEX aggregator - Pathfinder
Created detailed documentation for LuaSwap
Preformatted textated LuaSwap UI frequently based on new features and community feedback throughout the 8 weeks of hyperinflation period.
Actively worked with ecosystem partners, media, and KoLs to promote LuaSwap.
Audited LuaSwap smart contracts through the Arcadia Group
Looking ahead below is our rough plan for the next 2 years.
Strategic development goal/roadmap
- LuaSwap pool analytics: Real-time data on pool liquidity, total trading volume, fees collected during transactions, trading statistics, and more, giving users an easy way to track metrics on different pools and make trading actions wisely with a pool visualized overview.
- Liquidity migration from other AMMs: Directly migrate liquidity from other AMMs to LuaSwap through a Migration Portal on LuaSwap.
- Cross portal swap to connect liquidity: Aggregate liquidity from a variety of sources while getting the best conversion rates on a single interface for all actions.
- Multi-chain swap on TomoChain: LuaSwap implementation on TomoChain allows users to swap between TOMO and other TRC-based tokens. Users can go directly to LuaSwap and choose whether they want to swap tokens on TomoChain or Ethereum networks.
- Mobile application for LuaSwap (Android & iOS): LuaSwap’s mobile application enables serious traders to trade their cryptocurrencies on the go. Simply launch the mobile app and follow the same steps as you would on a desktop browser.
- Future swap: LuaSwap plans to develop a system to facilitate decentralized margin trading of tokens where settlement automatically takes place on-chain, eliminating the need for a third party
Marketing, BD, and listing
- Paid and earned listing, market-making
- Community activities
- Co-marketing plans with partners/exchanges
- Media and influencer reach out
- More security audits
- Server maintenance, contract deployments, paid tools
- Community management, user support.
As we embark on an updated strategic plan, we look forward to expanding into new areas of opportunity for LuaSwap. We hope to continue seeking out the tools, resources, people, and innovative ideas we need to help our users and build our community.
LuaSwap was introduced through a fair launch with no seed investment, founder’s fee, or pre-mining of tokens. The core team did not raise any funds and was not allocated any tokens. All work has been done voluntarily by the core team, and any spending on development and maintenance of the LuaSwap operation has been expensed from TomoChain’s own fund.
Based on the rapid series of milestones achieved in such a short period of time, we believe LuaSwap’s future is bright. To execute our future plans, maintain an aggressive development schedule, and align incentives with the community, we are proposing community approval for a development budget of 20 million LUA to cover 23 months of continued support through October 2022.
The breakdown of fund usage will be as follows:
- 5 million LUA for marketing, BD, and listing activities (equivalent to ~ 135K$ at the time of posting)
- 15 million LUA for technology development, including farming rewards for Liquidity Providers when LuaSwap is deployed on TomoChain blockchain.
Of the requested 20 Million LUA,
- 4.5 million will be made available immediately upon approval to kick start the development process and allow for coding the farming rewards for Liquidity Providers on TomoChain blockchain.
- The remaining will be vested and made available on a quarterly basis, starting in 2021, at the end of each quarter. The amount sent in each quarter is equal to the current unlocked balance of the development fund.
We look forward to your favorable consideration of our proposal.
LuaSwap core team.