We had a great chance to sit down with LuaStarter’s Project Lead on 27 Sep, discussing IDO - related questions from $LUA community!
A huge thank you to Mr. Nang Nguyen for such an informative AMA & to our community for bringing numerous interesting questions to the discussion.
For those who missed our AMA, check it out here
Host: Hi everyone, welcome to LuaStarter’s AMA. I’m the host and marketing lead of LuaSwap. Today we’ve got our LuaStarter’s Product Manager @NguyenTheNang to address all of your questions. Hi @NguyenTheNang can you say hi
Mr. Nang Nguyen: Hi everyone, nice to answer your questions regarding the upcoming IDO on LuaStarter platform. Thanks @justinyan92 for hosting. I am ready.
Host: Thank Nang. I’m glad that you came out to help us explain some of the questions from our community. First of all, could you give us a brief introduction about LuaStarter? And what’s special about it?
Mr. Nang Nguyen: LuaStarter is designed to serve the LUA community for early investment in new projects. Initially, LuaStarter uses tier classification to reward higher contributors with guaranteed slots to buy tokens in the public sales. Furthermore, it provides several winning features by using TGS model such as: Easy to participate and Multi-chain support, Transparency, Flexibility, Total counts (count multiple tokens on both Ethereum and TomoChain for tier classification). I do hope it will bring more value to the Lua community.
Host: Great. Thank you. I’m pretty sure many people here already have a brief idea of what LuaStarter is but some might not. That’s all good. We will be here to address your questions. I’ll run through the twitter questions first. We’ve picked 7 questions from our twitter followers. And after that we will pick another 3 questions from our telegram users during the AMA.
Mr. Nang Nguyen: Yes, I do think so, let’s get started.
Host: Great. Let’s get started.
Q1: What are your most important criteria when choosing a project for IDO? (twitter user @kripto_cemm)
Mr. Nang Nguyen: Credibility and potential I would say. The most important factor is that we make sure the IDO project is NOT a scam, the team behind it is real and they are trying to solve real problems in the industry. We will look into their company’s profile, their core team members’ profiles, and how the project is monetizing and creating value for the crypto space in general. We will have several rounds of calls and meetings with the team to make sure they will deliver what they promise. We then also work with the projects in terms of finding partners, or advising the project to add more value into the project before reaching the public.
Host: Awesome. the second question.
Q2: How much is the allocation of LuaSwap for each user and how much is the price listing of LuaSwap IDO? (twitter user @LisaNazila)
Mr. Nang Nguyen: We will implement this tier based allocation system, named Tier Guaranteed System (TGS) model. This model will fairly allocate the IDO tokens based on the amount of LUA tokens staked in our designated protocols. This mechanism will bring 3 main benefits:
Better liquidity for LuaSwap
More use cases for LUA token and motivation to hold and stake LUA token
Fair allocation and distribution for the IDO token and the token price will depend on each project.
Host: I think that’s a very good model especially for the LUA holders out there. Q3: We see some misconception spreading on how to participate in the IDO. Can you explain to the community more on how they can participate in the IDO and how to get Guaranteed Allocation in IDO. (twitter user @cryptooqueenn)
Mr. Nang Nguyen: Definitely. So the following users will be qualified for the tiers:
Stake LUA in LuaSafe
Stake LUA in LUA-TOMO and Pool and hold this LP token on your wallet.
For the 2nd option, the LUA equivalency will be multiplied by 2 because the input value is 2 times of the LUA staked. Both TomoChain and Ethereum networks will be counted. and your total LUA equivalency will decide your tier. And your tier decides your guaranteed allocation, which is the minimum amount of the IDO token you will be able to purchase.
Staking must be completed 7 days before the IDO opens, and held for at least 7 days.
Host: Excellent. I think we can expect some liquidity boost once the IDOs are open. Q4: Hi there I have 3 questions
How exactly this tier system is going to make sure people will get their share?
How will the community receive their IDO tokens?
And, Will all the IDO tokens be available on Tomo blockchain? Or some will be on Eth? (twitter user @BlueMoo18002159)
Mr. Nang Nguyen: Oh, can I count 3 questions. Just kidding.
We will do a snapshot at random around 7 days before IDO and require staking LUA in LuaSafe and/ or holding LUA-TOMO, LUA-TOMOE in the wallet.
At that time, we fix the numbers of the tier members in each tiers, then allocate tokens to the tier pool. This is the minimum tokens tier members can buy.
There is also a predetermined date and time of claiming tokens. The IDO tokens will be either on TomoChain or Ethereum, it depends on each project decision and it will be announced to the public before the IDO.
Host: That sounds fair to me. Q5:During IDO, can I commit more than what I can get as guaranteed bases on tier? (twitter user @Zoey2081)
Mr. Nang Nguyen: Yes, definitely you can. In fact, you can commit as much as you want up to the maximum limit determined for each IDO (you will see that value). The final calculation is based on the actual commitment.
If there are any tier members who do not commit the right, the system will allocate from the higher tier pool to the lower tier pool,and to those who commit higher amounts first. Let’s say if I and you are the same tier, you commit 1000$ and I commit 500$. If there is 800$ left to be allocated, you will get this 800$ allocation.
Host: great. the more you commit, the better chances you have. Q6: How many times can I commit money during the IDO and Can I receive the tokens right after committing? (twitter user @YenLy55940985)
Mr. Nang Nguyen: You can commit unlimited times while the IDO is live until the maximum limit reaches. After committing, you can not receive tokens immediately. When the IDO is finished, the system will finalize the allocation, then give you the answer of how many tokens you have won. All the users then can claim the tokens as per the information listed on our IDO pool information.
Host: ok, one last question and we will open for community questions. Q7: How many of the tokens received from IDO will be locked and for how many months? (twitter user @efeuslu44842718)
Mr. Nang Nguyen: It depends on the project, this information about TGE and vesting schedule will be public for each project before the IDO. Furthermore, you can also find more project information and tokenomics which the project will public on their websites.
Host: ok great. Thank you Nang. Now we are going to open the group chat for more questions!
Q1: 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?
Mr. Nang Nguyen: Yes, as a platform service, we will do the best to bring more opportunities to the LUA ecosystem. We will expand and support IDO on other chains, the sneak announcement will be that we will support Binance Smart Chain shortly. However, the tier classification will not change, and only based on the native issuance of LUA on Ethereum and TomoChain.
Q2: What are the LuaStarter IDO launch platform’s multiple tiers? To be in the highest tier, how much $Lua do I need to have?
Mr. Nang Nguyen: We have 4+1 tiers allocation specifically mentioned on our paper. Please also always find the latest paper to read through for more details. For quick information, please go to our landing page to see the requirements too. To get to a higher tier, basically, you will need to stake more LUA or hold more LUA-TOMO(E) LP tokens. Please look at page 13 of whitepaper v3.0 for more detail: LuaStarter-Whitepaper-v3.0-20210924.pdf - Google Drive
Q3: 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?
Mr. Nang Nguyen: The support means that we can run IDO on each pool, or both pools at the same time. Besides, we will classify tier based on count LUA tokens staked in LuaSafe and LUA-TOMO(E) on both Ethereum and TomoChain. The decision is actually based on the project for which chains they want to raise funds through and which native tokens they issue. Definitely you will know that the transaction fee on TomoChain is really competitive and we could bring more projects to the TomoChain ecosystem.