LOT.TRADE x Finminity AMA on 23rd Nov: A Recap
Round 1: Introductory Questions
1)Please introduce yourself to the community.
I’m Leonid Litvinenko, CEO of LOTTRADE.
I’m an entrepreneur and investor who has been working in the field of trading for over 11 years
2)Can you briefly tell us about LOT Trade and the problems it is addressing?
LOTTRADE is the Universal NFT/DEX/CEX gaming tournament platform. It’s a DAO governed tournament platform for amateur and professional traders. The platform empowers traders to compete in competitive leagues to win rewards. The League’s decentralized and distributed architecture is built on the Binance Smart Chain with multi-blockchain paradigm. LOTTRADE supports BSC, Tron, Ethereum now, and more networks will be added later. The platform hosts regular tournaments known as the Professional League, which give a Global Rating of the world’s top crypto traders. There are also Master Tournaments sponsored by LOTTRADE & Partners, as well as Private Tournaments where access and regulations are restricted by third parties. We use a DeFi approach, featuring smart-contract technology, DAO-mechanisms, and BSC non-custodial wallets to ensure a complete decentralization and transparency of the tournaments. This unlocks the potential for traders to build a community through their portfolios.
3)Each project has interesting stories before it is created. So can you tell people about the story that gave you the motivation to build and develop a great project like yours?
As I said, I’m a part of trading world for over 11. I was always passionate about trading and always wanted to gamificate the process a little bit. Typically, when an average user considers trading, he offers a sophisticated system that is difficult to comprehend. And it is true! Trading is not straightforward. But interesting and can reward you with high income, when you know how to do it! As a result, our team has determined to do all necessary to increase public awareness of cryptocurrency trading. Our website enables expert traders to compete against one another, therefore boosting their rating, while new users may learn on our platform, including by copying the strategies of the greatest traders.
4)Could you give us information on your Team, advisors and partners?
With pleasure. I think our team is the reason why our product is so unique. Here at LOT. TRADE we work back to back with the best. LOT. TRADE’s BDO, Vitaly Korshunov, a PhD, visionary, an expert in the field of social technology and communications, who also has a specialization in the field of gamification and game design, helps to make our product simple, interesting, and understandable for users. Our BDM, Oleksii Chepelyk, with more than 10 years of management experience in international companies such as Cisco Systems, Samsung Electronics, Telenor Group. So yeah, I’m sure that our team’s background is an ideal soil to grow something like LOTTRADE.For now, among our partners you can find CyberFi-Samurai, Kwikstarter, NFTb, Legion Ventures, Exon Center, LocalTrade, Envelop, SafeHamsters League, Kyrrex, Traveler Capital and, of course, Finminity! We already hosted joint tournaments with some of our partners, SafeHamsters Cup and Kyrrex Cup. Hope in near future we will host regular joint sponsor tournaments with our partners.
5)How does LOT Trade differentiate itself from its competitors? What makes it unique?
As of now, traders are still reluctant to enter DeFi projects. The sphere of decentralized finance has some issues, making it less attractive for retail investors. High technical barriers and extra-large gas fees prevent wide publicity from entering the profitable DeFi scene. The LOT TRADE approach radically mitigates those barriers. The platform is built to be accessible by using the latest gamification techniques. It’s also necessary to mention the advantages for both users and partners of LOT. TRADE For users it will be free registration and participation in the LOTTRADE tournaments, friendly interface, trade skills rating and recognition, attracting new customers, competing for a high prize pool, and formation of the professional decentralized crypto league of crypto traders + investors for involvement in its development and improvement.
For partners we offer an organic increase of trading activity and engagement of their communities, attracting new customers by tournament sponsorship, demonstrating the new trading tools and services, organizing and carrying out international and local online tournaments, which results will be fixed in the blockchain. We are the cross CEX/DEX trading competition platform for tokens and NFTs.
ROUND 2: FORM QUESTIONS
1)Are you planning to promote your project in countries / regions where English is not good? Do you have a local community for them to better understand your project??
Yes, of course. The LOTTRADE project is a worldwide project. Multilingualism is on our RoadMap, Q4 2021, you can check it out on our website. We understand that if we want our platform to be truly worldwide, we need to be multilingual, this is one of our near future goals.
2)Your project name seems to be very interesting. Does it have any story behind it? Can you share us with the inspiron for approaching to this name?
You know, that was a long process. Firstly, we decide to give our community an opportunity to give our project a proper name. Cause we are DAO. The community chose “LOT” as a name. But LOT is not enough if we want our name to speak for itself.So, we slightly modified the site, streamlined the platform’s registration process. And our team made a decision to add the word “TRADE” to our new name. We created a new logo, moved our website to a new domain which is also lot. trade. And that’s how WLOCT became LOTTRADE.LOT. TRADE combines two the most important words for our project — LOT stands for our project’s token, and TRADE serves as a reminder that the project’s primary purpose is cryptocurrency trading.
3)What is the role of token in the ecosystem? Where can people currently buy it? what would be its used??
LOTT is a BEP-20 utility and governance token limited to 100 million units. The purpose of the token is to manage and govern the platform, reward users and encourage their activity.
LOTT is used for:
- “Governance” and “Staking”
– An operational management and platform development
- Member/Pro/Expert/Partner membership which gives them access to additional LOT. TRADE functionality and privileges
- An access to the higher level tournaments, including those a player is not qualified for or does not have the appropriate game NFT
- “Lending” -LOTT tokens with a BUSD commission fee being paid to players for “staking” LOTTs to access the higher level tournaments
- Users’ commission payment for NFT tournament tokens (TNFT) minting based on the results of tournaments in which they participated.Right after IDO we are planning to host a big tournament — only for LOTT token holders. It will last for one month. Its prize pool will be nominated in LOTT tokens.
Winners of the tournament will receive 50% of the prize pool.
The other 50% of the prize pool will be distributed among all tournament participants.
Participation in the tournament for all LOTT token holders will be free.
Also, all LOTT token holders will be able to take part in our regular tournaments — weekly, monthly, seasonal and annual.
4)What are your plans for spreading your project around the world? What steps have you taken for this ?? I think that’s why you can use social media like Facebook, Twitter, Instagram, YouTube. What do you think ?
Our Go-to-Market approach:
1. Business development (in order to involve CEXs and DEFi projects as partners) and cross partnership marketing activities (min 3 new partners / week) with shilling
2. Pushing marketing with MM in order to increase trading volume and get listed on CEXs
3. Creating local communities (China, Spanish, Russian)
4. PR activities (designing and media distribution LOT use cases)
5. LOT tutorials (video lessons how to trade and use LOT)
6. Weekly updates videoAMAs on LOT YT channel w guests and partners
7. Onboarding notable YouTubers / traders to push the project to the masses
5)What is your revenue model? In what ways does LOT generate revenue/profit?
Project is built as a decentralized autonomous organization and doesn’t aim to monetize operational activities.The project team is incentivized by LOTT tokens allocation that will be unlocked 1.5 years after the start of the project.The tournament and protocol commissions (liquidity pool exchange, staking, lending) will be charged to cover the operational and development costs of the project.
ROUND 3: OPEN QUESTIONS
1)Do you have any NFT plans and its integration ahead in the roadmap? Also do you have any passive income options and incentivization reward for a long term holder?
You can stake your LOTT in our staking and authorization contract and get LOTT reward starting from 25.11 in LOT.TRADE. For LOTT holders, there will be a unique opportunity to purchase wrapped NFT with 10% discount, and with embodied collaterals: LOTT tokens and BEP-20 tokens as a part of each prize. The latter will be redistributed to wrapped NFT all time until they are unwrapped — some kind of passive income. And of course you can win a NFT with your high tournament score
2)Does your great project support staking program? If yes. how is your stake system work, what is the requirement for user if they want to stake in your platform?
You can stake your LOTT in our staking and authorization contract and get LOTT reward starting from 25.11 in lot. trade with the following API — 180 days — 45%, 90 days — 30%, 30 days — 15%
3)Do the token holders have the right to participate in the governance of the project? What kind of decisions can they vote on about the project?
Thank you a lot for your question: All LOT members that stake LOTTs are forming a LOTT governance committee that is authorized to modify LOTT Protocol dynamic parameters and to support or reject voting proposals both strategic ones such as product development priorities and operational ones such as reward distribution.
4)Where can I buy your tokens now, what are your current contracts and how can I buy them and what are the benefits?
You can buy LOTTs with Finminity during IDO, then Pancake Swap. Our LOTT benefits might be split as utility ones — manage your own tournament or pay for tournament pass and investment ones — you can stake LOTT and get staking reward, and of course benefit from LOTT huge growth potential.
5)Can you please explain what are the advantages of using your Platform and is it friendly for beginners like me?
Advantages: at this stage there are more pros for traders to win the prize pools/get worldwide recognition and crypto projects to get their community involved. However, the next year we will be presenting the embodied marketplace for LOTT holders and other unique features to embrace wider audience. And even now for the beginners there are some sponsored tournaments where all participants are getting not only fun, but also some guaranteed reward. LOT. TRADE will have many more such tournaments in future. You are very welcome to join.