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HomeAMA RecapAMA RECAP ID Crypto X LatteSwap

AMA RECAP ID Crypto X LatteSwap

Speaker : Matcha (Strategy & Marketing of LatteSwap)
Date : Wednesday Oct, 13rd 2021

THERE IS 3 SESSION FOR AMA

  1. INTRODUCTION
  2. QUESTION FROM TWTITTER
  3. FREE QUESTIONS

SESSION 1 INTRODUCTION

IDCRYPTO:
1. Please introduce yourself and tell how you started a crypto business ?

Matcha:
Hello! My name is Matcha! I currently lead the strategy and marketing for LatteSwap. Pleased to meet everyone here!

As for how LatteSwap was launched, I’ll have to skip down the memory lane. We started preparing for this only about 6 months ago, but it really feels like it’s been ages already!

The idea of launching LatteSwap came from the recent boom of NFT. All of the LatteSwap’s core team members are huge fans of NFTs and we have been following the industry for quite a while since 2017. However, albeit a recent boom of the NFTs, we noticed some efficiencies: many of the NFTs have no real utilities and merely act as collectibles.

A lot of NFT collectors spend hundreds of thousands of dollars on NFTs just to have them sit idly in their wallet. The only time when these NFTs provide some tangible benefits to the holders is when they can be sold for a premium. Speaking from experience, there’s also an issue with liquidity for NFTs.

This inspired the team to start LatteSwap, a decentralized exchange whose main unique value proposition lies within its NFT integrated functionalities.

IDCRYPTO:
2. Can you explain what is Latteswap and how long your project launch !? Please explain in simple sentences.

Matcha:
Let me just give you an elevator pitch for LatteSwap

LatteSwap is a decentralized exchange with a focus on bridging the DeFi and the NFT space together with its NFT integrated functionalities. The platform offers three main features to the users: trade, earn, and collect. Users can trade cryptocurrencies with ease, participate in safe and attractive earning opportunities, and collect LatteSwap’s highly exclusive NFTs that possess real tangible utilities

Our NFTs went on sale on Sep 19, 2021, and our fairlaunch token distribution started the following day on Sep 20, 2021.

IDCRYPTO:
3. Can you share with the community, what Latteswap has been doing from the roadmap?

Matcha:
Of course! If you haven’t got a chance to check out our roadmap article, I’d encourage you to do so. Here’s the link for your reference

If you don’t have time to read the article, there are a few things that I’d like to highlight. There are three main key features that we plan to launch in the next six months.

These features include:

  • LatteSwap’s own stable coins & our lending feature
  • LatteSwap’s own NFT marketplace
  • Stablecoin swap AMM model

We believe we are on track on delivering all these features, so please stay tuned for our official announcements of these feature releases!

In terms of smaller features, we have already launched DripBar earlier this week. Our first partnership was with Lucky Lion, whose pool recently launched this past Tuesday. We also have another pool going up this thurday: XBN.Finance.

We are also launching our auto-compounding feature for the $LATTE single asset staking vault next week. We will make the official announcement when the feature is live. You can stay up to date by following our twitter and joining our telegram group.

SESSION 2 QUESTIONS TWITTER

IDCRYPTO:
1. We see Recently you announced LATTEv2 In development, you told us that LATTEv2 is more flexible, because LATTE is only for token staking, can you explain further and in more detail about what flexibility and utility does LATTEv2 compare to LATTE? Thank you
From @AhmedNasr123567

Matcha:
Yes! To be precise, the incentive scheme that LATTEv1 only allows is through staking. Through staking to earn rewards is a common structure that many DEXes or other DeFi protocols use, its use case is limited to only LP or lending.

LatteSwap doesn’t want to just be a DeFi protocol, but we also want to explore other areas such as Gamefi and NFTs. We have plans to develop our own NFT marketplace as well as possibly enter the GameFi space in 2022.5:14 AMHowever, given that the incentive structure of LATTEv1 is limited to just staking, we won’t be able to bootstrap our activities in those two areas with new incentive structure without having to create another token. That would just be flat out betrayal to our OGs.

As we integrate LATTE into more CEXes, data apps, or other DeFi protocols, the migration process becomes more complex and time consuming. As such, we decided to bite the bullet, and conducted the migration early.

If you haven’t got a chance to check out our article on LATTEv2, you can read it here

IDCRYPTO:
2. BOOSTER NFT is a Smart & Secure NFT. Can you give us more details about this event, what are the requirements to participate, can you explain to us how this boosterNFT works?
From @Vino_miospr

Matcha:
Of course – let me just first start by explaining the key utility for our Booster NFT. Our Booster NFT provides boosted rewards on LatteSwap’s LP pools when it is staked along with LP tokens. For example, we have Soy Milk Booster NFT, which provides a 50% boost on rewards for all the stablecoin pools. If you stake the Soy Milk Booster NFT along with your stablecoin-stablecoin pair LP tokens, you will receive boosted $LATTE rewards.

To give an example of how it works, let’s assume you are farming on the USDT-BUSD pair and the pool provides a 50% APR. If you stake your LP tokens along with Soy Milk NFT, you will get a total APR of 75% (as 50% + 50%*50% = 75%)! At the current moment, we do not have any Booster NFTs for sale – please wait for the release of the next collection.

However, you can purchase booster NFTs from the secondary market here

IDCRYPTO:
3. OGNft will only be available for OGS real latteswap, They can only be acquired within the first two weeks of the protocol launch. How can this unique focus improve the life of the holder,? Can you share more details about this?
From @Anitamaya_

Matcha:
Yes, of course! We remember our OGs and we will be sure to reward them for being our early adopters! In some of our future feature releases, we will incorporate OG NFTs and give benefits to our OG NFT holders. We are currently exploring many ideas on how to do so, but I don’t want to leak too many details yet. Once things are finalized, we will definitely be sure to make an announcement, so please stay tuned!
😀

4. Recently, I heard a new about “Announcing The Launch of Dripbar”. What are the main roles of $BEAN & $LUCKY of this launch of DripBar ?
From @HalimKosasi

Matcha:
Let me first start by explaining what $BEAN is.

$BEAN is the token you receive when you stake your $LATTE into the $LATTE single asset staking vault. For every $LATTE staked, the protocol will mint you 1 $BEAN token, and $BEAN is used to help the protocol keep track of how many $LATTE a user will be able to withdraw. For every $LATTE you wish to withdraw, you will need to trade in 1 $BEAN token. So be careful not to lose your $BEAN! You will not be able to withdraw your $LATTE without it!

As we launched DripBar, the team decided to allow users to also stake $BEAN to earn rewards from DripBar. By allowing that, users will be able to keep their $LATTE staked in the single asset staking vault, earning more $LATTE, while also enjoying rewards in partner protocol tokens via staking of $BEAN in the DripBar. This greatly improves capital efficiencies for our users as they will be able to earn a lot more rewards with the same amount of capital. If you want to calculate the effective APR, you can just add up the APR from $LATTE single asset staking vault and the APR of the DripBar pool you are staking your $BEAN in.

As for $LUCKY, they are our first partner protocol via the DripBar program. This means that our users will be able to stake $BEAN to earn rewards in $LUCKY. In addition, by joining our DripBar program, we have allocated a portion of $LATTE emission to LUCKY-BUSD pool. Users will be able to use the earned $LUCKY from the DripBar to add liquidity to the LUCKY-BUSD pool to earn incentive rewards in $LATTE!

We are launching another DripBar pool tomorrow: $XBN. Be sure to check it out here

IDCRYPTO:
5. Some NFT based projects have a rent-to-earn feature on their platform that allow users to rent out their NFT to other users so they can earn extra passive income. What do you think about this feature? Would you consider to adding a feature like this to your project in the future?
From @abdulazzam1505

Matcha:
Great question!

And definitely, we are always looking for ways to innovate and increase capital efficiency for our users. As I mentioned many times, capital efficiency is one of the most important factors for a DEX to remain competitive. As such, we are exploring many ideas on how to fully utilize our utility NFTs to help its holders gain improved capital efficiency. Some of these ideas, as you mentioned, include lending of NFTs, fractionalization of NFT ownership, or even collateralizing NFTs. However, we haven’t finalized all the details yet, so please follow our social channels to stay updated on our latest announcements

Telegram: t.me/latteswapOG

Twitter: https://twitter.com/latteswapOG

SESSION 3 FREE QUESTIONS

Minh Quang:
Would LatteSwap please tell a little more about the LatteSwap team members and some of their profiles? Because I have seen many projects kick-off with inexperienced team members and some of them don’t go well due to mistakes.

Matcha:
Of course! Our team is anonymous, but you can rest assured that LatteSwap is run by a team of experienced professionals.

Coco Coke – He is the lead for our development team. Coco coke has been in the industry since 2017 as a smart contract developer. He is also well-versed in DeFi

Mint Chocolate – Mint Chocolate co-leads our development team with Coco Coke. He has also been in the industry since 2017 and has been developing smart contracts ever since.

E. Gray Frappucino – He leads our product side of things. He has worked at a large tech company as a product owner and is leveraging his experience to help us develop the best user experience for our product.

Mocha Joe – Mocha Joe leads all of our content initiatives. He was the one who designed the NFTs and their backstories.

Temitope Awoyinka:
Can we users contribute to the success of this project,
Do you take suggestions from users are you DECENTRALIZED
Is there a governance token?

Matcha:
Of course – as I like to say it, we built this product for the community and we would love to get feedback from you to help us build the best product possible.

As a result, you can always contribute in many ways such as making suggestions for UI/UX improvement, suggestions on potential partnerships, or even join our team of Baristas on a volunteer or full time basis! You can find the list of JDs below.

Link to JD

$LATTE is our governance token, so if you are $LATTE holder, you will be able to help us make decisions once governance is implemented

Wendi:
Asset security is a priority for users, what about the security of your system ? Has your project been audited ?

Matcha:
Yes! Security is of our highest security!

Let me elaborate a bit more on the topic:
FIrst of all, our smart contracts have been reviewed by two professional auditors — Peckshield and Inspex even before we launched. We have also received an audit report from WatchPug for our LATTEv2. You can view the audits report here

But as you know, getting your contracts audited does not always protect you from potential vulnerabilities. This is why we have also set up a bug bounty program with Immunefi as an additional layer of security The program is already live with rewards of up to $50k. If you’d like to participate in our Bug Bounty program, you can visit this link

Furthermore, our contracts are time-locked for 24 hours. That means that there will be a delay before changes to our contracts come into effect. During this time, if the community no longer feels comfortable leaving their funds with us because of the change, they can always withdraw their funds.

BAO:
There are many projects that only last for a while and then die on the road, causing headaches for investors with new projects. Question: How can Project LatteSwap survive, continue to grow & how does LatteSwap convince investors that it is very promising?

Matcha:
LatteSwap raised some funds through the sales of our NFTs. With the funding secured, we can keep expanding our team and keep working on releasing new features even if the bear market is here.

We fundamentally believe that if we keep building great products and do enough marketing, we will be able to come out on top in no time. So you can count on us to keep releasing new features!

LatteSwap is still quite small – we are just 3 weeks old, so we definitely have a lot of potential and we plan to try to the best of our abilities to reach that potential, so I’d like to thank everyone for your support so far! Please keep on supporting us, and we will make sure to reciprocate your support by continuing to work hard and consistently improve out products/features!

Mags:
DripBar is the place where all users can stake BEAN tokens to earn token rewards of your choice. Currently, there are two staking pools in the DripBar, Lucky Lion and the XBN Finance pools. Is it possible that the community can decide on what pool shall be featured next?

Matcha:
Of course! The community is always welcome to make new suggestions to the team on which project they believe would be great for our DripBar program.

Just drop the team a note, and we’ll definitely look into it! 🙂
Thank you everyone for having me!

More Info About LatteSwap

Oezankhttps://idcryp.to
Oezank is a Crypto Influencer who has more than 2 years of experience observing Crypto projects and strongly believes in blockchain technology in Indonesia.
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