LGCY Network Telegram AMA Summary and Transcript
Summary
In this AMA, LGCY Network Co-Founder Justin Waia’u answers questions from the community about development progress, the LGCY Native Wallet Extension, GB staking, marketing, internal structure, USDL liquidity, rewards, USDL airdrop, roadmap, and more. In particular, Justin addressed many questions about progress, timelines, and the mainnet launch, assuring the community that LGCY’s priority is longevity, stability, and network quality.
Part 1
Note: This transcript has been edited for grammar, style, clarity, and readability.
Sig: We have a great community. The community has been patient and is eager to learn more. Mods can see the team working behind the scenes, but it’s not always easy for the community to understand what’s going on with the project. We want this AMA to be focused on the community and to allow for as many questions as possible to be asked and answered. Part 1 will be focused on preselected questions. Part 2, many community members have submitted their questions and Justin is prepared to answer the questions submitted in advance. Mods have gathered wide and far as well as combed through them to ensure we don’t post repetitive questions. Thank you Justin for joining us today and taking the time to answer questions from the community. We’ll get started with an easy first question.
Justin: Hey guys! Thanks for tuning in.
Sig: Q0: If you choke a Smurf, what color does it turn?
Justin: What a terrible question, but after careful research and analysis, we decided “purple” is the color they would turn.
Sig: Good one. Questions 1 & 2 are related so I’m posting them together.
Q1: Can you provide a status update on the network development, roadmap progress, and what the community can expect moving forward? Dev update, Marketing update.
Q2: Can you share some of the team’s reflections, challenges, and highlights from Q2?
Justin: As you are all aware, we had decided to take a step back and focus on hardening the network. We have been constantly updating our servers/APIs, fixing bugs, and expanding our docs. In light of all the exploits and down time from major chains, we feel we made the right decision.
Our first step was to get the CEX integration done (Hotbit). This set the stage for two-way swaps, lower withdrawal fees, and allowing LRC-20 tokens to have somewhere to be listed/traded.
Our next step is our wallet extension. This would provide an alternate wallet to our block explorer. We have an MVP of the wallet extension (with our new branding) out on the Chrome Store. We weren’t planning on announcing it yet, but many of you have already found it and have been sharing and testing it.
Our partner BitKeep is also in the process of finalizing our integration and providing a multichain wallet that is already integrated with Wallet Connect.
These important integrations were needed by dApps and will open the doors for their release, which is our next phase.
Justin: One of our challenges with releasing our wallet is that we weren’t only dealing with releasing a wallet extension, we were also working on the platform side. As with most devs creating a new blockchain, this was our first, and there was a lot of trial and error to get things running live on the network. We’ve updated our APIs many times and created new ones as well. We released developer tools and docs with the help of some of our community members. Overall, a lot of foundational work had been done and is continuing to be done.
On the marketing side, we had our interviews with New to The Street at the NYSE and Nasdaq. They were aired on Bloomberg TV, Fox Business, and other major outlets. Our billboard was delayed because the lawyers wanted to separate QUAN/LootUp (a publicly traded and US regulated dApp that is being built on LGCY) from the ad and make it into two separate ads.
That’s all been done and you can expect it to be out shortly. We’ve also done multiple AMAs to expand awareness and have plans for a lot more. All of this is ongoing and will continue to ramp up! To sum up this past quarter, there was a lot of foundational work that needed to be done.
Sig: That’s great, and the team has been working very hard. The next question is for a reflection as we often get questions about why things have been delayed.
Q3: Wanted to see if you can respond to Chris’s message on June 7. Can you comment on the management of the project? Is there a reason why the mainnet release was not fully functional (no smart contracts, docs, no GB staking), and why the mainnet release in January did not include an updated UI/Block Explorer (feedback back in March 2021)?
“Lol it was a terrible podcast. It was just Wes reading from the whitepaper explaining what LGCY is for the 100th time. None of the questions got answering. There was nothing new or of substance about what’s being worked on, when stuff is going to be released or where they’re at with items on the roadmap.
A bear market shouldn’t stop the tech being progressed. Since we were told in October that once the final round of stress testing was complete it would be all systems go and that everything on the roadmap was ready for release we’ve seen nothing bar the launch of the network. Something else should have been delivered by now. The next dev update really needs to contain something of substance and not just a load of waffle like the last one. LGCY needs to update its investors as to where they’re at with the numerous items on the roadmap. I want to know the progress on each item because right now I feel like I’ve been conned. Sold a house and told I could move in very soon when it’s not even been built yet. The management of this project has been so poor. Something needs to be done to give investors confidence again.”
— Chris Vernon
Justin: Regardless of the bear or bull, we decided to take a step back and really harden the network rather than rush to push our dApps out left and right. There were challenges our team faced as with all new tech but ultimately, we really felt this would pay off long-term, and our vision has always been for the longevity of the network.
Sig: Can you address the comment about the management of the project as well as why the mainnet release was not fully functional (no smart contracts, docs, no GB staking), and why the mainnet release in January did not include an updated UI/Block Explorer (feedback back in March 2021)?
Justin: The issue wasn’t that GBs weren’t able to be onboarding or docs weren’t ready. We could’ve released everything and onboarded GBs from the beginning. The issue stems from what I mentioned earlier, being that we needed to maintain temporary control (along with some of our community devs that have been helping us) so we could act swiftly on changes. Had we released everything, any bugs or changes would’ve needed to have gone through a long process, and stifling progress. It is important to note that slow progress is a good thing once everything is running well.
Sig: Sure. I think it’s hard for the community to understand how mainnet was released and why certain things were not in place.
I think we can move on to the next question. It’s a multipart question and a very good one from Joonas.
Q4: Topic: MyriaDex and CEX. Multipart question.
a. How will initial liquidity be provided for MyriaDex trading pairs?
Justin: As with any exchange, initially liquidity will be provided with the heaviest amount obviously being on LGCY/USDL. We have reached out to most of our partners to provide liquidity for their pairs as well. Liquidity will also come from PEND and its LP platform that rewards users for providing LP. Without getting in trouble, I heard there’s a certain dApp that will require a big amount of USDL reserves.
b. Can you list the main pairs that will be available on MyriaDex on Day 1? Can you confirm some of the non-partner trading pairs that will be available on MyriaDex? LGCY/USDL, USDT/USDL, USDC/USDL?, ETH/USDL, BTC/USDL, XDC/USDL? And are there any other pairs the community can expect at launch?
Justin: Day One pairs that we will provide initial liquidity for will be:
- LGCY/USDL
- USDT/USDL
- ETH/USDL
- BTC/USDL
Then our next step will be our partners such as XDC, Flare Finance, etc…
c. Will there be sufficient (low slippage) USDL liquidity in the short time frame on MyriaDex or any CEX?
Justin: Unfortunately, commenting on this would get us in trouble, as no project/company can guarantee market conditions. But see answer A for USDL demand to get an idea.
d. When can we expect a USDL listing on MyriaDex and CEX?
Justin: We will have to wait for the co-announcements on USDL listings, but now that we have one CEX integrated (more coming), it’s ready.
e. Will there be enough liquidity to absorb over 30 million USDL in circulation on Day 1 of USDL listing?
Justin: Not all liquidity is coming from USDT, so no, if you’re talking about that pair alone.
f. If there isn’t already, then how will you achieve deep enough liquidity for USDL?
Justin: See A for how liquidity is coming and how demand is coming to USDL.
Sig: I hope everyone is enjoying the AMA and the answers. We appreciate the details and confirmation regarding the trading pairs.
Q5: Staking Rewards: The 28% APY does not seem sustainable. How long will the 28% APY last? When do you anticipate a change in the staking rewards APY? What will the APY settle at and what will determine the percentage?
Justin: This is a great question. 28% APY is the starting point because we need to get USDL out and about for this new network to be used and adopted. Later on, the GBs and community can decide on what’s best for the network. That’s the beauty of the network. Its flexibility is why we will survive and thrive.
Q6. Can you provide a status on ISO 20022? If there are plans to implement the ISO 20022 standard, when will it be implemented? If there are no implementation plans, why not?
Justin: This really isn’t something we’re focused on but have a partner working with us to try to make it happen. That’s about all I can say on that because it’s not us and we agreed to let them announce.
Part 2A
Dorin: Hi everyone. Thank you for coming by, I’ll be facilitating Part 2A and 2B.
Q7: What’s with the USDL airdrop, can we have more info and details?
Justin: We purposely kept the details of this airdrop vague. The point of it was to get our community to engage in the new network and not try to front run one thing. We encourage our community to use what’s there and you will most likely get a nice USDL surprise.
Q8: Can you provide a status update on LGCY Network partners?
a. Pendulum Finance, Flare Finance, XDC Network, Nuls, SupraOracles, Signata, Penguin, Moontools, Domo, BitKeep, others, etc.
Justin: Pendulum has been patiently waiting on the sidelines as they need MyriaDex and needed the wallet extension. When those are released, Pendulum will be ready to launch. This is the same for most of the dApps, including Domo.
b. Pools: Will LGCY ERC-20 be compatible with BitKeep and Flare Finance staking pools?
Justin: BitKeep is finalizing their wallet. I’ve personally seen the recent progress on their end. So expect that very soon.
Most of our partners will join us on MyriaDex. We are still in contact with everyone, but any announcements will have to be co-announced. Rest assured that our partners’ working relationships are good and alive.
Q9: Can you share more about the LRC-20 integration plans for exchanges? And can you share the general process and timeline once an agreement is in place with an exchange? How long does it take to get LRC-20 integrated with an exchange?
Justin: It really depends on the exchange. It’s about two weeks of work, but some require 6–12 months and others one month depending on their schedule.
Q10: Topic: Team Multipart question.
a. How is the team internally organized? Are you looking to onboard more staff? How can we get the communication barrier dismantled?
b. How many devs are there working on LGCY under your guidance right now? What specific items are they working on?
Justin: A/B. We have our core team of 20 devs. We are always looking to add staff. We have subcontracted devs of about 5–10 at any moment.
c. What concrete results have these 17(?) devs achieved so far? What is ready to be finalized or released?
Justin: Concrete results would be the blockchain we created.
d. Would you be open to the possibility of just being an owner and hiring another professional project manager so you could focus more on the bigger picture?
Justin: I’m not just open to it, we are currently in the process of hiring a new project manager so I can focus on the bigger-picture things. We got to a point now where we’re doing so much that it’s time.
e. As we do not actually hear from them, we have to ask, what value have Alan and Craig brought to the project so far? How active are they in general?
Justin: Alan is a private and highly accomplished individual. He has regularly provided guidance and counsel throughout the whole process.
Q11: Topic: Marketing.
a. We have seen some, but not a lot, of marketing so far. What marketing activities are planned for the launch of LGCY and LootUp, aside from the 6-month billboard and some New to The Street interviews?
b. What value do you think New to The Street has brought us so far? What about in the future?
c. What’s happening with dApps Spotlight, and when will it take place?
d. Will there be videos and educational resources created for LGCY’s YouTube channel? And if so, on which topics? When can the community expect them to be available?
Justin: We look at marketing as planting a seed. We’re not looking to pump and dump. We started completely organically, and now you’ve seen New to The Street interviews, billboards, and a lot more AMAs. We also hired a new content creator company to start pushing articles, videos, and general investor awareness on social media and channels. dApp Spotlight will be on our new UI.
Q12: When can we expect an updated roadmap to be published on the LGCY Network website?
Justin: We recently decided to remove ETAs and work more on communication. The new roadmap will be the same items but without dates. We feel this is more realistic than trying to hit dates for the sake of hitting dates.
Q13: Can you provide an update on hardware Ledger support and MetaMask integration?
Justin: We applied, but it’s a process on their end. They don’t take payment, so it’s kind of whenever they feel like getting to it, unfortunately. For now, ERC-20 LGCY is safe to keep on there.
Part 2B
Dorin: So this completes Part 2A. Moving to Part 2B.
Bigfoot Zero: 1. You’re confirming the wallet listed in the Chrome Store is legit. Is it fully functional as of today? It was also stated that Pendulum is still waiting for it to be released.
2. It was recently mentioned that World has temporarily tabled LGCY integration. Are you working with any other marketplaces for LGCY NFT compatibility — or do you have a new date for integration on World Marketplace?
Justin: 1. It’s fully functional as a wallet, but bear with us as we continue to make improvements. 2. We are working as closely to World as you can get.
HERTAC: What is the most ambitious goal of your project? Could you share with us any upcoming updates?
Justin: in a word: LootUp
Stardust: I’d like to hear more about USDL and the difference to Terra Luna stablecoin?
Justin: USDL is a stable gas token that is backed by gas fees. LUNA/UST is an algorithmic-based stablecoin.
Slowly Slow: Would you tell us some advantages that LGCY got by applying Tron’’s code, and how Executive, Judicial, and Legislative branches play important roles within the ecosystem?
Justin: Rather than 51%, you need 66% to push proposals. This makes it harder to make changes and ensures only the best ideas get approved.
Biski: If I am a talented developer with knowledge of Solidity, SQL, and other programming languages, how do you support me as a developer? Are there available grant programs on the LGCY platform? Any upcoming developers workshops I should know of? How do developers and technical people contribute and how does LGCY Network plan to involve them?
Justin: We have a developers fund.
Aloaca: Focusing on GameFi/NFTs development on blockchain has become a current trend, so do you have any plans to collaborate with game developers/NFT platforms? And is the LGCY system sufficient to meet the needs of game development/NFTs?
Justin: Not only do we have GameFi coming to LGCY but it’s well suited for it. No surprise, volatile gas fees. Fast and low-cost network. The sky’s the limit.
Providing Clarity: If it is possible to be open-minded about this question: Do you feel like potentially there is a “paralysis by analysis” happening? Not paralysis as in there is no work being done, but I am sure these other networks with exploits and down times and such also went through rigorous testing before launching. And even those had the issues that you were mentioning. It seems like there will be issues no matter what on any chain.
So, with the possibility of issues still existing after launch and after this preparation: Do you feel trying to get it perfect before launch is something that will mean continued development for longer than is actually necessary? (This question is formed after being roughly 6 months out from the initial launch date, and with the LGCY dev team having an additional 6 months to build and harden.)
Justin: Great question! There needs to be a balance for sure. There are also no repeats. People invest their hard-earned money with LGCY, and we need to ensure that we both produce but also prevent catastrophic scenarios from happening. Our conclusion has been to slowly push out everything and gain feedback and build on it.
Die_langeee: Staking rewards will be backdated from January 9 if I recall correctly. GB staking is not live yet and can take quite some time to go live, I reckon. Everybody can claim they wanted to stake from January 9. How will this be sustainable and what will happen if GB staking isn’t live yet in January?
Justin: As we’ve mentioned before, we are more worried about a lack of USDL than not. We want and need to distribute USDL.
Die_langeee: So if GB staking isn’t live yet in January, everybody can claim they staked for a year and will be handed out USDL? Sounds a bit odd to me but maybe I’m missing the bigger picture.😅
Justin: I’ll answer this last one. You will have to stake to claim it and just compare 30 mil to any other stablecoin market cap. Then imagine we have a lot of liquidity against USDL but not enough USDL to back it. Now realize that USDL gets burned when dApps use them. We’ll be fine, my friend.
Anyways, I just wanted to say thanks to everyone that attended! I know I’m not in here answering questions all day long like the good old days but I’m around and appreciate you guys! Whether it’s fud or fan boys, the engagement and discussion shows that our community is alive even during these market conditions. 🙏
Dorin: We would like to thank the community, for their questions and opinions, the team for being here, and the partners on our side. This AMA helped to mark where we’re currently at. The end of Q2 and start of Q3 will bring new opportunities and a summer to remember. The team is making everything to bring the items into reality. If there’s anything more to add, the mods are here to assist at any time.
The winners of the AMA prize will be announced by Saturday, July 2nd. Pool Prize: $100 in USDL for the top 3 questions that are different/innovative than the ones we usually get asked, chosen by the admins. Each admin will select a question for the prize. Three admins to select the most innovative or different, and one to select the worst question.
About LGCY Network
LGCY Network is a DPoS open source blockchain protocol with an industry-leading transaction speed and flexible utility. Designed to be the most truly decentralized dApp blockchain in the world, the network implements the Libertas Protocol to the Governing Body (GB) system of governance. By splitting up the 27 GBs into three branches, limiting the power of each, and introducing terms to the governance system, no single large token holder will be able to gain an unbalanced amount of power.
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