Here’s our 62th AMA recap!
Thank you to the Infinity Chain for participating in Ask Me Anything (AMA) with Lex Protocol on April 10, 2021. This guest star,
- Alvin James — CTO Lex Protocol
ALVIN LXP CTO (WONT PM YOU FIRST, I’m ALVin James,the CTO of lex protocol,a wild crypto enthusiast who’s been in the space since 2016, and have grown definitely, I hold a degree in economics, and an MBA in computer analysis and stability
Could you provide a simple description Lex Protocol for our community? What the motivation for starting build Lex Protocol?
ALVIN LXP CTO (WONT PM YOU FIRST, We are group of experienced developers whom have spent a lot of time in the cryptocurrency sphere,we have got an intrinsic passion for cryptocurrency development, growth, and exposure.After several months of brainstorming, articulating research results and conclusion, studying the decentralized finance system, we present…
LEX PROTOCOLThere have always been a failing system in the decentralized finance ecosphere, lexprotocol token aims to bridge that, we have developed a dual platform which offers solution which aggregates cryptocurrency exchanges, non-bank liquidity providers, Forex brokers, cryptocurrency brokers, OTC orders of institutional clients, hedge funds and thousands of client-broker orders and also simultaneously provides staking, and yield farming capabilities. This enables us to create the deepest liquidity pool in the industry. Our token $LXP is a utility token of immerse quality and potential, low total supply, locked liquidity for 12months.
What makes Lex Protocol special? What makes Lex Protocol special better than comparison with competitors?
ALVIN LXP CTO (WONT PM YOU FIRST, Very easy, we have got varieties of functions and aggregators that makes us unique.. a few are:A DEFLATIONARY TOKEN:
For every transaction which is carried out on any of the decentralized platform when LXP token is listed, there is a 2% burn, which increases value of the token, also, there will be a buyback of some of the token which is available, thus reducing circulation and increasing liquidity.
1,000,000 of the LXP token will be given to the believers of LXP token after a few tasks have been carried out as appreciation for believing in our token capabilities
BORROWING AND LENDING
By offering liquidity depositors receive a passive income while borrowers have direct access to a range of loans.
These rewards are generated from earnings made from a percentage of presale, the transaction fees and bonuses gotten from the liquidity pools.
Funds added to provide liquidity for LXP are also locked on the chainlock smart contract. This further reduces the risk of the team abandonment and prevents offloading and misappropriation of liquidity funds from team members and founders providing an additional barrier for investors. Funds are partially released upon the achievement of each of the projects milestones as listed on their roadmap.
This means that our team will be unable to offload their tokens and funds and reduces the risk of project abandonment. Tokens are vested and are allotted based on either time or achievement of project milestones.
The total supply of LXP is fixed at (60,000,000LXP), smart contract is programmed to burn excess tokens or tokens not sold durng the presale,this means that the total supply is fixed and can never be manipulated.
The $LXP token possesses a staking ability, this means that you can stake your tokens, for a period of time in order to generate up to 200% APY in rewards and bonuses
yield farming, also known as liquidity mining is another essential service which will be present on the Lex protocol platform,
with this process, holders of $LXP can provide liquidity in the liquidity pools by locking their tokens dependoing on the plan chosen, this is more lucrative and more information will be released concerning this.
NOTE: WE ARE INTRODUCING A UNIQUE REFERRAL PROCESS, WHEREBY EVERY ONE WHO REFERS A PRESALE PARTICIPANTS GETS 1.5% OF TOKENS PURCHASED BY THE MEMBER.
Can you share about Lex Protocol best features?
ALVIN LXP CTO (WONT PM YOU FIRST, We have got some mouth watering features
Lexprotocol as a unique token has got a lot of efficient capabilities that would ensure growth and adequate stability, examples as explained above are ability to reduce in quantity in every transactions carried out.. called deflationary system. This increases scarcity of this token..thus increasing value over time.We have got a governance feature that would ensure that every member of the community is involved in some decisions taking and voting. Obviously holders.We have adequate processes used to reward holders of our coins, they get a value from transaction fees madeStaking can also create a reasonable APY for holders and many more.
Regarding the Lex Protocol ecosystem and usability LXP token, how can you balance between developing your project and adding value to your product? Could you please explain about the tokenomics of the LXP token?
ALVIN LXP CTO (WONT PM YOU FIRST, Yes, I believe this is a very interesting question here, the lex protocols eco system is built for massive development as seen in our roadmap present forthwith., Whilst developing our projects, we ensure balance by obviously carrying holders along ,giving holders more reason to hold into lxp. We have got a lot in our eco system. Esp the L-LEND L-STAKE being developed..whilst these are being developed..values are inherently being added to the ecosystem..below is a snapshot of our roadmap and where we are currently.
ALVIN LXP CTO (WONT PM YOU FIRST,
About our token metricsI assume you mean our tokenomics division and allocation.TOKENOMICS- THE EVEN DISTRIBUTION OF $LXP
LEX PROTOCOL is vested and developed on the Binance Smart chain BEP20
Token ticker: LXP
Total supply: 60,000,000LXP
Status: non mintable, deflationary
Presale allocation: 40,000,000LXP this is reserved for presale investors
Staking reward and yield farming: 3,000,000LXP Of this fund is locked using a special unicrypt smart contract
Team :3,000,000LXP this percentage is also locked whilst a percentage is released after the first 6 month of the project
Development : 4,000,000LXP locked and released monthly over a 10 months period
Marketing,Audits, Partnership, Airdrop: 3,000,000LXP
any tokens that may not be sold during the presale activity is split in two, 50% of which is burnt, and the balance shared uniformly between presale investors.
This is to ensure accuracy, accountability and stability.
Finally, what targets does Lex Protocol aim to Achieve by 2021?
ALVIN LXP CTO (WONT PM YOU FIRST,
We have set aside our roadmap for all of those details, and this roadmap will aid us to judiciously move and align with every development, by the end of 2021 our deployment to the main net should be complete, our unique staking platform made available and definitely we should be listed on major CEXAs we have earlier said, I and the team believes in adequate development and growth we believe in sustainability.. we have created every avenue to prevent a pump and dump situation which el definitely ensure a long lasting platform
Q1. 15% of LXP total supply is destined for Airdrops, this amount seems too big for me. Do you have any concern if the price drops when all airdrop distributed and they sell it with the cheap prices? What are Lex Protocol plan to anticipate it?
ALVIN LXP CTO (WONT PM YOU FIRST, Yes definitely! Believe me the lexprotocol team has got one of the most influential,technical and smart hands ranging from the UI developer, to the smart contract developer and marketing team, we anticipate it, thus the airdropped coins will not be able to sell till 2weeks after being airdropped, also we have given transaction charges and penalties for immediate sales, the later they are in your wallet, the lesser charges ade
Q2. Only getting users, holders etc is not everything. In my opinion, a project needs to deal with solving a real world issue or problem What is the problem that your project primarily focuses on?
ALVIN LXP CTO (WONT PM YOU FIRST, Yes definitely even if getting users and holders forms a vast majority of the project, we have an intrinsic use-case, there’s a major problem in the defi world
Problem: There have always been a failing system in the decentralized finance ecosphere, lexprotocol token aims to bridge that, we have developed a dual platform which offers solution which aggregates cryptocurrency exchanges, non-bank liquidity providers, Forex brokers, cryptocurrency brokers, OTC orders of institutional clients, hedge funds and thousands of client-broker orders and also simultaneously provides staking, and yield farming capabilities. This enables us to create the deepest liquidity pool in the industry
Q3. Revenue is an important aspect for all projects to survive and maintain the project / company. What is the way to generate profit / revenue of token? What is the income model?
ALVIN LXP CTO (WONT PM YOU FIRST, Valuation, value, growth, economy are some very important aspect of token development that should always be taken into consideration during token. Building..
Lex protocol team have ensured that the much needed revenue to boost growth are available at all times.we are running a series of token sale which begins in less than an hour, of which 60% will be used to fund liquidity in exchanges, whilst others are mapped out for development, growth and BUYBACK, which will evidently cause an increase in value.. guess that’s the reason we are here in the first place, to create value for our coin😊😊
So, is the privatsale for LXP launching today?
ALVIN LXP CTO (WONT PM YOU FIRST, Yes, infact we just concluded our whitelist process for the private sales, and the private sale we open at 16:00UTC,.
We have a HARDCAP of 200BNB and if it is not filled, we would open the private sale to users who would like to jump on the opportunity and have lxp tokens at discount rate of 1BNB-20000LXPToken sales have been split into three different sessions.
1. The private sale allocations , where buy early believers can purchase our token at a discount rate of 25% 1BNB=20000LXP.
100BNB HAS BEEN ALLOCATED FOR THIS SALE, this would be with a Whitelist format where members and interested parties will need to fill a Whitelist indicating interest and 100 wallets will be randomly selected
THE FORM WILL BE RELEASED AT 12:00UTC, 10TH OF APRIL,2021,WHILST THE SALES BEGINS 24HRS LATER2. THE PRESALE ROUND ONE where sales is at a 10 discount of 1BNB TO 15000LXP. This sales begins from 14th of april3 PUBLIC SALE where sales will be done at a discount rate of 1BNB TO 10000 LXP.Softcap for sale: 500bnb
HARDCAP for sale : 1000bnb
Q4. Would you agree with me that adoption and utility are key factors to a project’s survival and success? What’s being done to drive global adoption of project amidst crypto regulations, legislation, and competition?
ALVIN LXP CTO (WONT PM YOU FIRST,
Yes definitely there has been a little disparities with regards adoption of cryptocurrency around the globe, due to the regulations registrations and legislations binding them, in as much as we as a body try our best to respect the rule of law of every country, we also preach adoption and growth in the industry look at the total market cap, you’d agree with me that daily people tend to embrace, adopt and understand crypto more, even govt officials have begun to embrace that.. whilst we have some restrictions of those who can INTERRACT with LXP, we are sure that as time goes on, adoption will become wide spread
Q5. What are the unique points of your staking program compared with other crypto projects? Why should I choose token for staking?
ALVIN LXP CTO (WONT PM YOU FIRST,
Our staking program offers high reasonable yield APY of over 100%.. we encourage staking by giving bonuses for each day that staking has occured..we have also ensured to create a LXP/BNB staking peer, where you can stake with either BnB and get LXP bonuses or stake with LXP.There are penalties to discourage cancellation of staked funds.. you stake 20000lxp for five years and you unstake the next day, you loose 30% of your token.. this would ensure growth and seriousness
Q1. From @resa46
may i know the lex protocol roadmap
ALVIN LXP CTO (WONT PM YOU FIRST, the lexprotocol roadmap presented above is expected provide a regulatory framework for growth and development, the roadmap is expected to guide and ensure that we systematically continue alignment with our developmental prowess and ensure that steady progress is made.
below is our roadmap:
December 2020: idea birth, event assessment, and swot analysis
January 2021- development approved by team and commenced
February 2021-staking,lending, token contract fully developed
March 2021 — marketing activities,
Q2 2021: Token Sale and Listing on Pancakeswap, full launch of LEX on mainet, application to list on CEX platforms coingecko and coin market cap
Q3 2021: staking distribution, governance protocol control, development of mobile application and update of existing applications.
Q4 2021: to be decided by the community
Q2. From @Shanto2224
How can users stay updated with this project? Are there channels, including local communities where users can get the latest updates?
ALVIN LXP CTO (WONT PM YOU FIRST,
Yes definitely there are channels where you can get every single details about our build and growth, and also, we are built on the BNB smart chain actuallyCONTACT DETAILS FOR LEX PROTOCOL
LEX PROTOCOL OFFICIAL CONTACT LINKS
NEVER MISS IMPORTANT INFORMATION
in order not to miss very important information pertaining lex protocol, the team has unveiled every information channel and detail below to ensure accountability and stable information dissemination for all crypto enthusiasts.
TELEGRAM CHAT: https://t.me/lexprotocolchat
TELEGRAM CHANNEL https://t.me/lexprotocolannouncement
Q3. From @resa46
What makes Lex Protocol superior to today’s market competitors. How does Lex Protocol address issues such as flexibility or the security of its ecosystem? what security system is implemented on your platform?
ALVIN LXP CTO (WONT PM YOU FIRST, we have ensured that every single part of our systems are protected against hacks, bugs n vulnerability.. we have applied for full audits with techrate, a known audit company, they’ve provided a preliminary report, whilst we await full audit, our contracts are also verified, open sourced, and we welcome everyone to carryout a bug bounty where any one who finds a bug will be rewarded handsomely
Q4. From @King_Muaj
How many developers are working on the project?
ALVIN LXP CTO (WONT PM YOU FIRST, We have about 4 essential developers of this project. With a vast knowledge of growth and efficient stability to push projects towards the moon
Q5. From @Abdullahhabib547
So many Rug Pulls heppenig nowdays. and almost 90% project with anonymous team do rug pulled. How can we sure that You are not like them and we can invest in your project safely?
ALVIN LXP CTO (WONT PM YOU FIRST, Yes Abdullah, you’ve got a very valid question, the team behind lxp may be anonymous but believe me we have done every single act to implement growth factor for our platform, our codes have been audited and certified as rug proof, we have open codes any one with basic solidity knowledge can look through for any vulnerability
Q6. From @xiomaritehu
Projects that are not traded on major exchanges remain unnoticed. What do you think about listing the token on the leading exchanges?
ALVIN LXP CTO (WONT PM YOU FIRST, Immediately after conclusion of our sales series we would definitely list our token on massive CEX and DEX THIS WILL OBVIOUSLY SKYROCKET THE GROWTH
- Telegram : https://t.me/lexprotocolchat
- Telegram Channel : https://t.me/lexprotocolannouncement
- Twitter : https://twitter.com/Lex_protocol
- Website : https://lexprotocol.io
- Medium : https://lex-protocol.medium.com/
Thank you for trusting Infinity Chain as the organizer of the event today, hopefully everyone can understand about Lex Protocol.
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