Talking with League of Traders BDO, Vitalii Korshunov: a Podcast Recap
Anastasia Lorentzen:
Hello, hello, hello, everyone! So, today, I’m pleased to invite Lot.Trade to attend our LocalTrade AMA session. My name is Anastasia and tonight I’ll be speaking on behalf of LocalTrade, as well as asking some burning questions that I would like to hear the answers for from Lot.Trade. I’d also like to use today’s slot just to let you, as our guest, speak about yourself, your work, and the industry in general. So, should we start?
Vitaliy from Lot.Trade:
Yes, of course, let’s start!
Anastasia Lorentzen:
Perfect, perfect! Do you think you could introduce yourself and your project? I think it’s pretty fair if you start first.
Vitaliy from Lot.Trade:
Hi! My name is Vitaly, I am co-founder and BDO of Lot.Trade project. Actually, Lot.Trade is a universal NFT/DEX/ex-crypto trading and gaming platform. It is a government project for amateur and professional crypto traders. Cool and clean tournaments and battles based on smart contracts may be created on our platform. And everyone can watch them in real time — no restriction on the numbers of participants. Any traders, any exchanges, at any time. So, I think, we make a revolutionary product. We make a gamification of crypto trading. Trading becomes a spectacular and profitable crypto sport, I think.
Anastasia Lorentzen:
All right, perfect! Cool, that’s nice to know. For those who just joined us and for those who don’t know what LocalTrade is, I’ll explain. So, LocalTrade is a one-stop cryptocurrency exchange and financial products ecosystem that bridges the gap between the traditional finance and the crypto industry by providing the most profitable, efficient, and safe financial instruments to all crypto market players. Our ecosystem consists of a full-fledged CEX trading platform and a DeFi investment platform which is called the DeFi Lab. It is a further development of LocalTrade CEX. So, our mission is to provide easy access to the most profitable and secure DeFi products using the existing centralized exchange infrastructure and capacity. So, in a way, we combine many DeFi and centralized exchange products in one ecosystem called the LocalTrade exchange. And then, we also have other products, apart from that. So, I guess the next question to you would be: “What are the market problems that you’re aiming to solve and how are you going to solve them?”.
Vitaliy from Lot.Trade:
I think, now there are more than 100 million active computer traders in the world, but they still don’t want to be actively involved in DeFi projects. So this field, decentralized finance, has some issues making it less attractive to retail investors: high technical barriers and extra-large gas fees prevent wide publicity from entering the profitable DeFi scene. But the Lot.Trade approach, I think, radically removes these barriers. The platform is built to be accessible by using the newest gamification technologies. Traders can compete in professional trading, promote themselves and increase their income in regular and sponsored tournaments. So we created a World League of Crypto Traders — a global DAO ecosystem which provides a global rating of the best crypto traders in the world. It’s my position.
Anastasia Lorentzen:
Okay, cool! You mentioned the DAO principles that you’re using and it gets me very curious every time I hear about it, because it’s a word that’s used by many nowadays. So, my question would be: “What is DAO for you? And what are the DAO mechanisms that you’re using?” if you were to explain that in detail.
Vitaliy from Lot.Trade:
Okay. At Lot.Trade, we use a LOT government protocol. The main purpose of this protocol is to administer the tournament’s dynamic parameters. Also, to support or reject voting proposals related to the Lot.Trade ecosystem development. All token holders with the authorization level starting from pro and above, are eligible to participate in the project’s government. And those ones, with the authorization level from expert, are subject to LOTT Government Staking. All our members that stake LOTT at Government Staking in the protocol are forming a LOTT government committee that is authorized to modify large protocol dynamic parameters and to support or reject voting proposals.
Anastasia Lorentzen:
Makes sense, cool! I think it’s great! I’m glad that now our community knows a lot more about you and who you are and what’s going on. If you don’t mind, let’s move to the Twitter section. I, actually, saw a lot of really, really cool questions that our users have prepared for you, and i made sure to pick the best out of them. So, here’s the first one: “Could you please tell me how Lot.Trade and LocalTrade collaborate together?”. I think it’s the question about the nature of our partnership.
Vitaliy from Lot.Trade:
Okay, the partnership between LocalTrade and Lot.Trade will see the company’s host tournaments together and offer users more technical opportunities to enter the DeFi scene. Among the benefits of this partnership, both LocalTrade and Lot.Trade aim to launch existing tournaments together and other activities. For example, with the possibility for traders to enter the global rating with spectacular prizes and benefits from everything the DeFi can offer.
Anastasia Lorentzen:
Yeah, that was actually also my next question. Because i’ve seen our users asking that: “I bet you will see an influx of traders in your community as a result of this partnership. And what’s the approach of the World League of Crypto Traders towards mitigating the gap between traders and DeFi?”. So, like, what’s your execution plan?
Vitaliy from Lot.Trade:
The project uses a DeFi approach, featuring smart contract technology, DAO mechanisms, and BSC non-custodial wallets to ensure complete decentralization and the transparency of the tournaments. This unlocks the potential for traders to build community-sourced portfolios.
Anastasia Lorentzen:
Right, cool! And the next question was: “What is the future of tournaments for cryptocurrency exchange traders?”.
Vitaliy from Lot.Trade:
The participation of traders in the tournament provides, I think, a unique chance to advertise new futures for the exchanges, and to boost the gaming and engagement of traders.
Anastasia Lorentzen:
Okay, cool! One of our users was very curious about: “What are the benefits for LocalTrade users, if they decide to participate in the tournaments?”. So, I guess they’re asking for some special prizes, or benefits, or something that we can get really quickly out of you as a present.
Vitaliy from Lot.Trade:
Good. Look, as a new partner, we will radically work closely with LocalTrade to host new and existing tournaments for its users. This will give multiple benefits, including, for example: free registration and participation in WLOCT tournaments, a user-friendly interface, access to the global ranking in recognition of their trading skill, and competition for high prize pools. And, actually, we can become a part of a professional decentralized league of traders.
Anastasia Lorentzen:
All right, we love a user-friendly interface, that’s our favorite. Let’s talk about money now, shall we? Tell us about your general monetization models of the project.
Vitaliy from Lot.Trade:
So, the project is built as a decentralized autonomous organization (DAO) and doesn’t aim to monetize the operational activities. The project’s team is incentivized by LOTT tokens allocation that will be unlocked one and half year after the start of the project. The tournaments and practical commissions, its liquidity pool, its exchange, staking, lending — you’ll be charged to cover the operational and development cost of the project.
Anastasia Lorentzen:
Cool, that’s great! And I actually have a really important question. I’m aware that your IDO is approaching soon. Which platforms are you gonna be launching on and when is it going to happen? Like, where should we go, where should we get whitelisted, should we get whitelisted? What is it that we should do?
Vitaliy from Lot.Trade:
The IDO will take place in late November, 2021. There have already been two announcements about launchpads. It is Cyber by Samurai and NFTb. We’ll be announcing another one in the near term. More information, so you better stay tuned.
Anastasia Lorentzen:
All right, perfect! So, all of our users should now go and sort of sign up for all the updates and get notified in the group channels, because then we’ll know where to go! Perfect, next question. Recently you’ve undergone rebranding, which was why I made that mistake calling you locked instead of Lot.Trade. I couldn’t find any information of why you’ve undergone the rebranding and do you think you could elaborate on it? And tell us, what exactly changed and why did you find it necessary to be done?
Vitaliy from Lot.Trade:
We slightly modified the sites, streamlined the platform service registration process. Then, created a new logo and it became obvious that the project’s name could not stay the same. So we changed it from wloct to Lot.Trade. The “trade” combines the two most important words for our projects. Actually “Lot” stands for our project token, and “trade” serves as a reminder that the project initially proposed cryptocurrency trading.
Anastasia Lorentzen:
Great! That went pretty quick, I guess. We don’t have any more, sorry.
Vitaliy from Lot.Trade:
My pleasure!
Anastasia Lorentzen:
Oh yeah, of course! Thank you so much for coming, and I hope to see you soon!
