Talking with League of Traders CEO, Leonid Lytvynenko: a Podcast Recap
Introductory block:
LocalTrade CEO Aaron Levi Yahalom:
Please, tell me a little about the project LOT. What benefits do I gain from taking part in your tournaments?
LOT.TRADE Co-founder Leonid Lytvynenko:
Hello everyone. Glad to meet Local Trade community
LOT.TRADE is a decentralized blockchain platform for gamification of trading and increasing the profitability of traders, as well as a professional platform for determining the best in the industry.
The tournaments LOT.TRADE provide the opportunity to increase the income from the usual to the traders trading on the cryptocurrency exchange in a gamified and exciting form without putting in any extra effort. Just do your usual thing, trade and enjoy the thrill of competing with other traders.
This isn’t the only benefit. Very soon LOT.TRADE will provide you with ever more interesting and exciting opportunities to showcase your trading talents and significantly increase your profits with professional trading tools and services.
LocalTrade CEO Aaron Levi Yahalom:
Is it difficult to register for the tournament and how does the integration with the exchange work?
LOT.TRADE Co-founder Leonid Lytvynenko:
Registering for the tournament is remarkably easy — just press the “register” button. If you’re not registered on our platform yet then you should do that first — but it is an extremely easy process.
For full participation in the tournament you need to link your Binance account using an API key — the way to do that is very comprehensively written in our step-by-step instruction on our site in the GUIDE tab.
The entire process of registration and linking the account to the exchange, and entering the tournament takes about 7 minutes.
You only need to link the account once and then you just keep trading as usual and get prizes.
LocalTrade CEO Aaron Levi Yahalom:
Are my funds safe? Do you, as a platform, have access to my wallet after I link my wallet to LOT?
LOT.TRADE Co-founder Leonid Lytvynenko:
LOT.TRADE only requests the data of your exchange and wallet in a read-only format which makes any tampering with trading or balance impossible from a technical standpoint.
LOT.TRADE never requests from you any seed phrase data, password or key for a full access to your accounts.
LocalTrade CEO Aaron Levi Yahalom:
What tournaments do you plan to hold in the near future? (the general development vector)
LOT.TRADE Co-founder Leonid Lytvynenko:
In the near future LOT.TRADE plans to hold free tournaments — our own and in collaboration with sponsors. So be sure to take part in these open tournaments.
We plan on implementing an additional system of rewards and achievement for the players. Soon, on our platform duels (battles) and team tournaments will become available.
We also plan on starting paid tournaments which will allow us to significantly increase the prize pools.
LocalTrade CEO Aaron Levi Yahalom:
I do not use MetaMask. How can I take part in your tournament and will I even be able to use your platform?
LOT.TRADE Co-founder Leonid Lytvynenko:
Free tournaments do not require MetaMask. Besides, many sponsors pay out your winnings without using MetaMask.
Moreover MetaMask is popular, it is proven to be safe and easy to use. Nevertheless, you already able to link any wallet supporting the WalletConnect protocol to LOT.TRADE.
For example Trust Wallet.
LocalTrade CEO Aaron Levi Yahalom:
Where and how quickly are the winnings from the tournament wired?
LOT.TRADE Co-founder Leonid Lytvynenko:
The winnings set in the BUSD or in LOTT are wired automatically immediately upon the conclusion of the tournament to the wallet linked with LOT.TRADE. In sponsored tournaments where the prize pool is set in the Partner’s cryptocurrency the wiring can happen within several days after the conclusion of the tournament by the Partners according to the instruction provided by them.
LocalTrade CEO Aaron Levi Yahalom:
I would like to take part in the next LocalTrade tournament. Which exchange should I be trading on in order to improve my tournament standings in this tournament, assuming that it is hosted by LocalTrade?
LOT.TRADE Co-founder Leonid Lytvynenko:
You should trade on Binance. LocalTrade is our partner and sponsor of this tournament. The winnings in this tournament will be paid out in LTT tokens.
LocalTrade CEO Aaron Levi Yahalom:
Which exchanges do you already have the integration with and which do you plan to integrate with in the near future?
LOT.TRADE Co-founder Leonid Lytvynenko:
At the moment we have an integration with Binance. We are working on integrations with other CEXes and DEXes. We are also working on the possibility of conducting the tournaments on NFT’s. We will be able to share specific details and dates later via our social networks, so — please subscribe and be in touch!
LocalTrade CEO Aaron Levi Yahalom:
What causes a participant’s tournament standings to change?
LOT.TRADE Co-founder Leonid Lytvynenko:
The place of the participant in the tournament is determined by the current ROI, which is formed from the success of the user’s actions on your exchange trading account. When all active deals are closed by the user, their ROI is fixed and remains unchanged until a new deal is made. Thus, all participants of the tournament are in equal, fair and transparent conditions.
LocalTrade CEO Aaron Levi Yahalom:
Is the team behind the project completely open to the public?
LOT.TRADE Co-founder Leonid Lytvynenko:
We are completely open. You can find information about our team on our site as well as in the White Paper.
Advanced block:
LocalTrade CEO Aaron Levi Yahalom:
Can I use the tokens I have won in a tournament as a buy-in in another tournament even though these winnings were paid in tokens of other projects and not in LOT tokens?
LOT.TRADE Co-founder Leonid Lytvynenko:
Yes, you can, assuming the entry fee is set in that cryptocurrency.
LocalTrade CEO Aaron Levi Yahalom:
Considering that currently there are tournaments being held directly on large CEX and DEX (by which I mean internal tournaments on Binance, Pancakeswap, KuCoin, and others, with large prize pools), what would motivate me to take part in specifically tournaments held on the LOT platform?
LOT.TRADE Co-founder Leonid Lytvynenko:
Much Better odds to win main prizes, guaranteed stimulatory prizes as well as absolute transparency and gamification of the entire competitive process. This is something you won’t find on other exchanges. You can monitor your own success as well as that of other participants in real time via dynamic bright charts and informative tournament standings.
LOT.TRADE tournaments provide the ability to compete without limit or being tied to a specific exchange — we plan on integrating as many cryptocurrency exchanges as we can to let you increase your profits from trading on any of them.
Aside from that, we will have a variety of different tournaments running at the same time. You will be able to compete in more than one, or even all tournaments, thus improving your odds of getting main prizes as well as stimulatory prizes. Taking part in our tournaments will give you the opportunity to formulate your own professional portfolio for investors and partners as well as to identify the industry leaders worldwide.
LocalTrade CEO Aaron Levi Yahalom:
If I take part in several tournaments simultaneously, what model would be used to calculate the ROI for each of the tournaments?
LOT.TRADE Co-founder Leonid Lytvynenko:
The number of tournaments for concurrent participation is unlimited. The model for calculating the ROI is the same for each of the tournaments separately.
LocalTrade CEO Aaron Levi Yahalom:
As far as I understand you plan on implementing tournaments with an entry fee. How and in what currency would one pay their tournament entry fee?
LOT.TRADE Co-founder Leonid Lytvynenko:
For paid tournaments the entry fee can be set in different currencies by the organizer. This organizer could be our platform, a sponsor or anyone who wants to create his own battle.
LocalTrade CEO Aaron Levi Yahalom:
Is the prize pool formed only from the buy-ins of the participants or maybe it works similarly to poker rooms, a guaranteed prize pool provided by the project plus overlay?
LOT.TRADE Co-founder Leonid Lytvynenko:
There are a number of different mechanics for formulating a prize pool, including a guaranteed prize pool provided by the project, sponsor’s donations or donations of the participants themselves.
The presence of paid tournaments doesn’t prevent the free tournaments from happening. We will conduct these free tournaments on a regular basis.
LocalTrade CEO Aaron Levi Yahalom:
While I was listening I visited your site and saw information about an upcoming release of NFT. Could you, please, tell me a little about the logic of your wNFT model and what benefits it brings to its holders?
LOT.TRADE Co-founder Leonid Lytvynenko:
When you buy a LOT.TRADE wNFT, you not only get LOTT tokens and the partner’s tokens but you are also rewarded for staking by up to 55% APY as well as in the distribution of the platform’s profits. 10% of each prize pool will be distributed among all the NFT holders.
In the future the winners of tournaments will be rewarded with NFTs which will allow them to obtain additional advantages and access to higher level tournaments.
You will also be able to buy and sell NFTs on our marketplace.
LocalTrade CEO Aaron Levi Yahalom:
If you wish to also establish yourself as a rating of traders, among other things, will there be any additional benefits for the top of the rating? Following the results of a month/a season/a year? For example, top10 of the rating by the results of winter are invited to a closed exclusive tournament with a large prize pool or are invited to some sort of offline event?:)
LOT.TRADE Co-founder Leonid Lytvynenko:
Of course we plan to implement a system of rewards and achievements with ever expanding conditions for gaining credits and rewards.
We have plans for offline events like LAN-tournaments, similar to eSports events.
LocalTrade CEO Aaron Levi Yahalom:
I am a potential LOTT long holder. As far as I understand you are aiming at partnerships with various exchanges while the exchanges are interested in the user’s activity as they earn money on the commissions on trades. My question is in two parts:
- Do you think that allocating an entire month for a tournament is too much? One can make a good ROI in a couple of days and then just wait out until the tournament concludes. This provokes me to NOT trade and to NOT take risks. Would your exchange-partners be interested in situations like this happening?
- The only situation where it is safe to not trade is if the gap between you and your opponents is huge. And even then only until people get closer. Meanwhile there are only 3 prize placements, the first of which is the most profitable. If one trader creates a massive gap — the other hundreds and thousands of participants will increase their trading activity in their chase after the leader which will more than compensate for his temporary inactivity of the leader. I don’t see how an exchange can lose here.
LOT.TRADE Co-founder Leonid Lytvynenko:
Besides, LOT.TRADE business model accommodates paid tournaments that are created regardless of the participation of sponsors. There, the big prize pools are provided via the entry fees of a large number of participants.
- Do you plan to hold tournaments lasting, for example, 1 day, or a weekend? There the situation will be developing dynamically and that will incline the participants to actively trade and in doing so actively generate the commissions on their exchanges.
Thank you. - The situation is developing quite dynamically. The participants can both soar and drop within minutes or hours. The traders themselves are telling us how much it excites them. We have nothing against blitz-tournaments or blitz-battles, so long as there are willing users and partners. From a technical standpoint, the length of the tournament can vary: it can be 1 hour, it can be 1 year. We will also be having seasonal tournaments.
Moreover we will have the governance among the LOTT holders so that the questions regarding the creation of tournaments as well as many other questions regarding the functioning and development of the platform, we will be deciding via DAO-voting allowing the participants themselves to set the priorities for the release of the projects services.
LocalTrade CEO Aaron Levi Yahalom:
Let’s say we have a community, a telegram or a YouTube channel. Can we create our own private tournament?
LOT.TRADE Co-founder Leonid Lytvynenko:
Anyone can create their own tournament on our platform with their own conditions, length and its openness to the general public. To do that you need to send us a request via any communication channel that is convenient for you. In the future you wouldn’t even need to do that — we are working on the functionality to make the process autonomous, performed directly in the user’s personal cabinet.
You can make your tournament paid, earning a percentage of its prize pool as a commission for organizing it, or you can attract sponsors to finance your tournament and provide you with a prize pool.
Or you can mix these two options.
LocalTrade CEO Aaron Levi Yahalom:
To conclude, let’s sum things up — what opportunities and functionality does your team plan to release in the near future?
LOT.TRADE Co-founder Leonid Lytvynenko:
1. Copy Trading
2. Copy of investment portfolios
3. PAMM and LAMM investment modules
4. Public trader monitoring
5. Tournaments among bots
6. Gamification of the tournament charts
7. Professional trader dashboard with tools for analysis
8. Listings on several CEX
9. Tournaments on NFT’s
10. Tournaments for employment of the best traders
11. Crypto Portfolio
And much more! Stay tuned and hold LOTT!
LocalTrade CEO Aaron Levi Yahalom:
I’d like to keep it simple, so here is my question: how do I buy $LOTT?
LOT.TRADE Co-founder Leonid Lytvynenko:
You can buy $LOTT on Pancakeswap.
LocalTrade CEO Aaron Levi Yahalom:
You have mentioned staking at up to 45% APY. Do I have to use a third-party service to stake LOTT? Or where can I put my coins in and start staking?
LOT.TRADE Co-founder Leonid Lytvynenko:
There is no need to go anywhere else, you can easily stake your $LOTT directly on LOT.TRADE. Smash the “Stake LOTT” button, choose the term that suits you best and you are good to go!:)
Community questions from Twitter:
1) User — Julia Dominica | Cryptocurrency
Many projects are now coming up, what is the advantage of LOT.TRADE over other competitors? are there any plans to list on the best exchange such as Binance ?
LOT.TRADE Co-founder Leonid Lytvynenko:
The tournaments LOT.TRADE provide the opportunity to increase the income from the usual to the traders trading on the cryptocurrency exchange in a gamified and exciting form.
Tournaments and display of participants’ positions takes place in real time. It’s spectacular and exciting. In addition, prizes are often awarded to all tournament participants, not just the winners.
To receive a prize, you need to open at least 1 deal.
You can trade both on the SPOT and on the Futures market. On different exchanges. Now it is Binance, and very soon there will be much more.
We are in the process of negotiations with a number of large exchanges to list on, but we cannot yet name which of them will be the first.
2) User — Claudia
I read that #LOTT gives freedom to choose what tournament to enter. But, what about players who don’t qualify or don’t have a suitable NFT game? Will they still be able to participate in the #LOTT tournament?
LOT.TRADE Co-founder Leonid Lytvynenko:
You do not need to have any special qualifications to register for the tournaments. To start active participation in the tournament, it is enough to connect the exchange account to the platform following the instructions on the website and start trading.
3) User — Baptiste De Beys
Blockchain technology is being explored in other environments, where immutability and data security are crucial. How does WLOCT maintain and protect its platform? Can WLOCT ensure data security for its users?
LOT.TRADE Co-founder Leonid Lytvynenko:
We do a permanent security test to our platform, each new release goes through several iterations of the security checkpoints.
Moreover, we don’t handle any personal sensitive data, you can be fully anonymous on the platform as your ID is your wallet, nothing more.
4) User — Naruto Uzumakii
What are fintech companies’ contributions to blockchain? Is LOT.TRADE intending to create a link that complements the financial application interoperability features?
LOT.TRADE Co-founder Leonid Lytvynenko:
Sure, the LOT.TRADE idea is to be not locked on the one blockchain, but spread around any kind of new blockchains which are popular on the market.
We developing a cross-chain infrastructure in near future have in plan support several top blockchains, then extend LOT.TRADE to the others
5) User — Julia Dominica | Cryptocurrency
LOT.TRADE tournaments are categorized into: Calendar Tournaments, Master Tournaments, and Private Tournaments. So if user registration on the platform is free, what is the price we must pay to participate in any of the above mentioned? specifically private tournaments.
LOT.TRADE Co-founder Leonid Lytvynenko:
Tournaments can be free regardless of which category they belong to. The buy-in or no-buy in private tournaments is determined by their organizers.
