Welcome to Recap AMA IgniteCrypto & LimeProtocol #AMASeries
On September 30, 2021, Ignite Crypto and LimeProtocol got together to host an Ask me Anything (AMA) chat with the community. The following is a summary of the content of the entire AMA
Admin: Lady and gentlemen, let’s welcome Mr.Jordan @Sparks1191- Co_Founder/UX LimeProtocol.
Thank you for taking the time to chat with the Ignite community
Before starting today’s AMA, Do you have any greetings to the IgniteCrypto community?
Jordan: It’s a pleasure to be here talking to a large audience. It is a big opportunity for me and the whole team to let our project be known. I hope you’re all doing great today!
Admin: Hopefully, the information that Mr.Jordan is about to release will help you better understand Lime Protocol, a super-charged yield aggregator built for the Cardano blockchain.
Part 1: Introduction LimeProtocol and Mr.Jordan. Some general questions about the LimeProtocol .
Admin: Question 1. Can you tell us a little bit about yourself and LimeProtocol ?
Jordan : Firstly, please allow me to introduce myself. My name is Jordan. I am the co-founder and UX developer for Lime Protocol. I’ve had a lot of experience with the blockchain. I began in 2016, just before the first crazy crypto bull market 4 years or so ago. For me (and plenty of others), it was an eye-opening moment, and I became fascinated by how crypto worked on the inside. I spent 3–4 years at the IBM Blockchain Department dabbling with Programming and Solidity before moving on to Haskell. Found out that Haskell was a better code language for finance compared to Solidity. Hence why we built the protocol to integrate with Cardano.
Lastly, Lime Protocol is a decentralized cross-chain yield aggregator that aggregates yield on 3 EVM chains — BSC, Polygon, ETH. We are working towards integrating into Cardano using side chains like Milkomeda or other code languages like KEVM, IELE, and Glow. Once we the integrations is successful, users will then be able to aggregate yield on Cardano itself. And this is done on the SAME single interface — the Lime Vaults and Dashboard. Not only that, all the yield-farming that users will be doing will be auto-compounded per hour without them having to get in and out of a position. They can relax while the yield works for them. We have been working hard on this since July to develop a product that gives the user ease-of-use and a more convenient user experience, coming from a UX dev its paramount to what I make. We want to be able to bridge the gap between chains, and Cardano will be our main goal in the near future.
Admin: Question 2: Why did you choose Cardano instead of other platforms like BSC, Ethereum or even a very popular platform like Solana?
Jordan : Cardano has been studied and developed for years by mathematical geniuses, with massive libraries of research papers backing the thesis behind how it can change the landscape of the financial industry. Don’t get me wrong, all the chains that you mentioned above are all great, but Cardano’s language — Haskell — is, in my opinion, more superior and efficient than Solidity, hence why the whole team is pushing for Lime Protocol to be deployed on Cardano. Solana’s Rust is more or less the same, but they still have their pros and cons which is too long to explain here! Talking about Haskell, it has been around since the 90’s and has proven to be one of the best functional programming language out there.
On top of Haskell is Plutus. This where smart contracts are being made. Plutus works in a “pure” way, meaning every function it executes, gives out the same exact result. Unlike Solidity, Plutus is a much more secure and stable code language. You would want this if you want your protocol to be safe from intruders, and if you want to change the future of finance, Haskell/Plutus is really the better choice. Furthermore, Cardano’s rapid tx speeds and low gas prices makes it easier for Lime to efficiently give out auto-compounded yields to users. ADA will be a sprawling ecosystem once dApps release their products on there.
Admin: LimeProtocol will benefit from the great benefits of CardanoChain, so how will LimeProtocol be different from decentralized cross-chain profit aggregators on other platforms, what’s so special about the method LimeProtocol’s operation?
Jordan : The way the protocol gets its edge is in its cross-chain interoperability. Meaning, it will work on Cardano and EVM chains. The whole industry is moving into a cross-chain era wherein chains will no longer be isolated, but instead work with each other. Capital does not stay in one place, it moves across chains and to be at a big advantage, a project must be willing to adapt to the fast-moving pace of this whole industry.
As an ecosystem in its infancy stage, Cardano will be the best chain for yields since not one DEX has deployed yet. The earlier the protocol deploys there, the higher the yields are. Like we mentioned above, our protocol offers all these in one platform but not one project has worked with Cardano yet.
Admin: Question 3. What stage of development is LimeProtocol currently in? In the past time, what goals have you achieved in the initial steps of developing the Lime ecosystem on Cardano?
Jordan : Lime Protocol is soon launching the upcoming testnet on BSC very soon. The testnet will provide us with a framework of how secure the cross-chain vault contracts will be and the implementations we can execute to further improve the vault strategies.
The idea for this project was formulated in July this year. We then took steps on really developing this idea on late August. Since then we’ve been testing out different parameters for our contracts to provide everyone safe function calls and optimized rebalancing mechanism from the auto compounding feature.
Admin: As the project’s UX development lead, can you tell us a little bit about what LimeProtocol’s user interface will look like? How will you make the user feel most comfortable and easy to use?
Jordan : For sure! I do have a photo of the actual vault/dashboard. We chose these colors for the reason that green and white energizes and refreshes you psychologically — something you need in crypto 😂
Overall its pretty straightforward. I didn’t want to complicate things. My goal was to erase any barriers to adoption to Defi, hence why I made it clear and everything on there is pretty much functional.
Admin: Question 4: The token of the LimeProtocol ecosystem is $LIME, so you can introduce us to the economic model of $LIME as well as the token allocation mechanism and unlocking time of each $LIME holding component/holder in the ecosystem LimeProtocol ? What benefits will LIME holders receive?
Jordan : The Lime token will be used for protocol-level governance and the value to be gained from holding it is from claim on vault fees, staking incentives, and improved Lime liquidity on DEXs. It will be cross-chain in nature, serving as a reward and utility token on the chains that have been mentioned.
The token is deflationary in nature. How it works is users deposit LP on the vaults, it auto compounds it for them. Whenever it does that, it executes the earn() event which buys back LIME and burns it lowering the total supply forever. LIME token holders and liquidity providers will be rewarded in the long run and our plan is to turn LIME into a store of value.
The total amount of LIME ever minted will only be 10 million.
The unlock metrics are as follows:
Private Rd 1: 60% TGE, 3% weekly
Private Rd 2 and Public Round: 100% TGE
Team: 10% TGE, 8% monthly
Treasury: Currently locked, usage decided through governance
Strat. And Growth: 4% TGE, 5% monthly
Liq. Mining/Ecosystem: Locked for 14 months
This is the whitepaper: https://1f3ad423-3084-47d6-99bd-b80129bfca7d.filesusr.com/ugd/9db6d6_07a422cda2414e16a74cca4a5f213d10.pdf
Tokenomics model is there, and also on the front page of the website
Admin: Question 5: From what I’ve learned, LimeProtocol will initially support Cardano, Ethereum, Polygon and BinanceSmartChain. So do you have plans to expand LimeProtocol’s support to many other networks in the near future? Can you share a bit about RoadMap with us in the near future?
Jordan : We currently don’t have plans on crossing over to other chains for now but we’ll think about that in the future. For now we’re sticking to the big ol’ EVMs like BSC, ETH, Polygon and integrating into Cardano.
The current and next stage of the roadmap is:
-Pancakeswap Listing (final round of presale happening in a few hours)
-Lime V1 BSC Testnet Launch
-BSC — Cardano Bridge Testnet
-Bounty Programs
Admin:
Nows
Private Round 1 (Whitelisted) and 2 (FCFS) has concluded!
Can you share with us about this Public Round information?
Jordan : So the final round of our presale actually starts in less than a day.
It is held here: https://dxsale.app/app/v3/defipresale?saleID=645&chain=BSC
I actually released an in-depth guide on the public sale. I HIGHLY suggest everyone to read it. All the info regarding the sale is here 👉 https://limeprotocol.medium.com/a-bit-more-juice-left-from-limes-9abca32b1614
Admin: That’s the last question of part 1. We will move on to part 2 of AMA.
Part 2: Twitter on Questions.
Admin: Q1. Defi is a very hot keyword at the moment, many projects have started cooperating with DeFi platforms. So is “Lime Protocol’ planning to cooperate with DeFi projects and develop “Lime Protocol’ towards DeFi in the future?
From Twitter: https://twitter.com/nobita404/status/1443269859542900738
Jordan : We are planning to form strong partnerships with projects that will benefit the protocol/ecosystem and the whole Lime community. For now, we are looking at partnering up with a few (for now) DEX’s on Cardano, as well as other other ETH projects that’ll bridge over to Cardano. Our main goal is to form Cardano-centric relationships and I reckon this will shoot the project up to new all time highs.
Admin: Q2. ‘Lime Protocol’ looks good but it confuses me that there are so many other Blockchain projects. What should I pay attention in “Lime Protocol’ to give it the importance it deserves? What are your planning to achieve with your project?
From Twitter: https://twitter.com/calmbest1/status/1443270913231785987
Jordan : Basically, what were trying to achieve — none has thought of yet. A yield aggregator to be built on Cardano. Once we get on there, we might be the first one to aggregate yield for our users. What we mainly aim for is better user experience vs. other defi platforms. The auto-compounding, auto buyback and burns, the cross-chain interoperability, is a product of a whole package that the project is offering to new and/or experienced users.
Admin: Q3. How do you feel about the Vietnamese market and Viet Nam user? Is this a suitable market for “Lime Protocol’ development? Do you have plans to develop Viet Nam community after this AMA?
From Twitter: https://twitter.com/Itachicvc/status/1443270161453047811
Jordan : The Vietnamese market around Crypto is sprawling! The country is full of talented and skilled individuals who are making significant changes to the whole industry. Lime Protocol would be suitable for Vietnamese users as most of them are very knowledgable than the average crypto enthusiast. The platform that we would like to offer the whole Viet community will be deemed useful in times like the pandemic when fiat stays stagnant.
We would love to have a Viet community! Tôi yêu Việt Nam!
Admin: Q4. Security is so important with every project and platform. How does Lime keep users’ assets and personal data safe from hackers? How does Lime manage if there is an attack to your platform?
From Twitter: https://twitter.com/tuan_iker/status/1443395045428588548
Jordan : Lime will not ask, read, or retrieve your personal data such as your seed phrase or private key. Users are solely responsible for their phrases and keys.
The reason for the testnet taking a while is for this exact reason. We want the protocol to be secure even before anything happens. But if ever a hack does happen in mainnet (which is rare) then we can fall back to the Treasury and Strategic & Growth funds to compensate our users. There will be emergency plans in place for this!
Admin: Q5. How was the idea to create this project born? It is very interesting. What do you want to achieve? What are your expectations?
From Twitter: https://twitter.com/Sultanmahmudrx/status/1443417472078467077
Jordan : This idea was actually conceived by a group of community developers and myself, thinking that Cardano really hasn’t shown its true potential yet. Taisa (the other co-founder) and I decided to take it seriously and started to develop Lime Protocol behind the scenes in July. We want Lime Protocol to be the go-to yield aggregator for the Cardano community, or for casual users who want to try the Cardano chain but want to stay in these EVM chains. We expect Lime Protocol to be a first-mover in the whole ecosystem, and with that advantage, will be more capital to expand the project.
Part 3: Live Question
Question 1 : According to the project’s roadmap- what are your most important next priorities? @erichdew30
Answer 1: The most important priorities right now for us is to launch testnet as soon as possible! We would like to fix any problems in our dApp before Lime V1 mainnet. After that is to build a BSC- Cardano bridge for everyone to use! We would also like to say that we’ve already negotiated with 3 people for developer jobs! this would make the process streamlined and rapid 🙂
Question 2: Do the token holders have the right to participate in the governance of the project? What kind of decisions can they vote on about the project? @clorinda_PO
Answer 2: Yes, if you hold LIME, you can participate on the governance system. The community can decide on which they think is best for the protocol, like how much profit share will be (to all lime holders), the vault fee %’s, the strategies, and everything you can think of. The Core team will then review it to see if aligns with the mission of the project and if it benefits the community in the long run.
Question 3: Are you afraid some day there will be another project with more innovative technology can replace your project ? @seaofnarum
Answer 3: We are not afraid because our expertise will allow us to pivot if and when the trend changes. In this industry, everything moves fast. Developers need to adapt or else they suffer the consequences. We do have Project X coming in the PHASE 3 of our roadmap so be on the look out! 👀
Question 4: Southeast Asia is a very vibrant market and many project developed here so what do you think about Southeast Asia and do you have any plan to develop here? @sethallery
Answer 4: I agree with you on this, that SEA is a big part of the crypto industry. We arent operating physically nor are we planning on having physical locations. Our platform is available for users around the globe. It is completely decentralised and free to use!
Question 5: Do you guys feel satisfied by seeing your progresses and achievements till now, when you look back to the day when you have started this project? @YaekoFish
Answer 5: Absolutely. It took a while for us to actually get on with development but we decided that Lime Protocol was a now or never decision. I still remember the days when i used to dream about running a decentralised platform for the community 🙂
📍Don’t forget to follow LimeProtocol on their official channels for the latest news and promotions you don’t want to miss out!
➡️Website: https://www.limeprotocol.xyz/
➡️vMedium: https://limeprotocol.medium.com/
➡️Twitter: https://twitter.com/LimeProtocol
➡️Telegram:
https://t.me/LimeProtocolCardano
➡️Discord: https://discord.com/invite/BuEfS8Zs
About IgniteCrypto: IgniteCrypto is a community formed by a group of members who are passionate about and believe in the future growth of cryptocurrencies from Vietnam. With the aim of creating an exchange community between investors and those interested in the development of cryptocurrencies
➡️Telegram Group : https://t.me/IgniteCrypto
➡️Channel Ann: https://t.me/Ignite_Crypto_Channel
➡️Twitter: https://twitter.com/ignite_crypto
