Ask Me Anything with L2PAD at ICO Speaks: Summary
November 12-th held an Ask Me Anything session at ICO Speaks telegram chat. From the L2PAD side there was:
👨💻Lucy | Assistant | @CyberLucy
Thanks, lets start! As you said my name is Lucy, im core team member of L2PAD.
Let’s get started!
Q: Does L2PAD plan to utilize quadratic funding?
A: Yes, we do! And there is a very good reason for doing so… It makes the funding process egalitarian, or in other words, fairer. If there are individuals here that do not know what quadratic funding is, here is a short explanation… Quadratic funding is a type of funding that boosts contributions with additional funding from a matching pool whereby smaller contributions get a much bigger boost than large contributions. That essentially makes it an anti-whale mechanism!
Another reason as to why we will utilize quadratic funding is the fact it boosts & incentivizes ‘non-whale investors’ which far outnumber the whales themselves. This way we supercharge the funding process and thereby enable far more funds to be gathered than with ‘normal funding’. Not only that, but the distribution of tokens that are provided in return for funding are spread out in a much more equal fashion.
There is an important fact that needs to be emphasized regarding quadratic funding on L2PAD… It is an option on the platform! This means projects can customize their fundraising process on L2PAD, and choose not to utilize this amazing feature.
Q: What is the primary motive behind utilizing the Optimism/Arbitrum rollup technology?
A: The reason behind that decision is simple—currently gas fees are hindering funding on Ethereum, especially funding by ‘small players’. This means that high gas fees, aside from blocking ‘small players’ from participating in the wonderful DeFi ecosystem, are also hindering advancement of technology!
That is why we chose to utilize the rollup technology, with rollups—one dollar contributions on Ethereum will not cost an outrageous fee that is virtually unaffordable for many crypto users. This will in turn make Quadratic Funding much more feasible on the Ethereum blockchain.
Q: What is the reason behind L2PADs complex tokenomics that change over time?
A: We designed our tokenomics to change over time, or to be more correct—over epochs, by observing other launchpad’s failures. Every issue or potential problems that we identified—has been addressed by our complex tokenomics.
Our complex and morphing tokenomics might seem daunting to newcomers, however it will become very clear over time why we chose to do things the way we did. We welcome any and all questions regarding our tokenomics, as we can explain every decision very thoroughly, and we will be very happy to do so.
Q: Why did you choose to utilize a dual token system, and what is each token’s purpose ?
A: We chose the dual token system because we have identified that this is the best way to roll out a truly egalitarian and successful VC DAO/launchpad.
The two types of tokens used are called L2POOL tokens and L2PAD tokens.
L2POOL tokens are a global system diversifier. This means that L2POOL tokens are essentially the index token of all projects that launched via the launchpad. By burning L2POOL tokens, users will be able to withdraw a portion of all these projects’ tokens—to their wallet.
L2PAD tokens are essentially governance tokens that provide benefits to stakers, such as earning L2POOL tokens, increasing one’s allocations in IDOs as well as gaining access to the IDOs. These tokens will also provide stakers with the ability to participate in the governance of the launchpad and also in the evaluation of newly applied projects.
Q: Is there an L2POOL tokens allocation for investors, team or anyone else?
A: No! There is absolutely no allocation, premine, or anything of that sort—of L2POOL tokens. The only way to acquire L2POOL tokens will be to stake L2PAD tokens or by providing liquidity to the L2PAD liquidity pool.
I emphasize that the mechanism that will enable acquisition of L2POOL tokens—will vary over time, or to be more precise, over the four unique L2PAD epochs.
Q: Many teams use the ‘DAO’ as a buzzword. What is the concept of the DAO to the L2PAD team?
A: The ‘DAO’ is of immense importance to our team. With the utilization of DAO we will provide full control over the project to of the L2PAD tokens.
We find that this will be the key behind L2PAD’s success!
It should be noted that the DAO will be launched in the last epoch of the L2PAD launchpad—after which the protocol of the launchpad will evolve autonomously and according to the vision of L2PAD token stakers.
Q: While you build your project, do you take into account community feedbacks and demands?While you build your project, do you take into account community feedbacks and demands?
A: Community feedback is the most important aspect while you build a project
Q: How important is the COMMUNITY to you? and how can we collaborate or help you for the development of the project?
A: Msost important
Q: Is This Your project only for elite investors, how about others with small funds, is it open to everyone?
A: Our focus is not elite, but normal people like you and me
Q: Where can I currently buy Token?
A: IDO will be late Nov. Please follow our twitter and telegram announcement channel , info will be there soon 🙂 dont miss
Q: Can you list 1-3 killer features of this project that makes it ahead of its competitors? What is the competitive advantage your project has that you feel most confident about?
A: VC DAO, Arbitrum, Optimism <3
Q: Too many projects promise magic but never release any working product or prove any revenue, Within a short/long time of release. Is your project also like this? If not can u tell us, What makes your project different from other projects?
A: Product is here and it will spin the world around
Q: Can you please explain what are the advantages of using your Platform and is it friendly for beginners like me?
A: Eth gaas fees sir, on optimism and arbitrum those won’t be problem
ICOSpeaks hosted an AMA Session with the L2PAD Team. That’s all for today.
Thanks to all users who participated.
Thanks, L2PAD for being with us
Thanks, all and see you soon😉
Wanna know more?
would you like to join our best crypto telegram groups and channels ?