Admin, When Binance? Community listing statement.
LTOnauts! Our community members came up with this name to address the army of LTO Network supporters and friends. And of course we’re all on the same ship looking for the golden fleece, so the name makes total sense. And now for an update on a question that seems to be on everybody’s mind…
Two weeks ago LTO was listed on Binance DEX. The journey to that listing started with Binance Chain integration, setting up a trial token model, and eventually being approved by validators. It was an exciting developer and community experience. Thanks to the Binance family for welcoming us!
Then something else happened… Binance CEX revived the community listing program but in a new setup. Of course, everyone started talking about it and asking how LTO would react to this development. For the sake of transparency, we want to properly explain our position. We always work together with the community on adoption, marketing, development and this question shouldn’t be an exception! Just check our log of updates.
Let’s go through the requirements for a Binance listing:
- Submit the form: this was done right away.
- Project quality: we are proud to have achieved incredible results together with the community! From zero to “top-20 most used blockchain” in 5 months: working with IBM Watson, SignRequest, Capptions, CertiK, Axveco, V-ID, Firm24, CMS, and so on. As well as becoming an ISO Committee member! Check the full report on the progress of Q1-Q2 2019. This is just the beginning.
- 50K USD daily volume: we will get to that part later in the article
Token as a Product
Let’s step aside for a bit. Crypto projects (companies) have products and tokens. These are not the same things.
The main goal is to make sure the product gets to a high level of adoption, and the token captures that value and grows as a consequence. This formula has been our focus from the start, and it’s working out great. But there is one thing many projects disregard: they think “build it, and they will come”. We think this is wrong. The stage is open to all startups, but the competition is narrowing: only the strongest, most agile, and hard-working teams and communities will actually make it. The same goes for tokens.
Don’t just think your product will capture all that value. Tokens have their intended utilities, but a great ecosystem approach is to make sure the “token” is not just out there hanging. You need to keep giving it new utilities, making your ecosystem bigger. Communities might not use the product itself, but they can help with marketing and development. Token as a product has its own liquidity budget, has its own intended marketing strategy, community engagement, and so on. That’s how successful projects approach this: essentially having two strategies working in sync together.
This was a side note about what blockchain distributed incentives allow one to do. How is it relevant to the topic? This was somewhat of a visionary statement on the fact that we never ignore good opportunities, and understand how the space works.
It’s a marathon, not a sprint – we think long-term, constantly delivering value to users, and working together with the community on increasing adoption.
But, of course, being friendly and welcoming is also important. We expressed our intentions to help grow the Binance Chain ecosystem together, and we have some cool ideas for that:
- We ran the BNBurger competition which was a lot of fun! An article is coming up on the coolest submissions. We fed 35 creative members with BEP2 LTO, and will probably do some fun campaigns like this going forward.
- We intend to become the first project to have full trial interoperability within Trust Wallet, where a multichain wallet can store ERC20, BEP2, and mainnet LTO at the same time!
- Trust Wallet, thanks to Wallet Connect, can become our “mobile ledger”. We will be upgrading the explorer and mainnet wallet client in such a way that you can just swap or login without exposing your key every time. Imagine opening an explorer, clicking on the bridge swap function, and just scanning a code with your mobile phone. Done, swapped. That’s an amazing user experience!
Last but not least – trading competitions.
We have a few creative ideas that we want to run to encourage more trading on Binance DEX. They will most likely be focused on a volume competition and ERC20 to BEP2 swaps. Details to follow later, stay tuned.
We were here before, and we are here to stay.
LTO Network is a standalone project, with its own identity, a proven track record and a big appetite to grow the ecosystem and become the leading European blockchain. The traction so far has been amazing, and we will not stop! Last week Rick Schmitz gave 3 presentations in a single day, including one at IBM, and the week prior at a CMS conference. Martijn Broersma had over 10 meetings during his three-day visit to Madrid. This is just a fraction of what we do on a daily basis: for the community, tech development, and business adoption.
We won’t lose our true focus: adoption, but let’s all play a part in showing LTO’s community at its best. Let’s show why we’re worthy of this listing and make sure LTO’s voice is heard! This isn’t an episode of The Voice, but nonetheless, we want that red button!