L1X made a significant announcement regarding the upcoming TGE (Token Generation Event) and shared insights into what the future holds.
For those who missed the live event, fear not! You can catch the replay on Twitter and delve into the full announcement, uncovering the key information that's set to shape the journey ahead.
ā LayerOneX (@LayerOneX) April 2, 2024
Min 2:33.
Kevin starts the conversation by being really thankful to everyone in the community and also for all the support that has been demonstrated all this time.
Only 35% of the users had participated in XPerks, and there are 65% remaining. We need to be sure that the majority of users are going through XPerks. The way it works is TGE mainly has a distributor on the Node and that distributor's job is to make sure that everyone's balance and distribution of coins according to the vesting schedule is on track.
We need to reach a minimum of at least 70% before we start the vesting schedule. From that moment on, we can go Live.
We are all ready to go from the ability to turn on the transfer of the coins and the 20% bonus to be distributed, but we need to be fair to everyone in the community.
Transferability of the coins will happen once that 70% kicks in to be sure that the majority of people have a fair starting line when the vesting starts.
We also started allowing projects that they are building on L1X to host the Nodes and sync your balances across. That means that nobody now can change the balances that you have.
This is the TGE that has happened in multiple Nodes, this is not reversible.
Min 7:57.
Matiu (COO) remarks that participation in XPerks means that you opted in or opted out.
Seed, term sheet, private sale and team must opt into XPerks, and you might choose between Silver or Platinum tier. Check out the Guide.
The other option is opting out. If you are a Public Sale contributor, Airdrop winner, KOL program participant or eligible for some sort of competition, you will have the ability to choose to opt-out or opt-in. If you opt out, means that your vesting will start on the first day of vesting.
Min 11:20.
For Liquidity Boostrap Participants: the vesting of the Liquidity Bootstrap will start once the vesting starts. The 1% daily rewards will continue up until the vesting period.
Min 16:15.
Kody (CXO) talks about the status of CEXs.
We are ready to go with BitMart and MEXC. All the payments and documentation are with them, we are just waiting on the final thumbs-up from them. This should be ready in the following week or so.
Alongside that process, we are in communication with 4 to 5 CEXs and are about 70% through the process.
Min 18:27.
Mike (CSO) gives an update about the DEXs.
The L1X Dex team has decided to wait until we go open-source, which will be coming in the following weeks.
He talks about the L1X Balancer Pool being updated for the swaps and more pools are being added as we progress over the upcoming weeks. Kevin is also updating the exit Pool functionality, where XBPT can be used to exit or swap with other tokens in the pool. This will be introduced as vesting commences.
Min 21:00.
Matiu adds that being listed on other DEXs on other chains allows us to tap into these other users that are on other chains.
Min 22:00.
Kevin adds a couple of pointers:
- Source code. Kevin, as a President of the L1X Council is protecting the interest of the Code for the interest of the community. That's why it has been decided not to give the source code for security reasons.
- VM, Consensus Mechanism and Node software will be open-sourced in the next three weeks.
- About DEXs. The taken strategy is that in the next 6 months, we have 4 areas that we focus upon; active transactions, semi-active users, active fees, and semi-active nodes. To reach a place for the L1X Coin is healthy (there is a Market demand and intrinsic demand for it).
- The focus of the foundation and Core will be on building technology.
- On the application side, we will carve out these features and give them to a team that is bonded for this.
Min 25:05.
Friday 12th at 4PM AWST, we will have a Special Live AMA where Kevin will walk through a Node Hosting guidance, sharing all the relevant documentation. Register Now: https://streamyard.com/watch/kMgahr7erGUF
Min 26:05.
Kevin talks about the adoption of L1X. The target for the next 6 to 12 months is to have 1 million active users and around 20 active projects that will give us transactions close to around 3 to 4 billion transactions in that particular annual run rate.
A strategy of an ecosystem pool is going to be opened up for three different types of people: users, projects and developers.
For onboarding the projects with us initially, we will have 3 levels of allocation: early adopters, the base and performance.
Min 29:38.
Why will a developer come and build on us? We are offering a gas-free solution and we have 2 reasons for developers to come and build:
- We are opening up a mechanism in the developer portal with the SDK tools, that will be in sync with the other protocols.
- If a developer builds a Smart Contract template as an improvement proposal and that gets adopted by the foundation and then the application, 20% of the transaction fee of that particular SC goes to the developer.
Min 37:10.
Kevin announces new updates on the L1X App coming up this month:
- There will be an FT and NFT builder inside of the L1X App.
- Swaps and Explorer will be mobile view compatible.
Community Questions
Q: When Vesting will start?
A: Will start once reached at least 70% of people going through XPerks, and will start on the same day for everybody.
Q: Did TGE happened?
A: Yes, the tokens and the balances are updated on the Node and it's irreversible, so those tokens have been generated.
Q: Are the project partner Nodes outside of the 800 allocation?
A: No, they are inside the allocation, but they got a grant for the Node. This will help with scalability aspect of things that they want to see.
Q: How much is the fee for creating either FT or NFT?
A: The fees will be 0.0003 L1X. If you want to do this token multi-chain, we have a development standard integrated into the SDK which will allow you what networks you want your token to be deployed and make it multi-chain.
Q: When can we claim various rewards and when do we start with L1X App NFT rewards?
A: Probably by Thursday 4th April rewards should be seen, since are still on sync. No need to claim will be directly allocated.
App NFT rewards will start once the vesting starts.
Q: For those who previously invested to get Nodes in the first version, are they still able to claim if they did not claim it already?
A: People who reserved it, they will get it. If there are still open tickets regarding that, will be solved, or open a ticket on the L1X App.
Q: For private seed, anyone opting into XPerks with the 3-month cliff, does the cliff start at the beginning of April, even if the vesting for the rest of the people might start later in April?
A: If you vested your coins, the cliff for that will start that day. So you will get your Coins before them.
Even if the vesting for the Public Sale, rewards etc will start vesting once we hit 70%, this won't affect Private and seed, Term sheet investors if you opt into XPerks in April, so vesting will start on the Second July.
Q: When will the next Coins start trading on the L1X App. Swap or we need to wait for DEXs?
A: Once the balancer opens up, you will be able to Swap, and CEXs are also there.
Q: How will be the first activated Node be chosen from the the sold ones?
A: First coming into Platinum until last coming into platinum, then first coming into Gold until the last coming into Gold and First come first served.
Q: Which is the Protocol Roadmap?
A: Check it out here.
Read the official Announcement
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