Q1:Can you briefly introduce yourself and your project?
My background is finance and technology. After 2008 financial crisis, after working 10 yrs for wall st firms such as Goldman Sachs, I realized traditional finance has some fundamental problems and moved to Motorola Labs (later Google Labs). In 2011 I discovered Bitcoin and realized this is the solution to all the issues of traditional finance. I started experimenting with various projects and created the first semi-noncustodial futures trading platform in 2016. In 2017, we decided to move to Ethereum to make a fully non-custodial L2 platform. The ride has been wild ever since!
I got into bitcoin in 2012 while I was early in my career in investment banking and economic consulting before I went full-time crypto in 2015. During 2014 I realised I was spending more time trading in crypto than I was actually doing my job, and luckily I was doing well enough that I could make it my job. But the market was quite bearish at the time so I was working with some different exchanges consulting on developing derivatives markets — the risk system, contract specifications, uuser experience, etc. That’s how I got involved with the early version of Leverj which was called Coinpit on bitcoin. I always dreamed of a proper decentralised exchange that had performance like a centralised exchange. However, on bitcoin the fees were way too high so the team transitioned to Ethereum to build Plasma based non-custodial spot and futures exchange.
swapman is being a bit modest here …. he is the brain behind a lot of crypto derivatives products in the market today
for Ethereum today, expensive costs are not inferior to BTC, so what solution do you have to solve this? SWAPMAN
so this is what Plasma is all about — Layer 2
the way to easily move funds around in a non-custodial trustless manner without waiting for layer 1 confirmations and paying really high gas fees.
in order to utilise this you need to first move ETH or ERC20 tokens onto Plasma layer 2, and once you’re on the layer 2 you can transfer around with no issues, just have to pay trading fees on Leverj when trading spot or futures — it’s fast, instant, and feels just like a centralised exchange
If I may add, an L2 chain such as Gluon Plasma only has costs to enter and exit, everything else on the platform is gas-free. This means you can trade millions of times without additional cost.
pay gas to move tokens to gluon, keep it there and trade as long as you want and only when you want to move it back to mainchain, pay another small gas fee
we’re also adding to the UI a transfer functionality so you can move funds on Gluon to any ethereum address and then that address can access the funds and choose to move on to layer 1 — a better version of what “Omisego” (OMG) is doing
Q2 :Can you tell me the concept of LEVERJ and its functions?
concept-wise, its two main things:
– keeping you in control of your own money (non-custodial trading)
– giving you access to all kinds of markets in crypto and globally
so the name Leverj comes from english word “Leverage” — specifically for derivatives contracts.
the most powerful part of derivatives is the ability to use crypto assets to get risk exposure to _any market in the world_. as long as you have some price feed representing the value of an asset, and theres traders on both side of the market, you can make derivatives.
so on a high level this is about managing risk in any way you want. if you have ETH, you can use it to get exposure to long Bitcoin, or long Euro, or long Gold — this way even though you’re holding ETH you can make money based on the volatility observed in other markets.
I’d like to add that Leverj is one application of top of Gluon network … expect other apps soon. All these apps will be able to interact, compose and transfer value on the network at zero gas fees …
Q3: Can you tell me, what is the benefit of investors holding long and short term tokens?
We are not financial advisors so we can not give any kind of investment advice but I’m happy to say some things about the utility of the LEV token
So Leverj is built on Ethereum, so LEV is an ERC20 token. And it’s used for governance within the Leverj network (rebranding to Gluon for plasma) which helps to maintain incentives for the different stakeholders
As we do rebrand of the token we will allow for staking rewards / liquidity mining for those that are actively using their LEV and using the Leverj platform.
In order for the plasma system to work properly it requires that there are validators that are able to submit fraud proofs and to ensure data availability is flowing on layer 2, so those who are staking into the network and helping validate will be earning rewards for doing this
The revenue that is generated from trading fees on Leverj will be funneled back to stakers of LEV. So as the Leverj exchange grows, so too can the success of LEV stakers
1.Currently on the DEFI market is becoming a trend and focus of investors and since then startups are also more about the DEFI trend. First of all, what do you think about this? And Leverj how to compete with other DEFI projects what are the specific differences you can detail? @maitrinh789
Defi although very hot right now, is still at the very beginning. The success of crypto financial systems is currently hampered by high gas costs. We see L2 systems such as Leverj Gluon is the natural alternative to this. Leverj is one of the very few projects that not only has an L2 chain but also has projects that have successfully leveraged it. We believe that by delivering a product on L2, we are ahead of other projects that are only now looking at L2.
2.Total Supply 1,000,000,000 LEV. To increase the value later, there are many ways you can do. One of them is Burn tokens, does the Leverj team currently have plans to carry out the burn program? @JacksonMartiXc
Leverj is going to release a new tokenomics plan which will adjust the supply. Our goal for decentralization is to put majority of tokens in the hands of the community. The plan is to release tokens slowly to people who perform actual trades on the platform, provide liquidity or add value in other ways.
3.Every industry is severely affected by the egregious situation of the Covid-19 outbreak. Does it affect the growth of LEVERJ and its? What are your plans to turn challenges into opportunities for LEVERJ development? @Ontortk
Leverj is fully remote team and our customers are also fully remote. We have seen continuous growth in the last few months more than the three years preceding it. We continue to hope that covid has little to no effect on us.
4.As a community driven project, how can I contribute my quota to your success? Do you have a Global ambassadorial Program or Referral Reward System? Do I get any benefits from holding $LEV token in the long term? @cryptotrung
Right now on our Telegram group we have a growing community with many members who have been around for years as Leverj and Gluon Plasma have been developed. They have been essential in providing feedback and spreading the word of Leverj and we always welcome more users of the platform and holders of the token to join and contribute.
It really is a community-based project so it is important to us that all users from around the world can reach the team and help build it out
The benefits of holding LEV will come from _staking_ the LEV — as it is a decentralised exchange there will be revenue disbursing to LEV stakers and rewards for those who are validating the layer 2 activitty.
And as we redesign the token economics shortly there will be some really big staking rewards that come out of it over the next weeks so stay tuned 🙂
5.What is the objective of Leverj in 2020? What are Leverj strengths compared to other projects? Are there any future issues that Leverj will need to improve and change? Please let us know? @KunKun0710
Oh we have lots of big plans
Our objective for rest of this year is to launch the Futures platform to allow people to trade non-custodial on layer 2 plasma on Ethereum — futures on ETH/USD, BTC/USD, index futures (like on DeFi projects), and we want to support the DeFi ecosystem by listing more and more projects on the spot exchange.
We have had the spot exchange running for a long time now and we have a partner Maker (from MakerDAO, Dai, MKR) who is providing liquidity and supporting our markets going forward.
And we plan to grow the spot and futures markets out significantly for the rest of 2020.
We also want to re-design the UI to have a more professional, polished feel because some of the feedback we get is that it could be better and also the UX needs to be improved. So we need more and more people trading it and giving suggestions that we can act upon to make it better
Our biggest strength is that we have been an early mover on layer 2 — we have made plasma better than any other project on Ethereum has tried — because they have mostly given up and gone to zkrollups or optimistic rollups
Also we have so much experience with building financial instruments and risk systems that it is a unique combination that brings great tech and great financial knowledge to create the best markets for crypto traders to trade tokens and derivatives.
2020 is where rubber meets the road … Our project has been cooking for 2.5 yrs and when people start using it, they will be able to shape the future roadmap by giving us critical feedback and suggestions. Swapman has a whole bunch of product ideas and will prirotize them based on market conditions
thank you @coinpit and @swapman for accompanying us with today’s AMA session, it was really nice to meet us to chat and answer all your questions and also disseminate details about LEVERJ to us know.