Launchpool x Timechain AMA Summary
Date & Time: September 17th, 3:30pm UTC
Guests: Louis Cleroux (Founder and CEO of Timechain)
Host: Jean-Marc (Launchpool Social Media Lead)
Launchpool was excited to host the Co-Founder of Timechain for an interactive Ask Me Anything session with the Launchpool Community.
Questions from the Launchpool Team:
Hello and welcome, to all #LPOOLers,
As many in our Community already know, today we have an AMA session with the Founder and CEO of #TimeChain, Louis Cléroux.
Glad to be here today!
As always, the chat will be muted for roughly 30mins whilst we ask the pre-prepared questions. After this we will open up to questions from the Community for 15 mins or so.
Hello Louis, great to have you with us today!
To get things started; would you please share with us a bit about yourself, your background and your involvement within the space?
Right, so who am I?
I’m an accomplished serial FinTech entrepreneur with more than 10 years of experience, including launching a successful mobile app with over 1 million downloads. I have also worked across different disciplines including corporate development, product development, business operations, and strategy — so you could say I’ve been around the block a couple of times. Prior to starting Timechain, I was the CEO of a search engine optimisation (SEO) marketing firm. Nevertheless, I am a humanitarian with a vision: to empower everyone to manage themselves and their assets. That is where my drive for Timechain originates.
I love that: to empower everyone to manage themselves and their assets!
Could you tell us about the rest of your team? (backgrounds, experience, etc.)
As you can see, our Team of 20+ individuals across multiple departments is tirelessly working to deliver state-of-the art financial applications to our users. https://timechain.com/about_us
Our portfolio manager is Thien Duy Tran, a DeFi expert, who has over 7 years of experience, culminating in a senior position as an investment consultant. Together with Jeremie Picard, an engineer with management experience, the two form a strong backbone in the project’s finance and management. The team has several impressive tech-leads with years of experience as ecosystem architects in the IT-sector, including AI and blockchain specialists such as Reza Nourmohammadi.
Sounds great!! It’s good to know the background composition of your Core Team.
Can you share with us what problem are you trying to solve? What is the overall vision for the Timechain Project?
Finding the lowest transaction costs on most blockchain networks is not straightforward; especially for SWAPS
TimechainSwap is a multi-chain Decentralized Exchange aggregator. It is built as an Automated Market Maker on Fantom (FTM) network and expanding to Binance Smart Chain and Ethereum next. We aim to provide the fastest, most affordable transactions across all our supported platforms.
Timechainswap aspires to become the one cross-chain DEX aggregator to rule them all, providing consumers with a frictionless and cost-effective tool for all their fiat and crypto operations. As part of its ongoing development goals to become an interop, TimechainSwap will continue to spread to new pairings and networks.
Spiritiswap, Spookyswap, Paintswap, Sushiswap, Curve, Waka Finance, Hyperjump and Elk Finance are among the prominent DEXs on the Fantom Opera Network that Timechainswap currently aggregates. The paths between all of these exchanges will be improved for more efficient trading using the proprietary Timechain algorithm, ultimately saving consumers money and time.
The problem of transaction costs are indeed an industry wide challenge. It’s great that you are focused on finding a solution towards this.
How are you differentiated from other similar projects?
In the Fantom Opera Network (FTM), DEXs are highly popular right now, with over a dozen projects on FTM already providing AMM services (but very few, if any aggregators). As one of the first aggregators in FTM, Timechain aids in lowering the barrier of entry and the cost of access to these services.
Market leader 1inch only covers the ETH, BSC and Polygon network, which leaves a pretty big gap we can exploit. We are already prepared to expand to ETH and BSC, with many more networks planned.
Being one of the first and best-performing DEX aggregators on FTM, Timechain can secure its position as market leader through its first movers advantage. We also aim to increase our market and maintain that position by expanding into as many different blockchain networks as possible, as quickly as possible.
I agree, aggregators do offer an extra edge.
Where are you at in your roadmap? Could you please talk us through the next steps?
- New UI release
- TCS token launch on the 27th of September
- ETH & BSC Bridge
- New whitelisted Fantom pairs
- Adding more networks to aggregate
- IDO platform
- More to be announced!
Our Community is certainly looking forward to those updates.🚀
Which brings me to my next question, how was the project funded up to this point? How will the funds from the AME be used?
Having already formed powerful partnerships with notable advisors and Fintech entrepreneur programs, Timechain has had access to many incubator programs and accelerators to help fund the project. We have also secured a number of grants to speed up development even further.
Overall, the crypto community has been very supportive and we are certain that they want us to succeed as much as we want everyone to connect and transact painlessly across all networks.
That’s great news!
Are there any strategic partners (excluding Launchpool) that you can share?
Yes, TosDis! TosDis provides new innovative projects the smoothest experience to take their project to the next level through TosLabs, TosDis’ incubator protocol. A lot of partnerships signed, but we need to keep them under wrap for now. Big names in the community!
Now my curiosity has spiked even more…
What made you choose Launchpool as your launchpad partner for the AME?
We partnered with Launchpool ($LPOOL) because it leverages communities, information, skills, contacts, and funding to help crypto businesses get off to the best possible start, increasing their chances of success in this fast-paced industry. Their funding methodology is also very attractive to us because it is similar to a crowdfunding approach: instead of just having a handful of whales (greater risk), they use a diversified pool of holders, which leaves us with a more reliable liquidity pool.
Couldn’t have said that any better myself. 😃
What is the total allocation you’ve set aside for the Launchpool community? Are there any limitations or is the Allocation Mining Event open to everyone? Please list any countries that are excluded from the allocation event due to regulatory reasons.
The $TCS token will be coming to Launchpool for an Allocation Mining Event (AME) on Monday 20th September!
Deposit Opens: *Monday September 20th 2021–08:00 UTC (Block № 11074050)
Allocation Mining Opens: *Wednesday September 22nd 2021–08:00 UTC (Block № 11131650)
Allocation Mining Ends: *Sunday September 26th 2021–22:00 UTC (Block № 11263650)
Payment Window Closes: *Wednesday September 29th 2021–22:00 UTC (Block № 11350050)
*Block timings are always estimated and may be subject to change.
What happens after the AME? Could you talk us through the tokenomics: total supply, initial circulating supply, initial market cap, initial vesting, total vesting period (from launch until when will the last token be vested for), etc.
Date: September 27th, 2021
Time: 4pm UTC
IDO Price: $0.55 (paid in FTM)
Total Allocation Amount on Toslabs: equivalent of 110k USD
Application Form: https://forms.gle/YyfRXzXVpNDjvk2j9
*No additional KYC
That’s great‼️ The IDO is right around the corner. I know this will indeed be a welcomed sight to many in our Community.
What are the use cases for the token? Do you have any mechanisms planned to support the DeFi component (staking, burning, earning, spending, etc?)
We are almost done developing a bridge across several major blockchain networks, where users will be able to directly transfer $TCS and other assets across the Fantom, BSC and Ethereum network. Whenever this bridging service is used, $TCS holders will save on bridging fees.
Additionally, $TCS will be put to use in a wide range of applications across the Timechain ecosystem, including participation in IDOs. Reducing gas fees is one of the most important issue we want to contribute to the ecosystem.
Discounts for $TSC holders, nice!
Before we open back for questions from our Community, please share with us, where can we join your Community? (twitter/telegram/discord/etc)
Great. We will now open up the Community to questions for the next 15mins or so. As a reminder, there are three prizes available as a reward to the top 3 questions.
It was indeed a pleasure to have you share with us, it’s now question time.
The floor is open.
Questions from the Launchpool Community
It seems you plan to act in a similar capacity to a CEX, at least in Canada. are you able to expand on your plans for this?
We are a financial ecosystem. We provide both a CEX and a DEX. Our last AMA covered this very well.
In response to the big community interest during the 1st AMA about regulatory compliances, we were happy to share our best interest and achieved milestones. Because to build such an extensive platform, especially as a Canadian based project, we have always been concerned about financial regulation compliance and have taken measures to be on the safe side of things, which we could reiterate when asked about it in the AMA.
As we spent most of 2019 acquiring the proper partnerships, licenses and government grants required to serve as a Money Service Business (MSB) in Canada — and we are also recognized by the Autorité des marchés financiers (AMF).
Not only will we provide a very efficient FIAT on ramp for the Fantom ecosystem, but also provide a platform that will be officially recognised and future proof. Many Crypto enthusiasts have a second look at regulated projects, because KYC comes along with it, but we assured anyone that it will not be mandatory, as long as you don’t use FIAT related features as a Canadian citizen.
Compliance to regulations helps us build trust, which is pretty funny considering we use trustless technology. People that are new to crypto are reassured by our compliance, which helps us secure new users and build mass adoption. For our more crypto-savvy users, our compliance serves as proof of our maturity and commitment.
Does your project have future potential given the tough competition, since we see many projects coming and going: Does this project have any differences compare with other similar projects?
The main difference between us and our competitors is that we have placed financial regulatory compliance at the front and centre of our development strategy since day 1.
The future of blockchains is interoperability, interoperability is slowly becoming the main talking point in crypto. With so many layer 1s exploding into the scene it’s important we have a seamless bridge between chains. My question is where can you see Timechain in this new space especially among huge cross chains that exist now.. will you handle the huge traffic?
It was our intention since our conception to cover as many different networks as possible because we, too, share the vision of global blockchain interoperability. We have built-in routing and load optimisation modules to deal with the increased traffic and network pathing problems that come with scaling up.
Hello. As someone who is new into crypto since this year. There are already so many swaps, bridges etc.. Why should I choose Timechain?
#1 Timechain is currently not charging any fees on slippage. We are 100% transparent and you can expect the gain to be 100% yours.
#2 Despite our youth, we are already ranking second in terms of fees, right below 1inch.
#3 As mentioned before, we will be launching an IDO platform, our very own token, yield farming, staking, etc.
How much volume has the DEX Aggregator on Fantom currently?
We just passed 500,000 in volume
Can you tell more about the fiat on ramp mobile app; do you have banking licenses in Canada?
We have a Money Service Business license to operate in Canada. We are also regulated by FINTRAC for AML procedures.
The most DEX offer to swap currency. However will additional functionality be implemented: for example swap currency once a certain price is reached? (Similar to sell limit / stop loss)
Yes, it’s on our roadmap. We will adapt to the market trends for DEX aggregators.
One thing that really bugs me on many DEX is the fact that when I swap currency, i need the currency + the gas and fees. So u need to start calculating. Is that something that could be integrated in the future?
Yes, we are planning to fix this issue for the ecosystem, because it’s annoying for everyone.
As the aim is to go for the lowest fees etc, will the system show you like an overview of what you would save? Example, timechain sees dexY is the cheapest and then shows you you the prices of the other dex and the amount they are more expensive. I al asking this because I think visualizing the benefit is ultra bullish
Yes, totally, you can access our WP here for more details: https://docsend.com/view/z9vx27j3jif5didp
Why $TCS token and any importance for the token and how it helps the project?
We did security 3rd party audits for the smart contracts for an extra layer of security.
By using the cross-network transfer, Timechain token $TCS holders save on bridging fees, making the token even more valuable to them. $TCS will be put to use in a wide range of applications across the Timechain ecosystem, including fee reduction, participation in IDOs, etc.
- To make things easier for users, all AMM pools on Timechain will be linked to the Timechain token. The token is deeply integrated into the platform’s ecosystem and will also be used in standard yield farming opportunities such as staking and liquidity pools. .
🚨 We’ve now come to the end of today’s AMA session — Special thanks to everyone that participated! 🚨
Feel free to hop on over to the TimeChain Community should you have any further questions for the Team.
TimechainSwap wants to be the most competitive DEX aggregator platform for multiple DeFi networks. Providing users with a more seamless and cost-effective tool for their blockchain activities will be a critical milestone in the evolving ecosystem of decentralised exchanges.
Launchpool leverages communities, knowledge, expertise, contacts and capital to provide crypto projects with the best possible start to life, maximising their chances for success in this fast moving & dynamic space.