D| Satoshi Club: Oh. we have a question about LIFTOFF in this part. Ready for third question?

Mary | Satoshi Club: Can we move to the third question or you have to add something?

Ty | LID Protocol: Third question here we go! 🙂

D| Satoshi Club: Q3 from Telegram user @dani_minkowicz

It wasn’t quite clear for me how does the certifying process work. How can a project hold their presale and be approved by the LID team?

Ty | LID Protocol: Projects that approach LID to use our LID Simplified presale service offering need to meet strict requirements. These strict requirements are designed to provide optimal levels of locked liquidity, as well as providing sufficient funds to the project to enable them to continue to develop their project.

Our strict requirements go all the way from how much Ethereum is locked in to liquidity, to specific percentages of token allocations.

Only once these requirements are met, can they be eligible for launching through the LID platform.

This in turn creates a very beneficial environment not only for the project, but most importantly for the safety of the presale contributors, as well as those looking to purchase once listed on Uniswap.

Mary | Satoshi Club: Honestly, were there many projects that you refused?

Pen: Yeah so, we have refused quite a few actually. We’ve canceled some just prior to launch, and in one instance with CXN project actually ended their presale early, issued a full refund and required they go get a new token contract audit before they could reapply. They ended up doing just that and have been very successful since!

Carlsbad | Lid Dev: Yes. And several went on to rug pull.

Ty | LID Protocol: LID has always been for the community, by the community, so we hold the investors and traders in very high regard.

Mary | Satoshi Club: Do you work just with Uniswap?

Carlsbad | Lid Dev: Currently, yes. We are looking at adding other dexes as an option, but Uniswap is just so much bigger that its difficult to get projects to move to other dexes with better tech.

Mary | Satoshi Club: Yes, Uniswap is huge) but hope, you will add more) Mooniswap is also nice one

D| Satoshi Club: Do you planning to work with other blockchains or you focusing is only on Ethereum?

Pen: We’ve begun working on integrating with TRON quite aggressively and that has been something the team’s been working on. But at the moment we’re mainly focusing on LIFTOFF through the ethereum blockchain.

Mary | Satoshi Club: Why Tron?

D| Satoshi Club: Because Tron is great! 😉

Carlsbad | Lid Dev: Tron has the most developed DeFi ecosystem outside of Ethereum.

Mary | Satoshi Club: I don’t know the statistics, but  i will believe you) thank you for the answers) are you ready for the next question?)

D| Satoshi Club: Yeah, I have heard about it.

Carlsbad | Lid Dev: It’s also evm compatible which means our eth tooling can migrate over.

D| Satoshi Club: Q4 from Telegram Username @alice_wonderland12

How does the standardized non-custodial presale smart contracts lock liquidity, can this be publicly seen by users?

Pen: Once the presale has ended, two buttons on our presale dApps open up, one is “send to Uniswap” the other is “issue tokens”

 This can be done directly with interaction through the presale smart contract itself but we made a UI for ease of use and so that anyone can do it to keep it truly decentralized.

 Once the “send to Uniswap” function is called, it sends to the tokens to the other smart contract Carl previously went over with the burn address. And he walked through it all above.

  I’ll go ahead and post the GitHub here again
https://github.com/carlsbad-sunshine/lid-contracts

 But yes, this is all publicly visible.

Ty | LID Protocol: And just to bounce off what Pen has said, the presale dApp page acts as a direct function of the presale smart contract. Through lock and trustless initiation, the presale smart contract automatically takes care of the all the processes involved. Doing so this way, ensures that no single person ever has all the ETH and tokens in their possession. The presale smart contract holds these and distributes them once the Functions are called to action as Pen mentioned.

These actions are not only visible in the code of the contract, but once they are initiated, are also visible on Etherscan as individual transactions.

Mary | Satoshi Club: So, no humans involved?

Carlsbad | Lid Dev: The locked liquidity is fully automated, but the buyback fund and some other pieces still manual, which we’re working on.

All of the locks are fully automated with no human involvement .

Mary | Satoshi Club: I believe that you will make all the pieces of this puzzle automatic very soon.

Thank you) next question?

Ty | LID Protocol: Yeah let’s do it! 🙂

D| Satoshi Club: Q5 from Telegram Username @KeymerS

As LID Protocol is governed by the DAO community, then why implement certifications or “licensed cover” that restrict SCAM tokens, when can the community really vote for which tokens to list and which to block?

Ty | LID Protocol: The LID DAO is one of the big development stages in our road map, and one that is still currently in deployment. Once the LID DAO is fully deployed and operational, control will then be given over to LID Stakers.

This will enable those who are involved, full voting rights to the direction of the project.

Mary | Satoshi Club: When you plan it to be fully deployed?

Ty | LID Protocol: However, just to follow on, many of the presale ILO requirements will still be active, so potential projects will still be required to meet these marks.

There are a few stages needed for completion before the LID DAO can be fully deployed, some of these include upgrades to the LID Staking system, as well as finality for the audits. We hope to get it released and deployed very soon, however a final date has not been set yet.

D| Satoshi Club: In this year?

Carlsbad | Lid Dev: Yes, this year. We’re waiting for the audits to complete.

Mary | Satoshi Club: Yes, I want to ask – what will you do if you will clearly understand that a project is scam, but community will vote for it?

Carlsbad | Lid Dev: Actually, what we already do, is talk to stakers and ask what they think, and generally we’ve found they know better what is scam and what isnt than the team does.

We’re working on formalizing this process soon, but LIFTOFF has to get built first.

D| Satoshi Club: Each stakers will have power to vote, and make some decisions about project directions?

Ty | LID Protocol: Yes, that’s right 🙂 the exact specifics and metrics are still a closely guarded secret, but in essence those who hold and stake LID, will earn voting rights to take part in LID DAO governance matters.

Carlsbad | Lid Dev: The Lid Dao Aragon Template is actually already up on Github, its just that since the Lid Dao treasury has almost $1m in assets (including assets in bootstrap fund that will be transferred) its critical it won’t be hacked.

D| Satoshi Club: but if I am a big holder/staker i guess i will have more power?

Carlsbad | Lid Dev: Exactly, votes are proportionate to your stake. It uses a snapshot which checks what % of staking power you had at the time a proposal was submitted.

Mary | Satoshi Club: Thank you for answers) and now we have the last question from this part) ready?

Pen: Yep!

D| Satoshi Club: Q6 from Telegram Username @Finball

LIFTOFF Finance vs LID protocol you both probs more like a sibling, one handle big project and the other handle small/niche project. How do you define which is which big project vs niche one, is it in liquidation pool invest or any other market valuation?

Pen: So there are going to be a few different factors on this one. The main one is that since LIFTOFF will be fully run through its own site, where anyone can go to it and use it (assuming their project fundamentals fit and don’t require audits) the hardcaps will differ.

The larger projects, or premium launches like XFI has to meet a certain criteria in brand activity level, community size, quality of project + team and overall marketing plan. These also tend to have higher hard caps in excess of 3k eth raises.

Carlsbad | Lid Dev: What we’ve seen in the market, is that there’s 2 major types of ILOs that do well. On the small end, there are the experimental gems with under 500 eth raises. These tend to have very small teams, sometimes just 1 or 2 people, and some experimental technology.

Mary | Satoshi Club: Yes, that’s right.

Carlsbad | Lid Dev: The other market that does well, is the raises over 3k eth, which have teams with backgrounds in high tech, grad school research, and deep knowledge and long-term plans. These projects tend to have longer marketing timelines and more complex requirements.

D| Satoshi Club: So, LIFTOFF is for smaller projects?

Carlsbad | Lid Dev: There’s a bit of a “dead space” in the middle, thats difficult. We have had ILOs do well in the middle, but it’s harder. The reason is between 500-3k eth, the raises are too large for it to be an experimental gem, but too small to fund the costs of an extremely well qualified dev team.

LIFTOFF is targeted for smaller projects, but we may see some larger ones on there as well. We’re designing it to scale liquidity to the size needed for the project, so the market determines the amount of locked liq.

Generally larger raises are going to not like LIFTOFF because its not going to provide the custom service they need.

D| Satoshi Club: Makes sense.

Carlsbad | Lid Dev: The competitive landscape is super different for these two markets as well.

For gems, really its Bounce.finance, that they go for, if they dont use LID or cant meet LID’s requirements. That used to be coupled with UNC, and now looks like it will be coupled with team.finance.

Both of which are great projects btw, that have excellent tech.

Mary | Satoshi Club: Someone can tell that this mean that small projects will not be as thoroughly checked.

Carlsbad | Lid Dev: Correct – so to go into that idea a bit deeper, we always require an audit. And for liftoff, the dev cannot even provide their own token. Liftoff deploys the token for them.

Mary | Satoshi Club: Cleverly thought up

But for larger raises, we have a much deeper investigation into the team, product, and project. The big part being, they must have a real product available at launch.

The other thing larger raises have to have, is a marketing plan with an extended timeline.

Carlsbad | Lid Dev: Small projects still must not be able to rug pull. So that means no mint attacks, etc.

But they are experimental gems, and dont have the resources to necessarily have a product at launch, or a longer marketing plan. But thats ok, because their raises are lower.

Mary | Satoshi Club: Will you have investigation department? Or already have?

Carlsbad | Lid Dev: Right now, its super informal, and it needs to be formalized and handed over to the stakers. Currently we talk to the large stakers who are actively involved in ILOs, and so far, their predictions have been completely accurate. But we need a formal voting system and investigative committee.

 We were hoping to partner with 3rd party certification services, but unfortunately none of them have been able to demonstrate as much competence as Lid Stakers. Maybe having capital at stake helps sharpen the mind.

I’m super proud of our stakers, they are really very competent. My opinion is that once we can get the tech for them to fully run LID, it’s going to be super good for growth.

Mary | Satoshi Club: I had experience, when i know exactly when project will rug pull (just my feelings) and just watch how they deleted their accs.

Carlsbad | Lid Dev: Oh man, yeah, its horrible feeling. And its so many people, like Ty was saying, $5m stolen a day.

Mary | Satoshi Club: Yes… But now we have LID Protocol.)))

Carlsbad | Lid Dev: It makes me very sad. I try not to think much because it’s so depressing. Yes!!!! Yes, and it’s so critical for the community to support LID.

Mary | Satoshi Club: We will👍

Carlsbad | Lid Dev: Because if people support real tech, like what LID has, then we can end rug pulls. But its not something that tech can do by itself.

There has to be a change in the mindset from community, that rug pulls arent acceptable, and that decentralized technical solutions are the answer.

D| Satoshi Club: Definitely!

Mary | Satoshi Club: Thank you for your job! And now, i know, that our community is waiting to ask you live questions) are you ready for them?

Carlsbad | Lid Dev: Yes!

Pen: Yeah, Let’s go