TrustSwap Telegram Q&A w/ Jeff Kirdeikis
Thursday, 8th of July, Telegram Q&A Transcript.
Q: Hey Jeff, hope you are well 💪 Could you share how the thriving liquidity and token lock business translates into revenue for Trustswap?
A: Great question, and a very common one at that.
Many people wonder why we offer our Team.Finance services for free, especially since over 5,000 projects have used it, with over a billion dollars locked into the protocol.
The reason is to establish absolute market dominance.
Just as Facebook went ad-free in it’s first years, Amazon offers products below cost, and Uber offers rides below cost, TrustSwap is offering software services for free currently to establish total market dominance for token locks / liquidity locks across all major blockchains.
Once we are the gold standard go-to, then we will slowly introduce fees which will directly benefit the TrustSwap Ecosystem. It’s a long-term play, as is our entire company strategy.
Q: Hi Jeff — What happened to the flash airdrops? Yield app was the last one as far as I saw, or are the ones of newer project coming soon?
A: Launchpads offer airdrops to the top 1,000 swap scores, as well as farming pools.
The tokens are not automatically unlocked, and therefore have usually a few months cliff before the airdrop tokens vesting begins.
Nearly all Launchpads we’ve hosted WILL do airdrops to the top 1,000 swap scores. First, the vesting schedule needs to allow for it. 👍
Q: Which business lines are the major profit generators if not team finance?
A: Launchpads make up a considerable amount of TrustSwap’s revenue. On average, we net 1% of the total token supply per launchpad.
Q: Jeff, will you be offering some of the features of the launchpads on the crypto app? Like Yield.app staking rewards or Sekuritance kyc, etc?
The Crypto App will offer buying, trading, staking, and farming. We are actively comparing the various options to decide which ones to include in each of those categories.
Q: Hi Jeff, Are you working on enabling the option to sell the right of allocations to third parties via NFT?
A: Medium to long-term priority, we have a lot of other VERY beneficial high priority items on deck first.
Q: Did Binance launching their NFT marketplace steal the thunder from TrustSwap? They decided to launch in a down market and recall TrustSwap waiting for better market conditions. How is that playing out today?
A: Not in the least.
There are already 1001 NFT platforms out there.
The key to NFT platforms these days is to have very interesting and high profile NFT sales.
We have some VERY strong ones lined up already, with some long-term partnerships already established.
We are in a very strong position with Swappable.
Q: What is the reason of the longer vesting period for the more recent token launch? It seems a little disadvantageous to TrustSwap stakers when vesting periods are very long and token already raised money through previous channel at a cheaper entry price.
A: Longer vesting prevents mass-selling and more stable pricing.
I would disagree in that each sale has proportionate vesting in comparison to the pricing. If the private rounds are cheaper, the vesting is also longer.
Q: Do you have plans to incorporate Ada or Ava projects in the future?
A: We recently did an Avalanche project.
We are fully open to ANY blockchain, the issue with these “niche chains” like AVA or ADA, is that no one is building on them. If quality projects build on them, we will launch them, just as we are currently doing with the recent three projects on Algorand.
Q: What about Solana?
A: Again, we are open to ANY blockchain, Solana and Cardano included. Projects just need to start building on those blockchains so we can launch them.
Q: Hey Jeff. Disregarding price, which of the trust swap launches has / had you the most excited ?
A: Buying.com by a mile.
These guys are already a fully operational company doing millions in annual revenue, with thousands of sales daily, and launching at a $600,000 marketcap.
Q: Thanks for taking time to do this Jeff. I personally feel there’s need for more ways to engage with the community at this time. I see a lot of people make complaints here about launchpad related issues and while I see there’s been efforts to resolve them, there are many issues still unresolved from as far back as those teething problem from the first farming pool. Here I am now with my own issue which is that received less than the number of tokens from Yieldly launch and Yieldly guys said it’s an issue from TrustSwap; seems the additional funds I sent when requested was not put into the calculation for the tokens. I sent an email to email@example.com already but no acknowledgement or feedback.
A: Yieldly team controls the sending of tokens, not TrustSwap.
I hate to “pass the buck” but that is 100% their responsibility to figure out.
We never hold custody of tokens, KYC data, SAFTS or incoming funds.
Q: Is the crypto app going to be tokenized and given a portion of the newly minted Tokens given to swap holders?
A: This is a potential.
IF the Crypto App gets it’s own native token, SWAP token stakers will reap rewards of that in a big way.
Q: Any plans to add in Terra Luna based projects ?
A: We are open to launching ANY blockchain. It’s up to projects to build on that chain and to apply for the Launchpad.
Q: Why the projects and implements like mint, the crypto app, launchpads haven’t reflect in prices? most of us bought at least 20–30K at $4.5/ea swap and now we are in negative. I know that all market is same situation but other projects have recovered better than swaps.
A: I think we can all agree that the market is incredibly irrational.
Q: I’ll ask this because I’ve seen it asked a lot and don’t think I’ve seen an answer yet. What message did the top 300 stakers get yesterday?
A: It was an exclusive participation opportunity that we could only extend to a handful of people.
There likely will be more situations like that in the future.
We will always bring value to our smaller holders, but want to ensure to at times give a little extra to our largest supporters.
Q: Some love for us 4000 swap holders would be nice, sucks a bit that only the big bags get any.
A: How do you mean. If you have 4,000 Swap, you get a guaranteed allocation to every single launchpad. Yieldly just did a 5X.
Q: What are the benefits of staking swaps long term? At the moment I feel other pools are rewarding more then swaps, even counting the air drops. Any intention of improving rewards for long term swap staker and stimulate more stakers to fill the pool?
A: If you go to the farming pools, there are options for around 100% APY, that’s pretty good if you ask me.
Q: What’s the best way to submit a project if is built on Solana? What’s the usual turnaround time from submission to DD/go/no-go?
Around 72 hours after submission we’ll likely reach out.
Q: Some love for us 4000 Swap holders would be nice. Will we get Airdrops?
A: We can’t do airdrops to everyone who is staking.
If it’s $100,000 divided among 20,000 people, that’s not even worth the gas fee. There needs to be a cut off.
1,000 SwapScore is the right balance point for now.
Q: Any insight into what farming pool might be added?
A: Whatever Launchpad we have launched will likely have a farming pool added.
Q: How can the TrustSwap community help TrustSwap? Lots of loyal people here that would help if they knew what was needed.
A: The biggest value add is to have long-term loyal supporters.
So the biggest help is for people to take a short amount of time to understand the big vision and goal. TrustSwap has mega ambitions, and we are already well on the way to achieving them.
So the best “help” is for people to just watch the recent video and align with the vision 💪
Q: There is a lot of competition around launchpads, how is TrustSwap different?
1) Guaranteed allocations
3) 24-hour allocation window
No gas wars, no whitelist, no social media tasks, no oligarchy, no BS.
Q: No follow up after tge?
A: Depends on the contract. We do offer advisory services post-TGE for those who opt-in for that.
Q: One thought on the Luna, I reckon we do have to actively engage TFL Terraform Labs — and make it easy for them to integrate with swap — rather than wait for them to come over. it appears that Pylon is becoming a platform that is endorsed by TFL.
A: Our launchpad process is off-chain, so the “integration” is always instant, as we just use their blockchain for the raise.
Q: What I mean is that the ecosystems are huge, if we don't engage them swap may not come to mind … being lost in the jungle.
A: That’s fine, we have a jungle of high-quality applications already.
If they want to use our services, they are welcome to. We’re certainly not in a position where we need to go knocking on doors. We are already over-saturated, in a very good way.
Q: What are the things that keeps you up at night? And how do you manage those risks?
A: Great Question.
Staying on schedule is the biggest struggle. We set really tight timelines so that we can work at a fast pace. But as is the nature of things, unexpected obstacles happen from our internal dev team, legal team, or with partnered projects.
So having a solid management team having air-tight oversight on all systems/processes on a daily basis is for sure the key to a smooth operation.
Q: Any plans on having presence on Cardano ecosystem?
A: We are open to any/all blockchain, and always have been.
Once projects start launching on Cardano, we will happily host them on the launchpad. We will also have token locks etc on Cardano when relevant.
Q: Can you give us a timeline on when it will be apparent within The Crypto App that TrustSwap is running the show?
A: There have already been two push notifications, including one today. But in terms of branding, I'd say one month would be realistic.
Q: Hey Jeff. Of all the multiple products that trust swap is or has integrated which one in particular do you see as the “Blue Chip” product. Would it be the launch pad or could The Crypto App take the Mantle. Thx for all you doing. The silent majority has your back.
A: Blue Chip is tough to define as our services are so diverse and range from businesses to consumers.
This answer is incredibly tacky, but on the business side “SmartLaunch” with token lock / liquidity lock / mint is what I'm most excited about. On the consumer side, its The Crypto App by a mile. On the revenue side, it’s launchpads by far… just a ton of revenue coming into TrustSwap through them (although I really don’t like the energy that comes with launchpads).
Q: I understand the IDOs add a lot of revenue to TrustSwap but I also think it potentially hurts the TrustSwap brand when people complain about the process and the issues that surround the projects that are launching. Your statement abut the energy of people through the process brings the value of TrustSwap down. I liked TrustSwap’s ideas before the LP at it seems all that anyone focuses on. Not really a question but I hope there continuous to be innovation going on behind the scene.
A: Launchpads aside, I think we can all agree there is a TON happening within the TrustSwap ecosystem.
Those that can see past the Launchpads really understand what our goal is.
Q: There was an TrustSwap AMM mentioned at one point is this still be developed possibly on a new chain?
A: Short answer, no.
Q: Are there any plans to boost the apy of staking portal at all. Love staking for projects but the rewards are so lackluster it’s almost not worth it. Right now. Future will be different story I know.
A: The main staking portal will not have the APY manually boosted.
Main portal is currently for launchpads. Then, there are the farming pools for APY’s up to 100%.
Q: Where are we at on the crypto subscription service thing? That’s one of the big reasons I bought in.
A: We may have another acquisition in the pipeline. 👀
It’s related to subscriptions. Very early stages and no guarantees yet at all.
Q: Any plans for a TrustSwap / crypto convention in Vancouver?
A: How about an online convention in Decentraland in 13 hours?
Q: Is there any plans in the future to allow keeping your SWAP staked while also allowing for farming (not even sure if this is possible technically speaking)? This would be nice so you don’t miss out on these top ‘XX’ rewards for stakers when you switch to farming.
A: Not at this time, to get the rewards, you can always just grab a bit more SWAP. 👍
Q: Have you had much interest in the incubator platform launched since DCTDAO? I would love to see some projects come out of that.
A: Buying.com is another incubator.
Q: Do you still have hope for top 50 project by EOY? Strategically, I was hoping for bigger market response to the moves SWAP is making. Like you always say, wisdom of the markets makes no damn sense.
A: I aim to be the top 50 based on fundamentals, which is incredibly achievable, and on-track for us. From there, time will let the market self-regulate.
Q: Jeff Kirdeikis thanks for answering so far. Understand there is no Crystal ball but projects such as dFund and carbon that have under performed so badly and there community is terrible how do these get into the launchpad? Could you give some indicators on what TrustSwap looks for in the projects?
A: That’s an essay response. In short, we’re looking for:
4) Community Support
In the real world 90%+ of startups fail, so Launchpads are inherently unpredictable. We do our best to vet projects, but odds and macro market trends sometimes stack the odds out of our favor.
Q: That’s great. Anymore in works? Are you looking to hook up with nft projects now swappable is on the way? Maybe nft presales?
A: Curate may be a future integration for a feeless cross-chain NFT platform. But first, we’ll launch Swappable and give it some legs.
Q: Hey Jeff. With your knowledge on the crypto space as a whole, what do you see as the next big innovation post Defi and NFT ?
A: DeFi covers quite a lot. Impossible to predict the next trend, but what I am looking forward to see emerge are decentralized and non-USD backed stablecoins.
Inflation is a killer, and backing crypto off USD values is a joke. Stablecoins like DAI are primarily backed by USD denominated stablecoins, defeating the purpose.
Q: Intercom has been a great way to get information from your dedicated team, are there anyways to reduce the scammers in discord and Telegram?
A: Unfortunately not. They join from one handle, and then scam from another, so it’s impossible to detect / delete.
Q: Have heard TrustSwap has a team of 40+ on staff (!) …where do you recruit from?
A: Globally. Lots in the USA + Europe though.
Q: Hi Jeff,
1. any plans to add incentivize members who are more active? I've seen this trend is growing among other launchpads.
2. any chance for community votes to happen for certain project to take place?
3. Will be great if there’s a active content creator/communicator in TrustSwap that focus on sharing updates/events etc so to keep investors in the loops (on a friendly engaging manner, not business report). Some projects has gone MIA, so it’s quite worrying at times.
A: 1. Have you seen? I am really against the social media sharing thing, as it’s completely spammy and disingenuous.
2. Yep, this is something that will likely happen in the future.
3. We don’t report on other projects. It’s up to individuals to do their own research 👍. As for updates on TrustSwap, the Telegram Announcement channel and our Twitter will have all updates in chronological order.
Q: Could part of their money from tge be locked as long as some milestones aren’t reached? Then if they don't money would go back to TrustSwap community? As it can happen in the startup world? dFund hasn't developed anything and still got 100% of money from tge if I am correct.
A: This was an original idea at the inception of TrustSwap that may need to be re-visited for this exact reason, yeah.
Q: I understand you’re doing your best and we have to DYOR but are you planning to take additional validations to make sure more successful projects are launched in the future. If we see the launchpads on the TrustSwap website, we se lot of negative returns on ICOs.
A: The request that month was for “more projects” since the market was hot, so that’s what we did. To bring in “more” we had to lower the standard of quality to meet the community demands.
Unfortunately, the market took a massive hit that month, and really hurt all those projects.
Market and community sentiment aside, we will not be lowering the standard of quality any longer as what a couple of those projects have followed up with has been completely underwhelming. We would rather have quality over quantity.
We made the mistake of listening to the loud voices of the community demanding “more” even though we knew that may not be the most wise decision. That will not be repeated. From now on, we are holding all launches to a much higher standard.
Q: In regards to quality over quantity. Would Yieldly have made the cut? Because that one project alone has more than covered all the other losses.
A: One thing is certain, buying.com passes with flying colors.
Q: What is the approval/rejection ratio of projects that apply to the launchpad?
Q: In the age of creating tokens in 30 minutes, don’t you think you need to turn on more filters. 1/10 sounds week.
A: Those memecoin projects don’t even apply. The ratio is irrelevant, as no one besides the TrustSwap team knows the quality of the projects applying.
Q: If we transition into a bear market, are you guys planning on being aggressive buyers? I assume the answer is yes based on what has been happening — more interested in what the cash reserves or access to capital looks like for SWAP in order to acquire?
A: We bought The Crypto App, worth over 50 Million USD in a bear market.
We have ample cash on hand to make more assertive moves like that. As mentioned earlier, we already have another acquisition in our crosshairs.
Q: I believe you are one of the best front facing CEO’s in the industry. Any thoughts on just going live on YouTube more often and sharing your thoughts on crypto in general? I honestly believe you have the persona to create a strong following by you just being you. Not trying pump tires, genuinely believe this is a marketing strategy to be taken advantage of.
A: Certainly happy to engage more when the quality of conversation is as strong as it’s been so far in this chat 👍.
My goal is always to help people understand the long-term vision and clear up information, as there’s a TON going on in the ecosystem, so now that the madness of Launchpad season has subsided, I think it’s relevant to get back to chat about the underlying fundamentals again.
Q: Great stuff Jeff. What are your plans for the number of IDO’s for the remainder of the year? Can we expect 2–3 a month or more?
A: 1–2 per month is the standard.
Q: So in other words you’re redirecting me to Yieldly or no one is going to own up. Not receiving the amount of tokens paid for in a launchpad project is daylight robbery… this is not a DYOR thing.
A: Yes, this is to be handled directly with Yieldly, as TrustSwap does not handle funds, distribution, kyc or anything else, as previously stated.
Q: TrustSwap made a lot of profits, however, the stakers are not feeling the benefits. Will there be profits sharing for the stakers?
A: Up to 100% APY in the farming pools, and multiple opportunities for big wins on the launchpads. Stakers are very well taken care of in comparison to other projects.
Q: Hi Jeff, first of all thanks for your honest, straightforward answers to the community’s questions. Really enjoyed to read about your perspective on Crypto ecosystem and way forward. My question is around the exclusive participation opportunity sent to top 300 stakers, I don't understand the reason to keep the opportunity sent secret from the overall TrustSwap community. Crypto stands for transparency and open communication. Saw that it has been asked many times on the chat from the community that what opportunity has been sent to top 300 stakers but TrustSwap moderators have been so secretive about it :) Could you elaborate more on the reasons why you want to keep it secret and don't want to disclose to everyone in the TrustSwap community (about what opportunity was sent)?
A: Exclusivity is a strategic feature, and we want to encourage people to climb the ranks.
Q: Yeah question is not that, of course they should be rewarded. My question is why TrustSwap made a decision to keep it secret about how they are rewarding Top 100 stakers, Top 300 stakers, Top 500 stakers. Why do you think that the entire TrustSwap community should not know how TrustSwap is rewarding it’s Top 300 stakers?
A: Let’s just say that it’s a system experimentation. Since this initiative, the token price is up 15%.
Q: Have you considered a tiered system instead of sheer Swapscore. I think it works better for rewards like this.
A: Swapscore is divided into a tiered system. There are over 10 tiers.