Tell us more about your ecosystem. What is LocalTrade in general?
Ivan Yatsenko: First of all, LocalTrade was initially a centralized crypto exchange. But times have changed, and we realized that being just a crypto exchange is merely not enough. So we decided to move in a different direction connected with our financial activities, the Decentralized Finance. DeFi is growing large right now. We’re trying to build an onboarding platform for DeFi so that users can go there and check our exclusive offerings and products. They can enter the DeFi space without the technical limitations of the crypto sphere and any constraints imposed by the monetary barriers. We’re trying to eliminate those two barriers by giving users more opportunities on our platform.
Right now, we have several products coming out. The first one is LocalTrade NeoBroker. NeoBroker Smart Fund is essentially the tokenized securities fund, so people will be able to invest in private equity companies, acquire tokenized securities, receive as dividends and redeem those tokenized securities whenever these companies are going on IPO going public.
Another product is Yield Farming Aggregator. It’s an aggregator of yield farming opportunities, decentralized exchanges, and liquidity pools, where users can provide their tokens to be utilized as liquidity to be utilized for farming.
And the third of our products that will be initially featured in the ecosystem is the ICO InvestPool. People will be able to invest in engaging in the hottest newest token sales without the limitations imposed by those token sales like KYC or financial barriers.
How do you differentiate yourself from your competitors? What are your mission and vision?
Ivan Yatsenko: Our mission and vision is tied to our approach to competitors and how we see ourselves. We want to bring retail investors an effortless ability to invest and enter the DeFi market as a company. Right now, the traditional finance market is enormous; I think it’s over 100 trillion, and the DeFi market is nearly 200 billion dollars in volume. So we’re trying to onboard retail investors into the DeFi sphere using our platform. We’re giving them integrated payment gateways to start investing in Decentralized Finance from only 10 dollars. In most cases, people can start investing in the products we offer, either beginning with 25 000k or by acquiring a lot of other legal papers. We’re doing it simple, convenient, and secure since it’s all blockchain-based.
Are you planning to launch a referral program? If yes, what are your thoughts about how it should look like, etc.?
Ivan Yatsenko: Talking about the referral program, we already have the DAO reward program. It’s in progress for a token sale launch, and it’s going to be in effect for the DeFi lab products. First of all, it’s all a blockchain-based referral program, so it’s something new in the world of Decentralized Finance. It’s 15 levels deep, and it can be scaled on all of our products. You can start with a token sale; you can invite referrals who will be purchasing tokens and giving you some more rewards. Also, after the launch of our products, this referral structure stays in the same place so that you can continue getting rewards from the profits that your referrals are getting on the DeFi lab.
Explain a bit more about your partnership.
Slava Demchuk: PureFi will act as a protocol for onboarding investors and users and making LocalTrade compliant. We are going to provide Anti-Money Laundering analytics for their ecosystem. Also, we’re going to have several co-branding marketing activities. I wish them luck with their IDO, which is happening soon. Our community and PureFi are going to help with these ideas as well!
It says you’re a full-fledged CEX trading platform and DeFi investment platform. What’s more popular now? Do you see a significant shift of users from CEX to the DeFi investment platform?
Ivan Yatsenko: Even though DeFi is booming right now, we can see the user flow into the DeFi lab sphere. But this user flow to the DeFi lab website doesn’t show any significant adverse effect on the users from CeFi lab, from the centralized exchange, because many of our users are trying to get into all of our products, into the whole scope of our ecosystem. So they’re getting into both the DeFi lab and centralized exchange. That’s especially useful for them in the long term because we’re going to be integrating our token in the DeFi lab products and into the centralized exchange. We’re going to be developing and sustaining it.
What’s the future of DeFi from your point of view?
Slava Demchuk: From my point of view, I believe the DeFi ecosystem will grow, and the whole traditional financial product that already existed many years ago is going to be present on the DeFi ecosystem, DeFi markets. Probably sooner or later, the regulation will come and regulate this sphere as well. Put differently, let’s see what the future holds..
Ivan Yatsenko: It’s excellent that PureFi is doing the AML checks, protecting us from dirty money, because when the regulators come, they’re not going to be able to differentiate between that, and we’re going to be needing specialized tools.
In my opinion, I agree with you, and also I want to say that the future of DeFi is scattered across different blockchains. We have the Ethereum blockchain, it was the father and mother of all Decentralized Finance with smart contracts, but right now, it’s unsustainable. You just can’t use Ethereum for smart contract transactions because they cost a hundred bucks to send your USDT. We’re seeing more competitors coming into this field like Binance Smart Chain, Solano, or Polkadot with their power chains. So I think the future of DeFi is undecided, but it will be scattered across different platforms, and we will need to search for the synergy in that.
Would I get benefits in the long term from this project? How can I get started?
Ivan Yatsenko: I’ll answer it starting from the end. You can get started by going over to our website and searching for opportunities. This offering suits you, so whether it’s tokens, NeoBroker Smart Fund, or just using our centralized exchange, there is something for everyone in LocalTrade.
We’re looking at this project from a long-term perspective. Many users have only been interested in our project for the LocalTrade token and the growth. But we want to change this perception a little bit, and that’s why we have inhibited an integrated system like a token package. When you’re buying LocalTrade tokens, some percentage of these tokens will be converted into our internal stablecoin; it’s Local USD. This internal stablecoin can be used to invest in DeFi lab products, so users are incentivized this way not only to look at the token, to buy and sell the token, but also to use our products and get into Decentralized Finance. By using our products, they can get through the gateway to DeFi. Then when they get more interested, they get better benefits and see a lot of other products. They’ll just pretty much stay there and get linked to the DeFi.
Is the KYC needed for LocalTrade IDO?
Ivan Yatsenko: That depends on the platform that is going to be listed for IDO. As I know, the term in the initial decentralized offering means that there will not be any KYC. As far as I know, NFTb — the first platform confirmed on the IDO, will be providing it without the need for KYC. As for the idea with PureFi, I have not yet known about the full terms, but they will be published a little later that week.
Ivan Yatsenko: We’re going to share the links for the IDO, it starts on December 7th, and by that time, you will be able to get all the info on our website.
Is staking available?
Ivan Yatsenko: Yes, it’s available right now. Staking is widely used in our ecosystem. For example, it is the basis of our referral rewards system. When users purchase LocalTrade tokens right now, they’re not getting them to their wallets instantly. These tokens, instead, are getting staked in our smart contract. While they’re getting staked, users are getting the referral rewards tier. The higher the tier, the more opportunities you get to develop your referral network.
Other than that, we also have the staking rewards program. Right now, all tokens are locked until the end of our token sale Round B. On January 20th, the token sale will end, which is when the token unlocking will start. From that time, users will unlock and withdraw some amount of their tokens each month, depending on the round they purchased it. For the staking rewards system, all the tokens left in the staking pool in the smart contract will be participating in the staking rewards program. It means that we will be distributing 5 million LocalTrade tokens among all the stakers, according to their proportion of purchase tokens. I guess, each month there’s going to be 400 to 20 000 tokens distributed.