What You Know about LBank: IEO gameplay is upgraded, 101 plan is coming, LBank starts star-making mode

Introduction: DeFi is getting hotter and hotter. It is no exaggeration to say that the summer of 2020 is the summer of DeFi. DeFi has become an undoubted hot spot in the crypto market. Platforms and products providing DeFi services have sprung up like mushrooms after rain, and major exchanges have been vying to launch popular DeFi projects. In the surging DeFi wave, LBank is coming with their 101 plan today, with a new upgrade of IEO gameplay, and the star-making mode is turned on!

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LBank officially started its research and development in December 2015 and was officially launched in October 2016. LBank's vision is to build a digital asset trading platform based on the world's top technology, to build a ledger bank based on the blockchain world, to provide global users with safe, professional and convenient digital asset exchange services, and to provide a wealth of digital asset financial derivatives and diversified application scenarios.

The following is the transcript of the interview, which has been slightly edited without changing the original meaning.

Guest: He Wei (LBank co-founder)

Host: Pumpkin (Chain Finance)

Time: August 14, 16:00PM

Topic: IEO gameplay is upgraded, 101 plan is coming, LBank starts star-making mode

Live content

Pumpkin: Hello everyone, I am Pumpkin, the host of today’s live broadcast. I am very honored to invite LBank co-founder He Wei to be a guest in the What You Know live broadcast room of Chain Finance. First of all, please allow our handsome Mr. He to introduce himself to everyone.

He Wei: Hello everyone, I am He Wei from LBank, an old investor in the cryptocurrency circle.

Q1. Pumpkin: The popularity of DeFi has remained high recently. Mr. He, what do you think of this round of DeFi craze?

He Wei: The reason behind the rise of Defi is that we have seen the possibility of blockchain landing at some level. Then, with the injection of several whale funds and the popularity of several Defi projects, the entire market has exploded when there has been no hot spots in the currency circle for too long. However, in this round of Defi, we have seen that the performance of several projects that have been launched recently, without naming them, is getting worse and worse. The more high hopes are placed on them, the more disappointing they are, just like the collapse of the ICO wave. The main reason is that the concept of blockchain is decentralization. In a decentralized environment, good projects, good ideas, and even good codes are too easy to be borrowed and copied. This market lacks supervision or awe, so the initiators of the projects do not need to be responsible for their own projects in many cases. Therefore, behind the rush of Defi is the influx of a large number of shoddy projects. In addition, there is a deeper reason. The Defi I know is not actually landed in this round, but a bubble market under pseudo-demand.

In communication studies, there is a concept called pre-reward and post-reward. For example, before you see an ad, it tells you that you can get benefits if you watch it. This is called pre-reward. After you watch an ad, you find a reward link, through which you can get rewards for the content corresponding to the ad. This is called post-reward. The problem with the former is that users watch ads with a clear purpose of "benefit". The latter, who watch such ads with their own will, are the target users.

This round of Defi is like this. Almost all Defi participants do not participate in Defi for the application of the project itself, the development of the project itself, or their own actual needs. The so-called participation in Defi is to buy coins, sell coins, and then get rich.

So in this case, Defi has not actually introduced new traffic, or been truly used by more people, and most of the participants are still speculators. Then such a game is still a zero-sum game, so it will not last long. Based on the above, today a colleague asked me whether I want to open a Defi trading area. My feedback is that this round of Defi is almost over, the heat has passed, and the risks are far greater than the benefits.

Q2. Pumpkin: I heard that LBank recently launched the 101 plan. Could you please introduce the details of the plan to us?

He Wei: Okay, I have just said that in my personal opinion, the Defi craze has passed, so what is the future of the entire industry? The development of the entire industry does not rely on a Defi ecosystem, or on Cefi, or on a certain type of project such as NFT, but on the rapid development of all projects brought about by the development of the entire technology. In this case, we launched our 101 plan. This 101 plan gives all projects a shining stage, allowing the projects to show themselves as much as possible in front of our users, and at the same time, it also gives users a channel to understand the projects. But the most important thing is that 101 means 101%, which means in the worst case, we allow users to have at least 1% of the benefits, so in this case, users no longer have to "gamble" on the future development of the project, but can enjoy the possible development of the future project while ensuring that they do not lose money.

Q3. Pumpkin: So what are the considerations behind LBank launching the 101 plan at this time?

He Wei: LBank is not interested in pursuing those outdated hot spots. I believe that what we are doing now will become a hot spot in the future.

Q4. Pumpkin: For project parties that join the LBank 101 program, what support policies will LBank provide in the future to promote their steady development?

He Wei: First of all, LBank is a platform. The concept of a platform is to provide a fair environment. So what we do is to let the project parties present their true situation to users, so that users have the right to choose and the freedom to trade. Secondly, in terms of positioning, we will not think of the Shanghai Stock Exchange to support the Shanghai Stock Exchange's projects. This is the responsibility of investors and what the projects themselves should do well. Finally, in the blockchain industry, I think what we really need to support is not the projects, but the users. Therefore, users are more worthy of protection. This is the original intention of our 101 plan.

Of course, protecting users is not without help for the project. When users can hold their coins with more peace of mind, they can slowly look forward to the development of the project.

Q5. Pumpkin : In addition to the 20,000-100,000 USDT margin, 100x fundraising, and 101% IEO price repurchase 3 days before listing mentioned in the 101 plan, what other review standards does LBK have for projects listed on IEO?

He Wei: Okay, first of all, I have to correct one thing. The 3-day 101% bottoming does not mean only 3 days, but at least 3 days. This also happens to answer the question of the previous user, how to ensure that there is no running away. All assets will be put aside, and the purchase order will be posted on it so that users can see it at any time. Regarding the audit standards of the project, I believe everyone has been out there many times, whether it is the technical level, or consensus, or future development and so on.

Here are three questions I ask all my projects:

The first question is, how can the project itself make a profit? The second question is, how can the project survive to make a profit? The third question is, how can the project survive to make a profit without being defended? For these three questions, if the project can give everyone a satisfactory answer, such a project will have the possibility of being listed on LBank 101.

Q6. Pumpkin: Mr. He, can you list for us the fundraising situation of the IEO projects previously launched by LBank?

He Wei: Okay, if we talk about the scale of fundraising, I just mentioned that more than 80% of the IPFS in China is completed on LBank. In addition, many well-known star projects from 2017 to 2020, whether it is DOT, PAI, Scry, or NAS, have all been raised on LBank to a greater or lesser extent.

Q7. Pumpkin: For investment users, what measures will LBank take to protect the rights and interests of IEO subscribers?

He Wei: First of all, at the financial level, we require the project party not to use any assets for a period of time, and can only provide a bottom line of 101% of the price on the platform. Secondly, at the leakage level, we require the project team to stand up and share the future plans and current progress of the project with everyone as a team, and be responsible for their own projects. Finally, in future development, we require the project to give a complete time schedule and to provide leakage to users at each node.

Q8. Pumpkin: LBank recently celebrated the first anniversary of the launch of its platform coin LBK, and has launched a double-price repurchase of LBK. So how do users participate in this repurchase?

He Wei: Double price buyback means that the LBank platform will use 80% of the platform's profits to buy back LBK from users at twice the current market price every two weeks. There are several small details involved.

First, we will do this in two weeks. That is, we will continue to do this. Before, I told our users offline that the amazing thing LBank does is to stay alive. We have been doing this since 2016. We are just doing a very small thing.

Starting from this year, we will be in this industry for at least 10 years. So for the repurchase, we can look at 10 years in two-week units. Secondly, it is 80% of the profit. In the previous method, we used 80% of the spot transaction fees. But after that, LBank launched contracts, financial management, and later options. So in this plan, we put all these incomes into the repurchase. The price is 2 times the market price, and it is at least. The secondary market has its own gameplay, and the market will fluctuate. But no matter how the price fluctuates, LBK's repurchase price will not be lower than the previous one, and the repurchase will be carried out at a high level. So this event, what I want to share with you, is actually not the anniversary event that everyone talks about.

This activity is just our attitude. We want our users to know that no matter when you come to LBank, no matter when you buy LBK, as long as LBank exists, we will be responsible for you. The platform currency is the cornerstone of users' confidence in the platform. But at least, the double repurchase can make users who participate in LBK in the secondary market make at least 100% profit, it's just a matter of sooner or later.

User free question

Netizen Xiao Q: How is the double buyback implemented? Will the coins for the "double buyback" be the coins that the team has accumulated a large amount of funds at the previous bottom? How to prove this?

He Wei: 1. Subscribe to USDT 2. Blockchain can check circulation data

This AMA live broadcast ends here. Thank you Mr. He from LBank for your wonderful sharing, thank you for your enthusiastic participation, and also thank you for the support of all the media partners of this live broadcast. See you next time~