LetsExchange, the instant crypto exchange supporting over 3,900 cryptocurrencies, and NOOT, purportedly the best meme coin on BNB chain, held a joint AMA (Ask Me Anything) session on Twitter on August 4, 2023. Team members of both companies and crypto users had the opportunity to ask questions and get to know these companies better. Here is a summary of the questions from team members and users.
Question from NOOT: How long has LetsExchange been around?
Answer: The Beta version of the platform was launched in February 2021, and in March, a fully functional platform went live. Within one year from its launch, LetsExchange has become one of the TOP-5 instant crypto swap services. Now, we are leading in the niche based on most of the parameters, including the number of supported assets, presence in the key markets, and similar.
Question from LetsExchange: How did you come to the idea to create a Noot meme coin? Most of the public is familiar with dog-themed and frog-themed meme coins. Moreover, the younger generation is not familiar with Pingu.
Answer: We wanted to be different and not follow the inu, pepe, or moon trends. NOOT is actually based off the very popular noot noot meme and not specifically the Pingu show. The meme came out in 2022 and has over 10 million views on YouTube. This meme has been all over the internet in other forms since then as well. Pingu was massively popular back in the day also and in general is very well known so we knew that it was a great choice in theme…plus, I mean…who doesn't love penguins!
Question from NOOT: What made you want to make your own exchange?
Answer: The founding vision of LetsExchange was driven by a passionate desire to create a simple and user-friendly platform that would accelerate the global adoption of cryptocurrencies. The founders recognized the challenges individuals and businesses face in embracing digital assets and saw an opportunity to bridge the gaps in crypto exchange services that classic crypto exchanges have. Our mission is clear: to empower users with an intuitive and accessible service that would make crypto exchanges effortless and contribute to the widespread integration of cryptocurrencies into everyday life. By fostering a user-centric approach, LetsExchange aims to facilitate the mainstream acceptance of cryptocurrencies, making them an indispensable part of the global financial landscape.
Question from LetsExchange: How are you planning to maintain the project a-float? Or the only hope is the support of the community?
Answer: We have been building products, growing big partnerships, and massively expanding our ecosystem since day 1. Like most cryptos, our community is at our core and we have been diligently building around that community to generate utility and longevity for this project.
Question from NOOT: What are your core values?
Answer: LetsExchange is a cutting-edge platform with a myriad of advantages for crypto enthusiasts. Our users can enjoy hassle-free crypto swaps without the need for registration, ensuring anonymity. We provide access to the highest number of cryptocurrencies for swaps in the entire market – 3,800+ at the time of writing. Cross-chain swaps are included.
Our platform also supports DEX and over 40 fiat currencies, enabling effortless conversion between crypto and fiat.
For those interested in boosting their earnings, we offer lucrative affiliate programs. Whether you're a seasoned trader or a newcomer to the crypto world, LetsExchange is your gateway to a smooth, diverse, and rewarding crypto trading experience.
Question from LetsExchange: Why shall people stake Noot? While we understand that they will be getting rewards, it needs to be clarified how beneficial it can be if we have a look at the token price dynamics.
Answer: We currently only offer Farming and Liquidity Bonds through our partners Baby Doge Swap and ApeSwap. We don’t have staking available anywhere for our Token yet. We do however offer staking for our NOOTIES NFTs which is built on our own platform and completely by us. You receive $NOOT tokens as rewards. These rewards pools are funded through our tokenomics structure and offer a unique way to be rewarded for holding your NFTs. This adds to our ecosystem and generates more incentive to buy our NFTs.
Question from NOOT: What is your main focus and mission in the crypto industry?
Answer: We don’t differ much from other crypto enthusiasts. Our primary focus is providing users with an opportunity to benefit from all the main features of crypto and blockchain, with privacy and anonymity being the main ones. We also hope that our dedication and work will contribute to the mass adoption of cryptocurrency and will allow people to access easy and fast crypto swaps effortlessly without wasting time on tedious procedures that are indispensable to get an account on a custodial exchange.
Question from LetsExchange: Can you please elaborate on the “pay for chatting” feature? How does it work?
Answer: Formerly known as “chat2earn and shill2earn”, those initiatives have since been rebranded under the umbrella of “NootEarn”. NootEarn is our Telegram bot that can utilize many unique functions such as: Send $NOOT to any TG user, Burn tokens, Send to the Marketing wallet, Mint NOOTIES NFTs and even Swap and Buy $NOOT with fiat onramp capability, all via Telegram. We were the first crypto in history to have the ability to send funds to the LP via Telegram so we are very proud of this accomplishment.
Question from NOOT: What plans do you have to expand in the future?
Answer: We are sure that our skills and knowledge will finally lead to the service becoming a definite leader in the niche. At the moment, we can boast the biggest number of assets available for swaps and plenty of features for our users and partners.
By the year's end, we plan to revamp our website and blog to create a more user-friendly and intuitive browsing experience, update and develop our educational resources, and create fresh, valuable materials for our community and partners.
In 2024, LetsExchange is gearing up for an expansion by localizing the website and widget into several additional languages, ensuring that all our users can comfortably access our services in their preferred language.
We have plenty of other plans, so you'd better subscribe to our newsletter and social media to ensure you get everything.
Question from LetsExchange: Are there any plans to further develop the project like most memes do it sooner or later? E.g., create some kind of an ecosystem, games, metaverses, or something else?
Answer: Yes. We have been developing and expanding our ecosystem since we started the project and have no intentions of stopping anytime soon. We have a great ecosystem currently : We have NootEarn, a Webswap, NootPortal (Reflections Tracker), NootAcademy (Educational Initiative), NootStaking (Phase 1), Merch shop, Farming and Liquidity Bonds through our partners, Partnerships/ Affiliate partnerships with Baby Doge Swap, ApeSwap, Ellipal, PixelSweeper, Rareboard, Element Marketplace and The Bull Society and a bunch more in progress as well as other products being built.
Question from NOOT: In 10 years where do you see LetsExchange being?
Answer: The market and the needs of our users will determine the development of the platform in the long term. For sure, we will be adding more new assets and keeping the leadership positions in the niche.
Question from LetsExchange: Please tell us some words about the project creators.
Answer: We all come from experienced backgrounds in the NFT and BNB space specifically. We are from different sides of the world and are a very diverse group. Our team isn't all doxxed but we have all been around for quite some time and collectively came together to build something fun and unique. Since then it truly has taken wings and become something truly special. There are 6 of us currently and you can find us by our Twitter handles: Founder: @mooo
Question from NOOT: Who is your team and what are your backgrounds?
Answer: The platform was created by a team of entrepreneurs and experts in crypto and blockchain with many years of experience in relevant backgrounds. Our team members are located in the USA, UK, Mexico, and Ukraine, and work from their time zones.
Question from LetsExchange: How did the project survive the crypto winter?
Answer: We launched on April 24, 2023, so we came into the space during a pretty good time at the start of the meme run. We have continued growing as time has progressed and are getting bigger each day.
Question from LetsExchange: Now, again a question about staking: where will rewards come from?
Answer: Rewards are fueled by our tokenomics structure. Here’s a breakdown of our tokenomics:
$NOOT Token:
Buy Tax: 4% (2% reflections, 1% LP/ buybacks/ burns, 1% marketing)
Sell Tax: 6% (3% reflections, 1% LP/ buybacks/ burns, 1% team, 1% marketing)
Nooties NFTs Tokenomics:
When we were minting, 12.5% went towards the burn, 18.75% went towards NFT Staking, and 18.75% went into a Prize Pot. For the last 50%, it goes towards the NOOT ecosystem, with 20% going towards marketing, 25% going towards development, and 5% going towards the artist.
Secondary sales fee is 6%: 70%- Staking Pool, 15%- Artist, 15%- Buyback & Burn. Wallet transfers are excluded from this tax.
Question from LetsExchange: Noot is a very specific project and special to those who remember Pingu. Are you planning to hire a stable team to maintain the project at a high level? Or do you rely solely on the project community?
Answer: NOOT doesn't have to be specific to those that remember Pingu. That's the beauty of it! We have a great project, team, and growing ecosystem that has its own appeal. Everyone likes penguins and there have been some extremely successful penguin themed projects in the past.
Question from LetsExchange: What projects do you consider your main competitors and why?
Answer: We don't really compare ourselves to anyone to be honest.
$NOOT sets itself apart due to our core values and ethics.
Many other projects that came out when we did have rugged, stopped trying after the BNB and recent SEC feud, or use greasy practices to pump their projects.
NOOT is very firm on doing what’s right and working hard. That’s why honesty and transparency are so important to us and our community.
Question from Twitter user: A cool project, a cool meme, but is there anything more behind it than just sentiment?
Answer: Come check out our community! We’ve built more than a lot of projects have in the last 2 years in a few months! We have amazing developers and we will adapt with the market & further the ecosystem as we can.
Question from Twitter user: Thank you for being supportive of the #noot community! Why do you think this partnership is beneficial to both sides?
Answer: Thank you for your question. We are always open to listing new and promising cryptocurrencies on our platform to keep our leadership in the market. We are certain that many of our customers will be interested in this cryptocurrency as an investment.
Question from Twitter user: How does LetsExchange choose which LP pool I am buying from when I swap using your frontend? Does your router take price or price impact into account? What fees do you collect? Thank you!!
Answer: Our technology is built in such a way that users always automatically receive the best rate that is on the market. You can see how it works in the Buy/Sell mode. For swap and DEX modes, the choice of liquidity provider is impossible.
As for our commission, it depends on the liquidity provider and the blockchain network. But these are minimal amounts; in any case, the commission is already included in the amount our widget displays when the exchange is initiated.
Question from Twitter user: As the value of cryptocurrencies can be highly unpredictable, could you discuss the mechanisms or factors that might influence the value of $NOOT? How do you manage user expectations regarding potential gains or losses.
Answer: We always aim to set realistic goals. We don't over promise like a lot of projects do. Most of the time we don't even talk publicly about our plans, we just do them. It's all about delivery and not about hyping and promising things we can't or won't do.
We don't really talk about speculative price movement but like all crypto projects, there's many many factors that go into what makes us go up or down. We don't control the price as much as we wish we did.
Question from Twitter user: As a user who chooses to stake his $Noot Nft, what are the rewards and the Value placed on it via staking?
Answer: Each NFT will receive an amount of $NOOT. The lower the rarity tank the more tokens you receive in rewards. Join our telegram & we can help explain more!
Question from Twitter user: Given that $NOOT is positioned as a meme token with no intrinsic value or expectation of financial return, could you delve into the goals and objectives of this token? How do you envision balancing entertainment-driven with the potential for speculative trading and investment activities within the cryptocurrency community?
Answer: Our goals are to continue building our ecosystem. An ecosystem that is reliable and that people can trust and depend on. Utility is always important for the longevity of a project. A few pages from our whitepaper show how these all work together.
Question from Twitter user: Any plans on releasing up other utilities added to the Noot project been a project linked with both NFTs and a Utility meme coin?
Answer: We’re very community focused, we do what the community wants.
We Utility would you love to see added into the NOOT ecosystem?
Question from Twitter user: Merchs. I love the way your Nft looks.
Answer: More clothing options coming soon!
Question from Twitter user: What measures are in place to encourage responsible use of funds when interacting with the $NOOT token, as advised?
Answer: We have said before to invest wisely and not to invest more than you're willing to lose. That in combination with our educational initiative: NootAcademy are what are currently in place. We hope that with education, our holders will learn more about the crypto space. Ultimately however, it is up to the holders to be responsible with their funds, but we do our best to guide and educate!
Question from Twitter user: The $NOOT Nft is a pretty nice image that some users would love to use as pfp’s and many more things would you choose to add merchs to the utility of the $NOOT so users can easily get merch for either staking or holding ?
Answer: We don't have any plans on adding merch as a reward for staking and holding but currently, you get $NOOT token as rewards for staking our NOOTIES NFTs and as rewards for holding.
Question from Twitter user: In terms of the legal and regulatory landscape, how do you navigate the complexities of the cryptocurrency space, particularly considering the entertainment-focused nature of $NOOT?
Answer: Sweet and simple: legal advice.
Question from Twitter user: Since you mentioned you had farming on @BabyDogeSwap but it appears to be over, are there plans to add it back in the future?
Answer: We’re looking into the option to extend it, but want to make sure it doesn’t encounter sell pressure for the tokens earned. We’re seeing how things go for a bit!
Question from Twitter user: What features will be added to Noot Bot in the long run?
Answer: For now its: game, burn, lp, send, rain, we are open for new ideas.
Question from Twitter user: Do you plan on adding a bot like Telegram to your Discord channel?
Answer: Yes, eventually, we will develop a new bot for discord from scratch. It will take some time and resources, as it is a technical undertaking and not just bridging our bot what we have.
Question from Twitter user: Will noot Bot have premium features? Will it require holding some tokens?
Answer: It’s possible, but we are for the people.
Question from Twitter user: It's interesting to note that you advise users to only engage with $NOOT if they can afford to do so without experiencing financial harm. Could you expand on the reasons behind this advice and how you aim to promote responsible usage of the token? Are there any specific measures or resources you provide to help users make informed decisions?
Answer: We care about our holders and giving good advice goes a long way. As mentioned in one of the other answers, we try to promote education and responsible investing. In doing so, we hope our holders will become better versed in the crypto space. We offer a safe and trustworthy ecosystem for people to utilize also.
Question from Twitter user: Too many projects promise magic but never release any working product or prove any revenue, Within a short/long time of release. Is Bluelight project also like this? If not can u tell us, what makes your project different from projects?
Answer: We don't promise anything. That's something that makes us special. We just keep building. We are here to make a project that is safe and reliable for our people to utilize. We also have strong core values and a great ecosystem already!
Question from Twitter user: Did you consider community feedback/requests during the creation of your product in order to expand on fresh ideas for your project?Answer: We usually take feedback after products are released and tweak them as needed. We always are paying attention to community feedback!