LetsExchange.io, a leading instant exchange with the biggest number of available coins and tokens, and Telos, a high-performance blockchain home to the fastest EVM, have conducted an AMA (Ask Me Anything) session. The event took place on Telegram and Twitter platforms. Communities of both projects were able to ask experts any questions. We have collected for you the most interesting questions and answers from both teams.
Question from Telos: Please introduce yourself to our community. What is your experience which has led you here?
Answer: My name is Gina. I’m head of Marketing at LetsExchange. LetsExchange is one of the leading instant crypto exchange services with the biggest in the market number of crypto assets, available for swaps.
We’ve been in blockchain and crypto since probably the launch of the first services in this sector. We’ve had several successful blockchain projects and have participated in the development and launching of exchange services, and this was the main reason why we decided to start with this project.
Question from Telos: Diving a little deeper into this. What were some of the key issues your team saw in the crypto industry that led you to your fantastic product?
Answer: At some point, our team has noticed that there is a lack of services that allow users to swap crypto effortlessly, without any registrations or verifications. So we came up with the idea to launch LetsExchange.
In a little more detail, we wanted to solve three fundamental problems:
- The ability to exchange cryptocurrencies without registration. As you probably know, our main competitors require you to register to swap crypto. And traditional exchanges require KYC.
- The ability to exchange as many different assets as possible. The number of cryptocurrencies available for exchange on LetsExchange is the highest in the market. You won't find this selection anywhere else.
- Simplicity and speed of exchange. We want as many people as possible to be able to use cryptocurrencies. Therefore, LetsExchange processing is focused on simplifying exchange operations.
Question from LetsExchange: What unique features does your project have, and what value does it deliver?
Answer: Telos is a high-performance blockchain that provides a secure and decentralized platform for dApps and other blockchain-based projects.
What we can offer developers and projects:
- Fast and Scalable Solution
- Zero Network Downtime
- Zero Front-Running
- Minimal Gas Gees
Question from LetsExchange: What are the project’s use cases? How can it be applied to solve real-world problems?
Because of the network's reliability and security, it makes us the premiere destination for developers looking for a solution to build exceptional applications.
The sectors of use for Telos can be found within:
- DeFi
- NFTs
- GameFi
- Social
- Governance
- Privacy
Question from LetsExchange: What is the primary target audience for your project? What is the project’s geography? Do you believe all population layers can benefit from it in the future?
Answer: We have quite a global community with users mainly from the United States and Europe. However we have been targeting the Asian market lately and are listed on several Asian Exchanges. Our goal is to tap into the international market this year and are very excited with what's next!
Question from Telos: How does your team evaluate what projects/tokens to list and what about Telos fall under that evaluation? Are there any tokens you won't list?
Answer: We have several complex criteria to list projects on LetsExchange. Here, we’d say "projects" because we’ve had plenty of requests from coin teams where they have just a coin, and that’s it - no plans, no road map, no real value. We don’t list such coins.
So, liquidity is one of the main requirements. It means that the coin or token shall be listed on at least one crypto exchange so that our users don’t face liquidity issues when swapping it, even if the sums are high. We also consider several other financial and technical parameters. And of course, its value. If there is nothing behind the coin, it has no perspectives, and we cannot list it.
Telos is a project that delivers value, with a great community and a vision that makes us believe it can if not redefine the crypto and blockchain industry then at least impact it greatly and in the long-term. We are glad to have you on board, guys!
Question from Telos: Quick follow up question on behalf of the 100s of projects building on telos. Are there some specific exchanges they should look to be on if they want to be compatible with your service?
Answer: Mostly major exchanges that can provide the needed liquidity level like Binance, Huobi, etc.
Question from Telos: Where do you envision LetsExchange will be in a few years? What are you building towards?
We are aiming at the leadership position in the niche. We are going to look for and list more coins that can play a significant role in blockchain advancement and mass adoption, and create new tools for our users and partners.
I can also share with you our plans for 2023. We plan a series of platform upgrades. In particular, we intend to add a fiat widget to our website. You can now exchange fiat-to-crypto and crypto-to-fiat on LetsExchange.io, but it will be much more convenient soon. We plan to improve the DEX widget's functionality and add the DEX and cross-chain exchanges functionality to API. Our partners will be able to set up fiat and DEX widgets on their websites. We will redesign our website and at least triple the number of supported coins.
Question from LetsExchange: When do you think we will finally have Web3 – the real one?
Answer: We believe Web3 is a transformation that is happening quickly, however the infrastructure and network support behind it must be made first.
For this reason, we believe Telos can lead the charge for a truly decentralized, user-focused Web3 experience that puts users first.
Question from LetsExchange: What are the perspectives for the future? Do you believe Telos can become a foundation for Web3 mass adoption?
Answer: We believe Telos will be the foundation for Web3 mass adoption. And we are working hard to make this dream a reality!
Question from LetsExchange: Who are your main competitors, and what are your project’s unique benefits compared to them?
Answer: Technically other L1 Blockchains, however we believe there is a place for everyone. And with true interoperability and the omni-chain approach becoming more prevalent, we believe each blockchain has a specific use-case for users. However, Telos' network features speaks for itself
Question from LetsExchange: Who are the main project supporters – any famous persons from the crypto industry or any other industry? Influencers? Media persons?
Answer: One of the unique features with Telos is that we did not do a traditional ICO with VC funding rounds. Our growth has been organic and community-centric. We have a fantastic core group of Ambassadors that came from the community. Our focus has always been community first.
Question from LetsExchange: Are there projects that can serve as benchmarks for your team, and why, if any?
Answer: We believe we can be where Polygon, Solana, and Fantom currently are in terms of users, adoption and utility. We believe we can reach this goal in the near future
Question from LetsExchange: What major difficulties did you face when you were implementing the project? How did you solve them?
Answer: While we had tremendous growth, we still are a start-up. With that there have been some growing pains in terms of making sure our primary focus has been on tech development and community growth. We have a phenomenal team, and board of advisories that have gotten us to now!
Question from Telos: I know this is probably an obvious one for those who have already tried out letsexchange.io but for everyone else… Can you explain the benefits of using LetsExchange vs traditional exchanges for our community?
Answer: Here, we would like to talk about 2 main cases:
- those users who want to swap crypto and that’s it;
- those users who want to earn.
For the first category, we offer:
- swaps without mandatory account registration.
- no upper limitations on crypto swaps – you can exchange as many coins and as many times as you want.
- cross-chain swaps for the coins that are supported on several blockchains (e.g. USDT-SOL to USDT-TRC20).
- crypto-to-crypto, crypto-to-fiat, and fiat-to-crypto swaps.
- DEX functionality.
- over 2,200 crypto coins and tokens and over 80 fiat currencies.
- 24/7 customer support.
For those who want to earn some bucks:
- referral links.
- customized widget (by the way, I hope Telos will set it up too) & button.
- white-label exchange solutions.
- API.
It would take much time if I were to talk about all affiliate features in details. So I suggest visiting our website and reading about them.
Question from Telos: Can you explain to our community what are the benefits of the Promo Code that you have created for Telos?
Answer: Briefly, a promo code allows LetsExchange’s users to swap crypto more profitably. When applying it, a user gets a ‘cash back’ while swapping crypto on LetsExchange.io.
By the way, we have issued a promo code for the Telos community – TLOSDeFi2023. It will be active until 02/28/2023. And additionally, LetsExchange will reward authors of the 4 best questions with special promo codes for earning cash back when exchanging crypto. These promo codes will be active after 02/28/2023.
Question from Telos: What major integrations are the LetsExchange team working on now?
Answer: We are working on a fiat-crypto exchange widget. I can't share the details now, but there are several major partners that we're implementing this functionality with.
Question from LetsExchange: Can Telos beat Ethereum in matters of usability?
Answer: We absolutely believe our Network is better. Again, the numbers speak for themselves. Over 10,000 TPS and 0.5s block speed. Almost every aspect of the Telos network can beat Ethereum currently.
In terms of usability, yes. In terms of network adoption?
Time will tell.
Question from LetsExchange: What were the things that gave the inspiration for founders to launch the project?
Answer: We believed that there was a major problem with current blockchains, and in fact a lot of people were benefiting off things such as frontrunning. We wanted to create an equitable network that is community and planet focused. This is where the idea of Telos came from
Question from Telegram user: Does LetsExchange have a Fiat on/off ramp?
Answer: Our processing allows us to implement this functionality. Now we are negotiating with partners who will allow us to work with fiat in a large number of countries. If you have a project that requires this feature, please contact us and you will be among the first partners to test it.
Question from Twitter user: What do you think about the coming crypto regulation? Is it needed?
LetsExchange’s Answer: At least for now, it is needed to eliminate fraudulent players that undermine the people’s trust in cryptocurrency. Once the system is developed enough, the regulation may become obsolete.
Question from Telegram user: Why choose Telos?
Answer: We have a program for working with coin teams. We are looking for promising projects and offer them cooperation. For teams with their own coins, this means several important opportunities at once:
- The crypto asset will be available for exchange with more than 2000 other currencies.
- The coin team can use our widget to give their users an easy way to exchange an asset.
But as I wrote above, we are quite strict in selecting the projects we cooperate with. Telos seemed very promising to us. And we really liked the Telos team.
Question from Telegram user: Security and privacy are hot topics in the DeFi space – can you tell us a bit about what steps LetsExchange has taken to ensure user privacy and an overall secure platform?
Answer: Security and privacy of our users are our main priorities. We don't request a mandatory account registration and don't store any private data of our users. Our services are non-custodial - users have their funds in their wallets, and we only provide a safe way to exchange the coins.