$LAMBO FIRST AMA (DEFI DEGENERATES)
Degenerate Game Theorist, the project founder, joined an AMA hosted by the DeFi Degenerates Discord (~1,000 members) on October 23rd — the following is a summary of the Q&A’s from that session. Have fun reading!
What is $Lambo? What is the project and how did the idea come about?
$LAMBO is a project that was started here, in DeFi Degenerates, as a way to create a token that minimizes the number of “losing players” in the trading game. We see a lot of people shill projects, just for it to dump on the people that newly bought it. $LAMBO has a max dip of 50% between every 48-hour TWAP update. This gives everyone investing a chance to recover if (in the unlikely case) a whale wants to dip the market or something, for example. On top of that, the moving TWAP baseline for sell burns means that it is much, much easier for the price to increase than decrease.
When did you start on the project, and how far along is it?
I started the project about 4 weeks ago. During that time we spent most of our time growing the community, building interest, fleshing out the tokenomics ideas, running competitions, and nailing down the mission for the project. Our discord now has over 700 people, we have over 120 followers on Twitter, and close to 200 people in our Telegram group. Right now we have three individuals working on the website in doubletime, and myself and another developer are writing the token/farming contracts. As of this moment I would say the website is about 50% done (Nitro/claim page are done, front page needs some work, farming page just started). The token contract is about the same, and we haven’t started (the very basic) farming contract. We’re still aiming to launch in a week’s time.(edited)
Were there any other ideas you wanted to add to the project but you ran out of time to implement them?
NFTs are on our to-do list but there’s no way we’ll be able to do it before launch. I would really like to implement them eventually, though. Additionally we had some other ideas for more lambo-themed implementations but chose to keep it simpler.
What are the presale deets? Whats the soft and hard caps etc
Still aiming for launch in 1 week. There are two presales: First presale is for developers: -0.18 ETH /$LAMBO (About $60 at time of this writing). (Max: 9.9 ETH) Second presale is for whitelisted community members: -0.28 ETH/$LAMBO (About $100 at time of this writing). (Max: 83.16 ETH)
With the TWAP that incentivizes buying and punishes selling do you think the price of Lambo can go so high that it breaks the market?
This is my hope! Once the price increases 50% from the TWAP, the contract rejects any sell orders until the next TWAP update. Buy order bonuses will be capped at a certain percentage, but this still means that there will be literally 0 sell pressure during FOMO pumps. Good shit!
Are there any staking details you can reveal to all the future mechanics (People staking their funds at The Shop) out there?
Two options: Staking your $LAMBO coins, and staking your LP tokens. Once the farming funds are used up (and the emissions rates will change over time), then the stakers will be perpetually paid by the NITRO protocol percentage going to stakers.
Who came up with the word Lambro ?
Haha, I’m not sure. Maybe it was a typo and caught on? Happy accident.
Can you name the few specific features of $Lambo project which, in your opinion, would make people be attracted to invest?
Basically I see our value proposition in three ways:
- The NITRO protocol punishes market dumpers by taking away from their sell orders. This provides better peace of mind for the investor, but also heavily incentivizes profit taking on TWAP updates.
- The NITRO protocol incentivizes buyers to buy the dip by providing bonus tokens: This makes dips less like to keep dipping, as they say.
- The funds taken from sellers are distributed to stakers at The Shop. As long as there are people selling $LAMBO, you have a passive income.
Why named the project Lambo degen ? Though it looks fancy with all crypto catchy names but did you not think of some serious names for the project , considering that this project seems to have more substance than just pump and Lambos
This project did start as more of a memecoin project than anything else. In fact, the website is a huge meme, and looks funny on purpose. We’re really excited to launch that. But the other reason why it’s Lambo Degens is because this project started in DeFi Degens, so it’s kind of a callback to our beginnings.
What’s the most surprising thing you’ve seen/learned from the Lambo community over the past few weeks ?
The music submissions were absolutely fucking amazing. So much effort, such high quality.
How do you plan to take the project ahead after the initial Hype/Euphoria is over and the boring/monotonous phase starts?
I think because we set the TWAP mechanism to be such a long period of time between updates, the price movements will never get old. But in terms of project development — we still want to implement NFTs eventually, improve staking incentives, and the percent split between mechanics and the nitro protocol is always changeable so we will be able to have a lot of funds available for stakers if the nitro protocol is full.
You mentioned the protocol is different than Chads , Orbs and meme. Could you explain how it would be better comparatively and how would this help the price discovery happen in your opinion.
I think that the reason why we will be different than those meme-coins is that 1. CHADS.vc burn tokenomics only works relative to the Uniswap Listing Price. That’s their big thing. But that’s basically just preventing the token from crashing. Imagine that burn mechanism but it moves with the price. It’s much easier for $LAMBO to go up in price than it is to go down in price.
2. Orbs was a Ponzi that can’t exist any longer than the staking timelock. Simple.
3. MEME was interesting. I personally have not read their contracts so I don’t have a lot to say here that I haven’t said already. Price discovery is going to be insane. It goes against seller’s best interests to sell on pumps. It’s a race to sell the moment the TWAP updates and the Nitro % is low. This only happens once every 48 hours, so plenty of time for the token to moon multiple times.
How exactly is the Time weight-averaged price(TWAP) calculated? i.e how would Buyers/sellers know the value of Nitro Protocol to make informed decisions?
The NITRO protocol will have a LIVE updated gauge on the website for traders to watch. It will be super easy, no math required. The backend math being done is simply calculating the percent difference to the current price from the TWAP mechanism. The contract does this internally using the uniswap pool data.
Could help simplify these phases of the algorithm for a noob like me . What should I do to be benefited as an investor, or trader or holder
The four cases outlined in the Medium article specify the only four price actions that could be happening when you place an order on Uniswap. To put it simply: Buyers and sellers are operating on the market at different prices based on how far the current price is from the TWAP. It’s a race to execute your order when the conditions are right.
What’s the roadmap that you have in place over the next few months years once the game is launched
We haven’t decided. We know that we want to improve the farming protocol. Incentivize stakers. We need more input from the community on what their wildest dreams are for $LAMBO.
How the Nitro Protocol balance to reward will be maintained? Can there be any scenario where there is not enough balance to reward the buyers?
This is an amazing question that I’m surprised we don’t get more often. Yes, this can absolutely happen. We really don’t know how much the NITRO protocol needs to function — this has never been done before. To mitigate against this, we’ve done two things:
- We’re initializing the NITRO protocol with a balance of 494 $LAMBO (~= $75,000 USD on Uniswap Listing)
- The percentage split between how much of the removed tokens from sellers goes to the NITRO protocol vs. stakers in The Shop will always be able to be changed. If we see that the NITRO protocol is running out of funds — we can change the percentage to support it, and when it’s to a healthy amount, we can instead have more go to stakers. If, Big IF, the NITRO protocol runs out of funds, the bonus tokens owed to users will always be able to be claimed once the NITRO protocol can afford it. It’s just a matter of when.
How will the Nitro Protocol be calculated if I am simply transferring LAMBO from one wallet to another and LAMBO tokens are listed on more than 1 exchange (Cex/Dex/etc)?
$LAMBO transfers between wallets are completely unaffected. No burn curve, nothing. If $LAMBO gets listed on other Decentralized Exchanges, the Dev wallet is allowed to add new Exchange Addresses so that the contact is able to identify buy/sell orders going from/to that address. If $LAMBO ever gets listed on a Centralized Exchange… Weird things are going to happen. Centralized Exchange trades happen off-chain, so we have literally no way to affect buy/sell orders. Instead the market will naturally develop arbitrage opportunites between Uniswap and Cex’s. But since we only reward farmers with LP tokens, I don’t see this as a problem.
Are you on schedule and do you see any issue arising that could delay the launch?
We’re rushing hard AF to stay on schedule. The first 2–3 weeks of this project was community building, fleshing out ideas, proving this was a good idea before putting a shit ton of work into coding. Now we’re in the phase of coding fast as fuck and getting shit done. I think that formatting and aesthetic issues could delay the launch.
How will you protect your work from copycat thieves and secure it?
Public blockchain, bro. If we start a new paradigm of copycat tokens, so be it.
Will we see an updated YT white paper/roadmapbefore launch or any technical documentation for the smart contract?
I plan/hope to write up a very detailed medium article addressing any contract issues (mint function, etc) that people typically worry about. As well as another big-picture Medium article.
What is the process like for testing for bugs and how long will this period last after the code is finished?
Haha, actually, this is what I’ve been doing all morning. We write test contracts using truffle/Ganache for different cases (proving dev address can’t mint, proving transfer works properly, proving TWAP calculations match expected, etc.). We can publish these test contracts as well as the results on Medium.
How easily are changes to implement after launch in case of major bugs?
Contracts are immutable. If there is a large bug, we re-launch with a snapshot of the token holders.
Will there be a mobile/desktop wallet for $Lambo?
It’s an ethereum token — available anywhere you have a wallet that supports tokens.
What are the marketing plans after Uniswap launch?
Things like this.
Is $Lambo your only project right now?
I wrote the Medium article for $BULLY. That’s it. $LAMBO is my only main project where I am the project manager / a developer.
How the project will bring high-quality Lamborghini farmable tokens to the community?
We’re going to have artists from the community / artists we pay create high-quality art for the NFTs.
What is the experience of the team in the field of defi/blockchain? And how many team members are there?
We have 4 core developers with 1 new developer helping us with some of the labor to put together the website. One of our developers had been involved in the contract creation for CHADS. The rest of the team is mainly pulling from their personal experience with website development. I personally am writing most of the new parts of the token contract at this point. I have been programming for about 5 years now, and while this is my first venture into Solidity, I have written code for my work in end products. Combining solid test contracts with our experienced developer, I’m fully confident we can release a contract we’ll be proud of.
Why there is no fund being kept for the advancement of developers/project? What if someday a developer decides to go on degen mode and started trading with the LAMBOs he bought during presale?
We’re doing our development fund totally differently — we’re requiring the devs to be invested in some way into their tokens. The devs are not allowed to have an investment of over 10 ETH into the dev presale. We feel that since this is such a small value, and because each individual dev has control over their individual tokens, that they deserve the agency to do what they want with the tokens. This is opposed to having a much larger, locked, dev fund.
Why is the project so much delayed? Is it due do development or anything else?
Project was created with less than 5 people a month ago. We spent the first 2–3 weeks building up a community of over 700, proving out the idea, etc. Now we’re in the main coding and product launch phase. We are sticking with our deadline of 1 week if all of our tests go well.
Other than staking , will the project offer anything else (like NFT’S)
Yes, NFTs — beyond that, we are open to suggestions.
Will there be any staking pools other than just $LAMBO?
No. Having pools that aren’t $LAMBO — derived means whales can come in, farm the hell out of it, and then dump the $LAMBO and move on.
What was the need for being anonymous? (Team)
We all already have pseudonyms that have some notoriety (for me, in this Discord, for others, in other groups). We have seen doxxed devs do terrible things (like rugpull), so we don’t see us doxxing ourselves increasing any confidence in our team by anyone who’s seen a thing or two — instead, doxxing just brings more danger for us personally.
How would u explain about this project to a guy who is new in crypto in 3–4lines.
When people buy, the price goes up; when people sell, the price goes down. The NITRO protocol incentivizes people to sell in a way that minimizes how much they push the price down, and incentivizes people to buy in a way that maximizes how much they push the price up!
What problem or challenge does your project solve? What makes it better than other projects ?
I’m not going to bullshit you — we’re not pulling some Satoshi Nakamoto shit out here, we are simply an experiment in Game Theory to see if we can actually incentivize buyers and sellers to consistently push the price up naturally through the rules of the game alone. I think that approaching the problem in a realistic way such as this means we’re very focused on our goal and that everyone involved knows exactly what to expect from us — we’re going to make a token that’s full hard-coded pumpanomics, and it’s going to be fun as fuck when we launch.
What was the teams biggest challenge and what did you learn from it?
The team’s biggest challenge so far has been communication and delegating tasks effectively. Being all anonymous and working remotely has been tough but we’re getting a lot done.
How do you measure the success of your project and over what time frame? How are these metrics determined?
Community engagement is really important to us! We want to see lots of people engaging with the community, lots of token holders, lots of new people joining the community too. Also being mentioned online is something we’re going to start taking more seriously.
How did you come up with the Nitro Protocol? What type or tokenomics did you have to study and experience to come up with your protocol?
I studied $CHADS, $BASED, and $ORBS as my main inspirations to come up with the NITRO protocol. But, to be honest, after polling the community for what kinds of things they’d want out of a project from scratch, I sat down in one day and wrote up the entire framework for the protocol.