Wrapped LEO: Important Updates

in LeoFinance10 months ago (edited)

wleo launch.png

Our original launch date last Thursday got hijacked by the Uniswap UNI (token) airdrop. Now that the ETH network has cooled down from the meteoric rise in gas fees, we're ready to launch wLEO this week and also have a few important changes to the original launch plans.

While delaying the launch was unexpected, the silver lining is that we got a lot more time to develop the launch strategy, finalize the Beta blogging interface (so that we can move it into production before wLEO launches) and organize a few other marketing/logistical plans to make the Wrapped LEO launch bigger and better.

wLEO Will Launch This Wednesday: September 23rd

around 10 A.M. EST

The roundtable crew (@nealmcspadden, @rollandthomas, @scaredycatguide and @khaleelkazi) will also host a live wLEO launch party on Wednesday morning where we walk through all the steps for interacting with wLEO, providing liquidity, other details, etc.

Pending an apocalypse or another insert_ethereum_breaking_event_here, this launch date will be kept.

LeoFinance Team Liquidity Pool Commitment

The original plan for launching wLEO stated that LeoFinance would post $20,000 USD to the liquidity pool for wLEO-ETH. We've been talking with some people who are more heavily involved in Uniswap token launches (non-Hivers) and have received a lot of great advice since that original wLEO announcement of an announcement post was released about 3 weeks ago.

Now, LeoFinance will post $25,000 USD in LEO as part of the official team commitment. We'll match this with $25,000 USD in ETH - bringing the total commitment from LeoFinance to $50,000 USD as the starting amount in the wLEO-ETH liquidity pool.

At current prices, this is roughly 208,000 LEO and 70 ETH - these token figures are subject to change pending the actual prices on launch date but the USD commitment will remain the same.

After speaking with these DeFi users and community leaders who are more experienced in the arena of launching tokens on Uniswap successfully - successful in the sense of launching tokens in a sustainable way that brings attention, volume and liquidity in the long-run - we decided to up the ante on our commitment to the pool.

It's also been advised that we lock our liquidity in an ETH smart contract. This is a commitment that serious projects make when launching on Uniswap - it proves to people outside of your core community that you are in the pool for the long haul since the contract makes you unable to withdraw the liquidity that you have deposited into the pool for the set amount of time that is chosen.

We will likely lock the entire $50k in a smart contract for 1 year (which means that the liquidity cannot be removed for that time period), although we're still researching our options for various contract lockers. More details on if/how we decide to lock our liquidity will be released on the wLEO launch day.

300,000 LEO in LP Bounty Rewards

A lot of questions have been asked about the LP bounty rewards program and how it will work. The #1 question I've seen is if the $20,000 $50,000 commitment from LeoFinance will be included in the bounty rewards:

The official team commitment of $50k will be excluded from the 300k bounty rewards pool. Meaning that users could take the total liquidity deposited to the pool (in terms of total LP tokens held) and subtract the official LeoTeam ETH address holdings to get an idea of their fractional share in the total bounty pool.

In short, if you deposit liquidity to the wLEO-ETH pool on Uniswap, you will receive a proportional share in a total rewards pool of 300,000 LEO for the first 90 days after launch. We've designed a hybrid distribution plan which will try to deliver your LEO to you on the Hive blockchain (based on your prior interactions with the wLEO smart contract).

If we are unable to link your Hive account to your ETH address that you're providing liquidity from, then we will send your bounty payouts as wLEO straight to your ETH address.

There is an advantage for users who receive bounty payouts on Hive as opposed to ETH: if you get paid out on Hive, then your rewards will be distributed every 2 weeks for 90 days with 0 fees. If you're paid out on ETH, then your rewards will be paid out every ~4 weeks and will have a small fee taken out to pay for gas (it's roughly 4 weeks and a small gas fee because we will choose a time to distribute when ETH fees are low. So 4 weeks give or take 2-3 days).

This system might sound complex, but it is relatively simple. If you wrap any amount of LEO before depositing to the liquidity pool, then we will be able to link your Hive account to your ETH address. If you take ETH, swap it into wLEO and then provide liquidity (as most non-Hivers will do), then we will distribute to your ETH addess since it won't be linked to a Hive account.

See the below graphic to get a visual idea of what's happening. The post we wrote a few days ago also outlines this distribution system in greater detail.


LP Bounty Distribution System

Note: you do not have to wrap all of the LEO you're providing to the pool in order to link your Hive-ETH accounts... You can, for example, wrap 1 LEO into wLEO just for the sake of linking your ETH address and then swap ETH into 500 wLEO on Ethereum to provide to the LP.

Again, sounds very complicated because of the different scenarios involved. If you have a specific scenario that you're curious about, drop a comment below and I'll tell you how your distribution will be paid out.

LeoFinance Beta

We wrote a post the other day outlining many of the major changes we made to the new LeoFinance Beta interface. The wLEO delayed launch was a blessing in disguise as it allowed us to get more things in order both from an interface and from an Ethereum logistics standpoint.

Over the next 3 days (leading up to the wLEO launch), we're going to be implementing the following changes to the new interface:

  1. Mobile UI Performance Enhancements ✅
  2. Bug Testing and Patches for Major Defects (In Progress)
  3. Alternative Image Hosting Solution (In Progress)
  4. Deployment of Beta Interface into Production (In Progress)

By the time wLEO launches on Wednesday, the LeoFinance interface should be deployed to our main domain (replacing condenser once and for all!).

We're also asking that you please test LeoFinance Beta as much as you possibly can in the next few days and drop all of your bug reports in our Discord (look for a channel called: interface-beta-testing). We'll be rolling out continual patches every day to fix the issues you find.

One of the major issues that has been reported is an inability to upload images when you're logged in with Hivesigner. The image API for hive.blog is not allowing images to be uploaded outside of Hive Keychain, so we have researched alternative image hosting solutions that we will be integrating in the next 1-2 days.

We also have a classified new feature that we're integrating into the interface after the 4 items above are taken care of. This top-secret feature will launch within just a few days of the wLEO launch (most likely by the end of this weekend). We've started the design already and it's pretty 🤯 stuff.

DM Khal the answer if you find it

We're gearing up for an exciting week on the interface and on the wLEO front. With some new DeFi friends and an updated launch plan, Wrapped LEO will be an even greater spectacle than we had originally planned.

steemleo black token divider.png

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All set. That's great!
Wishing best of luck to LEO!

For locking liquidity, I had suggested Unicrypt. But I'm curious to see if you found a better way to it.

Unicrypt is actually one of the top options for locking liquidity that we're considering now. The information out there is pretty sparse though. I've resigned to examining the contract and finding what reviews are actually out there.

Do you have any detailed info/links I could review about Unicrypt? Perhaps you've found stuff that I missed. Feel free to drop them in a reply here if you've got a spare minute.

Thanks :)

Posted Using LeoFinance Beta

Also very curious if you looked at Trustswap as they talk about escrow and having an easy product.

Would that have been an option?

Great commitment which will prevent a LOT of dumping.

Long term is the horizon, I love it !

Sorry, I don't know to read smart contracts. But you can check the repository or get in touch with them on Telegram. An audit report from Solidity is here. However, I dunno which contract they audited!

For token locking process, I had already pointd to this link.

That 50k commitments puts the token in a great position!

I agree :) this will be much better positioning for the launch and for the long-term viability of wLEO since the liquidity will stay there for at least 1 year 🚀

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I tried to wrap my head around everything but then it seems like I'm getting More confused, too much information on the table. Anyway all I know is I contributed 500 Leo to the pool, is that what you're talking about?

The pool isn't open yet. I would say that if you want to become an LP, then wait for launch day and then watch the wLEO launch party podcast we do - in that episode, we'll explain how to provide liquidity with wrapped LEO and do a live walkthrough of all the steps.

In preparation, you can also view this page (which we are continually adding to): https://leopedia.io/wleo

Posted Using LeoFinance Beta

All right, thanks a whole lot @khaleelkazi

Very useful this. DeFi is a whole new space and with the gas fees issues it is definitely uncomfortable for noobs to understand. I will be watching the launch party for more info.

Are you thinking of the SPInvest pool?

Yeah I actually was

Looks pretty cool actually. They're taking care of the ETH side, so members don't need to. I have some ETH spare, so I'll just hit the pool directly; but I hope it all goes well.

Ole Ole Ole, wLEO wLEO wLEO!!! Great to hear the launch coming our way and with some top secret actions to be revealed with that as well. Creating buzz and getting the community engaged should be ingredients for success.

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I'm very excited to see what happens on launch day.. the new top secret feature is almost as exciting as wLEO itself. I can't wait to unveil what we're cooking up

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When I've read what you're about to share, everything changed… we all could be millionaires on LEO Finance...

This is much bigger than you might have imagined…

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Is that supposed to be a puzzle? perhaps with a prize to one who unravels it? Lol

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Ufff.... hot days are comin. I really don't trust Metamask..... even forgot how to use it.
Will it be possible to use LEDGER NANO S, instead of putting all my ETH tokens into Metamask???
Putting my crypto into browser extension... how weird and crazy it looks!

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I use my ledger nano s to interact with Uniswap.

You just have to download metamask and then hit "Connect Hardware Wallet"

Your funds are still SAFU because Metamask simply prompts you to confirm tx's on your ledger nano as opposed to importing your actual private keys


Posted Using LeoFinance Beta

Maybe you need to do an entire post on this, please.

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My body is ready

🧙🏼‍♂️ magic always follows that statement

Posted Using LeoFinance Beta

Great update my friend, thanks for this information. SPinvest has collected about 25k LEO from it's pool and will throw in 5 ETH from it's holdings to help with around half the ETH required.

Cant wait for this to go live!!!

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Do not miss the last post from @hivebuzz:

Update for regular authors

Interesting that this is finally going live. I really must congratulate you and your team for the amazing job done. Kudos!

Like to know how to provide liquidity and what's the concept behind $LEOM?

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LEOM is another way to earn LEO passively. Just buy and stake some LEOM, preferrably in their thousands and you'll earn some LEO depending on the inflation of LEO.

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Beautiful then...

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There are a couple of leo tokens circulating out there. What's your plan to deal with this? People will be confused.

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Noticed that as well. It's possible it could work out to our LEO's gain... :)

or people start buying and trading wrong coins.

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Yep, which was exactly my point... people could mistake little ol LEO for the big bad LEO.

I thought that too since the LEO on CMC first page seems solid. Overall though, if driving traffic to LeoFinance is an objective then that's a problem if people instead go chasing that other project.

True, but at this point it's more likely that people mistake the large LEO project for ours, which could turn out to be a good thing in the short term. Though I do agree that it will be an issue in the future and I am not sure how they get around that outside of changing the name of the token.

What bothers me is that I asked this question for the second time and got no answer from the Leo team.

Yea I mean it's going to be an issue long term for the token, but they can't really rename it at this point... or can they?! I remember noticing that immediately after LEO token launched... there was already a top 30 coin named LEO.

Having more tokens with the LEO name is not an issue for a dex like Uniswap. You will need to be carefull with the token contract adress. That is the real id for a token on eth dex.

It might be an issue for a centralized exchange like binance, bittrex, etc. I guess will see how that will go when the time comes. Maybe the wleo simbol, or something else. Tagging @khaleelkazi for better answer :)

I'll be fine. No worries.
But it'll be confusing for the masses if there will be any.
I asked this question a couple of times. No answer. Strange.

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And. Here. We. Go! $$$ :-)

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By the time wLEO launches on Wednesday, the LeoFinance interface should be deployed to our main domain (replacing condenser once and for all!).

Keep up the good work Team LEO

Posted Using LeoFinance Beta

Good luck. I think I have my lil sum "ETH" ready to match with lil sum "Leo". Mike testing 1, 2, 3 :)

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Fingers crossed for Wednesday.
For the time being if anyone wants to participate
you need to have your #Leo ready and #Ether ready with your metamask account ready.
It looks complicated but doable.


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Hey @leofinance, here is a little bit of BEER from @pouchon for you. Enjoy it!

Learn how to earn FREE BEER each day by staking your BEER.

Nice to see some updates regarding this project. I'm kinda lost to be honest but will catch up on everything. Best of lucks folks!

Muy buen trabajo de verdad los felicito pero estoy un poco confundido de como se hace la inversión

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Congrats 🎊 ! As usual, I am testing this beta leofinance as much as possible !

Hopefully Uniswap will not airdrop new token on the other launch 🚀.

Exciting times !

Sounds like it’s been one hell of a busy week for team LEO! 50K is quite a chunk of change! Is their a minimum amount/threshold on your LP pair you need to submit to qualify for the rewards program?

Obviously it would have to worth more than the transaction fees you’d have to pay but what would you say one could get away with ? $200 each side?

Looking forward to this! :)


Well done, LEO team.

I’m excited this is an exciting time maybe I’ll put $500 in Leo so I can add it to the pool.

Incredible. Really impressed with this decision making. Can LPs commit to a 12 month term? Would that help, or is it possible? (I'm guessing not, but asking in case)

How exciting all the changes that are coming!

I will make my next post from the beta version of the new interface.

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With this, anyone can enter the LP at any time I think?

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Everything is great, I am excited about this new update without a doubt and I am slowly understanding it, however, I have 2 questions:

  1. I would like to know how much could be the minimum we could wrap in LEO.

  2. If I deposit LEOs and wrap them, would I be getting my LP? rewards and HIVE payments? This is what confuses me, because of course with the investment I can make, I would love to receive LP or more comfortable payments in HIVE or LEO, than going through the ETH and GAS transactions.

Thank you very much for everything dear @khaleelkazi

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This system might sound complex, but it is relatively simple. If you wrap any amount of LEO before depositing to the liquidity pool, then we will be able to link your Hive account to your ETH address.

I don't think, its relatively simple. Can you tell me, if I need to buy Leo ( right now I have only 17.338 LEO) only from https://leodex.io and then be able to wrap only ?

How do i partake in this airdrop launching tomorrow.
I'm new here and i would love to know what it takes and how i can get it

Really excited for the launch tomorrow @leofinance! (:

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hello bros I got muted on @leofinance [ noleo4u ignored ] need help please un mute me
I can post or comment on leofinance

Leo is starting to look really good.

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