and I have some questions as some of the articles date back to January:
1. Is there any CEX facilitating the automatic swap from ERC-20 to LRC-20? My tokens are on Gate.io, so currently I need to pay Eth fees to move to a private Eth wallet, and then Eth fees to send to my LGCY wallet, so it’s not exactly cheap via that avenue.
2. Do any CEX allow withdrawal on LGCY network (Hotbit has just been frozen due to fraud enquiries)? Is Gate.io working to support this, considering it’s the only CEX being advertised on Legacy.network?
3. I have signed up on Legacy Network, and I then downloaded Google Chrome wallet and entered my address and private key. The wallet was pretty basic, and I have since deleted it, and I’m a bit concerned that I put my private keys into it. I’d like to make a new account on Legacy Network (public address and private key), but I cannot see where to do that on the network. Is this possible? When I log out and try to create a new account with my email address, the process stalls as it knows my email address has already been used. Surely there’s a way to generate a new wallet address and PK once I’m already logged into my current account?
4. On the Legacy UI, it appears that a swap feature is being developed, “LG-Swap”. Is this to enable swap from ERC20 to LRC20 direct from a CEX, thereby avoiding Eth Network fees? ETA for this?
5. If not, what is LG-Swap?
6. ETA the Yield Farming App by Pendulum? I don’t want to lock into 28% staking pool for 12 months if something is just about to be released.
7. If I stake in the 28% non GB pool, is it locked 12-months from today, or January 9th when the pool opened?
8. With the GB compensation, and being rewarded in USDL, it appears that USDL acts as a stable coin, meaning that if we get 2 full months compensated, it should already be possible to tell us the amount of USDL we will get. As I’m considering whether to stake now or not, can you please let me know how much USDL I’d get for 2 month’s GB compensation (given the GB fully passes it onto me)?
9. On the current list of GBs, #13 (Gamma) says ”reward distribution: voter 10%, GB 90%”. Does this mean that of the 2 months compensation, I will only receive 10% of that, and does it also mean that of the 28% APY, I will only receive 2.8% APY?
10. In the June AMA, Justin stated the need to get USDL into circulation (when asked about the possible problems of it’s lack of liquidity). Considering that the “up to 2-month GB compensation, i.e. extra rewards” timeframe was announced in January (when GB was expected in the near-term), is there any thought to increase this to 7+ month’s compensation, thereby ensuring those who waited will get the full 28% APY and also that more USDL goes into circulation)?
11. The Medium Development updates were happening monthly until April 2022, meaning the next one is very overdue. Is there an ETA for the next one?
To swap right now you will need to do that via the blockexplorer. And only from a private wallet not a cex. It was a soft release and still has yet to update to the final product. You can make a new address though the extension, but if the extension is your concern, then you will need to make a new account with a new email. There is a medium article detailing how to swap. Pendulum will release on their own accord, we do not determine that. If you stake now for 28% through a non GB, then it is 12 months from the day of lockup. If you wait for the GB's to onboard to stake, then you will be backdated to Jan 8th (28% of the value of your stake pro-rated). There is a PM in the process of being hired and helping let Justin manage the big picture primarily, and the updates will start flowing again once that completes. I tried to hit all your questions!
Thanks. Not all queries were answered (plus a few new ones): 1. Is Gate.io working to add LGCY network withdrawals? 2. What is LG-Swap, that is listed in the Blockchain explorer as “coming soon”- is it just Myriadex? 3. I thought the GB compensation was for a maximum of 2 months, but you wrote “If you wait for the GB's to onboard to stake, then you will be backdated to Jan 8th (28% of the value of your stake pro-rated”. So does this mean the compensation is now a maximum of 7 months? 4. Also, can you please explain what you mean by “pro-rated”?- I think a few people have found that term confusing as I’ve read some people believed they needed to have bought and moved their LGCY to the network ASAP, yet admin has stated date of purchase does not affect the extra compensation. So, for eg., if I bought yesterday, and GB staking was functional Sept 9th and I staked then, would I receive USDL rewards at 28% APY x 8 months duration? 5. Is anything at all in development to swap my ERC20 tokens to LRC20 without Eth fees; be it CEX co-ordinated swap, or a manual swap?
Hi Aditya, I can help answer the questions. 1. Is Gate.io working to add LGCY network withdrawals? Answer: the team is working with various exchanges to integrate with LRC20. We have to wait for details and specifics. 2. What is LG-Swap, that is listed in the Blockchain explorer as “coming soon”- is it just Myriadex? Answer: We don’t have info about that. If it was Myriadex then I think it would be labeled as Myriadex. So it could be something else we don't know about. 3. I thought the GB compensation was for a maximum of 2 months, but you wrote “If you wait for the GB's to onboard to stake, then you will be backdated to Jan 8th (28% of the value of your stake pro-rated”. So does this mean the compensation is now a maximum of 7 months? Answer: It’s more than two months. It’s backdated from Jan. It simply depends on when GB staking starts. 4. Also, can you please explain what you mean by “pro-rated”?- I think a few people have found that term confusing as I’ve read some people believed they needed to have bought and moved their LGCY to the network ASAP, yet admin has stated date of purchase does not affect the extra compensation. So, for eg., if I bought yesterday, and GB staking was functional Sept 9th and I staked then, would I receive USDL rewards at 28% APY x 8 months duration? Answer: Prorated meaning that stakers will receive rewards for the entire wait period. Basically, all stakers will get the benefit for waiting for GB staking regardless of when they purchased the tokens. 5. Is anything at all in development to swap my ERC20 tokens to LRC20 without Eth fees; be it CEX co-ordinated swap, or a manual swap? Answer: Fees are required and will always be required on the ETH side.
Thanks for the answers. It's $6.5 just to get my tokens off Gate.io onto MM. Having said that, I might look into doing it. But fees could be totally circumvented if Legacy are organising a token swap directly with any exchanges, which is kinda what I was wanting to know. Thanks again.
You're welcome. Yeah, gas fees are low right now so give it a try. You're right and that's something we simply have to wait to see when a CEX will be able to handle such a swap.
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