After the successful hosting of an Ask-Me-Anything (AMA), we compiled a list of frequently asked questions (FAQ).
How many LEDU tokens have you bought back with your services?
Education Ecosystem does not share such information to avoid market manipulation as many institutional traders are controlling the market.
Why don’t you list on big exchanges such as Binance?
These exchanges want huge sums of money to list a token and also money for pumps and dumps. We are registered in the UK and as result, we can’t do any paid listing or engage in pump and dumps. Binance charges between $300k to $500K for listing + tokens for controlling the market. Sometimes, the listed tokens get pumped and then drop again. Our focus is not on short-term pumps and dumps.
Why don’t you list on Uniswap, which is free?
We are in the process of being listed on Uniswap. They have been a bit slow but the LEDU token should be listed there in the next few days.
What is being done to raise the price of the tokens?
Our developer community is working on one more product use case and will announce the product very soon. We think it is going to be a game-changer.
How are you coping with the increase in Ethereum gas fees?
The increasing Ethereum network transaction price has become a big problem for us just like all ERC20 projects. Ethereum has turned out to be completely useless for microtransactions due to the high gas price.
Why don’t you use OMG or another layer 2 scaling solution?
We have looked at them. They are not ready for any serious usage.
When and how will you start attracting massive user adoption of LEDU?
Ethereum gas price has been hovering around $1 — $1.5 in the last 8 weeks (August — September). It is not economic to run any token transaction with these high gas fees. If we do so, we will be blowing away thousands of each. The gas price is a big impediment for us to grow LEDU usage.
When do you expect LEDU’s price to increase?
We don’t speculate on token prices. It is a grey area we do not want to enter.
What are the use cases for the LEDU token?
LEDU tokens are used for:
- Payment to creators
- Payment by businesses
- Incentive rewards for community members.
The main reason why you do not see a lot of microtransactions in recent weeks is due to the high Ethereum gas prices.
Will you be giving away free tokens through giveaways, airdrops, or competitions?
Yes, we have an announcement coming very soon.
Do you still have an OTC service? If yes, is that why there isn’t much volume on exchanges? Are you guys selling LEDU without exchanges?
We still have an OTC service where you can buy LEDU tokens. You can also buy, trade, and sell LEDU tokens on exchanges.
Do you have any plans to attract big educational institutions or companies to make use of Education Ecosystem’s projects?
Yes. We were working on some big partnerships with three of the major educational companies in the US and Europe but the coronavirus pandemic has halted things for now. We should have updates at the end of the year.
Any plans to partner with other Education blockchain products such as Bitdegree or Odem? Don’t you think if you guys pull resources together, you guys will scale faster?
Yes, this is something we are looking into right now.
Is the swap still ongoing or do you have a deadline for it?
Swapping is officially closed but we will continue the process for people who missed it. Note that the swap will happen only once a month (on the last day of the month).
Do people have to pay a fee for the swap or a penalty for missing the deadline?
There are no fees or penalties associated with the swap
How have you managed to stay afloat for a long time and still survive the ongoing pandemic?
The pandemic is very hard on many projects. We cut down our monthly spending and avoided spending money on non-core activities or any paid exchange listing.
Do you plan to jump on the DeFi train and capitalize on its momentum?
We have thought about this, but the DeFi market is overcrowded as of now and we do not have a DeFi product idea that will add huge value for users.
Have you considered partnering with a good DeFi project?
Yes, our product is not related to DeFi though. We have no DeFi partnerships in the pipeline but if you have some ideas around this, send them to us.
Is it feasible for Education Ecosystem to develop its own blockchain? This could be good for LEDU as the blockchain can be utilized by new projects.
We are not yet in the business of building a blockchain to compete with existing blockchains. We are still too small for this. There are too many competing blockchains and they have over $200 million in funding. We can’t compete against blockchain in CMC’s (Coin Market Cap) top 100 if we don’t have at least $200 million in funding.