LastChance - First crypto auction on Harmony

Funding Proposals Grants
1

1. Name of Project

LastChance.Finance

2. Proposal overview

Project Overview

LastChance — is a decentralized auction platform. It’s a new format in cryptocurrency trade. On LastChance you set the price of an asset you’re buying, since the sale is an auction at its core. The LastChance platform challenges the exchanges. The auction site allows you to buy assets at a price different from their market value on exchanges.

There are no go-betweens, LastChance is a decentralized solution that runs on the BSC blockchain. The auction site is powered by a smart contract, all lots and bids are registered there.

The setup is completely different from exchange trading. The platform gives you one last chance to buy an asset at a price that you won’t find on your typical exchange. And in such a situation there’s nothing to lose. The platform has its native LCT token that serves as a reward for all auction participants except the winner — the winner claims the lot. Bids are returned to participants in LCT tokens when auction ends.

Why Harmony needs LastChance

LastChance is a unique format in the cryptocurrency trade. An auction platform based on blockchain guarantees bid transparency, while auctioning itself implies active audience involvement. Especially a “win-win” approach to it. This what LastChance is all about, on the platform, all not-winning bids are returned. This format has already won the attention of the audience and has been publicly tested by the most active community members. Launching auctions on the Harmony blockchain will help attract even more users of the network as well as increase the trade volume and the number of ONE token holders. After all, the bidding currency is the blockain’s native token.

Team

Taras Butsvin
LastChance CEO and Co-Founder

10 years in business. Extensive experience cooperating with European and US companies. Has been managing projects in the field of blockchain and cryptocurrencies.
Areas of expertise: Finance, Energy Efficiency, Innovations, and Blockchain.

LinkedIn | Telegram

Serhii Nykytiuk
LastChance CPO

An entrepreneur with vast financial and cryptocurrency experience, a blockchain analyst.
10 years of experience in the technological environment as Project Manager, prioritizing operational efficiency and achievement of business goals.

Have been working on projects in the cryptocurrency field. Grows local crypto communities and is involved in investing.

LinkedIn

ElephantsLab
LastChance Development Team

ElephantsLab is a product company specializing in blockchain development

Website | LinkedIn

3. Proposal ask

$10K after launching LastChance on the Harmony testnet
$10K after forming a DAO with 5-out-of-9 multisig with our DAOs
$10K after launching LastChance on the Harmony mainnet with audit
$10K after 1K daily active users (with launch video, full PR promotion)
$10K after 10k daily active users (with a detailed roadmap, governance process)

4. Metrics for success

Users & Technology

  • 35 000 active users
  • Launching on the Harmony Mainnet

5. External links

LastChance | PitchDeck | LightPaper | Discord | Twitter | Medium | Telegram Channel | Telegram Community

2 Likes
2

Thanks for your proposal, it has been assigned and the team will review and respond shortly :blue_heart:

2 Likes
3

Thank you! We look forward to hearing from the team!
If more information is needed, we are always ready to provide it. :blue_heart:

1 Like
4

Really cool concept.
Let us know when you will be on Harmony Mainnet.
Want to help you with promo!

2 Likes
5

Looks like really cool project. Hope it will be on Harmony soon. DeFi auction looks like a really nice idea!

6

Thanks for the proposal, LastChance team. Welcome to Harmony.

After looking at tokenomics of the project, I see that only less than 20% of the project tokens are being distributed through various initiatives and over 80% is used by the team. Can you elaborate the idea and thinking behind the design of the tokenomics please?

Also, what is the timeline behind the development of the project please? Lastly, how do plan on achieving this number?

Thank you,
HU

7

Thanks for the question.
Well, it’s hard to agree with you on this one, as you might have misunderstood LastChance’s LCT utility. Because the mechanics of the platform auctions that have blockchain coins serving as the bidding currency ($ONЕ is our case) is developed in such a way that all nonwinning bids are returned to auction participants in LCT tokens. During the auction 60% of every bid goes through the mechanism of auto-buyback from the DEX market. The mechanism is set off with each ONE bid placed.
The remaining 40% is covered by the Auction Maintenance Allocation and is unlocked automatically at the end of each auction in amounts needed to sufficiently fund the ending auctions.

Thus, getting back to our tokenomics:

26% Auction Maintenance
This is the largest part of the total LCT supply and is allocated to maintain the mechanics of the auctions featuring blockchain native coins as the bidding currency.

As for other token allocations assigned to various initiatives, they are as follows:

13,5% Token Sale Aggregate
This exact number of tokens to sell according to the LactChance Token Sale Terms & Conditions will ensure the project’s successful kick-off, draw in the community’s attention and set the initial value of the LCT token itself.

2% Ambassador Program
Our ambassadors are going to share this portion of tokens in the early stage of the project’s growth. That will be a significant push conducive to the platform’s further advancement and will make reaching strategic objectives easier.

6.5% Strategic Partnerships
Since the LastChance platform has opened its doors to partnership and is going to bring together teams and projects that have user bases interested in holding partner auctions, this token allocation will be distributed to the communities of project’s future partners.

15% Staking Rewards
LastChance is striving to be a community-driven platform ruled by its users with the help of a DAO. That way, LCT holders will have a major leverage over the platform’s choice making. Voting, they will be able to determine auction settings and the project’s overall direction. In order to make LCT owning even more profitable, the platform will feature staking functionality. The LCT staking rewards will be unlocked over a span of 2 years.

I’d like to conclude saying this:

It’s really challenging to envisage every single bit at the early stages regarding the tokenomics, then plan it out in detail and carry out an adequate token allocation. For that reason we budgeted 10% of the Reserve that will be vesting monthly over 3 years after a 9 month cliff.

Finally, the rest of the tokens will be allocated to (10%) marketing, (7%) development, (7%) the team in return for their contribution to building and promoting the project.

There’s no need to be worried over this 24% (24,000,000 LCT) ending up in the team’s hands right away, as our vision is long-term, and each allocation has got its own detailed release schedule featuring different vesting periods. For the LC team specifically it won’t happen until 6 month after the TGE, which will fuel up the crew’s desire to be hard at work, getting LastChance to new heights, and then to the Moon.

As for hitting the 35,000 active users mark, our marketing promotion has already begun. The first step we did was to gather a community around, and our Ambassador Program, which started a while ago, has already shown its effectiveness, having helped us attract more than 70,000 users on Telegram and 22,000 on the LastChance Discord server. We received more than 5,000 applications from people keen on testing the platform, from which more than 1,000 had gotten lucky to proceed to the beta test stage. They tested the platform by direct involvement in LastChance auctions: placing bids, winning lots, and getting LCT.

Carefully gauging each user’s performance, we received a huge amount of feedback with bug reports, tips, suggestions, and wishes. We’ve been fixing all the mishaps reported and made an array of improvements responding to our community’s thoughts, factoring in their opinions. After all, we’re aspiring to be a community-driven platform, governed by its customers via a DAO.

Launching partner auctions and integrating with more blockchains will be the two chief promotional priorities for LastChance and its next undertakings. We visualize the platform’s growth as the one involving influencer coverage and getting closer to being multichain, since the LastChance platform has a self-imposed obligation to be available to users joining in from different networks.

8

All of our plans are consistent with the above. I would like to add on the timing of the development. It will take us two weeks to launch Harmony’s testnet. Then public test and launching in Mainnet. This takes about a month in total.

9

Hey guys @EdgarTheONE @HarmonyUniverse ! Do you have any questions about the project? I’d be happy to answer! :harmony:

2 Likes
10

Already on mainnet? :face_with_peeking_eye:

11

Hey! Not yet. But we are working on launching a test network as part of the grant program. :harmony:

1 Like
12

this has been reassigned to @jbeltran

1 Like
14

Welcome to our thread @jbeltran !
If you have any questions about the project, we’d love to answer them.

15

Hello.
Thank you for your proposal.
In the description, you mention Linkedin and Telegram but it has no links to any URLs.
Would you please paste the URLs?

Regarding this:
image

Does this mean that at the end, the price is controlled in the CEX (BNB/LCT) ?
Regarding the amount bidded will depend in the amount of users? therefore, the liquidity will come from?

Taking a close look at the Gitbook. I’ll read it carefully before coming back with more questions.
I’d also ask you for a Video conference. Is that ok with you?

Thank you.
Best,
:mechanical_arm: :blue_heart:

1 Like
16

Hello @jbeltran ! Thanks for the feedback. :blue_heart:

About your questions.

The price of LCT is determined by AMM on DEX in the liquidity pool. After all, we are a DeFi project.
Yes, that’s right. The more users take part in the auction, the more bids. 60% of each bet immediately goes to buy LCT from DEX. 25% to add liquidity to the pool. Accordingly, each bid leads to an increase in the liquidity of the LCT token

We will be happy to call you and introduce you to the project. Let’s create a group in the Telegram and discuss a convenient time. What is you Telegram handle?

In the meantime, I’m adding a link to LinkedIn. Because in the first message there was a limit on the number of links.

Taras Butsvin
LastChance CEO and Co-Founder
LinkedIn | Telegram

Serhii Nykytiuk
LastChance CPO
LinkedIn | Telegram

17

@jbeltran Hey! If you have some questions, we can answer them. And what about your Tg Handle?

18

Guys, great news. :blue_heart: We’re on our way to integrating LastChance with the Harmony blockchain. The platform is already available on Harmony’s testnet. :h_check:
Everyone can visit LastChace.finance to test out the auctions featuring the :harmony:ONE token as the bidding currency.

1 Like