Steps towards a long-term sustainable future for LetMeSpeak
NOT FINANCIAL ADVICE
LetMeSpeak set out with a mission to transform education — and the progress made to date has been substantial. Over 2.5 million people have improved their English with LetMeSpeak so far. Our unique approach of combining economic incentives with high-quality education has helped to solve the number one problem in online language learning: motivation. In fact, people being able to earn whilst learning English on LetMeSpeak remain committed to learning more than four times those who pre-pay for traditional online language courses.
Our long-term goal is to make learning English available to anyone in the world with access to the internet not only for free, but with the opportunity to earn while learning. With more and more people using LetMeSpeak, we’re pleased to be entering a new phase of development.
In our Whitepaper we set out that during the initial growth stage LetMeSpeak would be ready to sell/issue LSTAR in-game currency for 0.03 USDC, and buy back LSTARs at 0.02 USDC (subject to funds availability in Treasury and governance token holder decisions). To date 90 million LSTAR tokens have been bought back for $1.8m @ 0.02 USDC.
We are making some changes to underpin the long-term growth and development of the ecosystem as follows:
- Treasury funds will be preserved for ecosystem development and fixed price buyback @ 0.02 USDC will be paused.
- $1.2m of funds from the treasury and a share of future NFT sales will be earmarked for the buyback of all LSTARs tokens in circulation.
- The price of such buyback would be revised from time to time and be approximately equal to Remaining funds earmarked for buyback / (Estimated tokens in circulation + estimated tokens to be issued for learning for existing NFTs)
3. Cost of Invites will be adjusted in accordance with the updated Whitepaper table
4. Transaction fees will be updated as follows
- Invites 6%
- Swap on marketplace LSTAR <> USDC 1.5%
- Claim of LSTARs 5%, subject to 100 LSTARs minimum for Uncommon and Rare characters, 300 LSTARs minimum for Epic and Legendary one.
5. Time to get full daily rewards will be increased to incentivise more learning
We’re excited about continuing to develop the LetMeSpeak ecosystem — first and foremost, to open-up the opportunity for anyone to learn or improve their English. We have some cool product developments coming, as well as new partnerships that could provide access to tens of millions of potential new users which we look forward to sharing in the coming weeks and months.