Up to $5 million Airdrop for early adopters and other things to look forward to
PLEASE REVIEW THE IMPORTANT INFORMATION CONTAINED IN THE DISCLAIMER SECTION BELOW.
NOT FINANCIAL ADVICE
We know that changes to LetMeSpeak announced on 21 June 2022 have caught the community by surprise. We are working very hard to continue building momentum although we recognise that the changes made have been difficult for everyone involved.
As ever, we are focused on our long-term mission of solving the biggest problem in online language learning — motivation. We have seen strong early positive signs of how the Web3 approach can massively increase learners’ retention. We never expected the path to sustainable scale to be easy though and always thought it would take experimenting, adjusting and working together to get it right.
Maintaining exchange rates artificially can provide stability — particularly in early growth phase such as with LetMeSpeak — however, are often too costly in the long-term to be sustainable. That’s why we’d always envisaged that the buyback at 0.02 USDC would apply for a limited period (and had referenced this in our white paper). The transition from one regime to another is inevitably painful in the short-term, and necessary for the sustainable economy in the longer-term. We apologise that we were not able to provide further advance notice of the change, but as is normal in these situations, it’s not possible to do so without incurring a material cost to an ecosystem.
Many people have commented over our social channels and we have carefully considered all feedback received. Two recurring themes have been around how we plan to further develop LetMeSpeak, and how early participants in the ecosystem who may have been impacted by the changes implemented can be recognised. We hope we address these points and more with the below update.
Up to $5mn Airdrop for LetMeSpeak Early Adopters
Without the support of the thousands of early adopters through purchasing of NFTs we’d not have been able to grow LetMeSpeak so quickly.
We are therefore pleased to announce that our early adopters who had NFT Characters in their wallets on 23:59:59 UTC, 20 June 2022 will be able to participate in a special airdrop of governance tokens equal up to $5mn in value.
- $5mn value will be based on 30-day average token price after governance token listing on a top 10 exchange by spot trading on coinmarketcap
- Overall number of tokens to be distributed in this airdrop programme will be subject to a cap of 50 million LMS tokens (0.5% max supply)
- You will automatically see in your market.letmespeak.org account if you qualify to participate in the Early Adopters programme by the 20th of July. The information in the account will include how many LetMeSpeak governance points you qualify for.
- Distribution of governance tokens will happen over a 6 month period and will start within a year of the LMS governance token generation event.
The number of governance points you get will be proportional to the number of LetMeSpeak NFTs you held as of the 20 June 2022, with the following multipliers:
- Uncommon: 100
- Rare: 250
- Epic: 600
- Legendary: 2000
Building a Sustainable LetMeSpeak Economy
We are committed to making the LetMeSpeak “Learn-and-Earn” model sustainable long-term, so that we can reinvent education at scale.
We are focusing on the following things in the immediate future:
- Involve more users into LetMeSpeak without need of crypto knowledge
- Introduce scholarship
2. Reward engaged learners more
- Increase daily reward rates for the number of days in a row you have used up your full daily energy (“streak”)
- Reduce reward rate for missed days
3. Make the game even more fun
- Add more content
- Add more exercise types
4. Add treasury income streams
- Introduce boxes with Characters
5. Add more ways to spend LSTARs in game
6. Clean the ecosystem
- Minimise bots and enforce personal use policy (no farms)
7. Increase accessibility
- Make LetMeSpeak more accessible to users globally. Localise learning app for South Korean and Japanese users
- Make marketplace available in the same 14+ languages as the learning app
- Translate white paper into Spanish / Russian / Chinese / Vietnamese
- Create a full mobile Web3 experience with integrated wallet, ultimately requiring zero blockchain knowledge to start learning & earning
We will publish more precise details closer to the relevant release dates.
Increasing LSTARs Utility
Ultimately, LSTARs is a token of learning, a mechanism by which learning can be tracked, rewarded, and value redeemed. A key to unlocking the value of learning is identifying partners with a vested interest in people who have a verifiable interest in learning.
We are building partnerships with vendors where LSTARs can be redeemed at favourable rates for learning-related products and services. This could be private online tuition, adjacent online learning providers, and so on.
Timing of this inevitably depends on B2B agreements with corporate partners.
Inviting Further Feedback
We value dialogue and feedback from the LetMeSpeak community. We’ve received a large number of very constructive recommendations from users and want this to continue as we head into this new phase for LetMeSpeak. We therefore invite users to submit ideas via this form.
Sneak Peak of LetMeSpeak on Android
As mentioned previously, we’ll soon be making LetMeSpeak available in the Google Play app store on Android. If you can’t wait to see what the Android app looks like, then here’s a sneak peak.
We’ll be providing further updates regularly. We look forward to further developing and growing LetMeSpeak together, and, most importantly, continuing to offer the opportunity for people all around the world to learn English and earn too.
The information in this article is for informational purposes only. The information included herein may not be exhaustive and does not imply any element of a contractual relationship. The content of this article is not binding on LetMeSpeak and its affiliates and is subject to change.
The purpose of LetMeSpeak is to encourage and assist individual users to learn English. It is not intended for any other use and specifically it is not intended for commercial use by any person.
LetMeSpeak expressly disclaims any and all responsibility for any direct or consequential loss or damage of any kind whatsoever (whether foreseeable or not) arising directly or indirectly from: (i) reliance on any information contained herein or any information which is made available in connection with any further enquiries, (ii) any error, omission or inaccuracy in any such information, or (iii) any action resulting therefrom, or (iv) your use or inability to use the LetMeSpeak network.
No regulatory authority has examined or approved of any of the information set out herein. No such action has been or will be taken under the laws, regulatory requirements or rules of any jurisdiction. The publication, distribution or dissemination hereof does not imply compliance with applicable laws, regulatory requirements or rules.