Marketplace AMA Recap
Introduction:
The Marketplace is a Peer-to-Peer Trading Platform that facilitates trading between individuals, so rather than buying or selling via a traditional Centralised Exchange, or Decentralised Exchange you can buy and sell directly to your friends, colleagues, or any other individual.
When you trade on the Marketplace you have no limitations on what you can trade, you don’t have to wait for your token to be listed to trade it and you don’t have to trade it at a price set by the market. You can sell literally whatever you want, to whoever you want, for whatever you want.
Some Simple Use Cases:
- Trade unlisted tokens
- Trade listed tokens in high volume without directly affecting the Market Price
- Facilitate Private Trading in a fully trustless way
- Whitelisted Address(s) and Crowd fill
But it’s not just tokens…the Marketplace is also set-up to trade NFT Keys that represent tokens locked in vesting contracts.
Locking tokens into vesting contracts is a popular choice for people and projects who want to sell tokens to gain liquidity, but don’t want the tokens to hit the market right away. A typical example of this would be a project that wants to sell some tokens to raise funds for development, they would look for a VC or Angel investor and agree a discounted price for the tokens, which would then be locked or vested for a certain amount of time.
What the Marketplace does is it allows projects to do this, but it removes the VC or Angel investor from the equation and allows the project to sell the tokens to the community in a controlled way. The project simply locks the tokens into a vesting contract using a service like Sablier, and then lists the NFT key for sale on the Marketplace, either to anyone or to whitelisted addresses only. The new owner of the NFT key can then receive the tokens as and when they unlock, or trade the key to someone else to recover their liquidity.
Lets take some questions, we’ll start with the ones from Twitter and then we can see if there are any in the audience
- @bandalink11 How will the peer-to-peer escrow service in the Linear Marketplace work, and what measures are in place to protect both buyers and sellers?
The escrow service works by the seller whitelisting the wallet address of the intended buyer, and then listing the item for sale. The protocol will take temporary custody of the item into the smart contract, and then when the buyer comes along it will only release the item to the person with the whitelisted address after they have paid the agreed price. Once the buyer has paid for the item the item is released to the buyer and the funds are sent to the seller automatically. Our smart contracts are of course fully audited by our friends at Certik and the audit will be available for users to review.
- @MCCOYY33 What are the future plans and updates we can expect for the Linear Marketplace after the initial launch, especially in terms of new features and expansions?
There are two main developments we are focused on, we will be adding more chains to the Marketplace, currently we are launching on Binance Smart Chain only, which is of course our home for our Synth exchange. And then later we will develop our own vesting contract creation service that allows people to lock-up their tokens into a vesting period and then directly sell the keys on our platform
- @SorenKartick To what extent will Linear’s exchange integrate with the marketplace, and what benefits can users expect from this integration?
The Marketplace will be launched as a dApp within our Linear ecosystem, there is no direct integration at this time, the services are separate, but they will work together with future developments to build out a much broader, much more innovative Linear Ecosystem. Users who come in to use the Marketplace, for example, can then discover the benefits of staking LINA in Builder and trading synthetic assets.
- @MrDollar24 What specific criteria and requirements must a project meet in order to have its assets listed on the upcoming Linear Marketplace?
There are no requirements, in that sense it is fully decentralized, as I said at the start you can sell whatever you want, to whoever you want, for whatever you want
- @phmanno What is the role of $LINA in the marketplace?
LINA will be supported by the Marketplace in two ways, directly and indirectly
Indirectly — Fees generated from the Marketplace will contribute to the long term viability, stability and development of the overall Linear ecosystem. This is super important, all protocols need to generate revenue to continue with development and remain relevant in the crypto space
Directly — We have some initial thoughts, but they are not yet confirmed. A percentage of the fees generated by the Marketplace may be used to market buy LINA tokens and share them to the users who are staking LINA within the Linear Builder Protocol. LINA holders may have reduced trading fees. LINA holders may have exclusive access to certain whitelisted deals on the Marketplace
We are confident we will launch the Marketplace this month, Aug 2024, and we would encourage everyone to come and take a look on the launch day as we will be populating the Marketplace with some great LINA bargains!
I hope you are all looking forward to the launch as much as I am, thanks for joining our AMA!
