Lokr in house AMA

Team Lokr
Lokr
Published in
5 min readDec 16, 2022

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This AMA took place on the 16th of December 2022

Lokr Announcements

Our in house AMA has now begun 🥳

Ask your questions to our CEO below 👇

Imran Lokr

Hi Guys — I’m all yours

Silent Adviser

Hey there, been away a while and just catching up. I remember in the beginning of the project days, Polkalokr was supposed to allow users to trade their locked tokens and/or provide access to liquidity for those users. Will Lokr’s Vault product have this functionality eventually?

Imran Lokr

Hi — Yes. This is one of the core functions built into Vault. Vesting can be split and given to another user. Swapr will create a marketplace for this and allow users to buy/sell/trade unvested tokens

Han

Hello, there is a difference between the circulating supply on Coinmarketcap and CoinGecko. Can you tell us the current circulating amount?

Imran Lokr

Thanks for raising this. Coingecko is correct. I will reach out to CMC and get this corrected

Poyraz

How did the products progress after the live demo? Can you forward the current status of the products now?

Imran Lokr

Good question. Since the live demo, we have ironed out the remaining bugs and kicked off the audit process. Vault and Bridgr audit is complete. Mintr is still in progress. The audit reports will be published in the coming weeks.

In terms of product development. Mintr, Bridgr and Vault V1 pretty much complete. Post-audit, we will start putting together mainnet infrastructure, deploy contracts to mainnet, complete integration and start beta testing with select partners.

Swapr is in development and V1 is planned to be ready for testing in March

Denizsu

Will there be a cex listings?

Imran Lokr

We’re in conversations with a number of exchanges, but do not have any plans to list in the immediate future. Given the current market conditions and cost of listing, it does not make sense to burn treasury funds on an activity that is not likely to bring in any reasonable ROI. Once the market is more active, obviously, this will change

MrsCoala

There were delays in the roadmap. Do you plan to prepare a roadmap again for 2023?

Imran Lokr

We recently launched a lite Discord server, but will be relaunching a full function version in the coming weeks. It will become the new source of all info and be integrated with all of our other socials. It will feature a new ‘Dev update’ channel and we will start communicating major development updates/status changes to the community through there. Having a real-time view of what is going on will probably be more useful to the community

Silent Adviser

Does Lokr have enough funds to survive the rest of the bear market until crypto has another bull run in 2024? How much money (percentage wise) does Lokr have left from its original raise? Where are the funds being allocated to? Has Lokr raised any additional funds since its first raise? Does Lokr plan to or need to raise additional funding for the project to be able to survive the next 2+ years? Is there any VC or other investment interest in Lokr?

Imran Lokr

In terms of our financial status, we have a very low burn rate. The majority of spend is on development and we have brough almost every outsourced service in-house. This has extended our runway and will keep us in the green.

We have not needed to raise any additional funding, however, have been approached by several investors looking for both token and equity stakes.

Silent Adviser

Is there much interest from other crypto projects/tokens wanting to integrate with Lokr and use their services? I know in the beginning of the project, Lokr was adding a partner 1–2 times per month and then just stopped. What happened to the interest in Lokr? Is the bear market solely to blame? Or is it also due to slow development and/or competition?

Imran Lokr

We are still in contact with our partners. In fact, a number of them will be part of our beta testing cohort. In terms of our solution, once the remaining apps are developed, we will have a fairly comprehensive suite of products and the objective thereafter will not be to look for partners, rather to focus on onboarding paying clients. I think the community would much rather know that we’ve taken on 10 new clients than partnerships 😊

EDU Falai

What people should expect from Lokr’s protocols such as Bridgr,Swapr and others? Escrow is not the most understandable concept on blockchain, why people going to need Escrow in blockchain history?

Imran Lokr

Many transactions in today’s world require a trusted third party to act as an intermediary. This is designed to reduce risk and prevent people being scammed. For example, during the sale of a house, funds are normally transferred to a solicitor until the contracts are exchanged, etc. Unfortunately, this service costs money and isn’t very accessible or practical when it comes to crypto. For instance, if I agree to sell you 1 BTC for $15k USDT without going via an exchange, there’s a risk I might send you the BTC and not get paid.

Using platform’s such as Swapr will eliminate this risk and allow buyers and sellers to interact in a safe and trustless manner

day3.eth

what’s your strategy for getting new users, and price actions? maybe big names, partners, influencers, PRs, etc.

Imran Lokr

We will be launching a very engaging Discord server in the coming weeks which is what the community has been asking for and the market is moving towards. This will be the new social hub and the place to get the low down on all new announcements. Our other social channels will still remain active.

The main driver of any project is adoption. We believe we have developed a platform that is unrivaled in the the space. As we start onboarding clients and VCs get a better understanding of the advantages of Vault over the alternatives, it will accelerate adoption. We are also working on an affiliate program that should help drive new users towards the project.

Jayden

What’s the current yearly ROI of Lokr and what’s your expectation for next years?

Imran Lokr

ROI this year is negative. This is expected as we have been investing in development, but not yet started marketing our products. 2023 will be a big year as we will kick off business development and the onboarding of paying customers

Alexander Grayson

Will Bridgr problems be fixed?

Imran Lokr

The root cause of the problem has been identified and is being investigated. Unfortunately, of the third-party back-end services has failed and we have raised it with them. In the meanwhile, users who has tokens locked in the bridge for over 7 days have been compensated and the tokens have been sent to their wallets 😊

Lokr is the first all-in-one, multi-chain token locking and escrow platform with built-in privacy functionality. Its products — Vault, Swapr, Bridgr and Mintr — help build trust within the DeFi space by removing the human element and focusing on governance through code, with a seamless, omnichannel digital experience platform.

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