Mars Panda’s Ask Me Anything (16 July)
Missed our AMA session with Founder Kevin Pang? Fret not as we got you covered!
Currently we have added the MPT token in our Metamask Wallet, so when will we be able to receive the Tokens that we bought?
If you have checked the contract address recently, you would have noticed that our logo and several information have been up already. These took a fair bit of effort as getting on BSC scan is not so straightforward nowadays. You can mint the token, get a BSC scan but your token will have no information except for some basic information like wallet to wallet. What we have, such as the logo and additional information, is through priority support from BSC scan. The entire process takes between 2 weeks to 2 months and I (Mars Panda Founder) took awhile to find the right people and support. After reviewing our project, they found that our project was seemingly good so they also offered advertisements for us to publish across the entire BSC scan channels. At present, I am still in the process of discussing this with them so it will take some time with that as well.
Back to the question, the Mars Panda Token will be released in a very special way and it will be coordinated with when the actual listing will happen. At the moment, we are waiting for the scheduling of IDO by BSC Pad as we have already gone through all the submissions and administrative procedures. We are waiting for the scheduling on their end for the confirmation of our official date of launch. In fact, our listing may not just be BSC Pad as we went ahead to submit the listing application on different platforms as well. Whichever platform gets back to us first will be when we will start our activity on tokenomics. However, the short answer is it will be a few days before the listing to prevent listing of our tokens by other parties as a form of cloning. This is hence very tightly controlled to prevent such knockoffs and we will be giving the dates very soon once the listing on any platforms is confirmed. We will then set up a form to collect information about your wallet and from there, you can get a dashboard to see how many tokens you have etc. The entire process will be explained and those who do not have a good understanding on how to set up your Metamask or Trust wallet do not need to worry as we will probably have a video to show you how to set up a wallet so that you can receive your tokens.
For those who purchased this Private Sales round, we understand that 50% of the purchased tokens will be locked and the other 50% will be available to be withdrawn to sell off on Pancake Swap listing day itself. What happens to the other 50% of the locked tokens and where will it be held?
During the token distribution process for private investors, you will receive all the tokens you have bought. All the tokens from private sales will be in a staking pool which investors will be able to receive returns for staking. Assume you have 10,000 tokens and you stake in in the pool (meaning, you do not want to sell during the listing) for reasons like believing in the project, the tokens staked will start to earn interest and there will be an APY publishes to tell you how much mars panda tokens you are earning from staking. If you want to withdraw/sell your tokens, the maximum that you can sell is 50%. In this case, if you have 10,000 tokens, you can sell up to 5,000 of your tokens. The remaining 5,000 is still in the staking pool and will continue to acquire interest.
Initially based on the original whitepaper, the penalty for early sale would result in 50% of the DEX offering. Unfortunately after discussion with BSC, they are unable to control the value and can only stop how many tokens a user can sell. The new structure is much more beneficial than the original.
Let’s say you have 1,000 tokens. The initial penalty for the sale of 1,000 tokens for MPT valued at $5 would result in earnings of 1,000* ($5.00 *50%) = $2,500. With the new structure, you can now sell up to 500 tokens (out of your 1000 tokens) at a value of 500 * $5.00 = $2,500 while the remaining 500 tokens still remain in the staking pool. The remaining 500 tokens will be released over time which you can choose to sell or continue to stake in the future.
We understand that the Mars Panda Project that is developed by your Singapore Registered Company, Legatus Global Pte Ltd, has qualified and successfully obtained the PSA LICENSE exemption. What does this mean to the public and how has it helped to certify the legitimacy of Mars Panda Defi Project?
I would like to emphasize this a few more times as in the past, the message of licensing and legitimacy has been misrepresented by different parties. Internally, we admittedly are also at fault with our marketing as everyone was overly joyous such that our message got lost along the way. Upon receiving a misrepresentation notice from the Monetary Authority of Singapore (MAS), we have changed all our messaging and have informed our partners on the right way of representation. Upon reviewing, MAS has already acknowledged our corrections upon notice.
Essentially, Legatus Global Pte Ltd is a company run by myself and is an entity that has obtained a regulatory exemption under the Payment Services Act (“PSA”) for digital payments token services. Right now, cryptocurrencies such Bitcoin and Ethereum are regulated under the PSA for digital payments token services. Many would say Defi activity is not regulated and this is still a very grey area but regulations are definitely coming up. Defi token is still a cryptocurrency and as long as it is cryptocurrency, it will be regulated with the commissioning of Legatus Global. Legatus Global is commissioned to handle the issuance of Mars Panda Token (MPT) as well as the KYC/AML during the private sales and distribution of tokens to private investors. Overall, we want to ensure that the messaging is correct. We are so-called not licensed because there is no license on Mars Panda end but instead we are commissioning Legatus Global and we are not under any form of support from MAS.
Moreover, some projects claim to be so-called privacy coins or utility tokens but they are not payment tokens which means that they are only usable in the ecosystem. Utility tokens are considered as goods which means the token itself is not a digital currency., and hence they are not regulated under the PSA Act. As a good, they incur goods and services taxes (GST) from 7 to 10 percent and this is what many projects do not reveal. When the Inland Revenue Authority of Singapore (IRAS) starts to charge tax for the GST due, they will not go after the project owner but the token owner. This is something to take note of when investing in projects that claim that they are utility tokens.
There are many similar DEFI projects that has NFT market places? How is Mars Panda any different?
First and foremost, in just the aspect of Defi projects, we are one of the few projects that have multiple pillars of business aggregation for e-commerce games and all. Other projects are purely considered a game, NFT or for liquidity mining but Mars Panda consists of a piece of everything.
For our NFT marketplace, I would say it’s special as we are not competing with Opensea and all other competitors which already have a big size and scale. We are unique as we are custom-made. It started as there’s a Singapore charity auction that’s going on and we are custom making the entire marketplace to fit into the regulations of Singapore including factors like censorship and payment services act regulations (whitelisting, AML, KYC). Essentially the KYC AML process is to ensure that buyers and sellers are verified which is not done by many platforms.
Our NFT marketplace allows for the sale and purchase of artwork, videos, sound files and also comes with an auction function which can accept payment not just in the form of cryptocurrencies but at the same time can also accept fiat currency. This means you can use PayNow, PayLah and credit cards through your payment gateway processor to acquire NFTs. Additionally, we are one of the few projects that are going through all this effort at our own cost as it’s very easy to do up an NFT platform by dumping and setting up the whole thing on blockchain at a low cost. However, for us, a lot of work has to be done as we are trying to be under regulations and also we are using several technologies (that are expensive) such as Amazon cloud storage to store the NFTs. Although some would say that everything can be stored in IPFS, the problem is that there is a possibility that the NFT can be corrupted. This has actually happened and there’s a written article about it. Imagine paying a few million dollars for your NFT only to find out it’s corrupted, how would you feel then? On our end, companies like Amazon comply with various cloud accreditations in Singapore so we are building it based on that itself.
Lastly, our differentiating factor is that we are doing NFT for physical real estate. We are working with some developers and once that is formed, we are able to sell fractionalized NFT for real estate investment for individual fractionized units. To be honest, the technology aspect is easy but the hardest part is the legal and regulatory part which is our trade secret. Again, our messaging must be correct to prevent us from getting into any regulatory trouble but once everything is confirmed, it’ll be one of the first in the world where you can acquire NFTs of actual real estate. These are not virtual estates but actual condominiums in Thailand in the heart of Bangkok of high value. Buyers can now purchase a fraction of that particular condominium and can acquire capital gain through stuff like rental collection. It’s interesting because it’s not just you buying it but possibly there will also be a commission structure for broken or real estate agents. We have a few more real estate coming up very soon and I would encourage you to hold your MPT.
We see the logos, GOOGLE AI and BINANCE, but we do not understand what kind of partnerships of collaborations that Mars Panda have specifically with these partners. Do kindly elaborate and give more details and how does it help the Mars Panda Project?
I am very very careful about all these logos as some individuals would directly contact these companies to question them. Thankfully Binance has been a great partner that supports us in many ways such as removing the clone from PancakeSwap. Legatus Global is operating as a payments company and are adding on additional regulated activities like account issuance and merchant acquisition. Hence, Legatus Global is an operator for Binance Pay not just in Singapore but once licensed, we are applying to expand to Japan, Korea, UK and even the US to allow Binance Pay to be legal in all jurisdictions for the purpose of payment, even in countries where they are currently not very welcomed. Since Mars Panda is commissioning Legatus Global as well, Binance is hence a partner supporting us on this project as well through technical aids and community support. The community support will come later on as major marketing after listing, to get more support for our project.
For Google, we are working with them on their artificial intelligence such as for checks on copycats and in the future, robo advisory. We are also working on having the cloud itself.
For other logos, some are solely for the charity auction itself. We will not be publishing any logos of all charity partners unless the companies have allowed us to do so. To clarify, I do not run the charity event and it is a government event from Singapore. Our Mars Panda NFT Marketplace will be the technology that supports the entire NFT charity.
What are the future marketing developments and campaigns that Mars Panda have in place to continuously build the Ecosystem?
The main marketing and the expansion of community will only happen once the thing is listed because firstly, we want the public to really believe in our project. We appreciate the support of the current community but this is not sufficient to sustain the business, we will require the bigger public to come in.
Secondly, it is for the initial investors here with us today who have actually gotten our tokens at a good price to be able to withdraw a little first. I don’t want to tell you to dump everything because our project will then be unsuccessful and we don’t want that. For those who believe in this project, get your profit or your capital or whatever it is that is comfortable with you and hold for the rest of our Mars Panda Tokes. I shall tell you more about it later regarding the phase 2 of this project. Definitely, in terms of the campaign, we are just waiting for the official listing to go through and the major campaigning will be up on CoinMarketcap, Coin Gecko etc., We have already started the process but we are unable to proceed yet because one of the key things about CoinMarketcap and Coin Gecko is that they need the data point but right now it is not traded yet, it is only open for the private sales and there is no one buying officially. We will need to have the actual trading information out there such as the sale of the token and people buying actively. We will need a data point for at least some period of time before we will actually be on CoinMarketcap and Coin Gecko. We have already applied and the personnel there have already responded to us so we are just waiting for this information to be out.
So at the end of the day, more marketing and more partnerships will be announced later on to build the ecosystem. That will also be when the news of some of the games will come out at the same time. Please be aware that there will also be some merchandising which includes some T-shirts. Our creative director has spent a lot of time with designers to create very nice merchandise T-shirts and also a particular special designed bag that’s something that people will like, which we will release more information later. These merchandise will not be sold outside, like your Adidas bag and it is not a bag that is actually generic. It is actually pretty expensive and we will be giving away some of them free to people who hold a certain amount of token. This bag cannot be purchased outside even if you have the money because it has special features such as medical features so we will talk more about that when the time comes and you will see the posters about it.
For private investors, we are also going to talk about this particular card (which we will be passing such a card to people who stake a certain amount as private investors) so watch for that as well!
After the listing on Pancake Swap, will there be any continuous efforts to list Mars Panda on other bigger exchanges like Kucoin, Huobi, Coinbase or even Binance?
To answer this quickly, we are definitely listing on Binance.com but the thing is that I want to follow CZ (CEO of Binance)’s new rule as CZ is very conscious regarding the talk about official guaranteed listing at certain things like IDO which is actually related to them but definitely Binance.com.
We cannot make false statements that we are listed there already but we can only say we have started the process to apply for listing. We are already on boarded as a COP account but it is a very long process because we are asking for a free listing as a partner. Whether we are able to get it or not, we are not able to confirm that yet.
Like I said, it is a very long process and it requires a lot of paperwork and things that we need to show as administration. For instance, for a community of more than 30,000, the working model of the NFT platform needs to be up at the very minimum. Things like that need to be in place and depends on how much liquidity we have and how much money we have in our pocket. That is something that they will actually ask. It is a process that we hope can be completed at the end of the year. I would not say that this is definitely not an endgame but it is a plan to get it on board.
Now, would we go to another exchange counter other than Binance and is this the last? I cannot answer you that because we won’t know whether Binance is going to be the biggest exchange at the end of the year. It may be but Coinbase may also actually start to be bigger and we wouldn’t know! So if Coinbase is starting to be bigger than Binance then I may have to find my way to USA to get listed on Coinbase as well. Coinbase is actually listing a lot of tokens, they are actually opening up so I think we have a lot of opportunity there as well.
Between now and Binance, do we want to go to another central exchange? This is a very good question and I’m still pondering over it. So I think in due course after the listing on pancake, we see such information coming up because it is all very hard work. People say that listing is very simple but most of the time, they are all scam coins listed as scam exchanges. Projects that are legitimate take a long time to get listed because there are a lot of questions and administrative work due to listing on legitimate exchanges. Most exchanges are all regulated and they have to follow a certain level of rules so it becomes very tedious to go through all the paperwork. It drains the whole team because they will be required to prepare a hell lot of documents. For central exchanges, it is not so easy to rug pull because anytime the price starts dropping to a certain level, the exchange will stop trading to stop the price from falling, which is why they have to make sure that the project is real before listing.
There will be a synthetic stocks trading platform in Mars Panda dex. Can we know more details about this? And will this also be a Utility element of Mars Panda tokens?
I can’t reveal too much of this right now. The design is actually out which is defined as phase 2 (synthetic testnet). It will be a special deck, and it will not be like your normal decks. It is actually working on synthetic tokens.
Now officially, you might have heard about Binance withdrawing it is because a lot of problems with the real stocks and all that, we are doing it totally differently so I will not be sharing the full information because I guarantee that people will copy so once the design is out, I am actually submitting it for patent at the IPOS office to be patented. The design is unique to our economies.
So what is happening is that it will take at least 5 or 6 months. The design is out but it is going through simulation modelling to simulate 5 years of data based on 4 months. It is going to simulate past data, present data and the next 3 years of future data. This will determine the performance of this entire thing, how well performed as a virtual entire economy itself. So the thing is that, to participate in this right, you need our Mars Panda Token. Which is why I’m telling people to hold your tokens, otherwise you will have to buy Mars Panda Token at a very high price in order to participate in this activity.
This is all I can share right now. One month later, we will be having a one page write up to explain slightly but again, this are all trade secrets. I will not be sharing the diagram. It will be a write up to tell you roughly how it works.
What other utility usages will Mars Panda have that users of Mars Panda Community expect to see? What can we use With MPT?
It includes things like the NFT games. First and foremost, NFT specifically to Mars Panda. You have already seen all the airdrops and also the contest by our CMO, Jay has painstakingly come up with the contest and worked very hard through the design. I can tell you that you will definitely enjoy the NFTs when they start being given out as prizes. It is very lovely and I also want to print it out but the things is that after which they will all be sold off as NFTs which you will be required to get MPT to purchase.
Same thing for our merchandise that I mentioned just now (T-shirts and special bag). For those who didn’t stake enough but they want to get it because they like the design, the only way to get it is through MPT as well so that is another use case.
Last but not least, it is the NFT games, not just one but a few. Essentially, you will need to participate and buy game items using the Mars Panda Tokens to purchase the NFTs as well. So these are all the things that we are coming up that will have a use case for NFTs.
Not forgetting, going forward, we will have the real estate NFT and then eventually there will be more financially related NFTs. That will be announced accordingly as well. Later on when we will actually be doing the actual mining such as linking to actual mining pools, linking to actual businesses that build in for instance real physical businesses. We will announce once we merge our ecosystem or we have other big businesses joining our ecosystem, we will find more uses for our MPT.
About Mars Panda
Mars Panda is a complete eco-system which consists of:
• Games, Social Media and Ecommerce Aggregation
• Yield farming DeFi
• Mars Panda game with NFT game elements
• NFT Marketplace
We aim to fuse mainstream eCommerce and Gaming to the crypto world of NFTs and DeFi, on one seamless, unified platform.
Find us at:
Legatus Global Pte Ltd is an entity that has obtained a regulatory exemption under the Payment Services Act (“PSA”) for digital payments token services. Legatus Global is commissioned to handle the issuance of Mars Panda Token (MPT) as well as the KYC/AML during the private sales and distribution of tokens to private investors. Legatus Global is also handling the process for private sales and distribution.