[AMA Recap] LABS Group X Polygon
LABS Group’s CEO Yuen Wong and CTO Leonidha Zhezha have joined together with the one and only Polygon to answer your burning questions! For this AMA, they took the opportunity to talk about the latest developments in LABS Group’s technology and plans for the second half of 2021. This is the perfect time for you to come to understand LABS Group and Polygon even better!
Interested in the AMA but missed out on it? Don’t worry. We’ve got you covered!
Time: 12:30 PM UTC
Venue: Polygon Official Telegram Chatroom
Guest: LABS Group CEO Yuen Wong, CTO Leonidha Zhezha
Yuen: Hi all Polygon supporters, am really honored to be here.
Sam: 👋 Hello @Yuen_Wong_LABS and @leozhezha, Welcome to the Polygon community. 🙂
Leo Zhezha: Hello all, thank you to Polygon’s team and community for having us here today.
Sam: Could you please tell us a little about yourself and how the LABS group came into being?
Yuen: Hello all, thanks for having me here!
My name is Yuen, and I’m the founder and CEO of LABS Group, which is a digitised real estate investment ecosystem powered by blockchain.
I also happen to be Bitmart’s managing partner, and it is from there I learn a lot about what makes or break a blockchain project:)
My background has always been in blockchain and real estate, and that’s why I’m doing this great project with a great team!
Lastly, you can follow us here:
Sam: Awesome, thanks for the introduction, Yuen! It’s pleasure having you here!
Yuen: LABS, which stands for Liquifying Asset-Backed Securities, is a Digitised Real Estate Investment Ecosystem.
LABS’ vision is to make real estate for everyone by changing the way people invest in real estate thru digitalisation, thereby solving the high involvement and transactional costs as well as illiquidity.
Sam: 🙌 Brilliant Vision!
Yuen: With Polygon, vision can then be turned into reality much easier.😎
Leo Zhezha: And I’m Leonidha Zhezha. I’m LABS Group CTO. I have always been in the computer science field, and I first got involved in the blockchain space in early 2017.
Sam: 🔥 Indeed!
Leo Zhezha, [24 May 2021 at 8:39:15 PM]:
Sam: Awesome background, Leo! great to have you here 🙌 Can you tell us a bit more about the LABS Group and its features?
Yuen: As mentioned, LABS’ vision is to make real estate for everyone by changing the way people invest in real estate thru digitalisation, thereby solving the high involvement and transactional costs as well as illiquidity.
The blockchain-powered ecosystem is comprised of:
1. Primary trading platform: the token issuance and Crowdfunding platform
2. Secondary trading platform: Digitised Real Estate Exchange, regulated and able to target retail investors.
3. Auxiliary DeFi platforms: staking pools, collateralised lending platform, and integration of DEX. Plus, use of NFT on property.
4. Issuance of NFT on resorts and hotels as well as on property funds.
LABS ecosystem is a unique hybrid system. While the property tokens within its ecosystem would be ST, LABS tokens utility tokens. While the exchange part is centralised, the collateralised lending part is decentralised.
Sam: 🔥 NFT on resorts and hotels! Sounds very interesting!
Yuen: Yes, I’m also excited about it every day😊😆 This will be introduced in June.
Sam: Me too, super excited!
Amazing stuff! Can you give more insights on what are the major milestones LABS Group has achieved so far and what can we expect from you guys in the future?
Yuen: Well, obviously, we have completed our very successful fundraise and have launched our tokens on uniswap, gate.io, and Kucoin.
We are also in talks with some more big exchanges.
LABS has also firmed several new partnerships, including Decredit that will work with us in the Defi collateralised lending platform side of the business.
Sam: Wow! amazing congratulations on successful fundraising!
Yuen: Next, on the NFT resort part, we have firmed two key partnerships with resort developers and we will first focus on SEA resorts.
In fact, LABS group will be introducing the first-ever peer-owned NFT resort.
Of coz, super excited to have the strategic partnership with Polygon if you can’t tell from my expression (lol).
Sam: Haha😅 I’m sure! I can sense the excitement!
Yuen: I know from my Aave contact that they are very happy after integrating with Polygon. In fact LABS group is invited to one of their panel discussions later this month, and guess what, Polygon will be there as well.
Sam: SEA resorts sound very luxurious!
Sam: Wow! Great😀 Super exciting things in the kitty!
Yuen: For our resort NFT, details will be published soon. And the resort will be named as XXXX NFT Resort! 😎💪
If the Polygon community really super support us, we will consider naming it Polygon NFT Resort🤩😃
Sam: Yeaahhh!!!!! Community show some love to enter the very first Polygon NFT Resort🤩
Yuen: No kidding, we have decided to give the naming right of the resort to the community thru bidding😌
Sam: Sounds great!
Talking more about LABS, can you please tell us how LABS Real Estate Digitization will allow more retail investors to participate in real estate markets?
Yuen: LABS Group has a 3 prong strategy:
Crowdfunding and trading platform
Collateralised Defi lending on real estate projects and tokens
NFT in resorts and hotels
Each way, we slice up real estate investment into small portions as low as 100USDT and allow refusal investors to be involved. We are able to do it as we would have the approval of an exchange license to offer to refill m retail investors after tokenisation. With decision on real estate, we can then offer to everyday investors in a cross cleverly border and globally manner.
Sam: Wow! Sounds so interesting like without having millions you can still invest in Real Estate👍
Yuen: Of coz, LABS group will handle the due diligence and legality parts so that you and I invest like real estate professionals. With our collateralised lending, you can obtain leveraging.
Sam: WoW! that’s so amazing!
Can you tell us a little bit about which kinds of experiences you’re building on Polygon and what are the advantages of the Labs group working with Polygon?
Yuen: I guess I have talked much. I will let Leo, our CTO handle this part :)
Leo Zhezha: We have already develop KYC data-keeping on IPFS and investment order tracking on Polygon network and currently working on deploying ERC20 and ERC721 standard smart contract on Polygon testnet for testing, Stabilizing, and engage penetration test service, Migrate existing ERC20 token from Ethereum to Polygon.
The major benefit of Polygon is scalability, which the crypto space is in dire need of today, considering that it takes forever for transactions to be verified on the Ethereum network, especially if you try to decrease the gas fees. Four very important factors that made us choose Polygon are Support, Flexibility, Security and Polygon Chains. “*”
Yuen: I guess to sum it up:
To achieve cost-efficiency
To achieve speed
To achieve possibilities in many areas, including bridging and scalability
Sam: 🙌 Thanks for the positive feedback @leozhezha!
Leo Zhezha: 😁 I’m used to more Technical terms hahah
Sam: At a glance 👀
Yuen: The first real estate investment ecosystem building on Polygon…hmmm, sounds like a perfect marriage to me, and I guess all supporters would agree.
Sam: Yes! I can understand as you’re the CTO😅
What will the future of LABS group in the decentralised finance revolution look like? Can you talk to us about your Roadmap?
Leo Zhezha: Technically we can go live in late June. However, business, project, and marketing wise might need to wait a little. Since we will be launching our NFT on property first.
With the new year 2022, we plan to Official launch LABS Blockchain as a Service and our IOS and Android app. Our Investors will be able to Invest through our Web Platform and their mobile phones. “*”
Sam: Wow! Worth knowing this 😀 Can’t wait to see what’s in store 😄
Yuen: LABS will be offering a Defi collateralised lending platform as per mentioned. Hence anyone can get involved in real estate investing thru tokenisation and then borrowing against the tokens (which are asset backed) and achieve leveraging.
This is not possible in the past, and hence LABS is making this possible to everyday investors.
Sam: That’s awesome to hear!
Yuen: And LABS also encourages financial inclusion, since now one can be anywhere in the world and still get involved in real estate investment with or without a bank, as long as he or she has internet and a digital wallet.
Yes, as Leo said, we will focus more on resort NFT and this well be introduced in June.
Unfortunately, the legal stuff and business side of things do take time. But we are all very excited to be part of this groundbreaking blockchain history.
Sam: Yes, I do understand! That sounds like an action-packed Roadmap!
Before we conclude, I think there are many in the community who would love to join the LABS Group and stay up to date with all the news. What’s the best way to keep in touch?
Yuen: Yes, imagine a peer owned and governed NFT resort in its Entirety🤔🤩@labsgroupio, Linktree. Make your link do more.
Read about us, learn about us, and follow us here: https://linktr.ee/labsgroupio
Sam: I’m super excited about my Imagination!🤩
Sam: Polygon Fam, do show some love to LABS group here!
Yuen: We are also starting an ambassador program soon and join us so that this is possible. Real estate investment for everyone. Resort investment and enjoyment for everyone 😎 I’m sure our community would love to take up this opportunity!
Now let’s explore some Q’s from the community!
@Yuen_Wong_LABS @leozhezha ready for community round?
Coming to a cinema near you😌😎🤩
Yuen: LFG. Oops, sorry, let’s go.🙂
Sam: Wow!!! 🤩 It’s so fascinating!!!
Sam: Haha! Let’s start!
We will unmute the group for 5 minutes and then mute the group again for LABS team to answer the Qs!
🙌 Polygon community, please share your questions now.👍
Fatima Khalid: 📌
4. Token price
From the 4 aspects, which one is your main priority and why?
Yuen: To me, if only one to be picked, it is definitely the product.
Well, a good product will encompass the security part, and it is often if not always, an end result of partnerships.
For example, if LABS work with Polygon closely, how would a good product be not possible?
And when the above is take care of, the value of the token will likewise take care of itself.
Of coz, this might take trine, but it would eventually happen. If it is for short term speculators, then I have no above:)
Pelu: Will I be able to bridge my LABS on ETH over to Polygon?
Yuen: This is indeed the aim and objective.
Johnny M: Given the recent price action, is there any plan for reducing the total supply to increase scarcity and hence price of each token. Also what is the utility of the LABS token?
Yuen: LABS tokens are Ecosystem tokens (Utility tokens) with our special GAINS model :
Our token holders can vote on important matters of interests.
LABS token holders can get early access to real estate projects that the ecosystem introduces.
LABS token holders can get incentives should they decide to get involved in our projects on our ecosystem.
LABS token holders can nominate projects they wish to be launched on our platforms and be rewarded.
…Staking (for rewards)
LABS token holders can stake the tokens to get rewards. LABS will use its governed 80 percent profit generated by the LABS ecosystem to buy back LABS tokens from the open market quarterly and distribute to the staking pool in accordance to the size and days staked in the pool.
By buying back from open markets with the ecosystem profits, the token price would be boosted, and holders will be rewarded when the ecosystem gets even bigger traction.
This unique mechanism will address the needs of short term investors and mid long terms holders.
We don’t have token reduction mechanism but we are sure that as business gets traction, we will have more ability to conduct buyback and hence increasing the token values.
Fatima Khalid: Where does the NAME of your project come from? What SIGNIFICANCE does the name has in your project development and functions?? How this name came in your mind?
Yuen: LABS, which stands for Liquifying Asset Backed Securities, is a Digitised Real Estate Investment Ecosystem.
We want to make real estate investment not only reserved for the privileged ones, but for everyone. This best asset class should not be the divide between the haves and have nots.
Fatima Khalid: Will you built your own wallet for investors and customers?
Leo Zhezha: Yes, LABS wallet it is in our Roadmap.
Jermol: When will I be able to list my house for sale through Labs?
Yuen: Unfortunately to allow real estate investment for as many people as possible within the shortest time, LABS Group intend to work with property developers instead to get economies of scale and smoke supplies.
Not forgetting that they are suffering right now due to the special situation we are in, and the ouch makes them keen on talking and offering deals to us, which are then passed down to our supporters.
Thijmen: What about the tokens? I have seen there are still a lot of tokens to be released.
Yuen: Number of tokens are only one side of the story. One should look at the overall.
As long as you think traditional real estate investment can be disrupted, real estate is a big enough sector (it is worth over 200 trillion USD btw) and LABS group is the team with the capability, then support us in our vision.
Saqib Bhatt: Down down down
Yuen: Is LABS team really concerned of short term pricing? Well no, as a real business can’t be focused on the needs of short term speculators. Long term hodlers and supporters will be fully rewarded since LABS will bring value as we move the cheese from the traditional sector and hence proving its worth.
Yuen: And not to forget that we are still way above out public price. We can’t control actions on open markets😌
durAn: Up up up
Yuen: The token value do take care of itself in the long term we are sure😌
VA QUALITY: Will there be any burn case for LABS?
Yuen: There will be a buyback and distribution mechanism with the profits generated by the LABS ecosystem.
iBo: Labs is a project that Unite DeFi + real estate market, but there exists so many types of real estate, so can you tell what are the ones that you support?
Yuen: In June we will first introduce NFT on property, with the first focus on resorts as we see the great opportunity given the situation and timing.
And then, we will duplicate with the success model even if some finetuning is required.
I think that’s about all? Please join our community and ask if you have more questions: https://t.me/labsgroupio
Sam: Thank you for answering the questions amazingly Yuen and Leo!
Yuen: Thank you Polygon for giving LABS Group this great chance to share, and to collaborate.
It feels great and exciting to be the first real estate investment platform on Polygon.🤩
Sam: Thank you so much for joining us today @Yuen_Wong_LABS and @leozhezha , it was awesome having you! All the best for the awesome Roadmap ahead 🔥
Yuen: Thank you Sam, for making this easy🙏😎
Leo Zhezha: Thank you and good luck to Polygon team. You are doing a great work
About LABS Group
LABS is a blockchain-based real estate investment platform looking to simplify investor access and capabilities within the asset class. Using the LABS platform, anyone can easily tokenize and fractionalize their real estate, allowing them to sell or trade it in order to gain instant liquidity. LABS Group also offers a regulated securities market for tokenized real estate trading, a crowdfunding platform, and a lending application that allows for peer-to-peer lending based on the collateralization of tokenized real estate assets. LABS Group is redefining the real estate industry, making it more accessible to everyone.