FAQs 1

1. What is LYFFE and its purpose?

LYFFE is a utility token developed by Lykke with the aim to create a sustainable and efficient alternative to the current financial system. It provides access to free services on the Lykke exchange and will be utilized for various products and services offered by Lykke and its affiliates.


2. How does LYFFE address the problems in traditional financial markets?

Traditional financial markets suffer from outdated technology, leading to inefficiencies and lack of transparency. LYFFE, along with the Lykke exchange, aims to mitigate these issues by leveraging blockchain technology, offering zero transaction fees, and providing ATTMO.ai - a weather inspired decision support service powered by high-frequency econometrics-based models.


3. What is LYFFE’s utility?

LYFFE grants access to a high-quality exchange with zero transaction fees, AI-based market prediction services (ATTMO), and comprehensive news coverage. Additionally, LYFFE will facilitate the listing process for new tokens and support market making, fostering liquidity and fair trading practices for these new projects. A country-specific blockchain network with unique proof-of-personhood verification will be available at a later stage where LYFFE will also play a key part. 


4. How can LYFFE tokens be used?

LYFFE tokens grant access to various services on the Lykke exchange and will be utilized for ATTMO.ai signals, custody, staking, insurance of new tokens, CO2 tracking, and more. They can also be used for paying listing fees, accessing B2B platforms, and providing funding for new initiatives. When the LYFFE tokens are used, they are burnt and then reissued for renewed usage.


5. What is the allocation of LYFFE tokens?

60% of LYFFE tokens are reserved for specific use cases such as custody, staking, and market making services. 30% are allocated for community projects proposed by LYFFE holders, and 10% are designated for capital raising purposes to support Lykke's development cycle.  


6. Why are there exactly 2,334,096,100 LYFFE tokens? 

Premined number is pegged to the number of JANKA, the total number of shares of Lykke Corp, times 100.  


7. What are the risks associated with holding LYFFE tokens?

LYFFE is a utility token and does not provide ownership rights. Its value depends on the performance of Lykke's services and the contribution of the community. Macro- or micro economic events may impact LYFFE's value, and holders should be aware of its utility-based valuation.


7. What is the roadmap for LYFFE and Lykke's development?

The roadmap includes different phases such as the introduction of LYFFE trading, the launch of collaboration and listing platforms, the establishment of a decentralized autonomous organization (DAO), and the release of the Lykke blockchain. These steps aim to enhance the exchange's functionality and expand its offerings. You can read a more detailed description of the roadmap here. (link to the LYFFE page). 


9. How does LYFFE contribute to the crypto industry's growth and mainstream adoption?

LYFFE is a cornerstone of Lykke’s go to market and product launch plan to build a strong exchange to resolve challenges such as pump-and-dump practices and the lack of transparency in the crypto industry. By offering access to a sustainable and efficient alternative to traditional financial systems, LYFFE promotes financial inclusion, transparency, thereby facilitating mainstream adoption and expansion beyond crypto products.