iMe Lab, LIME – All you need to know

Lime Token
Written by Austine Tracy

The launch of a telegram-based messenger, safe crypto wallet, and Defi tools by iMe Lab is an innovative approach to connecting both crypto and conventional communities.

iMe is not the first to integrate cryptocurrency into messaging platforms. We have seen attempts from Telegram to integrate its cryptocurrency which failed. 

The Facebook community also planned to integrate cryptocurrency and a digital wallet into its ecosystem a few years ago but didn’t pull through. It seems like they still have this in their plan though, as they’ve rebranded the name of their crypto to “Diem“. 

They also released the pilot of their digital wallet called “Novi” on the 19th of October, 2021, which supports cryptocurrency payments through WhatsApp for a limited number of people in the U.S with the use of a stable coin called “Pax dollars or USDP“. 

iMe is however at a higher advantage since it has gained the trust of users over the past few months with its numerous improvements to its ecosystem.

iMe natively uses a cryptocurrency built on the Binance Smart Chain and Ethereum blockchain, and it has a centralized coin called Aicoin. Aicoin can be used to buy or create Neurobots, create earnings by selling or advertising neurobots, and by inviting friends to iMe. It acts as a stable coin and serves as a bridge to iMe’s virtual token LIME

The iMe messenger and crypto wallet integrations

In this article, our central focus would be on providing you with all the details on iMe’s virtual token LIME

What is LIME

LIME is the main and only token of the iMe smart platform catering to the development of the platform and giving value to its holders. It is a utility token developed on both Ethereum (ERC-20) and Binance Smart Chain ( BEP-20).

LIME is also utilized on the DAO principle. Its DAO structure gives LIME token holders the entitlement to vote and make decisions that influence the development of the iMe project. At inception,  LIME was mainly meant to be exchanged with Aicoin to create an atmosphere of decentralization for its users.

Founders/Team

iMe Lab was officially launched on the 16th of April, 2019. Its major founders are Alexander Borutskiy and Alex Barhat.

Alexander Borutskiy is a Ph.D. holder in economics and has been in cryptocurrency since 2016. Before joining the crypto ecosystem, he handled IT startups, sites applications, internet services, and webshops. He is in charge of business development and strategic coordination at the iMe Lab.

Alex Barhat has higher education in software engineering and has been in the crypto ecosystem since 2014. He started from mining before delving deeper into crypto development.

What problem is it solving

LIME enables its holders to manage cryptocurrency easily in a user-friendly interface. 

Although LIME was built on the ERC-20 standard, It was improved upon and differs from ERC 20 — it has accelerated transaction processing, can automatically cancel incompatible contracts, uses one transaction for the exchange of token instead of two, and it can assign operators.

LIME is beneficial to its holders in the following ways:

1). LIME ensures that paying and receiving payments are simplified. Everyone who has a wallet can send money from their account.

2). iMe has a unified layer that allows app providers to take advantage of improvements in mobile devices, provide integrated payments, and take advantage of newer authentication services.

3). LIME is scalable to about a billion users thus allowing gradual adoption across smartphone and PC users. It also provides full interoperability.

4). LIME is secured and provides end-to-end encryption and data protection and uses all Telegram security features. 

5). Since LIME is utilized on the DAO principle, the project community is provided with absolute transparency of the team’s actions and plans, and the possibility to influence its development.

It is important to note that LIME has evolving use cases. This creates room for the possibility of LIME token holders to have lifelong subscriptions to use a wide range of functionality and also grants users with a certain amount of LIME token in their account access to integrated blockchains such as Polkadot, Binance Smart Chain

On the 27th of October, 2021, iMe smart platform announced on Twitter its plan to integrate Binance Pay functionality into the iMe app. 

This integration is unique because it is the first integration between Binance Pay with a third-party messaging environment. The main advantage of using Binance Pay is that its transactions are instantaneous. 

Binance Pay has a professional interface and is not beginner-friendly. This poses a hurdle to beginners who would like to be involved in cryptocurrency. 

However, its integration with the iMe app would simplify all processes and interactions. iMe smart platform believes that with this integration, its native token LIME alongside all other tokens in its crypto wallet would grow.

LIME Market capitalization

According to Coinmarketcap.com, LIME has a market capitalization of $15,220,625. As of the time of this writing, its price was $0.09646 —It increased in the last 24 hours by 7.91%. Its market ranking is #952  LIME’s total supply is 1 billion and its current circulating supply is 157,372,549

LIME staking

LIME staking enables users to acquire a certain amount of other project’s tokens through a smart contract and this is termed “Yield Farming”. In Yield Farming users stake their LIME in exchange for rewards and interest.  iMe smart platform has two staking programs namely; Web staking and Zerion Staking.

Web staking

It is a staking program for ERC-20 tokens with rewards in USDT. The network commission charged for this staking operation is ETH gas.

In this staking, rewards and tokens can only be taken back at the end of the staking period. If you decide to stop staking before the end of the staking period, the invested LIME would be returned to you with no reward. Web staking can be found in the iMe app

Zerion staking

It is also a staking program for ERC-20 tokens. This platform can’t enter the desired amount and hence stakes all the available LIME tokens on your balance. When using this staking program, ensure that only the amount of LIME you are ready to stake is on your connected wallet. LIME can be staked via the Zerion platform.

On  5th  November 2021, AscendEX also launched a pre-staking program for LIME. It enables users to stake LIME and earn a reward of 50% est APR. 

The minimum amount that can be delegated is 5000 LIME and its regular unbinding period is 14 days. It has a daily reward distribution cycle, users can however unlock their staked token anytime through an instant unbinding service with a small fee. The minimum amount that can be unbound is 5000 LIME

Is it truly decentralized

LIME can be said to be decentralized since it offers token holders a place in governance in the app. It gives users the right to vote the changes they wish to see in the ecosystem. Users who make positive contributions would also be rewarded with LIME.

There would be an introduction of a tier system in the coming stages. The tier system is based on the number of tokens held by each user in the iMe wallet. Users belonging to top tiers will have more say in governance.

Where is it listed

As of the time of writing, LIME is listed on Uniswap, Gate.io, Pancakeswap, Apeswap, and AscendEX. Uniswap, Pancakeswap, and lots of other dApps have been integrated into the iMe app.

How and where to buy Lime

Initially many users purchased LIME through Airdrop but now LIME can be exchanged through decentralized crypto exchanges. 

Since it’s been listed on Gate.io which is a centralized exchange you can buy with your credit/debit card

You can also buy BNB Smart Chain or Ethereum from centralized exchanges like Binance and transfer it to a wallet that allows you to trade via Dapp browsing (like Trust Wallet and Coin98). Then open either PancakeSwap or Uniswap depending on whether you bought BNB Smart Chain or Ethereum. 

Here  are some simplified steps to follow:

If you are new to cryptocurrency, consider reading our beginners guide to cryptocurrencies

Register on a centralized exchange 

Get registered on any centralized crypto exchange. Some recommended centralized  exchanges you can pick from is Binance.com, Coinbase, Kucoin.com, CEX exchange, lopeer.com, etc

Buy any of the major coins with fiat money

After the registration process, choose a payment method and click on the trade icon on the left. Choose your preferred coin and confirm the transaction. Depending on the exchange this process might be different.

Transfer the BNB/Ethereum to a decentralized exchange

You will have to transfer the coin to a wallet that allows you to use decentralized exchanges like Pancakeswap or Uniswap since it’s listed there already. So, you can easily trade your Eth/BNB for LIME tokens. You might be asked to undergo some verification processes on the centralized exchanges depending on the exchange policy. 

Complete the exchange process

To complete the process, click on exchange on the listed LIME exchange platform. Click on the major coin you want to trade for LIME. A price chart would appear, type in the amount and once everything is confirmed, click on buy LIME. 

Best wallets for Lime

It is advisable to store your LIME token in a supported wallet after you have purchased them. Some of the popular supported LIME wallets are The iMe app Wallet, Trust wallet, Coin98 wallet, Math wallet, Metamask, Binance Chain wallet

iMe App wallet

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iMe App wallet

iMe App advanced Telegram wallet with allows you to store your crypto, it supports both ERC-20 and BEP-20 wallets, so you can also store your Lime tokens in your iMe app wallet. You can download your iMe app wallet from the official website.

Trust Wallet

Trust wallet is a free, open-source, decentralized mobile crypto wallet that enables users to store, receive and send BEP-2, BEP-20, ERC-20, and ERC-721 tokens. Users can also perform staking transactions with this wallet. It is safe, secure, and beginner-friendly.

Coin98

Coin98 is a non-custodial and multi-chain wallet that supports all the tokens on more than 25 blockchains including Ethereum, Bitcoin, Binance Smart Chain, Polkadot, Solana, etc. It is designed on mobile, web app, and extension platforms and connects users to the crypto world safely and securely. It is also beginner-friendly.

Math Wallet

Math wallet is a universal crypto wallet that enables the storage of tokens of about 60+ blockchains including Ethereum, Bitcoin, Polkadot, Solana, etc. It is found on mobile, desktop, and hardware platforms. It is safe, secure, and user-friendly.

Metamask

Metamask is a software cryptocurrency wallet that supports Binance Smart Chain and other blockchains including Ethereum, Polygon, and Binance Chain. It enables interactions with these blockchains using a browser extension or a mobile app, and it allows users to buy, store, and swap tokens of these blockchains.

Its browser extension allows users to manage transactions and interact with smart contracts and dApps. It is safe and beginner-friendly.

Binance Chain Wallet

Binance Chain wallet is the official Binance wallet for accessing Binance Smart Chain, Binance Chain, and Ethereum. It is a browser extension wallet that enables users to store crypto, swap BNB for other tokens, mint NFTs, and do yield farming.  It is an excellent choice of crypto wallet especially for those who already have a Binance account.

iMe Pay

iMe has a full-fledged, non-custodial, mobile digital wallet called iMe Pay. This wallet exists separately from the iMe smart platform. It stores LIME tokens and helps to transfer money from wallet to wallet, pay utility bills and make online or offline purchases.  

The wallet is encrypted and only the user has access to the keys and funds. For added convenience, the wallet enables a pin code. 

LIME can also be stored securely on hardware wallets such as Ledger Nano S,  and Ledger Nano X

Price predictions for the next 2-4 years

According to Priceprediction.net, LIME would have a minimum price of $0.070 and a maximum price of $0.079, in 2021.

 In 2022, it would have a minimum price of $0.11 and a maximum price of $0.13.

In 2023, its minimum price would be $0.15 and its maximum price would be $0.19.

In 2024, its minimum price would be $0.21, and its maximum price is $0.26.

In 2025, its minimum price would be $0.31, and its maximum price is $0.37.

With it’s incredibly low caps and amazing fundamentals, it’s probably going to surpass these price predictions, in my opinion. But that’s not a financial advice. 

Conclusion

There are questions concerning the future of LIME since Telegram’s cryptocurrency TON couldn’t survive. Although iMe is built on Telegram’s API they both have different trajectories and LIME has proven itself worthy in the past few months. 

The market cap is small which gives me bullish goosebumps for the future as more listings and investments come in, we are hoping for the best. 

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