From Lootnance to Black Box: So Much to Discover!

Previously known as Lootnance, the first exchange in the metaverse is now called Black Box! Along with the rebranding, our latest release has a completely new UI, improved features, and lots of new features to be discovered. Characterized by financial ingenuity, and responsible for everything pertaining to finance and data, Black Box is known as an underpinning of Lootverse’s financial system.

Does the name sound familiar? Let’s take a small trip down memory lane.

Earlier this year, we released the first version of the Lootnance Exchange. It’s important to point out that one does not just build an exchange in two months. So naturally, we encountered quite a few bugs when we launched. As a result, some users gave their feedback and referred to our exchange as a black box. This represented an opportunity to go back and improve on existing features, as well as add new ones that would better serve the needs of Lootverse. Looking back, we realized that thanks to the feedback, we were able to significantly push ourselves and the platform forward. To always remember that pivotal moment in our history, and for other reasons, Black Box was chosen as our new name!

Improved Features

Lower Fees — 1% only!
Because we love you guys and now we can! As from now on, Black Box will only charge 1% in fees on all executed buy and sell orders in every market.

Updated Levy Rates
As announced in Notice 8 on the Gazette, Lootverse has changed the Lootian Levy rates to 77.5% for any LTT sold (soon to be TIX), at 8.19 Credits and under (soon to be T$)

Limit Buy Orders & Improved Order Book

Limit Buy Orders
Previously on the exchange, only limit sell and market buy orders were available on the open market. We have now also introduced limit buy orders on the trading engine. Buy limit orders work the same way that sell limit orders do. A buy limit order is an order to buy an asset with a restriction on the maximum price to be paid to receive that asset.

Improved Order Book
Stacking and unstacking is now available in the order book! By unstacking the order book, you get to see all the different blocks of orders at specific prices, as well as the order ID by clicking on the order block. The option to expand the order book by clicking on the expand button has also been made available to view more details.

New Features

BB Scan for the Open Market
Black Box Scan (BB Scan) allows users to see the order ID and user ID for every single order that is executed on the Open Market. There are several filters available that allow for the easy sorting of these orders.

No-Levy OTC
The No-Levy OTC market is a tool that is only available to portal operators who sell products and/or services in Credits (soon to be T$). The No-Levy OTC allows portal operators to receive payments in Credits rather than in LTT (soon to be TIX), by allowing the latter to sell their own LTT to their clients. It is important to note that the sale of LTT on the No-Levy OTC is not subject to the Lootian Levy.

Portal operators will have to put LTT for sale on their No-Levy OTC, and as they receive Credits (soon to be T$) from the sale of products and services, the Credits will automatically be sent to Black Box to buy the LTT that the portal operator has made available on their own No-Levy OTC market. The purchaser of the product or service then uses that LTT that they bought from the portal operator to pay for the product or service the portal operator has invoiced them for. All of this is done automatically. More on this from Lootverse here.

To set up your No-Levy OTC, you would need to get a portal operator license from Lootverse first. Your No-Levy OTC Market will then appear in Black Box. From there, you can set an amount that you’d be willing to sell, set a % discount you’d like to give on the market price, and set a minimum price under which you would not be willing to sell your LTT.

Loan OTC
Loan OTC gives every Lootizen the opportunity to loan out, for a fee, their LTT (soon to be TIX) to other people in Lootverse for auctions in SL. The interesting thing is that for each auction, the same LTT can be loaned out to several people, given that only one person will win the auction.

To set up your Loan OTC, you would need to get a Loan OTC license from Lootverse first. Your Loan OTC Market will then automatically appear on Black Box. From there, you can set an amount that you’d be willing to loan out, pick a price under which you would not be willing to loan your LTT out, and pick a fee % (loan fee) that you would like to charge the borrower (25% of this loan fee will be retained by Black Box as a facilitator fee). Note that you can also pick if you want to receive your loan fees on Black Box or in Lootverse. Once an auction ends, the funds leave Lootverse’s escrow and the transaction actually goes through (here Black Box takes the usual 1% fee on all buys and sells).

For example, if 1 LTT is being loaned out at 10 Credits per LTT, with a loan fee of 5%, then the loan fee is 0.50 Credits. Out of the loan fee, Black Box takes 0.125 Credits as a facilitator fee. Once the transaction goes through, 1% is charged on the total loaned amount. More on this from Lootverse here.

Multiple Wallets
With now 4 different markets in Black Box (Open Market, Levy OTC, No-Levy OTC, and Loan OTC), we realized that effectively managing your funds across these different markets would be hard with only one wallet. Therefore, we have introduced one wallet for each market to allow you to easily move your assets from one market to another depending on your needs. Just click on the transfer button and easily move your assets around.

$LTT Deposit and Sell for USDC Credits
We introduced the ability to deposit and sell your $LTT on Black Box. You can also transfer them from one wallet to another. $LTT sales always take priority over LTT sales, and the proceeds from $LTT sales will appear directly as Credits in your Lootverse account. This means that your $LTT in each respective market will always be sold before your in these markets LTT. This also means that as your $LTT gets sold in Black Box, your Black Box LTT balance will decrease but your Black Box Credits balance will not increase. Instead, it is your Lootverse USDC Credits balance that will increase.

To conclude, as expected with every release of new and improved features, some bugs are to be expected. Thankfully, we know that we can count on the continued support of the engaged Lootian community to report these bugs to us as they are uncovered. We will do our best to ensure that these are fixed in the shortest possible time.

There will also be a few other significant features that will come in the long run. Some of these features might include market sell orders, parimutual, meta-listings, financing, and data analytics. The goal will always be to improve the brand’s services to better serve the needs of its users as well as the needs of the Themeworlder (Lootverse) ecosystem.

About Black Box
Black Box is an exchange in Lootverse. Finance and data are the main stakes of the company. It allows Lootizens to buy and sell their LTT.

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