$LOOT Staking Program Update
We would like to express our gratitude to the community for helping us achieve significant milestones, and we are here to announce two major updates to the staking reward halving program.
- LOOT Token Staking Program Update
- Lootex DAO community
LOOT Token Staking Program Update
The cryptocurrency market is currently recovering, we have adjusted our long-term plans for our tokens. The total value locked (TVL) in the staking mechanism is currently at ~300,000 USD. After analyzing the current status of our platform, we have determined that while it is doing well, there is still room for improvement. One of the major issues we have identified is that our rewards system is too heavily focused. We need to revamp the rewards system in order to attract more new users to participate in the Lootex DAO community.
To achieve this goal, we propose the following steps:
- Halve the current pure staking reward: This will incentivize users to consider other ways to earn rewards on our platform. Since the last staking program update was on May 31, 2022, we will update our token reward amount starting on June 6, 2023. On Ethereum, the monthly reward for the next month will be 140,625 LOOT; on BSC, it will be 15,625 LOOT. The reward ratio is calculated based on the total value of staking in each pool. After the renewal of the reward program, it will still remain competitive compared to the current token staking market. Moving forward, we adjust the distribution by the total value locked in each pool. The ratio is calculated from the values for each pool on May 10. This will take effect starting from June 6, 2023.
- Re-design a rewards system to subsidize real users: Re-define the token and reward mechanism. We are clarifying product and user positioning. This will create more opportunities for users to earn rewards and ultimately attract more users to our platform. (In progress)
- Implement a buyback mechanism: This will increase the value of LOOT tokens and benefit current holders. Furthermore, current stakes of LOOT tokens would benefit directly from this mechanism. (In progress)
Overall, we believe that these changes will enable us to create a more diverse and attractive rewards system, which will ultimately lead to higher user engagement and increased adoption of LOOT tokens. Lootex strongly suggests you join the Lootex community in Discord. This will help us to have a clearer vision and direction as we continue to build this DAO community. We hope to keep our community strong with your continuous support.
Thanks to all the Lootizens!
About Lootex
Lootex is a player-centric, cross-chain NFT trading platform that shares the latest blockchain game info. It is devoted to building a gamer-centric game asset marketplace where anyone can easily browse and trade game assets across multiple blockchains.
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