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Lepricon

Private Sale Token Distribution — What you Need to Know

This announcement is ONLY relevant to holders of private pre-sale tokens. We sent the remainder of these tokens last night in locked status. The information is also valid for seed-level tokens that we will send out in one batch on June 17th.

If you bought your tokens retail on an exchange after our TGE, this article has no helpful information for you, beyond an insight into how we are managing contributor token unlocks.

A few hours ago, we sent all remaining tokens from the pre-sale period in the private price band to the wallets listed in the original SAFTS.

These tokens were sent in locked status and immediately began unlocking in small batches every five minutes. The number of tokens that unlock in each five-minute batch is calculated to unlock each month’s correct amount as per the original tokenomics.

We did this for two reasons. First, it saved us a lot of gas fees. Second, the five-minute unlocks prevent large simultaneous token dumps on a monthly or weekly basis.

How the token unlock works

When a token unlocks, it moves into a status called “unactivated”.

Unactivated tokens may be transferred to another wallet, but they cannot be staked on a DeFi staking service such as our staking pool on MANTRA DAO. They also cannot be sold on a DeFi platform such as Uniswap. Attempting to do so will create errors.

The act of transferring unactivated tokens to another wallet will activate them so that they are fully liquid.

You can also choose to activate them within the wallet for a small gas fee, far less than a traditional claim system, as detailed below.

Finally, you can immediately stake unactivated tokens on our staking pool on Leprichain.

IMPORTANT: TOKENS THAT ARE UNLOCKED BUT NOT YET ACTIVATED WILL RECEIVE A WEEKLY APR OF 77.7% WHICH IS PAID IN ACTIVATED L3P. AS SOON AS TOKENS ARE TRANSFERRED OR ACTIVATED IN THE WALLET, THEY WILL NO LONGER BE ELIGIBLE FOR THAT YIELD.

Wallets such as MetaMask cannot tell the difference between locked, unactivated, and liquid tokens. You can use a tool to manage all the tokens in your wallet and know how many tokens are in Locked, Unactivated, or liquid form.

This tool is available at the same URL as our Leprichain staking platform, so you can easily manage your unactivated tokens and L3P staking on the same page.

Managing Your Token Unlocks

Go to https://wallet.lepricon.io

You will see a window where you can either paste in your wallet address where the L3P is presently held, or, you can attach your MetaMask wallet.

Once you have added the wallet — this is what you will see. The actual amount of tokens will be entirely individual to you, of course.

This window divides into four quadrants.

  • The top left quadrant is for Leprichain staking and is relevant for all L3P holders.
  • The top right quadrant tells you how much L3P you have in your wallet. For most wallet holders, this is just the amount of L3P you have. However, if you are a pre-sale contributor and thus have tokens that are unlocking this amount is the total L3P you have that is liquid AND unlocked but not yet activated.
  • The bottom left quadrant — soft staking — is only relevant to pre-sale contributors. It shows how many unlocked but still unactivated tokens you have in your wallet. It also shows you what your next reward will be for leaving them unactivated. If you activate the tokens, you will lose the yield. This yield is calculated weekly and paid in L3P. It does not auto-compound.
  • The bottom right quadrant shows you the total number of tokens you have that are still locked, the number of tokens that will unlock in the next five-minute batch and when that will be, the total number of tokens in your wallet, and how many are unlocked but unactivated.

In the example shown in the screenshot above, the holder has 518,500 total L3P in their wallet.

368,278.61 are still locked (not yet vested). Every five minutes, another 14.42 tokens unlock and add to the total of unactivated tokens.

At the time of this screenshot, the total number of unactivated tokens is 1,471.38.

The available balance shown is 150,221.38. This means that the holder has 148,750 (150,221.38–1,471.48) fully active saleable, swappable tokens in their wallet. 148,750 is the maximum number of tokens that can be staked on MANTRA DAO or swapped on Uniswap.

This wallet holder has the following options:

  1. Leave the tokens unactivated and earn an air-dropped yield in L3P, currently 77.7%, until June 16th. This is calculated and paid weekly.
  2. If using Metamask, click the ACTIVATE TOKENS button in the lower right quadrant, and pay a small gas fee to activate them. This will render them ineligible for the soft staking yield.
  3. Transfer them to another wallet, which makes them fully active.
  4. Stake them on Leprichain by clicking the STAKE TOKENS button in the top left quadrant. You may stake your entire available balance to Leprichain.

In conclusion

Private tokens have been distributed and unlock in the recipient’s wallet. If you leave them as they are, you will earn an airdropped yield. Or you can immediately stake them on Leprichain. Once a token is unlocked, you are free to transfer it to another wallet, making it fully activated and thus usable on DeFi platforms.

All seed contribution tokens will be sent on June 17th and will activate over five months in the same way. All L3P token vesting will be complete by November 16th.

About Lepricon

Lepricon is a community-owned and governed hyper-casual games platform that allows stakers, developers, and gamers to enjoy the benefits of DeFi in a gamified way, backed by a vibrant community in which all participants receive rewards for positive contributions and interactions.

Lepricon will evolve into a Decentralised Autonomous Organisation (DAO) — an organization represented by rules enshrined in computer code; transparent and controlled by the network participants and not by a central authority.

For further information, please visit https://www.lepricon.io.

Contact:
Phil Ingram

phil@lepricon.io

LinkedIn | Website | Telegram | Twitter

$L3P Contract: 0xdeF1da03061DDd2A5Ef6c59220C135dec623116d

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Lepricon is a blockchain-driven ecosystem of DeFi, games, and NFTs delivered on our gas-free Ethereum compatible side chain, Leprichain.