Upcoming bonus token distribution
LGO’s second bonus distribution will start on Friday, February 15th at 6:00AM (GMT+2) and will be issued over a period of 48 hours.
In order to reward our loyal community members who supported our project since day one, ICO participants who have held the full amount of their LGO tokens will enjoy their second bonus payout.
The LGO token is an ERC-20 token designed and managed on the Ethereum blockchain. The specific rules of our smart contract are available on github.
Currently, 181,415,052 LGO tokens are in circulation.
As a whole, over 36 million LGO tokens will be distributed to holders who have held all of their LGO tokens allocated during the ICO period.
Use of LGO Token
As detailed in our “LGO Token Buy-Back Mechanism” post at the beginning of January;
LGO’s revenue will be generated through transaction fees payable in LGO tokens or any currencies supported by our platform, like USD. Fees paid in either fiat or crypto will be used to buy LGO tokens on the market. Through this process, we will continuously accumulate tokens and plan to burn 25% of all tokens earned as fees. This mechanism creates a continuous demand and consistent liquidity for LGO on the platform.
The total number of bonus token is 36,283,010.40 which is equal to 20% of the total number of tokens allocated at the ICO. The token bonuses are issued on a semi-annual basis over a two year period until fully distributed to LGO holders. It represents a sum of 9,070,752.60 LGO tokens at each issuance.
The rule is simple, in order to receive a bonus, your balance must remain:
- at or above the initial amount allocated during the ICO + new bonus received (First bonus issuance happened last August 15th, 2018).
- at the same Ethereum address.
The bonus tokens will be prorated between LGO holders who have respected this rule. Meaning that the 9,070,752.60 LGO token bonus will be divided and distributed based on the number of tokens held by each eligible holder.
After the bonuses have been fully distributed in two years’ time, LGO holders can freely trade their tokens without risking the loss of a bonus issuance.
The next bonus distribution will happen on:
- Thursday, August 15, 2019 12:00:00 AM
- Saturday, February 15, 2020 12:00:00 AM
Enjoy your bonus!
LGO Group’s mission is to build confidence in all stages of a crypto-asset’s life: from creation to sale, promotion, acquisition, storage and use. Our ambition is global. We want to enable large financial institutions with the ability to trade cryptocurrencies with complete confidence and trust, while providing retail investors an identical secure framework.