Lootex’s Tokenomics — The Benefits & Utility of $LOOT
Everything You Need to Know About $LOOT — Lootex’s Native Token
$LOOT, Lootex’s native token, provides a number of benefits to users and holders.
Lootex is a cross-chain game item shop for the Metaverse that aims to provide both efficiency and convenience for its users. The Lootex team is devoted to building a gamer-centric, in-game asset marketplace where players can easily browse and trade the most popular game assets. To enhance both the utility and functionality of its platform, Lootex will release our native platform token $LOOT, and introduce an in-platform score system known as Gamer’s Point (GP).
This article will cover everything you need to know about both $LOOT and GP, including how they’ll work for governance, staking, and the unique ways in which they provide benefits to holders.
Quick Overview of $LOOT
Lootex’s native platform token, $LOOT, has a total supply of 100,000,000 tokens. $LOOT tokens will be deployed on Ethereum and supplied on every chain that Lootex supports, including Binance Smart Chain and Polygon. In Q1 2022, Lootex plans to add support for Avalanche, Arbitrum, FTM, and Moonbeam blockchains, with several more planned throughout 2022.
$LOOT Token Distribution
The vesting schedules for the tokens are as follows:
Our token allocation reserved for Ecosystem, Partnership and Community will be diverted towards these 3 main aspects:
- Growth — User acquisition and airdrops
- Trading reward and collector’s reward
- Marketing needs
$LOOT — The Governance Token
Lootex has developed a treasury to incentivize good behavior around game asset trading and collecting, to maximize value. Revenue collected in the treasury will be fully managed by the LootexDAO over time.
Members of the LootexDAO will be owners and managers of the entire ecosystem of the LootexDAO network. $LOOT token holders will be able to participate in the decision-making process after they staked. The staked tokens will represent voting rights in the DAO. The matters that will be voted on include:
- Selection of projects to spotlight or featured
- Selection of projects to list on Lootex
- Selection of projects that applied for launchpad
Staking $LOOT for Gamer’s Power (GP) score
In addition to staking rewards, users who stake and lock their $LOOT tokens would also be awarded a Gamer’s Power (GP) score, which is our ecosystem’s ranking system.
To incentivize long-term stakers, we will adopt a ranking system that differentiates between locked and unlocked tokens. GP score is non-transferable and is calculated based on the amount of tokens and duration of the locking period. The longer you lock your tokens, the higher the GP score you will receive. Furthermore, badges from guilds or partnerships will also increase your position in the ranking system.
The benefits from the platform like voting rights, early minting or participation in whitelists will be awarded to the gamers by GP ranking and the badges they own.
Staking & Locking Mechanism
Stakers have the option of locking their staked tokens on a sliding scale for up to 24 months. Those who choose to keep their staked tokens unlocked will have the flexibility to withdraw them at any time. Those who lock their tokens gain a boost in their pool weight as a reward. This bonus is linear. With a maximum locking period of 24 months, locked tokens are weighted twice that of unlocked tokens. Staking LOOT leads to rewards, which are calculated based on the weight of the staked LOOT. We will release more details on this, when the staking program is live.
Overview of how $LOOT can be used within Lootex’s ecosystem.
About Lootex
Lootex is a player-centric cross-chain NFT trading platform that shares the latest blockchain game info. We are devoted to building a gamer-centric game asset marketplace where gamers can easily browse, trade, and buy game assets across multiple blockchains.
For the latest updates and announcements, follow Lootex on these channels:
Website | Twitter | Telegram (EN) | Telegram (CN) | Medium | Discord | Facebook
