How to get LON assigned via Tokenlon’s LON Trade Mining & Referral Program
Each Tokenlon trade will earn POWER proportionate to the trading fee paid. Future LON will be assigned according to your POWER share each week for 5 weeks.
In order to encourage community participation, the LON Incentive Plan (LIP) distributes LON in multiple stages.
In this post, we explain how to get LON assigned via trade mining and the referral program on tokenlon.im/lon and in the imToken app.
If you want to learn more about the current and future stages of LON distribution, check out our announcement of LON and the LON Incentive Plan (short: LIP) instead:
Distribution — Trade Mining and Referral Program
Stage one assigns LON via two mechanisms: Trade mining and referral program on tokenlon.im/lon and in the imToken app. It lasts for five weeks and assigns 5,000,000 LON (accounting for 2.5% of the total LON amount).
Users who participate in the first stage of mining can invite any other user to increase their own mining rewards as well as the invited person’s rewards via referral code.
Details
Starting on 2020.9.26 00:00 AM (UTC), LON will be assigned to users trading on Tokenlon (on tokenlon.im/lon and in the imToken app) and paying a trading fee and to users who recommend friends who trade.
The reward is calculated according to certain variables that depend on the participation in the referral program resulting in a certain ‘mining POWER’.
At the end of each week 1,000,000 LON is assigned to eligible users according to the proportion of their mining POWER to all mining POWER obtained in this week, and the whole calculation starts again for the next week.
LON = user’s power this week / total power of all users this week x 1,000,000 LON
You can query your own mining POWER and the number of LON assigned every week on the LON Dashboard panel (https://tokenlon.im/lon/dashboard).
The actual LON token will be officially released later this year. While LON is already being assigned during the initial stages, the actual LON token can be collected after LON’s release. At all times can the specific LON assigned be checked on the dashboard (see POWER calculation below).
Mining POWER distribution
Each trader receives a POWER amount of the trading fee spent (in USD) times 0.6.
Each trader who trades after having received an invite, receives a POWER amount of the trading fee(USD)*0.7, while the inviting user (or: referrer) receives a POWER amount of the trading fee(USD)*0.3.
Note: For smaller trades, the Ethereum network transaction fee might be higher than the trading fee (i.e. 0.30%). In this special case, users will pay higher fees, according to Ethereum blockchain’s status. See Fees.
Example 1:
- A has not received any referral code
- Every $1 trading fee will generate 0.6 POWER for the trader
Example 2:
- A accepted the referral code of B. In this case,
- Every $1 trading fee will generate 0.7 POWER for the trader
- At the same time, the trade generates 0.3 POWER times the fee for B as well
Example 3:
- Each week all generated POWER from all traders and referrers is added
- A and B both generate POWER as seen above
- Each participant — including A and B — receives a share of the 1,000,000 LON issued in this week according to their share of the POWER of this week
Referral codes
Everybody can generate and share a referral code on tokenlon.im/lon and in the imToken app. Holders of the TokenFans Token (TFT) can even receive the premium referral code.
For an inviting person to start receiving rewards, the referral code needs to be activated. The ordinary invitation code needs ≥ 3 people, and the premium invitation code ≥ 1 person to have traded for it to be activated.
After the invitation code is activated the inviting person (i.e. referer) will receive an additional reward.
The invited person (i.e. referee) who trades after having received an invitation code will receive additional mining reward as well.
Tokenlon’s future
Going forward, we are focusing on building out the community. Tokenlon, as an exchange, aims to provide a convenient, yet secure trading interface. Together, we will build out the infrastructure for the open financial services.
We will announce further stages of the Tokenlon LON Incentive Plan soon. Follow our community channels below to stay hear about latest developments of LON:
- Official website: https://tokenlon.im/
- Discord: https://discord.gg/9pQ6hMW
- Twitter: https://twitter.com/tokenlon
Read more about the LON Incentive Plan (short: LIP) and LON:
Read more about Tokenlon’s tech:
Important Risk Reminder⚠️
1. LON Token Contract has not yet been deployed.
2. LON does neither fundraising nor sell a token. Everyone can participate in mining to get LON assigned.
3. LON has no investment value and is a Tokenlon token. User holding LON enjoy a discount on trading fees.
This announcement is also available in Chinese here.
