$LOOT Staking Program Update

Here are the key points of this update

• Due to regulations for new features, we will no longer be able to offer staking rewards for the LOOT token.
• The details of the vote and its outcome can be reviewed at Snapshot Vote.
• The suspension of the staking rewards will commence on October 1st, 2023. This date marks a significant transition in our staking program.
• All LOOT token stakes with lock durations extending past the suspension date, with rewards calculated based on the agreed lock duration. Please check this site.

In the dynamic world of cryptocurrency, change is the only constant. Today, we’re at a pivotal moment in the journey of LOOT, and we want to share some important updates and visions for the future with our valued community.

Canceling Staking Reward

The landscape of digital finance is continually evolving, and sometimes, this means adapting to new regulations. With recent regulatory shifts, we’ve had to make a tough decision regarding our LOOT Staking Program. Starting from October 1st, 2023, we will no longer offer staking rewards for the LOOT token. This decision follows a thorough deliberation and community consensus via a recent Snapshot vote, details of which can be found here.

For LOOT Staking Program Participants

For all existing participants who have chosen lock duration options, we assure you that rewards will continue to be distributed as per the original terms of your staking agreement. This includes those whose lock periods extend beyond the upcoming suspension date. Your rewards will be calculated and honored based on the duration of your lock-in.

Future Voting Updates

Transparency and inclusivity are pillars of our community. Moving forward, we’re updating our voting procedures to better reflect these values. The next vote will be based on a snapshot of LOOT token amounts on Ethereum held before the voting starts, ensuring fairness in every decision we make together.

New Tokenomics Model

We’re not just making changes in staking; we’re fully committed to revolutionizing LOOT’s features. This includes integrating ERC-4337, enhancing token functionalities, and much more. We are developing a detailed roadmap and will soon reveal all the details in our updated whitepaper.

The Future of Blockchain Gaming and NFTs

Despite some saying that the NFT market is no more, we beg to differ. This is just the first step in our plan to reform the future of LOOT. So, stay tuned, keep sharing your brilliant ideas, and let’s transform digital asset ownership in gaming into something truly special!

We will support you through this transition and beyond. Your feedback, ideas, and participation are what drive the growth of our community. Stay tuned for more updates, and feel free to reach out to us with any questions or thoughts!

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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