Product

LOOT token staking and locking program announcement

The staking program will be available at lootex.vault.inc.

Lootex Editor

24 Jan 2022 • 3 min read

The staking program will be available at lootex.vault.inc.
When providing liquidity, make sure you use Uniswap V2.
Staking pools will open 2022 Jan 24th 16:00 UTC+0 (2022 Jan 25th 00:00 GMT+8).
Rewards will start calculating 2022 Jan 25th 13:00 UTC+0 (2022 Jan 25th 21:00 GMT+8).
See here for the staking smart contract audit report.

Staking options & calculating rewards

Inspired by the previously launch of Merit Circle and its $MC token, we decided to follow a similar structure of calculation for the liquidity mining rewards. This model perfectly rewards long-term stakers since there is a time-weighted element for calculating the rewards. After the launch, all token holders (except locked tokens) will be able to stake the tokens within two pools:

LOOT → Single-sided staking pool. This pool will receive 20% of the liquidity mining rewards.
LOOT/ETH LP → Liquidity pool is composed of 50% LOOT and 50% ETH. This pool will receive 80% of the liquidity mining rewards.

There are two different methods to stake as well. One is the Flexible (unlocked) method, and the other one is Locked. Each will have different reward formula.

Flexible = LOOT staked * 1

Locked = LOOT staked * ( 1 + X/52)

Locked has a Time-weighted Ratio where X is the number of weeks you lock in.

Initially, 0.5% of the total supply will be allocated as liquidity rewards for the first month. This equates to 500,000 LOOT tokens being split into 100,000 LOOT tokens for single-sided staking pool and 400,000 LOOT tokens into LOOT/ETH pool. For each pool, the tokens will be equally distributed and rewarded based on the calculations on weight shared above. The detailed step-by-step tutorials will be released soon.

Introducing the Lootex badge system

Other than the community reward badges on Polygon and the Solv vouchers on BSC, we are introducing our new badge system — The Founder’s Badge. It’s on Ethereum and only can be obtained by locking LOOT. It’s designed for rewarding the long-term stakers.

Locked LOOT > 1000 = Get 1 Founder’s Badge

If you have locked over 1000 LOOT for over a year, you get 1 Founder’s Badge. We’re now collaborating with several projects on alliance marketing & exclusive benefits. The benefits will be raffled and randomly airdrop to the Founder’s badge holders.