LOOT Token Staking Program is now available on BSC!

Dear Lootizens

We’re delighted to launch the LOOT Staking program — this time on Binance Smart Chain. We heard you —so here’s a low fee option for those who prefer BSC

As always, our objective here is to make it really simple for you to stake your tokens and earn rewards as you HODL.

Note :- for those interested in ETH chain staking, here is how to stake on the first (ETH chain) pool which is still running.

• The staking program will be available at bsc.lootex.vault.inc
• When providing liquidity through trading, make sure you use Pancakeswap (LOOT-BUSD)
• Staking pools will open 2022 March 7th 13:00 UTC+0 (2022 March 7th 21:00 GMT+8)
• Rewards will start calculating 2022 March 9th 13:00 UTC+0 (2022 March 9th 21:00 GMT+8)

Step-by-step

1. BUY LOOT tokens on Pancakeswap (For more info on how to click here)

2. Go to bsc.lootex.vault.inc. You’ll see the status of the current program:

3. Choose which pool, LOOT or LOOT-BUSD, enter the amount that you want to stake.

4. Choose Flexible or Locked

5. If you are choosing “Locked”, slide the locked for 0 week to 52 weeks

6. Enter the amount of the LOOT you want to stake/lock in

8. Click “Stake”, and click “Confirm” in Metamask

9. Finished

Reminder: Staking rewards enter a 12 month vesting period after each claiming. sLOOT and sLOOT-BUSD LP are non-transferable and only used for accounting purposes.

Staking options & calculating rewards

Similar to the staking program on ETH, we will have staking and locking protocol for the holders. There will be two different methods to stake. One is the Flexible (unlocked) method, and the other one is Locked. Each will have a 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.

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

Initially, 125,000 LOOT tokens will be allocated as liquidity rewards for the first month. Being split into 31,250 LOOT tokens for single-sided staking pool and 93,750 LOOT tokens into LOOT/BUSD pool. For each pool, the tokens will be equally distributed and rewarded based on the calculations on weight shared above.

And again, if you have locked over 1000 LOOT for over a year, you will earn 1 Founder’s Badge. We’ve collaborated many great projects on alliance marketing, whitelists and exclusive benefits. The benefits will be raffled and randomly airdrop to the Founder’s badge holders.

Moving forward…

Thanks for joining the community and show your long-term support. We can now proudly lead this community to many new potentials. We will be announcing our details on the Founder’s badge next!

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 and trade game assets across multiple blockchains.

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