$LOFI
Last updated
Last updated
The native token of the LOFI Platform, represented by the ticker symbol $LOFI, functions as a cryptographically secure and fungible protocol token. It is a transferable representation endowed with governance and utility functionalities, as defined within the protocol/code of the LOFI Platform. This token is exclusively intended as an interoperable utility token within the platform.
$LOFI is based on the BSC and complies with the BEP-20 token standard. $LOFI will support multiple blockchains shortly.
Medium of Exchange: The $LOFI token is a versatile multi-utility token designed to serve as the primary medium of exchange among participants within the decentralized LOFI Platform. Its introduction aims to facilitate seamless, secure, direct transactions and settlements between ecosystem participants. By using $LOFI, individuals can engage in interactions and transactions within the LOFI Platform, bypassing the need for intermediaries like centralized third-party entities, institutions, or credit-based systems. This fosters a more efficient and independent ecosystem for all participants involved. It is not, and not intended to be, a medium of exchange accepted by the public (or a section of the public) as payment for goods or services or the discharge of a debt; nor is it designed or intended to be used by any person as payment for any goods or services whatsoever that the issuer does not exclusively provide. $LOFI does not in any way represent any shareholding, participation, right, title, or interest in the Company, the Distributor, their respective affiliates, or any other company, enterprise, or undertaking, nor will $LOFI entitle token holders to any promise of fees, dividends, revenue, profits or investment returns, and are not intended to constitute securities in Singapore or any relevant jurisdiction. $LOFI may only be utilized on the LOFI Platform, and ownership of the same carries no rights, express or implied, other than the right to use $LOFI to enable usage of and interaction within the LOFI Platform. The secondary market pricing of $LOFI is not dependent on the effort of the LOFI team, and there is no token functionality or scheme designed to control or manipulate such secondary pricing. In particular, $LOFI can be used (i) to unlock in-app functions (e.g. upgrading pods, upgrading gems, taking part in lucky draws, crafting enchant scrolls); (ii) by the viewers as tips for their favorite streamers to reward the streamers for their content creation; or (iii) to pay for in-app transaction fees.
Incentives: $LOFI functions as both a reward and incentive within the LOFI Platform, distributed to encourage active contribution and engagement. Users receive an additional $LOFI based on their actual participation and transaction frequency within the platform. Notably, inactive users or $LOFI holders who do not engage in platform activities won't receive these incentives, promoting active involvement in the ecosystem. In particular, to ensure that users receive access to $LOFI so that they may utilize these for platform services and community governance, other users would need to be incentivized to become liquidity providers and stake their digital asset pairs (e.g. BNB/$LOFI) into the decentralized market making pools to provide the necessary liquidity for transactions. As compensation for opportunity costs, these liquidity providers which help to promote adoption of the LOFI Platform by staking or including assets to liquidity pools in exchange for LP tokens would be rewarded with $LOFI, according to each user's relative contribution after various adjustment and correction parameters. Distributing $LOFI in this manner ensures that the governance token will be distributed primarily to key network contributors, allowing them to have a say in protocol parameters.
Governance: To promote decentralized community governance for the network, $LOFI would allow holders to propose and vote on governance proposals to determine future features, upgrades, and/or parameters of the LOFI Platform, or provide feedback, with voting weight calculated in proportion to the tokens staked. The right to vote is restricted solely to voting on features of the LOFI Platform; it does not entitle $LOFI holders to vote on the operation and management of the Company, its affiliates, or their assets or the disposition of such assets to token holders, or select the board of directors or similar bodies of these entities, or determine the development direction of these entities, nor does $LOFI constitute any equity interest in any of these entities or any collective investment scheme; the arrangement is not intended to be any form of joint venture or partnership. After the governance launch, no individual, corporate entity, or other active promoter, sponsor, group, or affiliated party will maintain sole control over the LOFI Platform.
Private Sale: 18%
Public Sale (IDO): 1%
Watch-to-Earn: 20%
Ecosystem/Treasury: 30%
Marketing: 6%
Airdrop: 5%
Liquidity: 5%
Team: 12%
Advisors: 3%
Total supply: 10,000,000,000 LOFI
Contract address: 0x77F86D401e067365dD911271530B0c90DeC3e0f7
LOFI intends to commence a four-month-long token-burning process, spanning from January 2023 through April 2024, in which 4% of the total supply of tokens will be systematically burned. Following the conclusion of this initiative, we will evaluate the outcomes and market response, proceeding to establish a foundation for ongoing tokenomics refinement through a governance-based consensus process. A total of 2% of the $LOFI tokens were burnt in November and December of 2023, respectively.
