LOOKS is the native, fungible token of the LooksRare protocol.
It’s a transferable representation of the utility functions specified in LooksRare’s protocol and code, where it’s designed solely to be used as an interoperable utility token.
|Percentage of supply
LOOKS emission schedule
Release schedule of usable LOOKS
Release schedule of tradable LOOKS
LOOKS governance (coming in the future)
Looking ahead, we hope that the community of LOOKS holders is comprised of a diverse field of developers, professionals and supporters of the project to develop the LooksRare platform (including without limitation experts in software development, blockchain technology, cryptography, artificial intelligence, law or finance), which will be able to share and exchange balanced views on the overall direction of the project.
To promote decentralised community governance for the protocol, LOOKS would allow holders to propose and vote on governance proposals to determine future features, upgrades and/or parameters of the LooksRare protocol, or provide feedback, with voting weight calculated in proportion to the amount of tokens held. The right to vote is restricted solely to voting on features of the LooksRare protocol; it does not entitle LOOKS 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 LOOKS 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 governance launch there will be no individual or corporate entity or other active promoter, sponsor, or group or affiliated party that maintains sole control over the LooksRare protocol. The LooksRare protocol would gradually introduce mechanisms (with certain voting and technical safeguards) enabling any party unaffiliated with the LooksRare team to modify/upgrade the functionality of the smart contracts or protocol, or to participate in other essential task and responsibilities. In this way, future changes to the system or network would be driven by active participants of the protocols themselves (instead of the original LooksRare team) based on community voting.
Further information on the LOOKS token
Important to note is that LOOKS doesn’t represent any shareholding, participation, right, title, or interest in the protocol, the Distributor, their respective affiliates, or any other company, enterprise or undertaking.
LOOKS doesn’t entitle token holders to any promise of fees, dividends, revenue, profits or investment returns. It isn’t intended to constitute a security in any relevant jurisdiction.
LOOKS can only be used on the LooksRare platform, and ownership carries no rights, express or implied, other than the right to use LOOKS as a means to enable usage of and interaction within the LooksRare protocol. The secondary market pricing of LOOKS is not dependent on the LooksRare team’s efforts, and there is no token functionality or scheme designed to control or manipulate such secondary pricing.
Critically, LOOKS is designed to encourage ecosystem participation — so users need to participate to enjoy rewards in the form of LOOKS and other digital assets.
Update to Team / Treasury Fund Management
Update Feb 4, 2022
During the initial setup of the Team and Treasury tokens, there was an oversight in the amount of Pre-minted LOOKS tokens sent to the respective wallets.
The Team vesting contract (0x332580e0da5b5072ff5d5b73a494a65bb99744d8) was meant to receive 20M LOOKS tokens, but instead received 10M LOOKS: https://etherscan.io/tx/0xf5a003b5a82afd39d2f8d1466b7b670e4d821adce4502de62de2ed36360ef367
The Treasury vesting contract (0x6757f73cddf4c16171281ff869e620c6ce30e12b) was meant to receive 10M LOOKS tokens, but instead received 20M LOOKS: https://etherscan.io/tx/0x5f90fa71e3b631d497739aede84b48d3a51c5a918c342b4a4108f1bc3f0024e2
While this does not affect the current vesting schedule for team and treasury tokens, it does mean we will need to make a final adjustment at the end of the 721 day LOOKS emission period, as the Team wallet address will end up with 90M LOOKS and the Treasury wallet will end up with 110M LOOKS, when it should be 100M for each.
An immediate impact is that the WETH fee sharing amount that is distributed to the Team and Treasury address each day is affected. i.e. The Treasury will receive more WETH than intended and the Team will receive less WETH than intended. To resolve this, we will continue to make periodic adjustments to the Team and Treasury WETH balances by transferring between the two, so that each address receives the WETH that it should have received if the oversight mentioned above had not occurred. An example of this can be seen in this transaction, where we transferred 3,850 WETH from the Treasury multi-sig wallet to the Team multi-sig wallet: https://etherscan.io/tx/0x0dee1d14528431ce44d7d70fe758f0b1fb3fa05025ebc1ca36f82592c5b0d6d5