Babe wake up they just made a huge change to the LOOKS tokenomics.
Get the details 👇
⬆️ Adding Fees from Raffles, YOLO and More to Protocol Rewards
As you may know, we’ve recently been using 50% of fees from new initiatives to buy back LOOKS from the market. So far, that’s resulted in 1,800,000 LOOKS making its way into the Treasury.
But now, it’s time to take things a step further. Going forward, fees generated from our new initiatives will be split up as follows:
- 50% will be used to buy back LOOKS from the market
- 10% will be earnable as LooksRare Protocol Rewards
- 40% will be sent to the Treasury
With this new strategy, we renew our commitment to the protocol — far beyond the end of the LOOKS emissions. What’s more, our new model ensures Protocol Rewards can continue to accrue additional fees over time (maybe even from other chains 👀).
We’ll start adding generated fees to Protocol Rewards from October 1st at 9:00 AM (UTC).
👀 What’s next?
The good news is that our foray into on-chain gaming has been a very positive experience — so it’s a direction we’re doubling down on.
We can’t tell you what’s coming next. Only that it’s coming soon, and that there are a few product offerings nearing completion. All of them will contribute to Protocol Rewards.
The team can’t wait to share them with you.
⬇️ Trading Rewards to be Discontinued
The date above will also mark the end of Trading Rewards.
The final Trading Rewards period will start on September 30th at 9:00 AM (UTC), and end on October 1st at 9:00 AM (UTC).
The LOOKS previously allocated to Trading Rewards will be sent to the Treasury instead — and will be used as incentives for future products and initiatives.
Though Trading Rewards have arguably done well at generating ETH for Protocol Rewards, the resulting daily sell pressure has been significant. This change will ensure that the LOOKS are allocated in the most efficient way possible, while further incentivizing new and existing products.
Can I still claim Trading Rewards?
Yes, you can still claim any previously earned Trading Rewards here.
Do marketplace fees still go to Protocol Rewards?
Yes, no change here.
Can I still earn LOOKS from Protocol Rewards?
Yes, no change here.
If I have already committed LOOKS to earn Protocol Rewards, do I need to do anything?
No, you’re all set to start earning from across the LooksRare ecosystem!