Gm.
Soon, we’ll enter the LOOKS token’s final emission period. This will last for roughly 12 months (or, more exactly, 2,346,250 blocks), and will provide the longest sustained rewards period on LooksRare.org. We think you’ll like what’s in store.
Here’s what you need to know.
🆕 Phase 4 Begins
Phase 4 kicks off at block #16317012 (currently expected on Monday, January 2, 2023).
When it does, the amount of new LOOKS per block will drop from 150 to 80 LOOKS. This will affect protocol rewards, volume rewards (i.e., listing and trading rewards), and team- and treasury-managed LOOKS.
💰 Reward Updates
Summary
| Rewards Type | Current Base LOOKS/Day | Phase 4 Base LOOKS/Day | Phase 4 Additional Daily Rewards | Phase 4 Total Daily Rewards |
|---|---|---|---|---|
| Listing | 50,000 | - | 50,000 LOOKS | |
| Trading | 236,650 | - | 236,650 LOOKS | |
| Protocol | 122,850* | 100% of WETH Platform Fees | 122,850* LOOKS + 100% of WETH |
*Estimate based on 6,500 blocks per day
💵 Listing Rewards
From January 3, 2023 at 9:00 AM (UTC), the total daily Listing Rewards will decrease from 100,000 to 50,000 LOOKS.
We’re still experimenting with Listing Rewards, and every iteration has come with improvements and learnings. Listing Rewards actively contribute to LooksRare’s floor liquidity on top collections in a meaningful way, and they’re something we intend to continue leveraging for Phase 4.
If you’re interested, you can check out the most recent Listing Rewards rebalance here.
The specific timings of the changes for listing rewards are:
| Period | Listings Recorded Between | Total Daily Listing Rewards | Rewards Claimable from |
|---|---|---|---|
| End of Phase 3 | January 2, 2023 9:00 AM – January 3, 2023 9:00 AM (UTC) | 100,000 LOOKS | January 3, 2023 at 11:00 AM (UTC) |
| Start of Phase 4 | January 3, 2023 9:00 AM – January 4, 2023 9:00 AM (UTC) | 50,000 LOOKS | January 4, 2023 at 11:00 AM (UTC) |
💵 Trading Rewards
From January 3, 2023 at 9:00 AM (UTC), the total daily Trading Rewards will decrease from 437,468.75 to 236,650 LOOKS.
Trading Rewards are a LooksRare staple — so they’ll be staying for Phase 4.
In case you missed it, the Trading Rewards distribution ratio was recently changed from 50/50 (half to sellers and half to buyers) to 95/5 (95% to sellers and 5% to buyers).
As a result, sellers now essentially trade for free — as the LOOKS Trading Rewards they receive act as a refund on the platform fees they paid. Find out more here.
The specific timings of the changes for trading rewards are:
| Period | Volume Recorded Between | Total Daily Trading Rewards | Rewards Claimable from |
|---|---|---|---|
| End of Phase 3 | January 2, 2023 9:00 AM – January 3, 2023 9:00 AM (UTC) | 437,468.75 LOOKS | January 3, 2023 at 11:00 AM (UTC) |
| Start of Phase 4 | January 3, 2023 9:00 AM – January 4, 2023 9:00 AM (UTC) | 236,650 LOOKS | January 4, 2023 at 11:00 AM (UTC) |
💵 Protocol Rewards
From block #14757012, the amount of LOOKS earned by committing LOOKS will decrease from 35.4375 to 18.9 LOOKS per block.
This change applies to LOOKS committed in both the Compounder and the Standard Method.
👌 100% of LooksRare’s platform fees (in WETH) will continue to be earned by those that commit LOOKS.
| Phase 3 Protocol Rewards | Phase 4 Protocol Rewards |
|---|---|
| 122,850* LOOKS | |
| 100% of WETH Platform Fees | 100% of WETH Platform Fees |
*Estimate based on 6,500 blocks per day
🔓 Team & Treasury Token Unlock
Following the same LOOKS emission schedule, 25,000,000 and 12,500,000 LOOKS from the team and treasury portions respectively, will unlock at block #14757012.
This is the second unlock of LOOKS tokens from the team portion and the fourth from the treasury, and the same thing will occur as the previous times.
❌ No LOOKS will be sold.
✅ All LOOKS will be committed to either the Standard Method or the Compounder.
We have conviction in what we’re building as a team — and in the future of LooksRare.
🔭👀 The Future
We’re entering the final emission period for the LOOKS token. Fittingly, it marks the beginning of a bigger and better LooksRare: one that sees rich organic volume without a heavy reliance on incentives.
From day one, we’ve been building towards this self-sustaining ecosystem. And 2023’s going to be a big year on that front. Expect merch. Metaverse mayhem. Mobile apps. And, of course, the release of the much-anticipated Aggregator and V2 protocols.
Stay in the loop on the latest and greatest updates in the NFT sphere. Join us on Discord if you haven’t already.
