This may feel like a longer update, but we will only discuss the upcoming snapshot to help answer as many questions as possible leading up to the event scheduled Sunday, May 1.
The Lox Founders NFT is the key to Lox Network’s beta testing. Wallets owning this NFT will be able to link their wallet to the network to test out features and provide feedback that will be used to make improvements.
The Lox Founders NFT is an exclusive airdrop to our #LoxFamily and Lox Trio holders who self-custody their tokens.
One way to receive the Lox Founders NFT is for your wallet to place in the Top 100 holders for any of the Lox Trio tokens: $LOX, $SmartLOX or $SmartNFT. There is no incentive to be a Top 100 wallet in all three tokens as a wallet will only receive 1 NFT. Addresses in multiple Top 100 lists will receive 1 Lox Founders NFT for it’s first inclusion. The other awarded NFTs will be redirected to the community pool.
To determine if your wallet is in the Top 100, you will need to ensure your Lox Trio tokens are in self-custody at the time of each snapshot. There will be five snapshots of each of the three Lox Trio tokens. The snapshots will only include self-custody addresses. We will not include tokens held on Bitrue or Probit in any of these snapshots.
Each Sunday of May will be snapshot day. We will take a snapshot of each token on May 1, May 8, May 15, May 22 and May 29.
We will then take the average holdings over those five weeks from each of the $LOX, $SmartLOX and $SmartNFT snapshots.
For example, if your wallet holds:
May 1: 100,000 $LOX
May 8: 0 $LOX
May 15: 100,000 $LOX
May 22: 700,000 $LOX
May 29: 100,000 $LOX
You would add each snapshot and have 1,000,000 $LOX. Divide that by 5. Your average holding is 200,000 $LOX. That average will then be ranked against every other self-custody wallet. If it is #1, that wallet is awarded 1 Lox Founders NFT. If it is #48, that wallet is awarded 1 Lox Founders NFT. If it is #100, that wallet is awarded 1 Lox Founders NFT. If it is #101, that wallet is awarded 0 Lox Founders NFT.
Do the same thing for $SmartNFT and $SmartLOX. However, if that wallet was already awarded 1 Lox Founders NFT, then that wallet will redistribute it’s second Lox Founders NFT to the community pool.
The community pool is awarded exclusively to our #LoxFamily. There will be a minimum of 200 Lox Founders NFTs in this pool. We will host giveaways and reward both community involvement and significant contributors. Community members, ambassadors and staff members may nominate and provide these NFTs.
Please remember, the goal is to ensure we have maximum participation in our beta test phase. We are attempting to balance an unbiased, objective approach by taking snapshots to promote decentralization and blending it with a more subjective approach to promote community involvement.
Our original plan was to use the $MetaLOX token as the beta test key. However, as the XRPL is a decentralized ledger with a built-in DEX that projects like Sologenic and OnXRP have built user interfaces to easily access, we know and fully support trading our beta test keys to other #LoxFamily and XRPL community members.
Unfortunately for us at Lox Technology, if we use an XRPL-issued token in XRPL’s free trading environment, this may also lead to fractional tokens. Fractional tokens would immediately eliminate wallets from participating in the beta test. As we previously stated, our goal is have 500 wallets eligible to participate to provide greater odds at receiving maximum feedback. That is the reason why we pivoted to an NFT; to prevent fractionalizing beta test keys. We also unintentionally created confusion in the #LoxFamily with the pivot from $MetaLOX tokens.
To help clarify, $MetaLOX is the token for the MetaLox. We will still issue these tokens on the XRPL; it will just be at a later time. These tokens will not provide access to the beta testing phase. In fact, there isn’t even a need to set a $MetaLOX trustline at this time as we will not be distributing any $MetaLOX tokens at this time. We also do not have an estimated time frame on the schedule.
However, we will use the snapshot data collected on May 1, 8, 15, 22, and 29 to determine how much $MetaLOX a wallet will receive based on it’s average holdings over that 5 snapshot phase. Again, this data will only include self-custody addresses from the #LoxFamily as we will not collect any data from Bitrue or Probit accounts. When we are ready to distribute $MetaLOX tokens, a wallet will receive it’s fair share of $MetaLOX based on the May data, regardless of whether that wallet ranks #1 or ranks #1506 or ranks #12078. We have not determined a ratio or airdrop date at this time.
OK, that was a lot to go through and hopefully cleared up some of the confusion.
If you still have questions, please do not hesitate to ask. Thanks as always for the support, #LoxFamily! – Team Lox