23 September, 2022
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LOX Network End of Week Update | Sept. 23, 2022

23 September, 2022

With the British holiday earlier this week, we took some time to celebrate Her Majesty’s Queen Elizabeth II life and the memories we made with our own families during her reign. That didn’t stop us from continuing to make progress as we march toward our ultimate goal of seeing Lox Network mainnet go live.

We made our final test run of the MetaLox Reward Program and feel very confident in it’s official launch Oct. 1. For those who may still be unaware, we recently started a pilot program to reward token holders of the LOX ecosystem that, at least at the end result, feels similar to staking. There’s also still quite a few wallets who have not set their $MetaLOX trustline. If you’re reading this, hold your LOX ecosytem tokens in your self-custody wallet and don’t know what we’re talking about, your wallet may be one of the wallets that did not receive any $MetaLOX rewards during our pilot. 

To participate, you simply need to hold $LOX, $SmartNFT, $SmartLOX and/or $MetaLOX — you can one any one of those of those tokens, or a couple of them, or all of them — in a self-custody wallet and have a $MetaLOX trustline set, as the rewards are all distributed in $MetaLOX, to your self-custody wallet. We prefer to use XUMM ourselves and, as a result, only use XUMM in our testing programs, but any XRPL compatible self-custody wallet should see the results just as well.

$LOX will start with a crazy 300% APY and each of the Smart tokens will also have a huge 200% APY. $MetaLOX will have a 100% APY.

As we all know, XRPL is not a proof-of-stake network and is not yet capable of hosting smart contracts. Our solution is simply to snapshot all LOX trustlines daily and reward those trustlines daily. After the rewards are distributed, the next snapshot will see a larger balance and thus initiate a larger reward the next day. Similar to compound interest!

It’s also important to note that the rewards are based on tokens that are both held in your self-custody wallet AND not on the orderbook. If you own 1000 $LOX, for example, and choose to place 500 $LOX in the XRPL’s built-in DEX for $XRP, our script will see the 500 $LOX you hold and will be unable to see the 500 $LOX on the orderbook.

If you have any questions on the MetaLOX Rewards Program, please feel to reach out to us! If you have any questions on trustlines or how to safely self-custody on the XRPL, we encourage you to read the official documentation on the XRPL and XRP Toolkit.

Speaking of Oct. 1, we’re also expecting to go live with the updated white paper and website that day. With that, also comes the shift in our update schedule from twice weekly to monthly wrap up editorials to free us up for social media where we can press more urgent updates.

Finally on MetaLOX, land registration is going well! If you’re interested in participating in claiming your land in MetaLOX, you can choose to fill out this form or reach out to us on Twitter to get more information!

Last, be sure to check out our latest blog posts on play-to-earn and smart contracts! If you haven’t had a chance to explore the blog yet, Annabel and Jeremy post quite a lot of educational material there a few times a week!

Thanks as always for the support, #LoxFamily! – Team LOX

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