09 September, 2022
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Lox Network End of Week Update | Sept. 9, 2022

09 September, 2022

Wrapping up another week as we head into the weekend!

You may have seen the tweet on MetaLox earlier in the day. For those who missed it, please check it out! We feel it’s very exciting!

We are coming up with an XRPL “staking” solution MetaLox holders. As you already know, XRPL is not a proof-of-stake network, does not have smart contracts and the hooks ammendment is still a proposal at this time. To work around this, we will use trustlines and snapshots. From a purely technical point-of-view, it’s a daily snapshot with a daily airdrop. From the holders’ point-of-view, the end result is similar to collecting rewards from staking.

There’s really not much to it: hold your MetaLox tokens in a self-custody wallet compatible with the XRPL, like XUMM for example; receive MetaLox tokens daily in your self-custody wallet compatible with the XRPL; expect an equivalent of 100% APY. As your balance grows, each drop gradually becomes larger. We plan to start this program Oct. 1. We do not have a scheduled or expected end date as of now, but will announce in due time.

To clarify the tweet where we mentioned XUMM, it’s merely an acknowledgement that we prefer XUMM as our XRPL wallet. We will provide tutorials using screenshots from a XUMM wallet. That said, every XRPL transaction — including our staking work-around — are recorded on the XRPL. XUMM displays information retrieved from the XRPL, just as any self-custody wallet compatible with the XRPL does. If you prefer to use a different wallet, please don’t feel like we’re trying to convince you to use a different product. Just understand that we are familiar with XUMM’s UI, and our answers may be specific to XUMM’s lay out. You can always verify your own data on the XRPL using scanners like XRPscan or Bithomp.

We’re able to complete our work-around following a flawless MetaLox airdrop. Those who have been around since the Lox, SmartNFT and SmartLox airdrops may remember the scripts we ran to complete those airdrops were, well, flawed. It was an incredibly stressful time for us as we tried to figure out what went wrong. Fortunately, we learned from each drop and got better on the next drop watching our work show fewer and fewer flaws until MetaLox, where we have finally perfected our recipe. Though it is still possible to find a trouble ticket that points out an error, every ticket at this point that we have resolved has come from trustlines not being properly set or trustlines not even being set at all. Once we were able to point those users to the correct information found on the XRPL’s official documentation, the airdrop was able to complete it’s function.

With the technicalities behind us, as previously stated, the process is simple. We will take a snapshot of each account and then deliver the daily percentage of the annual 100% APY. 100% APY with daily compounding is crazy!

Funds are delivered before the subsequent snapshot. If you don’t move, remove, sell, etc. your MetaLox tokens, then the end result will feel like an automatic daily compounding. Even if you do decide to move some or trade some on any given day, as long as you still have at least a fraction of one token, you will still receive your daily share, just readjusted to your new balance. We will test this with MetaLox, and if we have a successful trial, then it may be rolled out to the Smart tokens and LOX token.

Also, don’t forget that MetaLox land registry begins Oct. 16. It’s a free land ownership registration, so get in to be in with a chance to own your own property or business in the MetaLOX metaverse. We’ll be discussing this more as we get closer to that date.

We still have open trouble tickets on the MetaLox airdrop. We will have these resolved as time permits. We’re also still working on the fix to the Lox Network, so dev notes will continue to be delayed until a solution is formalized allowing us to move forward. In the meantime, we hope you take some time to look into and ask about our MetaLox staking solution and upcoming land registration!

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

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