LOX Network Start of Week Update | Sept. 26, 2022
As discussed earlier, we’re beginning our shift to a monthly update with editorials and away from twice weekly updates. Many of the updates are simply becoming too repetitive given the time frames at this stage to make noticeable progress.
That said, the MetaLOX Reward Program official launch kicks off this Saturday, Oct. 1. The MetaLOX Reward Program is our way of supporting LOX token ecosystem holders on the XRPL despite the public, open source ledger being neither a proof-of-stake network nor having smart contract capabilities at this time.
To participate, you simply need to hold any combination of $LOX, $SmartNFT, $SmartLOX and/or $MetaLOX in a self-custody wallet, such as XUMM, and have a $MetaLOX trustline set. The trustline is needed to receive rewards. As the name entails, rewards are all distributed in $MetaLOX to your self-custody wallet.
$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. The program has no scheduled end date right now, but we’ll of course announce it if that day comes.
Given the limitations to have a true staking option on XRPL, our solution is simply to snapshot all LOX related 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. It’s not a true staking solution, but the end result feels similar to earning 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.
As always, we encourage you to read the official documentation on the XRPL and XRP Toolkit regarding any questions on trustlines, self-custody awareness and other concerns regarding the XRPL.
Wrapping things up, we’re still expecting to go live with the updated white paper and website Oct. 1.
Thanks as always for the support, #LoxFamily! – Team LOX