LOX Network End of Week Update | Sept. 30, 2022
Another week wrapped up with the new website and update schedule just around the corner!
The MetaLOX Reward Program official launch kicks off tomorrow, Oct. 1, 2022. 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. The program has no scheduled end date right now, but we’ll of course announce it if that day comes.
It’s 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 to trade 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.
Also, though Oct. 1 is the first Saturday of the month, we will host the AMA with Lucas on Saturday, Oct. 8. This will allow the team time to ensure all scheduled events occur with minimal distractions.
Thanks as always for the support, #LoxFamily! – Team LOX