Hi all, me again.
If you don't know me, I'm Baef. from Discord. Long-time LRC holder, GME holder, NFT enthusiast, CIAN ambassador, blah blah blah. I spend a lot of time on Loopring's discord watching the team and helping others.
Sharing some more information as a lot has happened since I last posted. A significant amount of information was shared on last Community Call + Blogs, but I'd like to summarize here for those who didn't have the chance to attend or read. In my opinion, this is the biggest news since Gamestop's partnership announcement.
Without further adieu...
I asked what happened to the Treasury amount (Insurance Fund) of LRC that was supposed to be voted on by the DAO on what to do with it. There was a quarterly report that addressed this fund with no follow up. I've asked Byron and will update once I hear back.
https://medium.com/loopring-protocol/lrc-staking-is-live-3b02ba20bd42
B on answering short term and medium term goals
https://discord.com/channels/488848270525857792/903390107539742751/1167470433940017193
B on the future of LRC, tokenomics.. <---- THIS IS THE BIG ONE
https://discord.com/channels/488848270525857792/488848270525857796/1166372980197175296
I really want to highlight the above point for all of you. In the most recent Community Call (summarized via Blog), B and Magic Pan addressed this in further detail than we have ever seen.
Here is my summarized version of that conversation, however, read the full notes here -> https://medium.com/loopring-protocol/loopring-community-call-1-b9560c6f0977
SUMMARIZED TOKENOMICS UPDATE:
Key Details on Potential Changes:
- Current Evaluation: As the platform scales up and transaction fees decrease, the current protocol fee structure might need reevaluation. The team acknowledges that the existing model might become less attractive over time.
- Considerations for Change: The discussion revolves around shifting towards a profit-sharing model. This model would entail a small fee charged on the profits earned by users through Loopring products, like the new Loopring Earn DApp. This could potentially be more appealing and beneficial for the entire ecosystem, ensuring that all stakeholders benefit from its growth.
- Multiple Scenarios: While no concrete decisions have been finalized, various scenarios are being explored. These include options like charging protocol fees on new networks (L3) and rewarding LRC stakers with a portion of these fees. Additionally, models involving profit sharing, burning, or re-buying LRC are under consideration.
- Expanded Utility for LRC: The team aims to create increased utility for LRC holders. This could include benefits such as VIP models, referral rewards, higher APY for LRC holders, fee discounts, and incentivized vault usage.
- Inspirations from Successful Models: Taking inspiration from the successes of coins like BNB, Loopring seeks to be the decentralized alternative to successful exchanges. They aim to mirror some of these models while focusing on building a non-custodial, decentralized future for crypto.
While there's no set plan in stone, the team is committed to enhancing the tokenomics of LRC for the benefit of the entire Loopring ecosystem. Join the conversation and share your thoughts on these potential changes!
(Disclaimer: These are insights shared during a community call and represent ongoing discussions. Final decisions may differ based on further evaluations and community feedback.)
To tie into this, Loopring continues to work hard behind the scenes. Specifically this point should be of interest to everyone.
Now one of my favourites, I had a question about Loopring funding and runway that was formally addressed.
There was a question about Loopring funding and runway. What kind of runway does Loopring have to continue development and are there any plans to do more fundraising or change anything else to extend the runway in the future?
Once again, here is my SUMMARIZED SYNOPSIS OF THE RESPONSE, for full context please read https://medium.com/loopring-protocol/loopring-community-call-1-b9560c6f0977
- Current Financial Strength: Loopring has ensured a secure financial runway for the next few years through effective treasury management. This includes strategic allocation into stablecoins and ETH during bear markets.
- Long-Term Self-Sustainability: The goal is to become self-sufficient without relying on external funding. Models such as inflation token models and VC funding are not sustainable in the long run.
- Exploration of New Tokenomics: Loopring is actively working on new tokenomics to establish a self-sustaining model for the ecosystem.
- Potential Models for Sustainability: The team is considering various models, such as a front-end fee system, akin to Uniswap's recent implementation, and a profit-sharing system. These models aim to fund development and benefit the ecosystem.
- Benefits of Profit-Sharing: Implementing a profit-sharing system aligns incentives, encourages innovation for better products, and shares benefits with users, Loopring, and the broader ecosystem.
- Future Planning: The team recognizes the importance of testing and refining these models to ensure the best path for setting up a sustainable ecosystem for future success.
Overall, the focus remains on establishing a sustainable path for Loopring's success, considering various options and testing to ensure the best approach for the entire ecosystem.
That's all for now, consider yourself, IN THE LOOP
Great work, OP. And I concur you are an OG, I remember you supporting my NFT creations in the garage days. And thanks for that. (I'm Loopme)
Reworking the tokenomics is essential, because even becoming a L3, the tokenomics was already weak.
Marketing is the biggest news imo. This is what Loopring needs. A spotlight. Amazing products call for big noise.
Multi-chain move? Hell yeah. Loopring can position itself to compete with Binance and Coinbase. Especially with the SBF trial going on.
Anyways, if you're enlisted to become a loopring OG I'll vouch for you, if you aren't already one.
Cheers!
#WAGMI #soon💙 #L224