Popular NFT marketplace LooksRare (LOOKS) announced a token economy change that concerns users.
LooksRare has made a significant change to its token economy. According to the official statement made by the team, the transaction fee returns obtained from the platform 50% take LOOKS from the market and to maintain price stability will be used for, 10% LookRare protocol reward will be presented to users and 40% to the treasury to be sent.
On the other hand, this token economy change will increase the passive income on the platform. reward from trading such as “farming” It means the end of the feature. The changes in question 1 October at 12.00 CEST It has been implemented since.
“Trading rewards” The revenue system also called It ended with this update. The team used to trading rewards He stated that the assets spent for the project will be used to encourage new initiatives in the coming period:
LOOKS previously allocated to Trading Rewards will instead be sent to the treasury and used as incentives for future products and initiatives.
The team also reported that recent revenues 50% with so far 1 million 800 thousand LOOKS He emphasized that it was taken back from circulation and moved to the treasury:
As you know, lately we have been using 50% of the revenues from new ventures to buy LOOKS back from the market. Thus far, 1 million 800 thousand LOOKS have been transferred to the treasury.
With the new token economy, token buybacks will be expected in the long term. price up It is thought to carry it.
According to CoinGecko data, LOOKS in the last 3 days 15% up performed. LOOKS while typing from $0.05668 finds buyers.