In order to encourage community participation, the Tokenlon Incentive Plan LIP distributes LON in multiple stages.
Stage one assigns LON via two mechanisms: Referral program and trade mining on tokenlon.im/lon and in the imToken app. It lasts for five weeks and assigns 5,000,000 LON (accounting for 2.5% of the total LON amount). Note that LON will be launched later this year after the end of LIP’s first stage.
Users who participate in the first stage of mining can invite any other user to increase their own mining rewards as well as the invited person’s rewards via referral code.
There are two kinds of referral codes. The ordinary referral code and premium referral code.
For an inviting person to start receiving rewards, the referral code needs to be activated. The ordinary invitation code needs ≥ 3 people, and the premium invitation code ≥ 1 person to have traded for it to be activated.
After the invitation code is activated the inviting person (i.e. referer) will receive an additional reward.
The invited person (i.e. referee) who trades after having received an invitation code will receive additional mining reward as well.
Starting on time: 2020.9.26 00:00 AM (UTC)
- LON is assigned to users trading on Tokenlon and paying a trading fee.
- The reward is calculated according to certain variables that depend on the participation in the referral program resulting in a certain ‘mining power’.
- At the end of each week 1,000,000 LON is assigned to eligible users according to the proportion of their mining power to all mining power obtained in this week, and the whole calculation starts again for the next week
LON = user’s power this week / total power of all users this week x 1,000,000 LON
- At the end of each week 1,000,000 LON is assigned to eligible users according to the proportion of their mining power to all mining power obtained in this week, and the whole calculation starts again for the next week.
- You can query your own mining power and the number of LON available every week on the LON Dashboard panel.
- While LON is already assigned and can be checked on the dashboard (see power calculation below), the actual LON token can be collected after LON is officially released later this year
Mining power distribution
Each trader receives a power amount of the trading fee spent (in USD) times 0.6.
Each trader who trades after having received an invite receives a power amount of the trading fee(in USD)*0.7, while the inviting user (or: referer) receives a power amount of the trading fee(in USD)*0.15.
- A has not received any referral code
- Every $1 trading fee will generate 0.6 power for the trader
- A accepted the referral code of B. In this case,
- Every $1 trading fee will generate 0.7 power for the trader
- At the same time, the trade generates 0.3 power times the fee for B as well
- Each week all generated power from all traders and referrers is added
- A and B both generate power as seen above
- Each participant - including A and B - receives a share of the 1,000,000 LON assigned in this week according to their share of the power of this week
Going forward, we are focusing on building out the community. Tokenlon, as an exchange, aims to provide a convenient, yet secure trading interface. Together, we will build out the infrastructure for the open financial services.
We will announce further stages of the Tokenlon LON Incentive Plan soon. Follow our community channels below to stay hear about latest developments of LON: