Tokenlon will launch the second phase of the LON incentive plan on Saturday, October 31, 2020, at 0:00 UTC, and introduce market maker incentives.
In the past five weeks, the first phase of Tokenlon's LON incentive plan has achieved some very encouraging results.
- More than 28,000 users traded on Tokenlon, and the cumulative volume exceeded 1 billion US dollars.
- Nearly 6000 users successfully recommended friends to Tokenlon, which helped Tokenlon gain more than 25,000 new users.
- As of the fourth week, 4,000,000 LON has been successfully allocated, with an average of 65.73 LON per address.
Tokenlon's trading volume has also entered the top three decentralized exchanges in the past two weeks, and the number of active traders is second only to Uniswap.
In the second phase, Tokenlon will assign 10,000,000 LON within 50 days. Users can still mine LON through trading and making referrals. On top, market makers can now obtain LON as a reward for providing liquidity. The specific number of LONs received will vary according to the market maker's actual trading pairs and trading volumes.
Tokenlon believes that engaging all parties in the network is vital to the platform's long-term success. By introducing market maker incentives, Tokenlon will encourage market makers to provide better liquidity and attract more professional market makers to join, thereby providing users with the most competitive quotation and depth. Having better liquidity will allow us to bring our secure and convenient decentralized exchange experience to more people.
The Second Phase LON Incentive Rules:
If you do not use a friend's invitation code, for every $1 net trade fee from the trade:
- You will get 0.6 mining power.
If you use a friend's invitation code, for every $1 net trade fee from the trade:
- You will get 0.7 mining power.
- Your friend will get 0.3 mining power.
Regardless if you use a invitation code, for every $1 gas fee you pay:
- You will get 0.1 mining power.
For market makers
If the trade is a main trading pair, for every $1 net trade fee from the trade:
- The market maker who supports the trade gets 0.4 mining power. If the trade size exceeds $200,000, it will get an additional 0.1 power.
If the trade is a long-tail trading pair, for every $1 net trade fee from the trade:
- The market maker who supports the trade gets 0.6 mining power. If the trade size exceeds $10,000, it will get an additional 0.1 power.
If the trade is a new trading pair, for every $1 net trade fee from the trade:
- The market maker who supports the trade gets 0.7 mining power.
According to the result of governance pilot voting, LON will not be assigned until the 2nd stage of genesis mining ends which at 0:00 UTC Dec. 20th 2020.
LON token contract has not yet been deployed. No fundraising/token sale was conducted for LON. Everyone can participate in mining to get LON attributed. LON has no investment value as a utility token.. Users holding LON can enjoy a discount on trading fees.