LooksRare Rebalances Its Listing Rewards in New Update
On Oct. 20, LooksRare will put into effect new changes to the eligibility of its listing rewards, according to the platform's official documents.
The team claims this new update, along with one prior update, is meant to reward legitimate users and create more liquidity for trending collections.
First, LooksRare is reducing the total number of collections eligible for listing rewards to five, down from its current number of 15.
There will also be a new maximum limit of eligible listings per collection. Currently, there is no limit, but with the new change, only 200 listings per collection will be eligible for rewards. Each snapshot, the lowest-priced 200 listings will be those eligible for rewards.
Additionally, the base points per item listed are changing too. The changes are as follows:
- Rank 1 Collection: 200 (old), 500 (new)
- Rank 2 Collection: 150 (old), 360 (new)
- Rank 3 Collection: 120 (old), 200 (new)
- Rank 4 Collection: 100 (old), 100 (new)
- Rank 5 Collection: 80 (old), 50 (new)
"These changes are focused on providing higher value, and more equally distributed rewards amongst the top 5 collections," the team wrote on its website. "[And to] only reward the lowest listings to encourage more competitive, focused liquidity, where it is most needed, at the floor."