LooksRare Updates Rewards Contract

LooksRare Updates Rewards Contract

LooksRare updated its reward system with a new contract and $200,000 in ETH seeding for early adopters.

The Deets

  • Migration is now open.
  • Early Adoption Incentive: $200K in ETH distributed over the first 7 days.
  • New Contract Features: Protocol Rewards from suite of games, deflationary approach with no new $LOOKS creation.
  • Migration Requirement: Transfer $LOOKS to new contract to continue earning rewards.

The Bulk

LooksRare is transitioning its rewards program to a new chapter. The original 24-month schedule of emissions is coming to an end, but the platform is not done rewarding stakers.

Instead, LooksRare is introducing a new contract to continue rewarding its users. This move starts with an additional $200,000 worth of ETH to be shared among early adopters in the first week.

The new system departs from continuous emissions, shifting towards generating Protocol Rewards from an expanding collection of games like YOLO, Raffles, and Infiltration. As part of the move, LooksRare is now adopting a deflationary model, halting the creation of new LOOKS and focusing on burning the existing supply to reduce overall availability.

Migration to the new contract is essential for users who wish to continue earning rewards. Users who do not migrate their committed $LOOKS will cease to earn rewards post Ethereum block 18663262, which took place around 8:22 a.m. ET on Nov. 27. 

📊 By the Numbers

$LOOKS is up nearly 50% in the last month, but down 10% in the last 24 hours to $0.10, 98.5% off its all-time high of $7.10. 

ğŸŽ¬ Take Action

To benefit from the new system and avoid missing out on rewards, users should prepare to migrate their $LOOKS to the new contract. Not migrating $LOOKS will not result in any loss, but those who do not migrate will not earn rewards moving forward. 

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