The native cryptographically-secure fungible protocol token of the LOFI Platform (ticker symbol $LOFI) is a transferable representation of attributed governance and utility functions specified in the protocol/code of the LOFI Platform, and which is designed to be used solely as an interoperable utility token thereon.
$LOFI is currently based on the BSC and complies with the BEP-20 token standard. $LOFI will support multiple blockchains in the future.
- Medium of Exchange: $LOFI is a functional multi-utility token which will be used as the medium of exchange between participants on the LOFI Platform in a decentralised manner. The goal of introducing $LOFI is to provide a convenient and secure mode of payment and settlement between participants who interact within the ecosystem on the LOFI Platform without any intermediaries such as centralised third party entity/institution/credit. It is not, and not intended to be, a medium of exchange accepted by the public (or a section of the public) as payment for goods or services or for the discharge of a debt; nor is it designed or intended to be used by any person as payment for any goods or services whatsoever that are not exclusively provided by the issuer. $LOFI does not in any way represent any shareholding, participation, right, title, or interest in the Company, the Distributor, their respective affiliates, or any other company, enterprise or undertaking, nor will $LOFI entitle token holders to any promise of fees, dividends, revenue, profits or investment returns, and are not intended to constitute securities in Singapore or any relevant jurisdiction. $LOFI may only be utilised on the LOFI Platform, and ownership of the same carries no rights, express or implied, other than the right to use $LOFI as a means to enable usage of and interaction within the LOFI Platform. The secondary market pricing of $LOFI is not dependent on the effort of the LOFI team, and there is no token functionality or scheme designed to control or manipulate such secondary pricing. In particular, $LOFI can be used (i) to unlock in-app functions (e.g. upgrading pods, upgrading gems, taking part in lucky draws, crafting enchant scrolls); (ii) by the viewers as tips for their favourite streamers to reward the streamers for their content creation; or (iii) to pay for in-app transaction fees.
- Incentives: $LOFI would also function as the incentive which would be distributed to encourage users to exert efforts towards contribution and participation in the ecosystem on the LOFI Platform. Further, it is mentioned that additional $LOFI will be awarded to a user based only on its actual usage, activity and efforts made on the LOFI Platform (and/or proportionate to the frequency and volume of transactions), so users of the LOFI Platform and/or holders of $ LOFI who did not actively participate will not receive any $LOFI incentives. In particular, to ensure that users receive access to $LOFI so that they may utilise these for platform services and community governance, other users would need to be incentivised to become liquidity providers and stake their digital asset pairs (e.g. BNB/$LOFI) into the decentralised market making pools to provide the necessary liquidity for transactions. As compensation for opportunity costs, these liquidity providers which help to promote adoption of the LOFI Platform by staking or including assets to liquidity pools in exchange for LP tokens would be rewarded with $LOFI, according to each user's relative contribution after various adjustment and correction parameters. By distributing $LOFI in this manner, it ensures that the governance token will be distributed primarily to key network contributors and allow them to have a say in protocol parameters.
- Governance: To promote decentralised community governance for the network, $LOFI would allow holders to propose and vote on governance proposals to determine future features, upgrades and/or parameters of the LOFI Platform, or provide feedback, with voting weight calculated in proportion to the tokens staked. The right to vote is restricted solely to voting on features of the LOFI Platform; it does not entitle $LOFI holders to vote on the operation and management of the Company, its affiliates, or their assets or the disposition of such assets to token holders, or select the board of directors or similar bodies of these entities, or determine the development direction of these entities, nor does $LOFI constitute any equity interest in any of these entities or any collective investment scheme; the arrangement is not intended to be any form of joint venture or partnership. After governance launch there will be no individual or corporate entity or other active promoter, sponsor, or group or affiliated party that maintains sole control over the LOFI Platform.
- Private Sale: 18%
- Public Sale (IDO): 1%
- Watch-to-Earn: 20%
- Ecosystem/Treasury: 30%
- Marketing: 6%
- Airdrop: 5%
- Liquidity: 5%
- Team: 12%
- Advisors: 3%