An Important Update on LRC’s Long-Term Incentive Program
On August 30, 2017, we kicked off the Long-Term Incentive Program (LTIP) to reward LRC’s long-term holders. The lock held for 18 months minimum, and thus participants have been able to withdraw from the LTIP since February 22, 2019.
As of today, there are still more than 63 million LRC in the program. A significant chunk of this was initially deposited by the Loopring Foundation to fund rewards for the program. More info about the LTIP can be found here.
According to the program’s smart contract: the owner of the contract is entitled to spend the unclaimed LRC in the program without restriction after October 30, 2020.
That owner used to be us, but to allow participants to stay in the program to compete for the highest LRC reward, and to put their mind at ease, Loopring has transferred the ownership to the following self-destructed contract 0x2255188F4eD5C42ee41469D0f858d7bD0209bcAf, effectively making it ownerless. Thus, from now on, and most importantly after October 2020, the only ‘risk factor’ for participants is gone.
Recall, participants earn a return based on their relative position of withdrawal to other depositors who participated in the program. So, the last man or woman standing earns the highest relative reward. It is time independent, but peer dependent.
You can read all sorts of information from the LTIP contract at any time: https://etherscan.io/address/longterm.lrctoken.eth#readContract
You can check the return on 1 unit in real-time by querying ‘box #5’. For example, a participant withdrawing 1 LRC now would receive 2.94 back.
Querying ‘box #4’ with your address will tell you how many total LRC your address is able to withdraw at this time. If it shows 0, then you did not participate in the program.
We hope all participants are satisfied with the ability to compete/outlast, forever— and for the inability for anyone (including the Foundation) to spend the unclaimed amount, forever.
If the LTIP continues to hold a significant amount of LRC, it is effectively removed from circulating supply, but can always recirculate.
Anyone can continue to monitor the contract here: https://etherscan.io/address/longterm.lrctoken.eth
Published at Fri, 01 Nov 2019 07:04:07 +0000
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