▪️$LOCK Migration

Rationale

Rebranding to Market Position: Introducing the LOCK token is a strategic rebranding effort. It is designed better to encapsulate our identity as a Top 40 DeFi project, reflecting our high-growth trajectory and substantial market presence, with over $350 million in annualized volume.
Enhancing Brand Perception: This rebranding is not just a change in nomenclature but a redefinition of our market presence. It aligns with our vision a leader in the DeFi privacy space, offering innovative privacy solutions and robust crypto growth models.

Innovative Staking Program: We are introducing a new deflationary Staking Program. This program is designed to buy back $LOCK tokens, using the fees generated on our platform, and redistribute them as rewards to our stakers.
Benefits for Long-Term Supporters: The Staking Program is tailored to reward our loyal supporters, providing them with tangible benefits for their continued faith in our platform. It aims to create a stable and sustainable foundation for both the growth of the platform and the appreciation in the value of $LOCK.

Bridging the Gap: Despite having a large user base of approximately 60,000, this is a noticeable disparity given our smaller pool of around 1,200 token holders. The LOCK token and the new Staking Program are strategic steps to address this misalignment.
Fostering Community Engagement: By realigning our user base with our token holders, we aim to foster a stronger community, encouraging more users to become active participants in the token economy.

Strategic Evolution: Our previous efforts in token buybacks, which saw the repurchase of over 7.5 million tokens (equating to more than 7.5% of the total circulating supply), did not yield the anticipated results. Recognizing this, we have refined our strategy.
Triple-Focused Goals: The new approach is more holistic, aiming to simultaneously increase transaction volumes on the platform, enhance the long-term value of $LOCK for holders, and contribute positively to the overall ecosystem.

Last updated 3 months ago