🤣 LOLZ Project Update, Our First Headliner, LOLZ Defi Status, and LOLZ Free For All 🤣
Wow... it is already the 25th of January. Seems like we just posted our Happy New Year's Update a few days ago. But it is clearly time for another LOLZ Project update.
Our First LOLZ Headliner
We want to start out with a shout out to our first LOLZ Headliner - @mawit07! @mawit07 is currently holding 530 LOLZ tokens, 18 more than the necessary 512 LOLZ tokens needed to reach the Headliner threshold.
Way to go @mawit07!
Our devs, @captaincryptic and @magicbeans are not far behind with 486 tokens, and 450 respectively. @captaincryptic will likely take the lead as soon as we initiate the LOLZ Defi farming rewards as he has been providing much of the delegations for the LOLZ curation bots and will be farming a good bit of LOLZ.
We are so excited with how well the LOLZ token has been accepted in the HIVE community. The LOLZ bot is being called on average once every 5 minutes. Not every call results in success, but we are still averaging around 250 tokens mined per day.
The Holiday's were not kind to the LOLZ token's price as we saw the price slip from the 20 cent range down to the 2 cent range. We would like to see that head back up, and hope that the upcoming release of LOLZ defi will help give our users a reason to hold on to those LOLZ tokens.
Up until now, we have let the market do what the market wanted to do. However, we are considering a few options to help give the LOLZ token value. Those include -
- LOLZ Defi. As we indicated before, we plan to initiate a @lolz.pool from a portion (40%) of the the LOLZ curation earnings to reward LOLZ holders who have reached the Headliner level.
- LOLZ Buy And Recycle Bot. We will be building a bot to buy and sell LOLZ tokens. The goal of the bot will not be to earn Hive but to help reduce the inflation for the LOLZ token. The bot will buy cheap, sell high, and recyle (ie, send back to the mining pool) the difference in LOLZ. For example, right now the buy is approximately 0.02 Hive and the sell is approximately 0.04 Hive. As such, the bot could buy 20 LOLZ, sell 10, and recycle 10 and break even.
- Use Post Earnings to Buy and Recycle - With the implementation of LOLZ defi we are also planning to start posting a number of automated posts on the mining, curration and defi stats. The liquid Hive earnings from those automated posts will be used to buy and recycle LOLZ tokens.
We are always seeking to find ways to increase the value of the LOLZ token, and we expect these initiatives will help to provide upward pressure on LOLZ prices.
LOLZ Defi Update
We have been hard at work on the code to implement our LOLZ defi ideas. We are very happy to say that we are very close to turning those plans into reality as much of the code is complete. We are targeting the end of the month as the launch date.
We have been holding all LOLZ curation rewards since the beginning of January to pre-fund the @lolz.pool. Once we have the defi code all completed, those earnings will be processed and 40% will be sent to the @lolz.pool. Weekly 1% of the pool will be paid out on a pro-rated basis to LOLZ headliners. For example, if there are two Headliners, one with 2000 LOLZ, and one with 1000 LOLZ, the pool rewards would be paid out to just the two headliners, with the first receiving 2/3rds of the reward, and the second getting the other 1/3.
LOLZ Free For All
What would an LOLZ Update be with out a LOLZ Free For All? Drop a comment (while this post is active) and let us hit you with an LOLZ!
About the LOLZ Project
LOLZ Project is an engagement project with the mission of spreading laughter and joy on the Hive blockchain. Hive users can use the !LOL or !LOLZ command in comments to share a clean joke and tip the author an $LOLZ token.
Help Support the LOLZ Project
Here are a few ways you can help the LOLZ Project.
- Use the !LOL and !LOLZ command often to tip fellow Hive authors.
- Upvote and re-Hive our posts. All rewards will be used to help cover server costs and increase curation value.
- If one of our jokes makes you smile, consider giving it an upvote.
- Follow @lolztoken and participate in our airdrops, contests, and giveaways.