LooksRare, a leading NFT trading marketplace, announced a major regulation in the cryptocurrency economy.
The platform will now use 50% of its fees to buy back LOOKS altcoins from the market, reserve 10% as LooksRare protocol rewards, and send the remaining 40% to the treasury. This change also marks the end of farming rewards.
The platform uses 50% of fees from startups to buy back LOOKS from the market, resulting in 1,800,000 LOOKS being added to the Treasury. But LooksRare is now taking things one step further. Fees from new ventures will be distributed as follows:
- 50% will be used to buy LOOKS back from the market.
- 10% can be earned as LooksRare Protocol Rewards.
- 40% will be sent to the Treasury.
The updated model will enable Protocol Rewards to continue to collect additional fees over time, potentially even from other chains.
The changes will go into effect on October 1st at 12:00 UTC (9:00 UTC), which will also mark the end of Trading Rewards. The final Trading Rewards period will start at 12:00 (9:00 UTC) on September 30th and end at 12:00 (9:00 UTC).
*This is not investment advice.
