Introducing LUXY Token
The balloon dog just got even better!
About LUXY Token
Our balloon dog is getting a token! LUXY token will be the backbone of our NFT Marketplace. Token holders will enable a number of features such as early access to NFT drops, reduced marketplace fees, as well as joining in our DeFi Staking incentives.
LUXY Token will have a supply cap of 100 Million tokens. LUXY will be a deflationary token through our buyback and burn system which will result in 50% of the supply being burnt. This will leave the eventual total supply cap at 50 Million tokens.
LUXY Token has recently finalized all Seed and Private rounds raising $1,150,000, which brought Strategic Partnerships with Polygon, Polygon Studios, Syscoin Platform, IBC Group, NFT Technologies Inc, BlockDesk Ventures, Semetrix, CGM Ventures, Unity Capital, Pinata, The Crypto Launchpad, plus a number of influential NFT Collectors who boast a collection of over 250k NFTs.
The IDO will take place on the 30th of November 2021, across three launchpads: soon to be announced. The IDO price will be $0.08 with 5 Million LUXY tokens available at the Token Generation Event(TGE), raising $400,000. We will lock $200k and 2mil LUXY tokens into our first pool giving it an initial listing price of $0.10.
LUXY Token Details
LUXY Token will be used throughout the LUXY Marketplace. Users will be able to gain access to: NFT drops, reduced fees, Buy/Sell NFTs for LUXY, buy ad space, vote on hot NFTs, vote on proposals, white label solutions.
The standard fee for buying and selling on LUXY will be 2%. If users accept LUXY as payment, the fee will be reduced to 1%.
Holding the LUXY token will enable users to reduce their fees whilst using the marketplace for buying or selling. LUXY will have a tiered fee schedule with the standard fee starting at 2%. Users will also receive a discount for paying for services on LUXY, such as buying ad space. Below you can see the LUXY tiered schedule.
LUXY Token will introduce a voting model in Q1 of 2022. This will enable LUXY Token holders the ability to propose and vote on features they would like implemented on LUXY along with items such as supporting new blockchains.
LUXY Token will be a deflationary token where over time, we will burn 50% of the total supply, reducing our supply from 100mil tokens to 50mil tokens.
We will have an event called “The Burning”. Information regarding The Burning event will be displayed on a page containing:
- Amount of collected fees
- Equivalent amount in LUXY tokens
- Date of Next Burn
The Burning will happen via two avenues:
- 100% of all fees earned via the marketplace in LUXY token will be sent to the burn address 0x000000000000000000000000000000000000dEaD. So this means that any services, buy/sells that are paid with LUXY Token, the fees generated from this will be burnt.
- 25% of all fees collected via all other payment forms, will be used to buy back LUXY from the market and sent to the burn address 0x000000000000000000000000000000000000dEaD.
The Burning will continue until 50mil LUXY Tokens are removed from circulation.
Tokenomics & Distribution
Seed: Our Seed Round raised $500,000 at a price of $0.04 and a total of 12,500,000 LUXY sold. The Seed round will have a 2-month lock starting from TGE along with a 10 month vesting period.
Private: Our Private Round raised $500,000 at a price of $0.05 and a total of 10,000,000 LUXY sold. The Private round will have a 1-month lock starting from TGE along with a 6 month vesting period.
Community Private: Our Community Private Round raised $150,000 at a price of $0.06 and a total of 2,500,000 LUXY sold. The Community Private round will have a 1-week lock starting from TGE along with a 5 month vesting period.
IDO: Our IDO will raise $400,000 at a price of $0.08 and a total of 5,000,000 LUXY sold. The IDO will have no lock starting from TGE and no vesting period.
Team & Advisors: The LUXY team and advisors will receive 15% of the total supply. This will have a 2 month lock period from TGE along with a 10 month vesting period.
Marketing: 12.5% of the supply will be reserved for Marketing. This will be used for marketing initiatives for the LUXY Marketplace such as growth hacking, airdrops, onboarding collections, creators support fund. This will have a 1-month lock from TGE along with a 3 year vesting period.
Operations: 12.5% of the supply will be reserved for Operations. This will be used for the day-to-day activities of running the LUXY Marketplace, hiring employees, paying for services, as well as onboarding exchange listings. This will have a 1month lock from TGE along with a 3 year vesting period.
Liquidity & Rewards: 20% of the supply will be reserved for Liquidity & Rewards. At the time of TGE, we will provide liquidity mining and our first liquidity pool will be set up with $200,000 USDC and 2mil LUXY tokens giving an initial listing price of $0.10. We will also set up 4 farming pools for LP incentives. More information about our LP can be found below.
NOTE: The LUXY Team will not be allowed to participate in any LP incentives.
Initial LP & Liquidity Mining
Total Incentives: 20mil LUXY
20% of the LUXY token supply is allocated to provide liquidity and rewards to the LUXY token! It will be used for the initial liquidity provided to our USDC/LUXY pool and Liquidity mining incentives.
An initial liquidity pool will be set up with 12.5% of incentives on SushiSwap with 2mil LUXY + $200,000 USDC to launch token at $0.10
Total Rewards: 10mil LUXY
The initial liquidity mining program will start with a duration of 1 year in order to attract liquidity to the LUXY protocol. 10mil of the tokens allocation will be distributed through 4 farms with a duration of 3 months for users who lock LUXY-USDC LP tokens in the contract.
APR will be dependant on the amount locked into LP Farms. For example, if we were to get 5% of the total LUXY supply in LPS farming, we get the following APRs.
- IDO: 30th November 2021
- Time: TBA
- Allocation: 5mil LUXY Tokens + 2mil LUXY Tokens locked in LP
- Purchase Amount: Min $50 Max $500
- Price: $0.08
- Total Raise: $400,000
- Launchpad: KSM, PolyLauncher, Axion
- TGE Marketcap: 7mil LUXY Tokens @ $0.10 = $700,000
Till next time…
💗 Team LUXY
Connect with LUXY
Send your project here: https://luxy.io/
LUXY is becoming the go-to NFT platform, established in March of 2021, and has evolved into a team of 15. Starting with a next-gen Marketplace that is designed to offer a new and much improved NFT experience. It is built to be multichain, starting with the Polygon blockchain allowing it to be fast, scalable, green, low cost, and user-friendly. Decentralization is the core of crypto, so at every step, our marketplace is built around that core concept.
LUXY will offer your standard marketplace features plus additional features curated over months of research. These will include support for: GameFi and 3D models, Collection Launchpad, User-owned Collections, Multiple Royalty Addresses for group projects, direct royalties, all file types, White Label Solutions, UI/UX for ease of use.