$LUART TGE, Token Utility, and Roadmap
Finally, the $LUART TGE is here. On March 2nd at 7pm UTC, the $LUART token will debut on the Astroport platform. We made it Explorers. But, the journey has only just begun. $LUART will be instrumental in the success of the Luart Platform and the best way for Explorers to participate in the growth of the Luart ecosystem.
The $LUART IDO
Let’s first discuss the massive success of the IDO raise which took place in January. Luart was the first cross-chain IDO–with a portion of the raise being hosted on ThorStarter which is built on the Thorchain network. With over 1100 participants, the Thorstarter IDO completely sold out with $500,000 raised.
StarTerra was also a huge success for Luart. Multiple records were broken during the raise. Luart raised $1,200,000 through the IDO on the StarTerra platform with over 6,000 participants. In the weeks preceding the IDO, Luart successfully launched their MVP products and the first sell-out mint in months in the Terra Ecosystem: Hellcats. It was a huge risk launching the MVP product alongside our first NFT collection on the Launchpad before the IDO. But here at Luart, we believe in our team and delivering to the community. It was the right decision and the numbers showed it.
$LUART Token Utility
With the TGE only days away, it’s time to talk about the token. Our team has been hard at work developing a token that provides the value accrual for holders and utility to NFT traders on the Luart platform.
The core utility of the $LUART token comes from Luarts gamification features. At the core of Luarts gamification feature is LUA Power. LUA Power is the in platform scoring system which allows users to earn discounts on trading fees, redeem for rare NFTs, participate in the Luart DAO and earn $LUART airdrops. Buying the $LUART token and utilizing it within the Luart ecosystem is one of the best ways to accumulate LUA Power. LUA Power can only be accumulated through the functions of the $LUART token and minting/buying NFTs on Luart. Let’s dive deeper into the benefits of having a high LUA Power score:
The Luart Leaderboard allows Explorers to compete amongst each other on a bi-weekly basis for $LUART airdrops. The leaderboard positions are determined by how much LUA Power a given user has accumulated. The higher the score, the bigger the airdrop. Although the Leaderboard resets each week, users LUA Power scores will continue to accumulate.
Trading Fee Discounts:
A new feature we are implementing is a trading fee discount based on your LUA Power score. Fee deductions will be based on a tiered system as follows:
- Tier 1: Included the top 20% of LUA Power holders: all platform fees will be deducted from trading
- Tier 2: Includes the next 20% of LUA Power holders will only pay a 0.5% platform fee
- Tier 3: Includes the next 20% of LUA Power holders will only pay a 1% platform fee
As we can see from the tier list provided above, the top 60% of all LUA Power holders are eligible for discounts on platform trading fees.
Luart Loot Boxes
The Luart Loot Boxes are set to arrive to the platform in early Q2. Users will be able to redeem randomized NFTs with LUA Power. This is the users’ chance to win rare NFTs under market value. Luart will buy NFTs directly from the Marketplace with revenue generated from the platform.
The Luart DAO
Gamification plays a huge role in the functions and features of the $LUART token. But, what’s a token without a DAO? Enter: The Luart DAO.
The Luart DAO is the users first chance to play a direct role in the decisions made in making Luart the best NFT platform in the metaverse. In the early stages of the DAO, $LUART holders will be able to vote on governance proposals submitted by the Luart team. As the Luart platform matures, $LUART holders will be able to submit their own governance proposals for Luart. We also will be increasing voting power through LUA Power. A higher LUA Power score will contribute to voting power alongside $LUART holdings.
The Diamond Hand Program
We’ve seen many tokens in the Terra Ecosystem fall ill to massive selling pressures, many charts are down only. The Diamond Hand Program or DHP for short is Luart’s way to deter selling pressure while rewarding long term holders. The DHP consists of the NGMI (not gonna make it) fee which is a fee taken out of each sale of $LUART tokens. The NGMI fee gets distributed into 3 siloes: the burn mechanism, liquidity pool, and the diamond hand pool.
50% of the NGMI fee gets distributed to the burn pool. $LUART tokens will be taken directly out of circulating supply, which over time will help supply become deflationary.
25% of the NGMI fee gets distributed to the liquidity pool. This will help provide deeper liquidity to the $LUART token.
Diamond Hand Pool
25% of the NGMI fee gets distributed to the Diamond Hand pool. These tokens will be distributed amongst $LUART holders as airdrop incentives.
The NGMI Fee
The NGMI Fee is the fee attributed to every sale of the $LUART token. The fee will decrease with time. Starting with a 5% fee with the token launch. The schedule is as follows:
- Month 0–3: 5% NGMI Fee
- Month 3–6: 2.5% NGMI Fee
- Month 6–9: 1.25% NGMI Fee
- Month 9 and thereafter: 0.5% NGMI Fee
The Diamond Hand program was built under the idea that we reward long term hodlers and deter the effects of short term dumpers. The DHP makes the tokenmics of $LUART stronger with time.
The $LUART token is a key component in Luart’s functions and features. It unlocks a new way for the user to interact with NFTs and participate in the fastest growing NFT platform in the Terra Ecosystem.
We’ve already touched on a few key features coming to Luart earlier in the article, but the Luart Devs don’t stop there. They’ve been hard at work bringing tooling and features the community expects and more. Let’s dig into what’s to come.
Currently we are in Phase 1 of the Roadmap. Phase 0 was completed a few weeks ago with the beta launch of our MVP products (Marketplace & Launchpad), and our first NFT project mints.
Phase 1: Venus
- Marketplace v1 — On a rolling basis, new toolings will come to the marketplace. UI/UX improvements, deeper filtering, and more sorting options.
- Bidding — Users will be able to bid for NFTs and experience another way to sell and purchase.
- Launchpad — Continue curating Launchpad projects to provide buyers with great projects that have been vetted.
- Listing — Users will be able to buy the $LUART token on Astroport and other exchanges.
Phase 2: Mercury
- Staking App — Users will be able to stake and unstake $LUART, while also viewing historical trading data for the $LUART token.
- LUA Power UI — Add the LUA Power Leaderboard to enhance the gamification aspects of the platform.
- Liquidity Mining Opportunities — Users will be able to provide/withdraw liquidity on Astroport to earn rewards.
- Marketplace Enhancements — Add the ability to sell any CW-721 token (even if it’s minted on another platform).
Phase 3: Saturn
- Staking App Additions — Add new features to the Staking App including a Vesting Dashboard and Airdrop Claiming Interface.
- NFT Boxes — Build a web app for NFT Boxes and allow for Box transfers.
- Lossless Lotteries — Users will have the chance to win NFTs by depositing $LUNA / $UST.
- Public DAO — Make decisions and improve the project development with the Team thanks to the governance!
- Minting Randomizer — Create a service that allows for the random minting of up to 16 surprise NFTs.
Phase 4: Neptune
- Cross-Chain — Add NFTs from other chains onto the Marketplace.
- Level-Up NFT Boxes — Create an interface for box purchasing and airdrop boxes to randomly selected user addresses.
The Luart developers have continuously pushed forward to make sure they best is delivered. More to come Explorers, stay tuned!
Explorers, this is your most important mission to date: the $LUART TGE. All of your hard work and dedication to building the best NFT marketplace on Terra has come to this moment! March 2rd @ 7pm UTC. Mark your calendars and set your alarms. This is just the beginning. Don’t forget to,