Wow, we have been busy since our last update. Here are some highlights of what has been happening with LOLZ.
Mining Update
We have now mined just over 6000 LOLZ tokens which keeps us in the 4001-8000 mined mining thresholds. We are mining around 300 tokens per day so it will likely be a week or so before we hit the next (and last) holding requirements doubling.
You can check how much has been mined by going to @lolzbot's Hive Engine wallet. @lolzbot started with 100,000 LOLZ so if you subtract its current LOLZ holdings from 100,000 you can see how much has been mined. More LOLZ will be issued as needed but we will wait until the final doubling so we can easily track the total mined.
Holding Requirements
We are in the 4000-8000 mined range which from our original table, gives us our current holding requirements.
We only have one more planed doubling at 8000 tokens mined at which point our mining rates will be frozen.
Calls Per Day
!LOLZ usage is running strong with over 350 calls per day. Not all calls succeed and mine a token but we are mining around 300+ tokens per day. We did have a big drop on Friday when Hive-Engine was down.
Joke Database
The LOLZ Joke Database is growing nicely thanks to our weekly joke challenge. Lots of folks have contributed jokes and earned some LOLZ. We will be transitioning our jokes to an all LOLZ community contributed database soon. Thanks to everyone who has contributed so far, and watch for our Joke Challenges - suggest some jokes and earn some LOLZ for your contributions!
LOLZ Curation
The LOLZ Curation bot has been alive and up-voting our users posts for over a week now. We added two more tribal bots (@lolz.meme and @lolz.waiv) and are now curating in seven tribes in total. We will be adding several more in the coming weeks.
Some Details on LOLZ Defi Plans
We are still a few weeks away from launching LOLZ Finance but we want to share the outline of how we plan to implement our defi plans. The LOLZ Finance approach will be very similar to the successful two-component model used by @brofi.
Farm $LOLZ by Delegating Hive and Hive Tokens
The LOLZ Project will soon make it possible to farm LOLZ tokens by delegating Hive and Hive tokens to our LOLZ curation bots.
We are analyzing our curation returns, and will set our farming rates at rates equivalent to 110% of the curation return we can achieve. For example, if you delegated enough Hive power for our bots to earn $1 a week, you will farm approximately $1.10 worth of $LOLZ a week.
Since our curation bots operate at a very high efficiency, we believe our farming rates will be very competitive with other delegation options, and will likely be considerably higher than the rate that can be achieved through manual curation.
LOLZ Reward Pool
The second component of LOLZ Finance will be the initiation of a reward pool for LOLZ holders funded by a portion of the LOLZ curation bots earnings.
The reward pool will distribute rewards equivalent to 1% of the pools holdings on a weekly basis to LOLZ holders who have reached the Headliner level. The distribution rate of 1% is intended to allow the reward pool to grow over time which will in turn result in higher and higher distributions.
Thanks again to everyone who are helping us make LOLZ a special project.
About LOLZ Token
LOLZ is a Hive engagement token with the mission of spreading laughter and joy on the Hive blockchain. And while the LOLZ Project may have a sense of humor, it is no joke.
LOLZ is the world's first "Proof of Humor" token and is mined when LOLZ holders use the !LOL or !LOLZ command in comments to share a clean joke and tip the author a freshly minted 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.
- If one of our jokes makes you smile, consider giving it an upvote! All rewards will be staked to help cover Resource Credit costs for the bot and increase curation value.
- Follow @lolztoken and participate in our airdrops, contests, and giveaways.
