Original $LOF Token
Token migration from original LOF to LOF V2
It was becoming increasingly difficult to hope and shape this project according to our new team vision, since the original founders of LOF decided to renounce ownership of the contract. We understand that this may seem reassuring to some investors, but the reality is, this did not prevent any of those same founders from selling their tokens a few hours after the launch and jumping ship. Giving up a contract removes flexibility and adaptability. Without the contract in hand we can't whitelist things like CEX wallets, content creators or pause trading on bad actor accounts.
The old tokenomics were an exact Safemoon fork, which was also misinterpreted and repeated by the holders and founders. The taxes were 3% reflections and 3% added to liquidity (6% Total). The additional 3% advertised as a burn did not exist, it was misunderstood by the founders to be a burn since the 3% Liquidity tokens were sent to the Burn Wallet. The 3% liquidity was being added to V1 liquidity that is now unsupported by Pancakeswap. Without the contract to update for V2 liquidity tokens, we would be stuck on V1 for eternity.
Without access to the contract to whitelist content creators, the content creators income would be drastically reduced from Point of Sale (POS) to bank account. Below is a $100 transaction
- $100 sale, 6% tax taken out = $94 received on platform.
- $94 sent from platform to personal wallet, 6% taken out = $88.36
- $88.36 Swapped for BUSD, 6% taken out = $83.06
- Roughly 17% of her income was lost from POS to Spendable Cash.
The Original Tokenomics issued a flat amount of tokens for marketing and platform development. These funds were not enough to last a lifetime of development or pay the contractors needed to build out the ecosystem of utility. This was a short-sighted mistake that was amplified by a major correction in the market after new ATH's were made on all the top market cap tokens. Ongoing funds returning to the wallet means a massive team wallet is not necessary. The ongoing flow of funds back to the marketing and development wallet, coupled with the marketplace sales, should be adequate to expand into the future with two means of income that should sustain all operation costs as well as fund upgrades and development of new products and platforms.
Every time any of us told our friends or family about this project, the inevitable question was always, "How much are they?". I'd love to hear how you say $0.000000001201 without sounding like a complete weirdo. Here's a link to help complicate things even more. We've decided to help eliminate a bunch of those zero's by making the supply 100,000x smaller. The closer we get to saying "One Cent" the easier it will be to talk about buying LOF with friends or family. The tokenomics are still % based, so 6% of $100 is still $6.00 worth, no matter what the supply is.
LOF V1 was launched on April 24th 2021 by the original Founders and has since been replaced by LOF V2.