How the $LOST token claim process works?
To earn $LOST tokens, you must stake your Lost Glitches NFTs on the Ethereum network. Implementing a staking mechanism provides huge benefits for the project in long term even though it creates some initial gas-fee related draw backs.
To stake your NFTs, they must be transferred into a staking contract provided by The Lost Glitches. The contract will be deployed and verified on Ethereum so that it’s source code can be inspected on Etherscan. The staking contract and the deposit flow can be accessed through the official Lost Glitches website only.
Don’t use any other links or websites to connect with the official Lost Glitches staking contract.
Depositing the NFTs to the staking contract will unfortunately involve a gas fee. The gas fee should be somewhat close to what it costs to transfer a NFT to a different wallet. In addition, a one-time approval will be required which lets the staking contract maintain your NFTs. If you want to earn more $LOST tokens, you need to deposit more NFTs to the staking contract.
As soon as your first NFT is in the contract, you’ll start earning $LOST tokens. You can harvest them anytime and suggest leaving time for them to accumulate. The $LOST tokens will then be transferred to your wallet and you can trade them on decentralized exchanges or provide liquidity yourself.
// The benefits of staking.
One of the benefits of the staking mechanism is that NFTs that could potentially be listed on Opensea can’t be listed for sale anymore when they are in the staking contract. This will reduce availability of Glitches and create more demand for them. That means that everyone who believes in the Lost Glitches long-term and wants to earn $LOST tokens is rewarded for not taking the chance to sell their NFT on Opensea or other secondary marketplaces and creates higher demand if someone chooses to sell.
// $LOST token Rewards.
On December 10th every Glitch will receive 10 $LOST tokens as an initial bonus and once staking is activated will start earning 1 $LOST token per day. The token will have different use cases and when the game is released, you will be able to spend your $LOST tokens to buy all sorts of items in the game or to pay the entry fee for special events.
- Individual cards on the Lost Marketplace.
- Complete Decks.
- In-Game NFTs.
- Tournament Access.
- Syndicate Pass.
- Season Pass.
- Other Cosmetic Upgrades.
It’s important to note that our game won’t contain any items that could give you an advantage over other players.
We are against any Pay2Win mechanics, and you will never see them in our game.
The $LOST token will be a regular, burnable ERC-20 token with an uncapped supply. It will have 18 decimals and thus will be divisible. The smart contract code will be published and verified as soon as our tech team has done their work. We’ll provide a sub-page on our website where glitch holders will be able to connect their wallets to then be able to call the $LOST minting function — for every 5 $LOST minted, 0.5 (10%) will go into a DEV fund.
// POLYGON Token bridge.
The Lost Glitches team will provide a token bridge which allows all $LOST holders to bridge their token to Polygon. On Polygon, it can potentially be easier to sell or accumulate $LOST tokens because the gas fee involved in trades is not as high as on Ethereum.
Q: Should you buy the $LOST token?
Important: The $LOST token should not be seen as a security token or as an investment vehicle.
It will be usable in the The Lost Glitches game later and can be redeemed for certain features/items. That way it can typically be classified as a utility token. To add some basic liquidity for the token, the TLG team is planning to use a part from the comic sales to add liquidity for the $LOST token on a DEX (decentralized exchange). Of course, everyone from the community is free to add liquidity later on a DEX of their choice.
So if you own one Glitch, you will be receiving 1 $LOST token per day in rewards that you can redeem in the game or trade on a DEX (decentralized exchange).
Disclaimer: The following features are work in progress and might be changed in the future.
Q: What if I own more than one Glitch?
If you own more than one Glitch, you will receive:
- x1 Class NFT for each Glitch you own. (22 Maximum total of Classes NFT).
- You can assign each of your Glitches to a Syndicate and claim its Leader NFT. (No Limits, each Glitch can claim the Leader NFT).
We did a snapshot of the wallets containing 10 or more Glitches on November 08, 2021 and these wallets have been whitelisted to mint a free comic on the release day!
Snapshot was taken at this block: https://etherscan.io/block/13574000
Now to the $LOST token.
As a special feature, collectors with more than 1 Glitch will be rewarded with minting multipliers. For example, if you stake 2 Glitches at a time that would allow you to mint 2 $LOST tokens per day. Now with the multiplier introduced, you’ll be able to mint 2 * 1.2 $LOST tokens so 2.4 $LOST tokens per day. The multiplier will be increased by 0.1 per additional Glitch held with a cap of 2x in case somebody holds 10 glitches.
Two more examples:
- Staking 6 glitches = 6 * 1.6 = 9.6 $LOST tokens/day.
- Staking 13 glitches = 13 * 2 (max multiplier) = 26 $LOST tokens/day.
// The Lost Glitches Comic.
We will release a maximum number of 10 000 comics. Minting price will be announced at a later stage, however, each
Glitch Holder will receive a 25% discount and it will be free to mint for owners of the Immortals class.
The comic will be around 15 pages and feature the adventures of Ephira and Hoshi.
Glitch holders will have access to a 1 hour comic pre-sale before public drop.
// The comic booster.
In addition to the multiplier mentioned above, there will be an additional benefit for comic holders. Staking a comic in the same wallet will add another multiplier of 1.2x to the reward rate.
The following examples explain the comic booster:
- Staking 6 glitches + 1 comic = 6 * 1.6 * 1.2 = 11.52 $LOST/day
- Staking 13 glitches + 1 comic = 13 * 2 (max multiplier) * 1.2 = 31.2 $LOST/day