The crypto space is slowly proving to be not just volatile. It’s time we opened our eyes to the dynamism. After just a few months of skyrocketing Ethereum gas fees, a new token is here to help users take advantage of the high transaction cost.
The average transaction cost on Ethereum’s blockchain is currently $68.86, and an Ethereum block can fit up to 70 transactions. Low Orbit Crypto Cannon protocol plans to give you the transaction fees of a whole 138 ETH blocks.
It is a project from five cryptocurrency veterans, including a graphic designer, a dApp developer, a marketing specialist, and two blockchain engineers.
What is Low Orbit Crypto Cannon (LOCC)?
Low Orbit Crypto Cannon is a new deflationary crypto-token built on Ethereum’s blockchain. It is an ERC-20 token made and owned by the community. The protocol was launched on May 12 at 18:00 UTC with a total supply of 1000 of its LOCC token. The softcap was reached in just 30 seconds while the hardcap two hours after. The circulating supply will be 800 LOCC tokens as 5% will get burned and another 5% sent to propulsion. The protocol limits token burning to 500 LOCC to prevent the supply from possibly going to zero.
The LOCC token is divisible, so users do not have to worry about the supply. Initial liquidity will be available on Unicrypt, but participants will need to have a web-based 3.0 wallet and use Ether to participate. 60% of the initial liquidity will be locked on Uniswap liquidity for one year to guarantee the security of investors.
How Does One Get the Fees?
It will become inarguably one of the most interesting features of the new protocol. LOCC is ruled by a simple but powerful and efficient Ethereum’s smart contract. Trades will happen on Low Orbit Propulsor Contract that will collect fees every time a LOCC token transaction occurs. The fees get partially burned, and a staking Astronaut is chosen for propulsion after every 138 blocks. It’s out of sheer luck, and the lucky Astronaut gets the entire fee.
The gas price for the LOCC token transfer will be 54899 GAS and 144662 GAS and 67930 GAS for Low Orbit Propulsor Contract deposit and withdrawal respectively. Users only need to go to the staking page and stake 0.075 LOCC tokens at minimum to participate in the propulsion wave.
Low Orbit Crypto Cannon Program
According to Low Orbit Crypto Cannon’s official website, the team has designed a roadmap that will end in the first quarter of 2022 after achieving LOCC presence in the entire solar system. Everything starts in the second quarter of 2021 with:
- Release of LOCC protocol’s coded contracts on Github
- LOCC token and Low Orbit Propulsor Contract audits
- Deployment of the LOCC token on Ethereum’s network as an ERC-20 token
- Deployment of the Low Orbit Propulsor Contract to start collecting fees on LOCC token transactions
- Listing the token on various centralized exchanges
The third quarter of 2021 will be all about Cannon preparation and will feature:
- The integration of a mobile phone application to allow LOCC token users to follow up on their LOCC token propulsion and information
- Coding and deploying LOCC dApp for monitoring the fees collected, burning states, and the deflationary supply system
- A DAO platform to aid in the governance and community-driven decision making for the evolution of the Low Orbit Protocol
- Launch of more initiatives to help propel more token holders to the solar system
The last quarter of 2021 is set to be about firing up the protocol to the Milky Way. It will involve:
- Making follow-ups on community suggestions to adapt developments and incentives of Low Orbit Crypto Cannon Protocol
- Making applications to major exchanges for greater exposure
- The deployment of a custom farming program for more LOCC token incentive
- Burning the remaining half of LOCC tokens allocated in the Tokenomics
By the first quarter of 2022, LOCC hopes to be in a dominant position in the solar system. The protocol looks forward to creating a couple of millionaire astronauts by then, who others will look up to and envy the entire LOCC community.
Disclosure: This is a sponsored post. Readers are encouraged to conduct further research before taking any action. Crypto Adventure does not endorse any crypto projects cryptocurrencies listed, mentioned, or linked to on our site.