Guilds: Patch notes 20210606

LOOTers! Thanks for all the great success over the past week! We are honored to be QUESTing beside you! And may great things come in the future!

These patch notes are all about Guilds! But before we dive into that let us talk about LOOT tokens for a second.

LOOT Tokens are the native token for LootSwap.finance. Due to the high volatility and new features that will be developed, LOOT governance will be added into the platform slowly over time. This is to give us the maximum flexibility. What user cases will LOOT have?

Two paths

On one path, focusing on a fantasy-game theme, LOOT will be used in order to play some games on the platform. This option will not readily be available for some time; however, our goal is to build a wide range of games within the platform and to make strategic partnerships that will enable users to use LOOT for gaming.

Assemble Your Teams! Assemble Your Guilds!

On the other path, LOOT tokens will be used for entrepreneur-style purposes. This will be seen with the GUILDs launch. Users will be able to spend LOOT in order to create their own guild. Oh, and when we say spend, we mean BURN!

At launch, we will offer three GUILD slots. We will auction off two GUILD slots and make a strategic partner for the last spot. For this first launch of GUILDs, every token spent on the GUILD will be BURNT.

• Saturday, 12 June at 2100 CST, we will auction off 2 guilds
• Estimated Release Date for the guilds: 3 July

Tokenomics

There is some flexibility for the Guild Leader in creation of their own Tokenomics. However, this is the Tokenomics model that we will be using for the strategic partnership Guild (the one that is not auctioned off):

• We will BURN 100K LOOT tokens from the Initial liquidity wallet.
• We will match 100k LOOT from the LOOTSWAP DEX wallet paired off with 2,000,000 [GUILD Tokens] — Name will be announced in a later update.
• The Liquidity Pool will be burnt.
• 2M Max Manual Mint Limit (Outside of initial liquidity — Guild tokens will be rewarded via QUESTs/treasuries)
• 4% Tokens minted will be sent to the LootSwap GUILD treasury.
• 5% Tokens minted will be sent to the LootSwap DEVELOPMENT treasury.
• 5% Tokens minted will be sent to the LootSwap MARKETING treasury.
• 4% Tokens minted will be sent to the strategic partnership that is running the guild.
• 500M Max Tokens
• 95% of rewards will be released on the same schedule as LootSwap.
• Same Emission Schedule as LootSwap
• Primary quest will be LOOT<>[Guild Ticker]

Some of the key features for creating a GUILD:

• Flexibility: Guild leaders can organize their complete teams and LootSwap can help fill some of the design gaps if needed. No programming required.
• Cross marketing through the entire network.
• Guild leaders set the variables for the Tokenomics
• Guilds will participate in Guild Wars. This will be opportunities for GUILD buybacks/burns and other rewards.
• Opportunities to be included in select Guild Games
• Critical updates in the future
• Guild Profiles/Avatars
• Guild NFT marketplaces
• Guild Achievements
• Guild tips on Discord/Telegram

LOOTer Benefits from seeing GUILDs:

• LOOTers will see a direct benefit as LOOT tokens become scarcer from BURNING LOOT tokens and locking up LOOT in QUESTing pools.
• All the Guilds will be using LOOT LP tokens, which means that every guild will be contributing to liquidity and adding volume to the platform.
• 0.1% of all trades will still be going to the AUTOLOOTER which will benefit long-term HODLers of LOOT.
• LOOTers will have more options on supporting the platform since members both indirectly and directly benefit from the GUILDs’ success.

Disclaimers

• LootSwap has 0 control over how the GUILDs will utilize their Tokenomics. It is possible that the GUILD leader will not take their GUILD seriously and may sell out of their portion or even RUG. We encourage users to weigh the PROs and CONs and carefully consider buying any native GUILD token as these can always be more volatile.
• While we are part of fork inception here (fork off of a fork off of many forks), there is no guarantee that there are no other issues in the code that might be exploited at a later date. There is some certain level of confidence with these GUILDs, because there will be no migrator script and that things generally appear to be in working order for LootSwap. We are taking audits very seriously and will pay for additional audits in the future, but this is a risk that any early adopter faces while choosing to pursue investing their money in LootSwap or any GUILD on the platform.
• LootSwap by no means endorsing any GUILD. By default, GUILDs will not automatically be included in future games that are incorporated in the platform. There will be no KYC and no official legal obligations between the GUILDs and LOOTSWAP. We hope we can enjoy these long-term partnerships with the GUILDs, however it is possible that the GUILDs will not act under LootSwap’s best interest.
• Eventually, we’ll be looking into automating this process more but due to the manual work required to add QUESTs, LootSwap will be limiting the GUILDs to three new QUESTs per week.

The vision — Final thoughts

LootSwap’s interest is driving more user adoption to the Harmony Protocol. Harmony Protocol is incredibly early in adoption, and we believe that it is essential to grow to maximize our long-term plan. For LootSwap, we believe that not only the GUILDs will drive more adoption to LOOT, but it will drive adoption to Harmony which will contribute to the ecosystem. It is worth noting that the Harmony Team seems extremely active, and they are putting in extra measures that we think will give extra value to the LootSwap project. Specifically talking about GUILDs, many of our features will be focusing on GUILDs more than LootSwap. Why? These GUILDs will be the ones that bring success not only to LootSwap, but we believe that they will have their mark on the overall Harmony Protocol.