Loopering Launches LRC Pledge Mechanism: All You Need to Know
It is reported that Loopering, the Ethereum Layer2 agreement, announced the launch of LRC pledge. The LRC pledge mechanism provides users with the flexibility t
It is reported that Loopering, the Ethereum Layer2 agreement, announced the launch of LRC pledge. The LRC pledge mechanism provides users with the flexibility to pledge or cancel the pledge of their tokens at any time. However, to qualify for a pledge award, users must lock their LRC tokens for 90 days. Users can now pledge through their web app or iOS and Android mobile app LooperingWallet.
Loopering Announces LRC Pledge
Blockchain technology has revolutionized the way people transact, invest and save money. The Ethereum blockchain has been a major catalyst in this revolution, thanks to its readiness to support decentralized applications. As the use of the Ethereum blockchain grows, so does the need for faster, cheaper and secure transactions. Loopering, the Ethereum Layer2 agreement, has been at the forefront of addressing these challenges. Recently, the company announced the launch of LRC pledge, a mechanism designed to enhance the usability of LRC tokens.
What is LRC Pledge Mechanism?
The LRC pledge mechanism is a feature introduced by Loopering that enables users to pledge their LRC tokens to earn rewards. Just like staking, the LRC pledge mechanism helps to secure the network by incentivizing users to hold their tokens rather than selling them. By pledging LRC tokens, users can earn interest over a certain period, usually 90 days. The LRC pledge mechanism provides users with the flexibility to pledge or cancel the pledge of their tokens at any time.
How to Pledge LRC Tokens
To pledge LRC tokens, users first need to have a web app or iOS and Android mobile app LooperingWallet. Once logged in to the wallet, users can click on the “Pledge” button located on the dashboard. The interface will display the amount of LRC tokens available for pledging. Users can then enter the amount of LRC tokens they want to pledge and confirm the transaction. If successful, the pledge will reflect in the “My Pledge” section of the dashboard.
Qualifying for a Pledge Award
To qualify for a pledge award, users must lock their LRC tokens for 90 days. During this period, the pledged LRC tokens cannot be transferred or traded. The longer the user keeps the tokens locked, the higher the interest rate they will earn. However, if the user decides to cancel the pledge before the 90 days elapse, they will not earn any interest.
Benefits of LRC Pledge Mechanism
The LRC pledge mechanism offers several benefits to users, including:
1. Enhanced usability of LRC tokens: By pledging LRC tokens, users can earn interest and enjoy the flexibility of being able to pledge or cancel their pledge at any time.
2. High ROI: the longer users keep their tokens pledged, the higher the interest rate they earn. This provides an excellent opportunity for long-term investors to earn passive income.
3. Securing the network: By pledging LRC tokens, users help to secure the Loopering network, making it more reliable and less susceptible to attacks.
Conclusion
The LRC pledge mechanism is a significant addition to Loopering’s set of features. It offers investors an opportunity to earn interest on LRC tokens while securing the network. However, investors must keep their tokens locked for at least 90 days to qualify for a pledge award. The LRC pledge mechanism is available via Loopering’s web app or iOS and Android mobile app LooperingWallet.
FAQs
1. Is pledging LRC tokens safe?
Yes, pledging LRC tokens is safe. The LRC pledge mechanism is designed to ensure that users’ assets are secure and remain in their possession until the end of the pledging period.
2. Can I cancel my pledge before the 90 days elapse?
Yes, you can cancel your pledge at any time. However, if you cancel it before the 90 days elapse, you will not earn any interest.
3. How do I earn interest on pledged LRC tokens?
Users earn interest on pledged LRC tokens by locking them for at least 90 days. The longer the users keep the tokens locked, the higher the interest rate they earn.
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