LockUp Staking
Lock ups refer to a mechanism that restricts an investor's ability to trade or access their funds for a specified period of time. The aim of lock ups is to promote long term investment and to prevent short term speculation. The restriction period can range from a few months to several years.One example of a lock up is the Lucretius platform's lock up program. Lucretius is a decentralized gaming and metaverse platform that distributes its own token, called gLUC.The company has implemented a lock up program, in which 20% of the gLUC supply will be distributed to lock up participants over the course of 24 months.
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HOW TO JOIN THE LOCKUP PROGRAM
To join the lockup program, start by clicking "Join the Program" and connecting your XUMM wallet. Once connected, the dashboard will appear. Here's what you need to do (keep in mind that the interest percentage varies for each plan):
1. Choose a plan - do you want to lock up LUC and GLUC? Select the duration (3, 6, or 12 months).
2. Enter the amount you want to lock up in the mother wallet and wait for the transaction to complete. You're now a partner in the lockup program! For instance, assume that the total amount in the lockup program for January 2023 is 1M LUC after factoring in the duration ratio. For each LUC, you'll receive 0.007 GLUC. If you lock up 100k:
You should be aware that you can't cancel your chosen plan once you apply, and your received amount may decrease if the number of participants increases. Early birds have a significant advantage!
The Lucretius platform's lock up program is a great example of how lock ups can be used to support the growth and development of a crypto project.