We are starting on the next chapter of the Lightning journey with the advent of the Lightning V2 Token. Under the V2 structure, several aspects of the token will change.
Our staking UI is live under: https://lightningprotocol.finance/staking
Tokenomics
Tokens will no longer be burned and reminted as they were before. The beginning of the Equalizer detailed in a previous post will provide a deflationary aspect to the protocol, but the nominal token supply will no longer decrease. Instead, the circulating supply will continuously decrease and buyback mechanisms will increase.
The tax system has also been significantly overhauled. The dynamic tax system of V1 has stopped, and a new static tax has been implemented on buys and sells. Part of these funds will go toward the BNB reward pool for staking. Additionally, the tax will apply only to buys and sells, and will no longer occur on wallet-to-wallet transfers.
The maximum supply of Light is now 100 million tokens, identical to the initial supply at the launch of Lightning Protocol. There will be a significant portion of the supply in reserve and not in circulation for long-term use to maintain the health of the Lightning ecosystem.
There are also updates to the function of the Equalizer. Of the BNB rewards earned by Equalizer from the staking pool, 50% will be used to buy Light on the market and added to the staking pool. A further 25% will buy Light from the market, but this Light will be paired with the remaining BNB and added to the liquidity pool. This constant increase in buy pressure and liquidity will ensure a steady rise of the price floor as well as providing better price stability.
These are significant changes to the structure of the token. As they go beyond the scope of the smart contract as it exists today, it necessitates a migration of the token to a new contract. As a result of this, the previous token is depreciated, and a new token of the same value has been airdropped to your wallet.
The liquidity has been successfully moved as a single transaction to the new contract address, and the value of your investment has only increased, as some of the supply has been burnt during the migration.
However, you will need to add a new token address to your wallet to see the tokens airdropped automatically to all Lightning holders.
Staking
In addition to the changes of the token structure and the advantages they bring, this token migration will allow the start of the Lightning staking that has been so eagerly anticipated. Rewards will accumulate for a few days before they go live for staked holders and will be paid in BNB.
The BNB rewards pool is partially fed by trading fees and partially fed by platform revenue and profits. We seek to decentralize Lightning as much as possible, hence profits accrued from raising and launching projects are injected into the BNB rewards pool, where stakers can potentially earn high APR paid out in BNB for their staked $LIGHT.
Our staking UI is live under: https://lightningprotocol.finance/staking
Pools
For October, we have a wide range of Pools to announce, ranging from Private Pools to Vetted and Incubated Pools. There are a lot more IDOs in the pipeline than ever before, and we’ve been receiving increasing quantities of high-quality applications that have fascinating ideas to offer, as well as inspirational engineers to deliver them to the market. We are very excited to help them succeed and to offer the best possible entries to the $LIGHT ecosystem.
