All of LFi Ecosystem’s Tokens Explained
All cryptocurrencies operate on a blockchain. If a particular cryptocurrency is not built on its own blockchain but instead uses another cryptocurrency’s blockchain, it is classified as a token. This is similar to the LFi Ecosystem — whose decentralized applications are built on the BNB Chain.
The LFi Ecosystem has not one, not two, but three types of tokens, each with its own unique purpose: LFi, vLFi, and cLFi.
cLFi Token
cLFi is the minting token of the LFi Ecosystem, which is used to participate in the Proof of Coverage minting.
LFi Token
LFi is the native token of the network and provides access to the ecosystem’s resources. It is used to pay for various network services such as sending cryptocurrency, minting tokens, and more. You also have the option to put your LFi tokens to the the ecosystem’s vesting protocol and get vLFi.
vLFi Token
Vesting is a term that refers to the process of locking up a certain amount of your tokens from circulation. Putting your LFi Tokens to the Vesting Protocol of the network will allow you to acquire vLFi tokens. vLFi is a non-transferrable token that allows users to earn rewards, receive benefits, position themselves in the Ranking System and vote for proposals in the L-DAO.
The more vLFi tokens you hold, the more benefits you will receive. These perks include getting a higher rank in the Ranking System, ability to purchase more tokens in the L-PAD, and discounts on products in the ecosystem.
More Tokens, More Benefits
There are dozens of ways to use the tokens of the LFi Ecosystem. Here are some of them:
- Enjoy special coupons from LFi and its partners
- Join exclusive campaigns launched on the LFi platform
- Claim special collectibles from LFi and its partners
- Submit or vote for proposals that can enhance the crypto platform
- Discounts on purchasing Hardware Products including wallets and accessories
- Discounts on the swap and trading services within the App
- Fees for submissions to the LFI repository
- Fees for publishing AD banners within the App
- Fees for DApps ranking within the DApp store
- Fees for future services such as the collectible marketplace
- Fees for DApps ranking within the LFi store
Visit LFi Ecosystem’s website to learn more about the platform’s different types of tokens and to be the first to know about the latest news and updates about the LFi Ecosystem.
Find out more by visiting:
White paper: https://white-paper.lfi.io/
Telegram: https://t.me/lfiofficial
Twitter: https://twitter.com/LFioff
