An Update from Lepricon on Verification and Unlocks

Those of you who watch the wallets, and we know there are plenty of you that do, will notice a large number of token distributions in a few days. Here, I will explain what this means. I will also explain how this ties into the delay in verifying our smart contract,

The first piece of news is that the contract for L3P is now fully verified. You can see it here. It’s worth a look actually, you might find some easter eggs.

There was a good reason for the delay.

Our contract is not a run-of-the-mill contract. It has several forward-looking special features, most notable of which is the in-wallet unlock, which I will explain below.

Why the delay for verification?

During the pre-sales process, we reached our hard cap very quickly. To be honest, it was far quicker than was expected. There was a clause in our contributors’ agreement that set a time limit for when the token had to be taken to market so that investors could exercise their 15% TGE unlock. We decided to execute the initial DEX offering on March 17th, St. Patrick’s Day.

However, we were also concerned about the intellectual property rights of our vendor, Blockwell. We take all our partners’ and vendors’ IP rights very seriously, especially given the wild west nature of the crypto market at this time. Blockwell had created a contract uniquely suited to us and had asked for time to implement proper legal protection of their work. We were ethically bound to agree to this request; it was fair and reasonable.

Our choice was to either list with an unverified contract, which was not best practice, or risk too long a delay while we awaited the legal outcome. We decided to fulfill our obligations to our contributors and accept that there would be some heat from the market about the contract not being verified at launch.

The contact is now verified, and all IP has been correctly registered and protected. We have provided CMC and CoinGecko with accurate end-points to verify circulation, and this should be displayed correctly soon.

The Unlock

In a previous article, we explained our plan for unlocking tokens; to send all tokens in one batch to all the private contributors. Seed tokens will be sent on June 17th, when the cliff period expires. These tokens appear in-wallet but because of a feature of the smart contract. Batches of tokens unlock every five minutes. Because most wallets cannot tell the difference, we have provided our investors with a tool to check the number of unlocked tokens out of the whole.

As the tokens unlock, they enter an intermediate state called unactivated. Tokens are activated either in the wallet or by the simple act of sending them to another wallet. Contributors have the right to activate tokens if they wish. Still, as we would prefer they simply stake the tokens, we have developed the ability to pay a staking yield on all unlocked but unactivated tokens in their wallet. This yield is paid and compounded weekly.

We did this for several reasons.

First, it is nicer to have the tokens in your wallet instead of ours; second, this significantly reduces the total gas fees involved in the entire process, and in the end, will have saved us thousands of dollars. And, of course, a smooth unlock prevents major dumping events from taking place.

If you have any questions about this, please ask them in the Telegram group, and we will endeavor to answer them as transparently as possible.

About Lepricon

Lepricon is a community-owned and governed hyper-casual games platform that allows stakers, developers, and gamers to enjoy the benefits of DeFi in a gamified way, backed by a vibrant community in which all participants receive rewards for positive contributions and interactions.

Lepricon will evolve into a Decentralised Autonomous Organisation (DAO) — an organization represented by rules enshrined in computer code; transparent and controlled by the network participants and not by a central authority.

For further information, please visit https://www.lepricon.io.

Contact:
Phil Ingram
phil@lepricon.io

LinkedIn | Website | Telegram | Twitter

$L3P Contract: 0xdeF1da03061DDd2A5Ef6c59220C135dec623116d

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