Lepricon is a decentralised autonomous organisation (DAO) trying to realise the potential of gaming and non-fungible tokens (NFTs) in blockchain by giving users a platform for gamified decentralized finance (DeFi) dApps focusing on user experience.
Lepricon Background Review
Founded in October 2020, the project is led by Joshua Galloway (Founder & CEO), Stephen Browne (COO), and Phil Ingram (CMO). The CEO has vast experience in the digital currency scene.
For example, he served as the executive director of business development at Sors Digital Assets and as a Venture Builder for Plutus Venture Capital.
Apart from the virtual currency space, Galloway held a co-chair position on the board of directors at the International Game Developers Association (Hong Kong Chapter).
Key Lepricon partners include RioDeFi, Hex Trust, Blockwell, and Plutus VC.
What is Lepricon?
Lepricon is a layered distributed platform for developers to create DeFi-based decentralized applications (dApps) with a gaming basis. Lepricon’s mission is to incorporate optimal community involvement in dApps. Therefore, the project presents developers with an open book to decide how far they want to take NFT-themed games.
Lepricon has undergone thorough security audits, and the code is available for public review. Notably, the project moves a step further to include bug bounties on all its contracts to weed out even the smallest code malfunction.
To help with their mission are FOUR critical features. They include:
- A native token – Dubbed L3P, the coin allows holders to participate in governance issues such as upgrades and fees charged.
- Staking – L3P has staking functionalities that enable holders to earn rewards by participating in securing the network.
- Loyalty protocol – Called Shamrock, it tracks community reputation and loyalty. The feature helps Lepricon reward faithful members by measuring positive contributions on the platform. Some events with a higher reputation score are staking, voting or submitting a proposal, and inviting friends to the platform.
- dApp store – It houses and allows access to fun game content initially created around the prediction market.
The Connection Between Lepricon, Ethereum, and Polkadot
Lepricon came to life on the main Ethereum blockchain before it operated as a parachain on Polkadot.
The advantage of leveraging the Polkadot network is that it facilitates and makes it easy to interact with other decentralized protocols. For instance, it makes it easy to move data across blockchains.
Apart from the two blockchains, the network seeks to replicate the traditional gaming landscape by making Lepricon available on other leading protocols such as EOS and Cardano.
Lepricon token (L3P)
L3P is the protocol’s native currency.
The token generation event saw the creation of 777,777,777 tokens. Their distribution is as follows:
- 28% token sale via presale, private and public crowd sale;
- 25% community and staking rewards;
- 24.5% ecosystem ans partnership funds;
- 18.5% team and advisors, to be locked and released over time; and
- 4% development teams of bitpool, KQJ and fanspredict;
Others Ways to Earn L3P Tokens
Apart from buying the L3P tokens, Lepricon has incorporated other ways to mine the native token, which include:
Exactly 2.5% of L3P tokens are set aside for mining through community building. This type of mining targets to bring more people on board the Lepricon train by distributing tokens to diverse yet relevant participants. Programs categorized in this group include bounties and airdrops. It also encompasses dispute resolution.
This accounts for up to 20% of all coins in circulation.
Adoption, Prediction, and Referral
Note that mining using these methods has a promotional element. As such, Lepricon locks earned coins but with unlocking capabilities. The protocol allocates 2.5% of all minted coins to mining through prediction, referral, and adoption.
Interestingly, these tasks are very simple. For example, by opening a wallet on the protocol, you kick start mining through adoption, while when you invite friends over, you are already mining through referral. Encouraging invited friends to stake their L3P holding boosts your rewards in this category.
L3P Token Features
- Liquidity mining – Lepricon buys back the tokens and recycles them to provide liquidity, thus safeguarding against bottlenecks in incentives.
- Interoperability – L3P tokens are interoperable with other decentralized systems. Consequently, it improves scalability and customization.
- Increased interaction – Lepricon’s mission is to drive interaction through gamified DeFi. The protocol’s native asset sits at the center of it all. It allows holders to play against themselves or directly connect to liquidity pools.
Other Crucial Components of the Lepricon ecosystem
Launchpad provides a crowdfunding platform specially optimized for game artists and developers. The platform enables the Lepricon community to invest in projects that have their interests at heart. In addition, the Lepricon Launchpad enables its users to get lead access to rare virtual assets residing on the decentralized network as NFTs.
Examples of projects that can use the platform to raise funds include NFT art projects, prediction games, virtual collectible trading card games, and gamified NFTs.
The project needs to make profits. One way it does this is by dividing dApps into individual teams and their own set of fees. For instance, a prediction dApp has a distinct development team and a fee rate. The fees can be set depending on a single prediction pool event, user transaction, etc. However, a DAO can adjust the fee parameter accordingly.
Lepricon Review Conclusion
By incorporating gaming in NFTs, the DeFi-NFT ecosystem is bound to reach new heights. Although such an interaction seemed impossible, Lepricon is getting everything right.
From operating on the Polkadot space to launching on different blockchains, the project is keen on making dApps available and easily accessible.
Additionally, Lepricon’s focus on user experience and interface, coupled with decentralized governance, increases the playability and adoption of NFTs in the DeFi space.