Looksrare team's "cash out" caused disturbance

On twitter 「 Exposure 」 Next ,NFT trading platform LooksRare Team members publicly acknowledged the governance token of the team through the pledge platform LOOKS The situation of obtaining income .

2 month 8 Japan , Net friend 「tradfi guy」 Said on twitter ,LooksRare The team has cashed out about 7300 Thousands of dollars in 23116 WETH, Most of them directly flow into the currency mixing tools Tornado Cash.

「 fact 」 The news continued to ferment in the next few days , Some netizens are worried about this LooksRare The team will have the problem of cashing out and running .LOOKS Also in a week from 3 The dollar has fallen to today's 1.9 dollar ,7 The intraday decline was more than 40%.

until 2 month 14 Japan ,LooksRare Co-founder of Zodd（ Net name ） Just post a response ,「tradfi guy」 The amount disclosed is incorrect , It should be close to 10500 ETH, Assigned to the 10 Several full-time members , Because the team is 6 Work with zero compensation for more than months , Before the product release, it also shared more than 7 Cost of digits , While using Tornado Cash To protect the privacy of anonymous teams ,「 We're not going anywhere ： We haven't even started …… The team LOOKS The allocation period is 2 year , The future looks bright .」

Zodd Your response dispelled some people's concerns . stay LooksRare Pledge LOOKS Earn to WETH Transaction handling charges for settlement , It is one of the public incentives of the platform , It can even be regarded as LooksRare Surpass the competitive products of giants OpenSea One of the competitive means of trading volume , The latter has no transaction fee 「 Share out bonus 」 Mechanism .

For now ,LooksRare The team is making money in the same way as the users , Some users think this is understandable , Some users have raised higher expectations , I hope the team can manage funds more transparently .

LooksRare Members' mixed currency cashing caused panic

Twitter users 「tradfi guy」 Have been paying attention to NFT trading platform LooksRare Team income of .

As early as 1 month 24 Japan , That is to say LooksRare go online 2 Weeks later, , He just posted a tweet ,「LooksRare The team is no longer there 2 Cashed in within weeks 9169 WETH（ exceed 2500 Thousands of dollars ）. The cleverness of the team lies in , They are WETH Instead of LOOKS Received a lot of remuneration .」

WETH It is the native encryption asset of Ethereum network ETH Packaged assets , because ETH Not Ethereum ERC-20 Under standard 「 Tokens, 」, It is not possible to exchange currency directly in the Ethereum chain application , For convenience ETH Circulate in a variety of applications , It has been 1:1 encapsulation （ conversion ） a WETH, Value and ETH identical .

2 month 8 Japan , stay LooksRare Online approach 1 months ,「tradfi guy」 Updated the data scale on twitter , The team members have cashed out 23116 WETH, Value contract 7300 Thousands of dollars , This does not include the platform governance token LOOKS The value of , And most of them WETH It flows directly to Tornado Cash.

Tornado Cash Is an unmanaged Ethereum privacy solution , Also known as the encryption community 「 Currency mixing tool 」, It hides the transaction details of users on the blockchain by breaking the link between the source address and the target address . The original intention of the tool is to protect users' transaction privacy , But it has also gradually become illegal 「 Money laundering （ The coin ）」 Tools .

「 The team made huge profits 」 inflows 「 Currency mixing tool 」,「tradfi guy」 These two keywords in the latest tweet have aroused user panic , Some users are worried LooksRare The team should run away .

Encrypted asset transaction data website Coingecko Show ,2 month 8 The date of ,LOOKS Continue to downlink in the previous downlink channel , stay 3.1-3.8 The dollar has been shaken around 4 Days later , Fall through 3 dollar .

LOOKS since 1 month 10 The trend after going online in the secondary market on the th

LooksRare The news of team cash out continues to ferment ,LOOKS Also fell endlessly .2 month 14 Japan ,LooksRare Co-founder of Zodd（ Net name ） Finally show up , stay 「tradfi guy」 Tweet response of .

「 First , Incorrect amount ： near 10500 ETH, We have 10 Several full-time team members .」 Zodd Attached LOOKS The public assignment description link indicates , The team earns WETH The truth of is never a secret ,LooksRare The team is already 6 Working around the clock with zero compensation for more than months , Until the first team WETH distribution ,「 I can also tell you , Team members also shared more than 7 Cost of digits . I am grateful for what the contributors have achieved so far WETH No comments , Especially when there is no compensation in these months , Many of them may also be reused for purchase NFT.」

For using mixed currency tools ,Zodd explain , They encourage everyone in the team to use Tornado Cash,「 Privacy is a fundamental right , As anonymous （ The team ）, It is actually a requirement , Welcome to decentralization .」 As for the running risk that users worry about ,Zodd say ,「 We're not going anywhere ： We haven't even started ; We have a goal to achieve , Have enough enthusiasm and motivation to achieve ; Financial stability eliminates external concerns , And allow more attention ; Team LOOKS The distribution period is 2 year , The future looks bright .」

Zodd The explanation of has calmed the doubts of some users , but LOOK Still not stop falling .

Coingecko data display , since 1 month 10 Japan LOOKS Since the launch of the secondary market , stay 1 month 20 It reached an all-time high on the th 7.1 dollar , After that, it showed a downward trend .2 month 8 After Japanese netizens broke the news ,LOOKS Continue down ,2 month 15 Report temporarily in the morning 1.9 dollar ,7 The intraday decline was more than 40%, Drop from the highest price 72.4%.

LooksRare The wisdom and LOOKS The risk of

In this part 6 Tweets explaining ,Zodd Try to explain , These values 3000 More than $million ETH amount to LooksRare The team 10 Multiple members work 6 Salary for the past months , Use Tornado Cash Is a way to keep the team anonymous .

2 month 7 Japan ,LooksRare Official Twitter has posted a welcome 2 Tweets of new members joining the team , And distributed 14 Flower names and job titles of members . That means before that , Shared by the platform 12 Members of the team , The per capita monthly salary is 41.6 Thousands of dollars . This new company NFT The salary of the staff on the trading platform is really not low .

LooksRare Published member information

just as 「tradfi guy」 Noted ,LooksRare The wisdom of is that , The realization of team income is not to sell LOOKS From the way , It's a pledge LOOKS The method of obtaining transaction handling fee generates .

Pledge governance token LOOKS obtain 100% Transaction fees and dividends , Itself is LooksRare One of the reward rules formulated by the platform . This platform is applicable to all NFT sales （ Excluding private sales ） collect 2% The handling charge , The handling charge is not based on LOOKS Calculation , But rather WETH Settlement , All fees charged from these fees WETH, Will 24 Hours are allocated to LOOKS The pledgor of .

that LOOKS How is it allocated ？

according to LooksRare Public distribution indicators , The total supply is 10 Billions of LOOKS Yes 12% Airdropped to NFT trading platform OpenSea Transaction users of , This is also the way for the platform to attract competitive product traffic ; among 64.7% Of LOOKS Will be offered as a reward to trading users 、 Liquidity contributors and LOOKS The pledgor of , There have been a large number of users to reward the amount of swiping on the platform ; Besides , The founding team has 10% Of LOOKS, The platform Treasury owns 10%; also 3.3% Of LOOKS For strategic sales .

according to LooksRare The provisions of the , all LOOKS All holders can obtain service fee dividends in the form of pledge , Have LOOKS Total supply 10% Of course, our team is also among them .LooksRare The team members and users are in the way of getting benefits , Standing on the same starting line , And this benefit is WETH In this way 「 Hard currency 」, Instead of LOOKS This volatile governance token .

From this point of view ,LooksRare The team did not sacrifice LOOKS Interests of holders , And commission income has always been the core profit source of trading platforms , The platform is trying to break OpenSea A way of monopolizing profits , Share platform revenue with trading users .

By contrast ,LOOKS The value and function of are also more clear after this event , Its governance function may be much higher than its economic function , And firmly bound to LooksRare Upper NFT On the trader , In other words, it is more valuable to the trading users of the platform , In other words , Pure LOOKS Trading hype users need to bear the fluctuation risk of the secondary market .

LooksRare Of a team member 「 Cash out 」 After the storm , Although the co founders responded to the controversy , But some people are not satisfied with the answer , Ask the team to buy back LOOKS Tokens, , Instead of keeping millions of ETH. For this requirement , Some people also put forward different opinions ,「 Users have no right to ask team members to take out their own salary to buy back the governance pass , However, the use of treasury funds of the platform should be disclosed .」

Todd To protect privacy 、 Decentralization is used by support team members Tornado Cash, For users , They are for LooksRare Use of platform funds 「 More transparent 」 The expectation is also a reasonable voice . After all , Go out with OpenSea The differentiation route is also favored by the outside world LooksRare Why . Ambition is not ostensible , The platform needs to come up with a trusted governance method to win the trust of its users .

（ Statement ： Please strictly abide by the local laws and regulations , This article does not represent any investment advice ）

Do you think LooksRare Whether the team's profit-making method is reasonable ？