LOFI-DEFI: Social Networking + NFT
LOFI is the native token of the LOFI-DEFI platform – a state-of-the-art social networking platform that aspires to create a one-stop global platform for artists, musicians and investors to connect. Currently in development, the LOFI-DEFI platform will feature a proprietary NFT marketplace that allows you to create, mint and market your NFT collections all in one place – the LOFI-DEFI app. LOFI-DEFI does not strive to only benefit artisans – by investing in and building their brand, but also investors of the platform – where the platform acts as an investment channel that can potentially generate exponential returns in the future.
 “LOFI-DEFI connects creators, investors and collectors in a decentralized space where they can buy and sell NFTs. We expect to have a working beta of our platform by December, but as we develop it, we’re bringing in artists and musicians to our website and social platforms where users can discover their work and tip them with LOFI. By making an honest, safe token and an ecosystem where creators have control over their own futures, this is surely just the start for LOFI-DEFI.” – David Cohen, LOFI-DEFI CEO.
LOFI Token Overview
Total Supply: 100,000,000,000
Market Cap: 1,388,800 USDT
Transaction Tax: (5% distributed to LOFI holders, 2% burnt, 1% operations expenses)
Blockchain: BSC
Launch Date: 21 August 2021 (PancakeSwap)
Coinstore Listing: 28 October 2021, 21:00 (UTC+8).
Deposit: 27 October 2021, 21:00 (UTC+8)
Trade: 28 October 2021, 21:00 (UTC+8)
Token Utility of LOFI and Adoption: Mint, Tip, Purchase
Created as the native token of LOFI-DEFI platform, it will be utilised as the unit of exchange between artists, investors, and users of LOFI-DEFI. LOFI has multiple uses as it can be used to tip, subscribe and purchase NFTs from various NFT artists on the platform. ‘Reflection’ contracts are utilised – whenever you utilise LOFI in a transaction, the contract automatically rewards you with a percentage of the token, in proportion to the total supply you own. LOFI can also be staked on BankerDoge with an APY of more than 70% (at time of writing)!
At time of writing, each LOFI token is valued at 0.00002~ USDT. With LOFI-DEFI’s focus on creator projects and unique uses on the digital art NFT segment (NFT markets est. $13.5 b by 2021), LOFI is expected to gain widespread traction and adoption.
A Closer Look at LOFI’s Tokenomics
LOFI’s total token supply is 100,000,000,000, with 8% of every LOFI transaction burnt. LOFI’s tokenomics are as such:
- 50% tokens used for PancakeSwap liquidity pool – all liquidity pool tokens time-locked for 12 months (from launch date)
- 10% tokens used for platform development and marketing
- 40% tokens are scheduled to burn – 2% perpetual burn from each transaction
- 20 billion tokens burnt at launch, 10 billion tokens burnt from the completion of Phase 1 and 2 of the roadmap, 5 billion token burnt for every roadmap phase completion
For every transaction, 0.5% will be collected in BNB and kept in a LOFI team wallet, with the address publicly available for full transparency of funds allocation. Charitable contributions, fees, costs for development and team member compensation will be made using the team wallet.
LOFI DEFI’s Upcoming Roadmap
The LOFI team is fully focused on developing the LOFI-DEFI platform, working on 2 versions, a dApp prototype and a lite version of the website. You can use the dApp as a wallet and a fiat onramp, for easier and more convenient access to purchasing and holding LOFI. A beta version of the app is expected to be released by December 2021.
 LOFI Security and Partnerships
LOFI’s smart contract was audited by Tech-Audit, with a full pass in all sectors. From there, LOFI is currently working on partnerships with crypto-payment companies like Simplex and Moonpay, allowing users to purchase LOFI directly using fiat from LOFI-DEFI directly. Instead of purchasing BNB to swap for LOFI, you can do it directly on the dApp, making purchasing LOFI easier than ever. With the release of the platform, the app will double as a mobile streaming service and content gallery for all of LOFI’s creators.
Interested users can check out LOFI on Coinstore from 28 October 2021 onwards, and be a part of this up-and-coming Social Network + NFT amazing platform.
 LOFI-DEFI Official Channels
Website: https://lofi-defi.com/
Telegram: https://t.me/Lofi_Defi
Twitter: https://twitter.com/lofi_defi
Get $LOFI on Coinstore: https://www.coinstore.com/#/spot/LOFIUSDT
Download the Coinstore app: https://www.coinstore.com
About Coinstore
Coinstore’s goal is to advance the crypto industry to the next level and provide access to popular digital assets to the mainstream public. Encompassing a whole new concept of “fun” in finance, Coinstore plans to make digital assets available for everyone. Still in the early stages, Coinstore welcomes community members and interested influencer partners to collaborate in the up-and-coming stages.
Media Contact:
Charles Tan, Marketing Head, Coinstore
charles@coinstore.com
Liu Yi Yun, Branding Executive, Coinstore
yiyun@coinstore.com
Coinstore Social Media:
Twitter: https://twitter.com/coinstore_en
Telegram Discussion Group：https://t.me/coinstore_english
Telegram Announcement Channel：https://t.me/coinstore_global
Facebook: https://www.facebook.com/coinstore.en/
Website: https://www.coinstore.com
Discord: https://discord.gg/KKHtHa4KPX
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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