What is Low Orbit Crypto Cannon (LOCC) and Why Should You Care?
LowOrbit.Finance (LOCC) is a deflationary DeFi token built using smart contracts on the Ethereum blockchain. The token is not yet listed on Coingecko or Coinmarketcap and the project is in the early stages of its release. LOCC had a successful ILO on May 12 2021 where the hard cap was reached in less than 1 minute.
The idea behind Low Orbit Crypto Cannon is relatively simple. Holders of LOCC can stake a small amount (0.055 LOCC) into a single asset staking pool to be entered into a draw. As long as you’re staking the minimum amount in the pool, your ERC-20 wallet is entered to win all of the upcoming draws. These draws are currently set to occur every single hour or every 276 ETH blocks and activated by a transaction when this point is reached. The visuals on the website are quite stunning and when propulsion occurs the entire site begins to shake and an astronaut is seen shooting into space.
The pool rewards for each draw or ‘propulsion’ as they have come to call it are gathered from the fees being generated between transactions of the LOCC token between wallets or when swapping LOCC tokens for another ERC-20 token. Fees are generated from the trades at a 5% burn rate and 5% placed in the pool for the next propulsion.
One ETH wallet chosen by random via their open-source code on Github and executed by Ethereum smart contracts sends a ‘staking astronaut’ into orbit multiple times throughout each day.
The supply of LOCC is quite small with a starting of just 1000 total supply – the tokens are however divisible – similar to Bitcoin, and Ethereum. On the official website, it shows the number of tokens that have been burned which is reducing the supply with each tx. ~30 tokens have been burnt which brings the total supply down to ~970 tokens. As LOCC is a deflationary token the burn will continue until there are just 500 LOCC tokens remaining.
You can learn more about Low Orbit Crypto Cannon (LowOrbit.Finance) $LOCC by visiting their official website or socials below. Doing some quick math, the current market cap of LOCC sits at just under $1 million relative to USDC coin. With such a low supply and low market cap, this could be a token worth keeping an eye on. LOCC tokens are currently traded on Uniswap and not yet listed on Coingecko or CoinMarketCap.