Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.
The Low Orbit Crypto Cannon DeFi protocol is a relatively new project whose core ecosystem functionalities are yet to be completely unraveled.
The Low Orbit Crypto Cannon protocol is introducing a new type of deflationary decentralized finance (DeFi) protocol with community-driven products. Essentially, the Low Orbit Crypto Cannon (LOCC) is a crypto deflationary token that was launched with open access and fair pre-sale.
The LOCC ecosystem is built atop the Ethereum blockchain and is powered by simple, but efficient smart contracts. The LOCC tokens can be locked up in staking, opening up a unique opportunity for the coin HODLers. The LOCC protocol generates fees anytime a trade occurs and while a part of the fees is burned, the rest is given to a token holder/staker, called an Astronaut via a process dubbed ‘Propulsion’ on their website.
The lucky astronaut is selected at random for propulsion every 276 ETH blocks, which is synonymous with every 60 minutes. The LOCC tokens have a total supply of 1,000, and a current circulating supply of 800. Exactly 5% of the total amount used in a transaction is burnt from the circulating supply, while 5% is used to reward an astronaut. The deflationary demands of the tokens are such that 500 LOCC will be burnt off, and 500 left as the circulating supply. At present, about 34.41966044 LOCC tokens have been burnt.
Low Orbit DeFi Protocol Roadmap
The Low Orbit Crypto Cannon DeFi protocol is a relatively new project whose core ecosystem functionalities are yet to be completely unraveled. There is a detailed roadmap outlined on the project website which will span over the course of a year. Amongst the set milestones for the Q2 2021 that has been achieved include but not limited to:
- Auditing the Low Orbit Crypto Cannon Token (ERC-20) and the Low Orbit Propulsor Contract;
- The deployment of the Low Orbit Crypto Cannon Token on the Ethereum Network as an ERC-20 token with a max supply of 1000 $LOCC;
- The deployment of the Low Orbit Propulsor Contract to collect fees from every transfer on the $LOCC token;
- Starting the LOCC Token Presale on Unicrypt Launchpad as a public sale to kick-start the asset pool liquidity and the protocol;
- The listing on CoinMarketCap occured on Tuesday, May 18th which created some positive price movement.
By the third quarter of the year, the LOCC protocol will be looking to launch its DAO Platform for Governance and more community-driven decisions for the projected protocol evolution, and the debut of a DApp to monitor the collected fees, burning states, and more stats over the supply deflationary system. The protocol is billed to launch a mobile application that will help users track their LOCC propulsion rewards and other incentives.
In the last quarter of the year and Q1 2022, the protocol will seek to advance its offerings through insightful community contributions. Applications to major centralized exchanges will also be pursued at this time to bring increased exposure. By the three months ending in March 2022, the platform hopes to attain the utmost functionality.
The team behind the LOCC project, though anonymous, are KYC verified by Unicrypt, giving additional credibility. The project has a growing community across social media channels and is in the early stages of its release. The LOCC token is expected to be listed on CoinGecko very soon which will give crypto enthusiasts a chance to add it to their watchlists.