Last January, Glow was released on Terra’s Mainnet. The protocol aspires to create dApps that integrate into regular internet users’ daily activities, giving them access to yield mechanisms and exclusive communities, unlocking new and engaging user experiences for everyone.
Things seem to be moving fast at Glow. Earlier last week the team presented Creators, the second dApp within the ecosystem which is planned to go live later this quarter. Creators is a social platform that enables fans to support their favorite artists, musicians, streamers, etc. through virtual cards, who get rewarded through a wide set of perks while helping govern the artist’s exclusive community. Artists monetize their work in a highly engaging environment, reducing their dependency on third party platforms.
Glow Token ($GLOW)
The $GLOW token’s role is to regulate and set the vision for the world of decentralized applications within the ecosystem, being the governance token for the Glow Protocol. The token will have a total supply of 1,000,000,000 $GLOW, which will be generated and distributed over a four-year period. $GLOW tokens can be placed to generate new governance polls that users who have staked $GLOW can vote on. $GLOW stakeholders are incentivized to propose, discuss, and vote for proposals that improve the protocol and help onboard new users into crypto.
The purchase, stake or provide liquidity action can be done on the governance tab.
A key aspect of $GLOW’s future growth lies in how efficiently the community will leverage the Glow Ecosystem Fund.
Glow Ecosystem Fund
With 30% of the overall supply, the Glow Ecosystem Fund is an important aspect of the Glow token supply distribution. The fund’s mission is to assist various projects, ideas, and research in order to further develop the Glow Ecosystem.
The community will control the majority of the Ecosystem Fund through the standard governance process of public polling. Each project fundraising event will require a detailed description of the deliverable and how the funds will be used. The grant might also be conditioned into various stages in the event of larger grants. Furthermore, the Limit Spend, a community-chosen protocol parameter, caps each grant.
Access, membership, and reward are three fundamental characteristics of the social economy that Glow Creators interact with. In essence, they are here to supply content producers with all of the necessary building pieces — where anybody may enable rich, accessible social experiences that allow artists to tailor their earnings.
The platform is positioned to revolutionize the way artists monetize access, content, and other types of compensation in a seamless manner. They are talking about social NFTs as a way to enable exclusivity in terms of function. Fans and community members will be able to contribute to an economy that actually revolves around the creator by creating tradeable metacards. Exclusive goods, unique access to content, discounts, and other perks for devoted fans and community members make a fun social club experience transferable just a few clicks!
Fans and the community may divert revenue to their favorite creators without losing a dollar by using pools, which are a complimentary yet vital touchpoint to the creator’s economy. It also only takes a few seconds to set up a lossless pool.
What exactly are they constructing here? The solution is straightforward: they provide the necessary building blocks for the bold. For all content producers, communities, businesses, and brands that want to provide unique access, membership, and rewards to their followers and community.
While the majority of creators see the enormous value that NFTs and social tokens can bring for their communities, many are unsure how to integrate them or are hampered by technical complexity.
These impediments to admission are removed with Glow. They are ensuring that a creator’s road to profitability is simple. They will be there to support them every step of the way.
Glow Lotto: how to participate
Lotto was released on Terra’s Mainnet back in January, becoming the first of Glow dApps going live.
Glow Lotto is a net-win lottery in which you deposit UST to receive free tickets for a chance to win the weekly jackpot while earning interest on top of that. You’ll get interest on your UST account (5% annually), as well as $GLOW tokens as depositor rewards (currently 4%) and free Lottery tickets for every 25 $UST deposited, for a chance to win the weekly jackpot with Glow Lotto. It’s a no-risk service that allows you to reclaim your initial payment plus interest if you decide you no longer wish to play the lottery.
The lottery drawing is conducted following a decentralized and non-predictable process. This allows Glow Lotto to deliver a fair lottery without relying on any central party. Nobody, including the Glow Core team, can predict the winning ticket combination.
There have been 5 Lotto Drawings up to date. Nobody has won the jackpot so far, which is over $UST 30k+ as of today. Nevertheless, hundreds of users are getting rewards every week, since tickets with 2 matches already receive $UST rewards.
Users can deposit any amount they want; all they need is a Terra Wallet and UST in it. They’ll receive a ticket for every 25 UST deposited. In other words, if you deposit 100 UST, you will receive four tickets. On the other hand, if you just deposit 24 UST, you will not receive a ticket; however, if you deposit more UST later, you will obtain one ticket.
Deposits have an annual percentage yield (APY) of about 25% that accumulates in the user’s account. Depositors receive GLOW tokens as part of the Depositor Rewards program. This means that you are actually playing the Glow Weekly Lotto for free since you earn perpetual tickets when you deposit.
When it comes to withdrawing funds, there are two options: quick withdrawal and free withdrawal. A 5% fee will be levied from the total amount to be withdrawn if the user makes an instant withdrawal. Users must contribute equally to the lottery pool with their holdings, ensuring the fairness of Glow Lotto.
For free withdrawals, users’ funds are locked for a week until they can claim the amount and make the withdrawal effective. There is no fee to be deducted in this circumstance.
When a user makes a withdrawal, a proportional percentage of the tickets is burned or deleted from the user’s account. This process is irrevocable, which means that if the user wants their tickets back, they must deposit payments again.
If you win the lottery, you may choose to either cash out your winnings immediately (without penalty fees) or have the funds automatically deposited into your account, allowing you to earn additional tickets and increase your chances of winning the weekly Glow Lotto again.
Starting on TGE (January 10, 2022), claimable sums (40M $GLOW) became accessible for three months (for the case of Luna Stakers and Anchor Stakers, Holders and Depositors). Unclaimed $GLOW will be transferred to the Community Pool after the airdrop claim period.
To claim your airdrop, just connect your wallet and an airdrop button will show up on the top of your screen if you qualify.
Furthermore, during the course of Pylon Pool 1 (18 months), 10,000,000 $GLOW will be airdropped to long-term $MINE stakers (1 percent of the Max Token Supply).
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