We'll start by going over the fundamentals. We'll go over the basics of the LooksRare crypto project, the tokenomics of the LOOKS coin, and what the LOOKS token is all about. Additionally, you will discover the function of the LooksRare token and its place in the ecology of the project. We'll then examine the LooksRare cryptocurrency idea and its platform in more detail. Our basic fundamental analysis (FA) of LooksRare will then be finished.
After that, we'll turn our attention to the LOOKS price and carry out a thorough price study. Additionally, we will highlight the asset's primary support and resistance levels using the fundamentals of technical analysis (TA). In order to further speculate on the possible direction of the price, we will also employ the Fibonacci retracement tool.
You'll also learn how Moralis can assist you in deciding if and when to purchase the LOOKS token. The secret to cryptocurrency success is this incredible on-chain analysis tool, which was developed with the help of Moralis' Web3 Data APIs.
What is LooksRare's LOOKS Token? Examining LOOKS
The native coin of the LocksRare ecosystem is called LOOKS. The Ethereum chain is home to the protocol's token, which adheres to the ERC-20 token standard.
The LOOKS coin is mintable until its one billion quantity is reached, in contrast to many other coins created during deployment. Thus, 200,000,000 LOOKS were produced at the time of deployment (December 21, 2012). More than 700,000,000 LOOKs tokens have since been created. As a result, the item is getting close to its maximum supply.
Basics
In addition to being an NFT marketplace, the platform enables LOOKS holders to generate yield. As such, it is a combination of NFT and DeFi. However, as previously said, the LooksRare token is based on the Ethereum blockchain and adheres to the ERC-20 token standard. Therefore, many Ethereum smart contracts govern the token's mechanics. (See below for more details.)
All things considered, the LOOKS token is a utility token that allows users to earn rewards and income by taking part in the LooksRare ecosystem.
Tokenomics for LOOKS Coin
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Ticker or symbol: $LOOKS or LOOKS
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Ethereum as the network
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Type of token: ERC-20
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Date of minting: December 21, 2021
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Address of the token smart contract: 0xf4d2888d29D722226FafA5d9B24F9164c092421E
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200,000,000 $LOOKS (pre-minted tokens) were the first total supply.
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The maximum quantity available is 1,000,000,000 $LOOKS.
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The distribution of tokens is as follows:
The LOOKS Token's Operation
The two smart contracts listed below regulate the asset's emissions (newly produced coins):
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TokenSplitter
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TokenDistributor
With the former, users can earn more LOOKS by staking LOOKS. The latter gets $LOOKS, which is dispersed asynchronously based on predetermined weights. Additionally, "TokenSplitter" gives tokens to "VestingContractWithFeeSharing" and "TradingRewardsDistributor."
The following three factors should be taken into account when allocating the LooksRare crypto token to users of the LooksRare protocol:
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Stakers: Tokens for auto-compounding rewards can be deposited by anybody with LOOKS. The "FeeSharingSystem" smart contract comes into play at this point. The latter unlocks wETH incentives and serves as an extra layer on top of the previously described "TokenDistributer." The LooksRare exchange's protocol fees fund these incentives.
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Traders: Traders can obtain daily trading incentives in LOOKS by using "TradingRewardDistributor." Naturally, a user's eligibility is based on how much they trade, and it does not include their private selling tactics.
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LOOKS liquidity providers are able to deposit liquidity in Uniswap v2 in accordance with "StakingPoolForUniswapV2Tokens." They receive liquidity pool (LP) tokens in return, which they can wager to gain LOOKS.
Position at LooksRare
You are already aware of the function of the LOOKS coin in the LooksRare protocol if you read the section above. It is important to reiterate that the token is the native currency of the protocol. At the moment, it enables its holders to get a percentage of the platform's trading fees in addition to earning income through staking.
LOOKS does not, however, indicate any ownership, involvement, right, title, or interest in the protocol, the distributor, their affiliates, or any other business, venture, or project, as the LooksRare literature makes clear. Additionally, it states that token holders are not entitled to any guarantees of fees, dividends, revenue, profits, or investment returns from LOOKS.
Because the LooksRare protocol is dynamic, the only accurate way to think about the LooksRare crypto token's function is as follows: LOOKS only grants its holders the ability to utilize it as a tool to facilitate communication and use of the LooksRare protocol.
Read Also: Non Fungible Token (NFT): Definition and Operation
LooksRare: What is it?
The Ethereum blockchain serves as the foundation for the LooksRare protocol. In addition, it is a marketplace that allows traders and collectors to profit from NFT trading.
The project's documentation describes LooksRare as a community-first NFT marketplace with built-in incentives that incentivize active participation.
The bespoke build of the LooksRare crypto project is another fairly unusual feature. According to LooksRare's documentation, this protocol makes use of specially created smart contracts, in contrast to the majority of other projects that make use of smart contract templates. The description goes on to say that the modular architecture of the protocol makes it possible to introduce new features without sacrificing security.
Note: Read through the project's documentation if you want to get down to the specifics of the LooksRare crypto technology and its native token. The latter is accessible through the footer of the project's main website:
Analysis on the Price of LOOKS Tokens
You can decide if LooksRare is intriguing enough by reading the parts above. They are also a fantastic place to start if you want to stake the LOOKS token. On the other hand, you should think about the LOOKS price if trading alts is your main focus. Let's examine the asset's weekly price chart for that:
The full price movement of the LOOKS coin thus far is displayed in the logarithmic chart above. As you can see, the token was listed at about $1.72 and began trading in the first half of January 2022. It is evident that during the first two weeks of trading, the asset hit its current all-time high (ATH) level. That threshold is around $7.26.
But after reaching that peak, the price of LOOKS was clearly declining for the whole year 2022. Naturally, there were a few relief rallies along the route, some of which were as big as 200%. However, until November 2022, when it ended its ten-month decline, the asset continued to be clearly in a downward trend.
Where Do I Purchase $LOOKS?
The LOOKS token is available for purchase at numerous CEXs and DEXs. However, you should probably avoid CEXs if you think that the future will be decentralized. If so, Uniswap is your best bet.
Nevertheless, there is a chance that you will find the incorrect or even fraudulent token pair while utilizing Uniswap. For the LOOKS cryptocurrency, you can alternatively use Uniswap's liquidity directly on the Moralis token page:
Where to Purchase LooksRare ($LOOKS) Cryptocurrency at the Best Price
You have a few choices if you decide you want to purchase a bag of $LOOKS. Simply utilize the CoinGecko or CoinMarketCap page's "Market" section for that cryptocurrency. A list of all CEXs and DEXs that provide the pertinent training pair, together with the trading volume, may be found there. As a result, choosing a market that best fits your objectives is simple.