TODL: A Meme Coin Airdrop for the Lootverse
Cryptoodles is branding its native token, TODL, as a meme coin for Loot Bag NFT holders because it has a unique cyber dog theme.
Using TODL, Loot NFTs turn into a passive income stream through the Cryptoodles protocol. This is possible because Loot NFT holders will lend the contents of their bag to the Cryptoodles protocol for a given reward rate.
Cryptoodles native token, TODL, is being airdropped to OG Loot, More Loot, and Toodle Loot NFT holders to initialize TODL’s circulating supply.
Loot Bag NFT holders will now be able to claim TODL through the official smart contract below:
The airdrop distribution is as follows:
- Toodle Loot NFT → 15 MIL TODL per bag
- OG Loot NFT → 5 MIL TODL per bag
- More Loot → 100K TODL per bag
TODL’s starting supply will depend on how many Loot Bags claims their TODL tokens.
How Can My Loot Bag NFTs Turn Into Passive Income?
Loot Bag NFT owners will lend the items in their bag to the Cryptoodles protocol in return for a “service fee”.
You own the contents of your Loot Bag. To lend means you give the protocol the rights to use your items. This means the protocol can use your items in its games, applications, etc.
The “service fee” you receive from the protocol is continuous. You are awarded from the protocol as long as you allow “lending” of the items in your Loot Bag NFT.
This is how your Loot NFT turns into a passive income stream.
All of this can be done without having your Loot NFT leave your wallet which makes the Cryptoodles protocol one of the safest ways to interact with your Loot NFT.
How Will TODL Work?
The more TODL backing an item in the Loot NFT, the more valuable it becomes in the Cryptoodles Protocol.
TODL is the token that provides power to the items in the Loot Bag NFTs.
The more TODL you have, the more valuable the items in your Loot Bag can become. If your items are valuable, then the item receives a higher reward rate from the protocol. TODL will become valuable as more people decide to max out the power of their bag’s items.
What Happens to Unclaimed Tokens in the Airdrop?
Unclaimed tokens from OG Loot and More Loot NFTs will be redistributed back to OG Loot and More Loot bags that have claimed their TODL airdrop. The airdrop will be paused for OG and More Loot Bags, and the unclaimed tokens will be redistributed through a staking pool.
If only a total of 1 OG Loot Owner and 1 More Loot owner claims the TODL airdrop, the staking address will receive all of the unclaimed TODL airdrops from the rest of the Loot bags.
The 2 Loot owners will be able to stake their TODL to claim the rest of the airdrop.
Ethereum Gas Fee Issue
With today’s gas prices on Ethereum, some owners may feel priced out on claiming their airdrop. We completely understand, which is why we’re extending the airdrop time to give people a chance to claim their tokens when gas prices are more manageable.
Use the following sites to track gas and claim the tokens when the Ethereum network is not congested:
You can also use the following gas saving trick in MetaMask to reduce gas fees when claiming.
Alternatively, we are looking into Layer 2 solutions to help combat the price of gas fees. The long term goal of Cryptoodles is to remain entirely on the Ethereum blockchain.