LBank to launch the third phase of LBK-USDT Standard Staking

4 min readJan 2, 2020

Dear LBank users：

To benefit the community, LBank launched the first and the second phase of LBK-USDT Standard Staking, and now LBank will launch the third phase of LBK-USDT Standard Staking. The lockup value and interest will refer to USDT in the calculation. The details are as follows:

Registration Time: Dec. 31th 16:00, 2019 — Jan. 3rd 16:00, 2020(UTC+8)

Lockup Duration: Jan. 4th 00:00, 2020 — Feb. 3th 00:00, 2020 (UTC+8)

Token: LBK

Gold Standard Interest: Calculated by USDT

Sales Quota: 40,000,000 LBK

Individual Account Lockup Limit: 500,000 LBK

LBK Lockup Value Algorithm (USDT): The lockup price (USDT) will be calculated according to the average price of LBK/USDT trading pair within 24 hours before the lockup time. The lockup interest will be calculated by the lockup value in USDT.

LBK Unlock Value Algorithm (LBK): The unlock price (LBK) will be calculated according to the average price of LBK/USDT trading pair within 24 hours before the unlock time. Calculated by USDT, convert the total value of USDT completed by interest calculation into equivalent LBK according to this price.

Unlocking method: The unlock release of LBK-USDT Standard Staking will be conducted in the form of T+1, that is, the locked LBK will be released on the next day after the lock-up expires.

*LBK locked in “LBK Gold Standard Lockup” also used for the calculation of unlocking of the user’s LBK initial locking-up.

Gold Standard Interest:

This lockup interest will refer to the market price of USDT as the calculation. During the lockup time, users will earn at a 36%+ annualised interest rate. After that, users will receive the same value of LBK as the annual interest according to the lockup program.

Default Interest Revenue:

Users that have joined the LBK lockup plan can enjoy 36%+ annual interest rate, to be paid in LBK (but calculated in USDT).

Invitation Reward:

If the users choose to lockup more than 10,000 LBK, they will be considered as the LBK Lockup Silver Partner. As the Silver Partner, you can invite other users to join this lockup program and earn an extra 12% annual interest rate as the invitation reward. This additional revenue rate will be counted as the invitee lockup LBK quota and should be less than the inviter’s total LBK lockup amount.

Example: Bob locks up an amount of LBK equal to 10,000 USDT. Bob invited Adam to lockup LBK, equal to 3,000 USDT. Bob’s annual revenue will be 10000*36%+3000*12%=3960USDT. Revenue will be rewarded in the equivalent value of LBK.

Commission Reward:

If the user chooses to lockup more than 100,000 LBK, the user will be considered as the LBK Lockup Gold Partner. As the Gold Partner, you are able to invite other users to join the lockup program and receive a commission reward. Direct invitations will earn 30% of the amount of invitee’s lockup interest earned as the commission reward. An indirect invitation will earn 10% of the amount of invitee’s lockup interest earned as the commission reward.(the Lockup Gold Partners’ rewards will be distributed within one week after the lockup)

Example: Bob sent Adam a customized invitation link from his LBank account. Adam locked up LBK equivalent to 10,000 USDT. Adam sent Sam another customized invitation link, and Sam locked up LBK, equivalent to 30,000USDT. Bob’s annual revenue will be 10000*36%*30%(1/12)+30000*36%*10%(1/12)= 180USDT. The commission will be rewarded in the equivalent value of LBK.

Note: Annual Interest Rate will be calculated by USDT, but interest will be paid by LBK. Commission interest will be provided by LBK Ecosystem Fund.

⚠️Notes:

1. LBK token interest will come from the LBK Ecosystem Funding.

2. Annual Interest Rate will be calculated by USDT, paid in LBK.

3. Commission interest will be provided by LBK Ecosystem Funding, will not affect inviting user interest.

4. The leftover interest earned from the Gold Standard Lockup Program will be burnt.

5. The lockup plan will have a limited lockup quota — first in first served.

6. Invitation reward and commission reward will depend on the invitation code.

*This lockup plan’s final interpretation belongs to the LBank team.