Introduction
Since the launch of Loot, we’ve noticed the need for more utility to be built around Loot Bag NFTs. We forked Loot and created Toodle Loot Bags.
Cryptoodles is now creating a protocol that allows people to earn passive income from their Loot Bag NFTs by enabling Loot Bag NFT holders to “lend” the items of their bag.
Loot Bag NFT holders receive a continuous “service fee” for lending their items to the protocol.
We are airdropping our native token, TODL, to each OG Loot, More Loot, and Toodle Loot Bags to initialize the protocol.
The airdrop distribution looks like:
- Toodle Loot: 15 MIL TODL
- OG Loot: 5 MIL TODL
- More Loot: 100K TODL
TODL Details
TODL is meant to be a fun meme coin that has the capability to provide DeFi-like utility for the Lootverse. It is mainly used to increase the “power” for each item in your Loot Bag NFT.
Then more “power” an item has, the more valuable it becomes for the Cryptoodles protocol. An item with more power has a higher reward rate than other items.
You can find introductory details about TODL here:
How to Claim
Loot Bag NFT holders will be able to claim their TODL tokens through the official TODL smart contract:
Use functions 3, 4, and 5 to redeem TODL tokens depending on the type of Loot bag that you own.
If you own OG Loot Bag #1 and #2, then you would use function 4 and type in: [1,2].
If you own More Loot Bag #100000, then you would use function 3 and type in: [100000]
The contract code is also verified for the community to review and confirm that it is not malicious code.
Conclusion
Loot Bag NFT holders will be able to earn passive income from their Loot Bags by lending the items in their Loot Bag to the Cryptoodles protocol.
Cryptoodles is initializing the protocol’s native token through an airdrop for Loot, More Loot, and Toodle Loot Bag NFT holders.
TODL will be used to increase the “power” of each item in a Loot Bag, making the item more valuable within the protocol. More valuable items receive a higher reward rate than other items.
The TODL airdrop is live for Loot Bag NFT holders and can be redeemed through the official smart contract. If you currently do not have a Loot Bag, there are still Toodle Loot Bag NFTs available to mint for free which contains 15 MIL TODL tokens.
We look forward to helping advance the Loot community by providing creative utility for Loot Bag holders!