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Local Tokens - $LOCAL
Superlocal Local Tokens ($LOCAL) are an ERC-20 governence and utility token for the Superlocal ecoystem. LOCAL holders are able to claim rewards and participate in select governence votes tied specifically to our play-to-earn features. The primary way that users are able to earn $LOCAL is by submitting check-ins to be reviewed for quality; and posts with high quality photos and captions are rewarded with $LOCAL.
The goal of Local Tokens is to align incentives between Superlocal users and local businesses in new, novel ways. This alignment occurs because:
- Users are rewarded for exploring and documenting with Superlocal, while simultaneously being incentivized to hold on to their earned tokens to claim even more rewards.
- Local businesses are rewarded when people explore to them, with the opportunity to have both increased sales and earn $LOCAL when Superlocal users go there.
In the future, we intend to build out staking rewards as an additional way to encourage users to hold $LOCAL as long as possible.
Lastly, we intend to launch $LOCAL in Q3 or Q4 of 2022. In the meantime, users of Superlocal can earn future claimable tokens that will become redemable when the token is launched and priced.