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 Q1 or Q2 of 2021. In the meantime, users of Superlocal can earn future claimable tokens that will become redemable when the token is launched and priced.