What is Lovely Inu?
Using a decentralised, meme-based blockchain network, Lovely Inu (LOVELY) aims to make cryptocurrency principles simple to understand and approachable for the general public. “Little Love, Big Dream” is the platform’s motto, according to its whitepaper.
Curiously, Lovely Inu connects users to cutting-edge ideas like frictionless returns, non-fungible tokens (NFTs), decentralised exchanges (DEXs), and much more. The platform seeks to expand the ecosystem over the long term, which produces successful trading that can withstand any passing trends. Furthermore, Lovely Inu is a community-driven project, thus it promotes teamwork in areas like marketing, development, community upkeep, and other things. As a result, Lovely Inu is primarily supported by community donations and volunteer labour.
Additionally, Lovely Inu keeps open lines of communication with its users to keep them updated on every stage of the company’s development, which makes the platform transparent. It is crucial to emphasise the role that trust plays in the bitcoin industry. This entails assuring the procedures’ transparency and the financial holdings’ security. As a result, audits are used to maintain the platform’s security.
How Lovely Inu works?
LOVELY, a BEP-20 token that is the platform’s native token, is also available. The cryptocurrency acts as the Lovely Inu platform’s utility token. The native token of the parallel chain that powers smart contracts on the Binance exchange, Binance Smart Chain (BSC), is the BEP-20 token. Similar to ordinary contracts, smart contracts operate on the blockchain as protocols as opposed to being written on paper.
Users of the Lovely Inu network have access to a token-swapping feature. A token swap occurs when two parties agree to exchange different tokens (tokens A and B). In a token swap, one party exchanges a certain number of tokens A for token B in an agreed-upon quantity. The swapping is conducted through the decentralised trade platform LOVELY SWAP. BEP-20 LOVELY tokens can be exchanged for BNB and BUSD via SWAP. A variety of functions for LOVELY token traders are being developed on the SWAP functionality as a base.
Especially noteworthy is the way Lovely Inu uses the platform’s marketplace to support artists and their creations. For artists to display their work, the platform frequently hosts competitions. The community members cast their votes for NFTs when artists display their work. Following that, the NFTs with the most support are introduced to the market. The LOVELY token growth receives the majority of the remaining revenue, with the NFTs distributing a share to the artists.
The platform also plans to provide a number of products, including LOVELY wallet and LOVELY live. Additionally, the network intends to provide users numerous freebies.
2021 saw the creation and debut of Lovely Inu, and on June 15, 2021, the LOVELY token was created. A platform owned and operated by the community, Lovely Inu. A total supply of 60 trillion LOVELY tokens is the maximum allowed.