FAQ

What is LRC-20?

LRC-20 is a new token protocol built on Bitcoin and the Lightning Network, launched by a random dog named Akita Mia in April 2024. See this tweet.

What are the transaction fees for minting token on LrcSwap?

Transaction fees vary based on the Bitcoin network conditions. Ensure your wallet is sufficiently funded to cover these fees during the minting process.

Can I change the metadata of my token after announcing it?

Token creators can only change the image, description and links of a token post-announcement. Metadata such as name, ticker, and max amount cannot be changed once it's recorded on the blockchain. Ensure all details are correct before confirming the announcement transaction.

How often is the leaderboard updated?

The leaderboard is updated in real-time as upvotes are received. You can check your token's rank and upvotes anytime on your dashboard.

Can I participate in the leaderboard competition multiple times?

Yes, you can participate multiple times by announcing different tokens with separate wallets. Each token will have its own leaderboard ranking.

Can I participate without creating a token?

Yes, you don't need to create a token to be part of the launch. You can always support any token by upvoting it (select the token in the leaderboard to generate a lightning invoice), sharing it with others on your social media platforms, and more.

Are there any restrictions on the number of tokens I can upvote?

There are no restrictions on the number of tokens you can upvote. You can support as many tokens as you like by upvoting via Lightning.

What happens to the funds I send over Lightning for upvotes? Can I claim these back?

No, the funds sent over Lightning for upvotes cannot be claimed back. All the funds go towards providing liquidity and support for the top three tokens on the leaderboard.

Why can't I swap my tokens after minting?

Currently, LrcSwap only supports the minting of tokens on L1. The swap functionality will be enabled in the coming weeks. Stay tuned for updates.

How long will the leaderboard competition last?

The leaderboard competition will last for 14 days.

Can I transfer my LRC20 tokens to other wallets besides LrcWallet?

Yes, as long as the receiving wallet supports LRC20 tokens and the Bitcoin blockchain, you can transfer your tokens to it. If your wallet doesn't support it yet, feel free to let their team know. We would be more than happy to assist with the integration.

Is Lrcswap planning to support other token protocols like Taproot assets, Runes, RGB etc?

While we're currently focused on LRC-20, we are open to supporting any assets. We will be shifting more product attention to L2 in the coming months.

Is LrcSwap planning to support the Lightning Network?

Yes, LrcSwap is planning to support the Lightning Network. This integration will enhance transaction speed and reduce fees, providing a more efficient and scalable solution for users to swap and manage their LRC-20 tokens. This will be powered by flashnet.xyz.

What should I do if I lose access to my LrcWallet?

Ensure you back up your private keys or seed phrase when setting up LrcWallet. If you lose access, you can restore your wallet using the backup.

How can I provide feedback or suggest features for LrcSwap?

We welcome feedback and feature suggestions from our community. You can share your thoughts via our social media channels (@lrc20swap on Twitter) or email us at [email protected].