Honor = meaningless. You can go from honor 5 to honor 0 for super silly things and with absolutely no hesitation based on the history of your account.
As for EXP: that again means nothing to players. Genuinely most players have played LoL for years now, gaining additional EXP for honoring (I'll talk about that next.) isn't going to make people want to honor more or less because it's meaningless. Leveling up is meaningless.
People only honor people who perform exceedingly good.
If you want to reduce toxicity you can:
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Stop punishing people for responding to trolls and put in a system to help people manage them.
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Stop trying to 'erase the internet personality.' You are NEVER going to be able to manage what everybody says or does. Give it up, you aren't the gestapo's you're running an online game. Chill, let people use gay innuendos without literally banning them for 2 weeks because Jimmy had an Asthma attack about the fart joke you just made. Some of LoL most MEMORABLE videos and animations use this type of content and they use it well, why in the hell can we NOT use it in the game? LoL has even SPONSORED these animations years ago. It's like Pepsi saying they don't want to put ads on a video to take advantage of negative consequences, then natural disasters hits and **bam **Pepsi commercials once every 3-5 minutes good day.
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Punish people for ruining games, don't punish people for acting like idiots unless if it becomes extreme. It's easier to be banned for talking than it is actually trolling, hell, players feel powerless in situations like this because why the fuck risk even talking to somebody in this game? Just use mute all until you can receive all the flame and torture in the lobby screen while you're looking at and reading graphs.
Make a frustrating system and you get frustrated people, frustration is what makes anger and discontent between players.