The wait for our second StakeDrop campaign is almost over! Following the conclusion of the Cosmos StakeDrop on November 25th, our Kava StakeDrop will commence on November 26th.
A total of 100,000 of Persistence’s XPRT tokens (worth $25,000 at the most recent valuation), will be allocated for distribution to KAVA stakers during the campaign. Every KAVA staker will be eligible to earn up to 5,000 XPRT tokens, simply by staking on the Kava network!
- Total rewards: 100,000 XPRT ($25,000 based on the latest valuation)
- Campaign duration: 21 days
- Start date and time: 26th November 2020, 12:00 AM PST (Block Height: 453,621)
- End date and time: 16th December 2020, 11:59 PM PST (Block Height: 672,440)
- Magic Transaction start date and time: 23rd November 2020, 12:00 AM PST (Block Height: 422,360)
- Network Rewards Pool: 80,000 XPRT
- AUDIT.one Rewards Pool: 20,000 XPRT
Read below for a full run-down👇
First Things First: What is Persistence and XPRT Token?
Persistence is a protocol powering institutional open finance by facilitating the borrowing of cryptoassets (stablecoins) using real-world assets, such as invoices, as collateral. This bridges DeFi and traditional finance and uses the features of DeFi to solve real-world financing problems.
XPRT will carry a variety of use cases within the Persistence ecosystem, including participating in staking to contribute to network security, and community governance of the Persistence mainchain.
As a ‘work’ token, XPRT will also accrue value in direct correlation to increased financial activity within Persistence’s ecosystem dApps
Remind Me, What is StakeDrop?
StakeDrop is a token distribution mechanism designed to facilitate the wide distribution of XPRT to token holders of prominent PoS blockchains. Participants will receive XPRT tokens simply by staking on their favourite network/s.
StakeDrop has been meticulously designed to be much more than a conventional airdrop; it’s an experience that benefits all parties involved.
If you haven’t yet read our in-depth explanation of StakeDrop, you can do so here: link
There will be a total of seven StakeDrop campaigns. Our second campaign is taking place on Kava.
Why Choose Kava as a StakeDrop Network Partner?
Persistence is a strong advocate of interoperability. We therefore strive to assist interoperability innovators however possible. As the leading multi-chain DeFi lending platform, Kava was an obvious choice of StakeDrop network partner for us.
Kava is one of the industry’s major DPoS networks, with a significant community of stakers who are well versed with the staking process. One of our aims with StakeDrop is to distribute XPRT to current stakers who are likely to stake their XPRT on Persistence, thereby contributing to the security of our own mainnet upon launch.
Persistence will also use Kava’s stablecoin (USDX) in the absence of its own within our crypto-native application. Users will be able to lend USDX via our protocol in order to earn interest.
Kava and Persistence are both Tendermint-based chains focused on interoperability and cross-chain DeFi products, and thus share strong synergies. We’re therefore proud to be assisting Kava to grow the strength of their network via StakeDrop.
How will StakeDrop Benefit Kava Network?
StakeDrop engages KAVA holders and incentivizes them to contribute to the security of the Kava network.
- The ability for KAVA holders to earn XPRT tokens at near-zero principal risk incentivizes token holders to stake their KAVA on the Kava network, thus strengthening the security of the network (the higher the staking ratio, the higher the security).
- Campaigns such as these reward long-term token holders and stakers of KAVA tokens by giving them exposure to new projects like Persistence without any complications. This is an additional incentive, along with staking rewards, for being a staker on and supporter of Kava.
As a KAVA Holder, Why Should I Participate in StakeDrop?
Receive a distribution of XPRT in an almost risk-free manner whilst retaining your KAVA holdings. What could be better?
- With StakeDrop, KAVA holders can stake their KAVA to receive XPRT tokens (on top of their usual Kava staking rewards) while retaining their original KAVA holdings. Winning!
- (Near) zero principal risks. StakeDrop is one of a few ways people can get exposure to a promising project like Persistence without any principal risk. The only risk delegators undertake is that of the delegators’ validator nodes getting slashed for downtime, or double signing (this is a risk of the staking mechanism in general).
- It’s non-custodial in nature. Delegators retain custody of staked assets at all times.
How Much Could I Earn?
Every KAVA staker will be eligible to earn up to 5,000 XPRT tokens over the 21-day campaign period.
XPRT token rewards for each participant depends on the number of unique delegators participating in the Kava StakeDrop campaign and their individual stakes. The daily dropped XPRT are allocated to KAVA stakers based on the weightage of their stage.
Unlike with the Cosmos StakeDrop, the reward distribution will now be stable. This means higher rewards from day 1 of the Kava StakeDrop campaign, which will incentivise early campaign participants.
Read more about our decision to update the distribution cycle here: https://notes.persistence.one/s/PnR4Hdikj
The number of XPRT tokens dropped per day will remain constant at 100,000 / 21 = 4761.904762 XPRT per day.
Another factor determining rewards is whether each participant is delegating to the AUDIT.one validator node or any other validator.
There are two rewards pools per campaign. All participants are rewarded through the Network Rewards Pool (80,000 XPRT). There’s a separate AUDIT.one Rewards Pool (20,000 XPRT) which incentivizes delegation to our AUDIT.one validator. As a result, delegators to AUDIT.one receive their share of rewards from the Network Rewards Pool as well as the AUDIT.one Rewards Pool.
Therefore, the total rewards for AUDIT.one delegators = rewards from the Network Rewards Pool + rewards from the AUDIT.one Rewards Pool.
Delegators to all other validators will only receive the base rewards from the Network Rewards Pool, and not the additional bonus from the Audit.one Rewards Pool.
You can find more details, including formulas, in our detailed documentation here.
I’m in! How do I Participate?
The participation process is simple. Firstly, you need to be staking KAVA on-chain with any validator on Kava (staking via exchanges does not count).
Then, you need to register your participation by sending a ‘Magic Transaction’ to a specified address, which we will provide via the StakeDrop page of the Persistence website on 23rd November at 12:00 AM PST, 72 hours before the Kava StakeDrop commences.
Learn about the Magic Transaction here:
Once this Magic Transaction has been successfully sent, you’re all set! You will begin receiving an allocation of XPRT once the StakeDrop begins.
Note: We will release a full Kava-specific tutorial before the StakeDrop campaign begins.
Remember to mark your calendar for November 26th, the start of the Kava network StakeDrop. Get your KAVA staked in advance so you’re ready!
Kava is a cross-chain DeFi lending platform built on the Kava blockchain that allows users to borrow USDX stablecoins and deposit a variety of cryptocurrencies to begin earning a yield.
The Kava DeFi hub operates like a decentralized bank for digital assets, allowing users to access a range of decentralized financial services, including its native USD-pegged stablecoin USDX, as well as synthetics and derivatives. Through Kava, users are able to borrow USDX tokens by depositing collateral, effectively leveraging their exposure to crypto assets.
Persistence is a Tendermint-based, specialised Layer-1 network powering an ecosystem of DeFi applications focused on unlocking the liquidity of staked assets.
Persistence facilitates the issuance and deployment of liquid-staked stkASSETs, allowing users to earn staking rewards while participating in DeFi primitives, such as lending/borrowing and liquidity provisioning on DEXs.
Persistence aims to offer a seamless staking and DeFi experience for PoS (Proof-of-Stake) users and enable developers to build innovative applications around stkASSETs.
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