Note: Persistence has pivoted to liquid staking and building DeFi primitives to increase the utility for staked assets. This article is only for archive purposes.
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TL;DR
- We are preparing to distribute rewards for the three completed StakeDrop campaigns (Cosmos, Terra and Kava)
- Rewards will now be distributed in the form of native XPRT tokens, as opposed to Ethereum-based XPRT tokens as originally planned
- This means StakeDrop participants will be able to stake their XPRT token rewards for 35%+ APR even while they’re locked
- Participants will need to create a Persistence wallet and submit their wallet address via another Magic Transaction according to the timelines detailed below
- This update to the distribution mechanism is of considerable benefit to the community
With the XPRT token launch now complete, we’re preparing to distribute StakeDrop rewards to participants of the three completed StakeDrops (Cosmos, Terra and Kava)!
After much consideration, we have decided to update the StakeDrop rewards distribution mechanism in the best interests of the community.
While this updated distribution mechanism does incur a couple of (simple) extra steps for StakeDrop participants to claim their rewards, as explained below, this update will benefit participants considerably.
Specifically, StakeDrop participants will now be able to stake their XPRT tokens while they’re locked for 35%+ APR!
Read below for the full details.
Remind Me Again, What is StakeDrop?
StakeDrop is a token distribution mechanism that allows token holders of some of the most prominent Proof-of-Stake (PoS) networks to get exposure to XPRT tokens (Persistence tokens). Essentially, StakeDrop is a way for supporters of PoS blockchains to receive XPRT tokens as rewards simply by staking on their favourite networks.
Persistence has been/will be running StakeDrop campaigns on the following networks:
- Cosmos Network (COMPLETED — DISTRIBUTION UPCOMING)
- Terra (COMPLETED — DISTRIBUTION UPCOMING)
- Kava Labs (COMPLETED — DISTRIBUTION UPCOMING)
- Matic Network (Polygon) (ONGOING)
- IRISnet (UPCOMING)
- Polkadot (UPCOMING)
- Tezos (UPCOMING)
During each StakeDrop, token holders of these networks can stake their native assets with any active validator on the network to earn XPRT tokens, in addition to the current network staking rewards they’re earning.
If you’ve participated in any of the three completed StakeDrops (Cosmos, Terra, Kava) then your rewards will be distributed as described below.
Why Update the Distribution Mechanism?
Originally, StakeDrop rewards were planned to be distributed as an Ethereum-based ERC20 version of the XPRT token. However, this would mean that these XPRT tokens would not be able to be staked in their ERC20 form, defeating the purpose of StakeDrop which is primarily to foster the growth of a strong community of XPRT stakers.
Therefore, we are now going to distribute StakeDrop rewards in the form of native XPRT tokens.
By following the new distribution mechanism, rewards recipients will now be able to stake their XPRT rewards for 35%+ APR even while they’re locked.This aligns much better with our vision for StakeDrop, helping to foster the growth of a strong community of XPRT stakers.
We want to make the distribution and staking process as seamless as possible for the community.
Steps to Claim StakeDrop Rewards
Claiming your StakeDrop rewards under the new mechanism is a super simple two-step process. Essentially, you just need to create a Persistence wallet address and send another Magic Transaction.
Step 1: Create a Persistence wallet address
You will need to create a Persistence wallet to be able to submit your wallet address, which is where you will receive your StakeDrop rewards.
If you don’t already have a Persistence wallet address, you can learn how to create one here: link
Step 2: Send Magic Transaction
Next you will need to send a Magic Transaction from the wallet you used to stake your tokens during the StakeDrop on the specific network (ATOM wallet, LUNA wallet, KAVA wallet).
When sending your Magic Transaction you will need to leave your Persistence wallet address in the ‘Memo’ field for us to be able to link your two wallets.
This Magic Transaction is very similar to the Magic Transaction you sent to register for the StakeDrop/s, but it is very important that you include your Persistence wallet address in the ‘Memo’ field.
Once you have completed the two steps above, you’re all set! You’ve now claimed your StakeDrop rewards, which will be distributed according to the timelines below.
Timelines
Magic Transactions
There are set windows for participants of each StakeDrop campaign to send their Magic Transactions to claim their rewards. This will ensure efficient management of the rewards distributions.
The timelines for sending Magic Transactions for participants of each StakeDrop are as follows:
- Cosmos: April 20th — May 15th
- Kava: April 25th — May 20th
- Terra: April 30th — May 25th
The address to send your Magic Transaction to will be communicated via our social channels and will be shown on the respective StakeDrop pages on our website once Magic Transactions go live, according to the dates shown above.
Rewards Distribution
The first batch of StakeDrop rewards will be distributed to those who submit their Magic Transactions within four days of each campaign’s Magic Transactions going live, according to the following schedule:
- Cosmos (Batch 1): April 24th (for the first four days [20/04–23/04] of Magic Transactions)
- Kava (Batch 1): April 29th (for first four days [25/04–28/04] of Magic Transactions)
- Terra (Batch 1): May 4th (for first four days [30/04–03/05] of Magic Transactions)
All remaining rewards [Magic Transactions submitted after the first four days] will be distributed on May 17th, May 22nd, and May 27th for Cosmos, Kava, and Terra respectively.
Be ready to submit your Magic Transaction within the first four days to ensure you receive your XPRT rewards in the most timely manner!
Rewards for the ongoing Matic Network (Polygon) StakeDrop campaign will be distributed once the campaign ends (when all rewards in the rewards pool have been allocated to participants). We will share more details as the campaign comes to a close.
Rewards Unlock
As was the original plan regarding rewards locking, rewards earned via StakeDrop will all be locked for 6 months from the point of distribution, being unlocked linearly each month over the next 6 months after (12 months total until full unlock).
With the new distribution mechanism, however, all StakeDrop participants will be able to stake their XPRT tokens while they’re locked!
Get Ready to Stake Your XPRT Rewards For 35%+ APR!
Persistence (XPRT) staking offers rewards of 35%+ APR for the first year! This rewards rate is among the highest in the industry.
With the adjustments to the StakeDrop rewards distribution mechanism, StakeDrop participants will be able to stake their XPRT rewards while they’re still locked to earn XPRT staking rewards for the entire duration of the locking schedule.
Learn how to stake XPRT via the Persistence wallet here: link
We understand that the new distribution mechanism will incur a couple of extra steps for StakeDrop participants to claim their rewards, which is not ideal, however we strongly believe that the advantage of being able to stake your rewards massively outweighs the slight inconvenience caused by the change.
The community remains at the forefront of any decisions made by the Persistence team, and although plans do sometimes change, we hope you understand that it is always with the best interests of the community and project firmly in mind.
Thank you for your participation in StakeDrop! It’s a pleasure to have you all along with us on our journey to usher in a new financial paradigm! 🥂
About Persistence
Persistence is a Tendermint-based, specialised Layer-1 network powering an ecosystem of DeFi applications focused on unlocking the liquidity of staked assets.
The Persistence chain 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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