PCHU Monthly Lock Drop Reward Commences
Hello, Kylians.
2022 was an interesting year, with lots of highs and lows for Kylin Network and the entire web3 space. Kylin achieved several highs during 2022, the most prominent being securing parachain victories on both Kusama and Polkadot, accompanied by participation in a score of tier-1 official web3 events and completing the Kylin Oracle MVP development.
However, one of the significant accomplishments that are not spoken highly enough of was completing the PCHU token reward distribution, as detailed in this community periodic update. A total of 67,290,000 KYL tokens were hand shook, and in return, 2,287,860 PCHU was distributed. The outstanding 3,712,140 PCHU tokens were reallocated to the Kylin Community Incentive Program, which will be launched sometime this year; further details will be shared soon.
Pichiu, Kylin’s canary network on Kusama, secured its parachain status in April 2022. As a reward to the community for its continued support, the team behind Kylin allocated 11% of Pichiu’s 100 Million total supply to the community in various incentive programs. 6% Holders reward, and 5% Lock drop rewards.
Today, we’re happy to announce the commencement of the PCHU Lock drop reward distribution. Only community members who completed the initial handshake between ERC-20 (where their KYL is held) and Substrate (where they intend to hold their Pichiu) wallet addresses, as detailed in this post, are eligible to receive the PCHU lock drop.
PCHU Lock Drop
As initially described in a previous post, 5% PCHU of the 100 Million total supply was allocated as a “Lock drop.” 0.5% PCHU will be airdropped to KYL holders who lock their KYL per month for ten months, culminating in 5% after the ten months. The monthly lock drop was initially designed to kickstart in November 2022. We’re excited to share that the first batch of “Lock Drop” rewards will be distributed on the 22nd of January, 2023.
After missing the lock drop reward distribution for November, and December, on the set date of January 22nd, 2023, 1.5% of the 100 Million Pichiu will be distributed to community members that registered in the first token distribution by completing the wallet handshake. The wallet handshake is now closed and will not be reopened until further notice.
As detailed in a previous post, this first drop will see 1,500,000 PCHU distributed to KYL current holders, who have already carried out the handshake process. Kylin developers already possess the substrate wallet addresses of all community members who successfully handshake substrate and ERC-20 wallet addresses.
About Kylin Network
Kylin Network strives to be a composable and configurable multi-level oracle infrastructure built as a Polkadot parachain, for the democratization and delivery of accurate data on time, at a reliably low cost. Kylin hopes to offer a way for chain-agnostic APIs to serve data according to service level agreements (SLA) that the consumers of this data will be aware of.
Data source compatibility beyond price feeds will bootstrap a free data market. This will allow market demand to determine the direction of the innovation of a feed, its price, and supply. With dynamic NFTs & SFTs, Kylin’s ongoing development will innovatively tokenize data streams that democratically will be accepted on the Kylin Network.
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