Pichiu First Lock Drop Successfully Distributed

At exactly 18:05 CET, 22nd January 2023, the Kylin technical team completed the distribution of the PCHU lock drop based on the initial tokenomics detailed in a post made by the team. This distribution came precisely three months after the first token distribution was made to community members who carried out the wallet handshakes, as detailed in this post. 

As announced in a recent blog post published last week, based on the schedule, 5% of the 100M PCHU tokenomics was allocated to the “Lock Drop,” this figure comes down to 5M PCHU. This distributing schedule was 0.5% to be distributed monthly for ten months. And yesterday, the Kylin dev team successfully distributed 1.5M PCHU, which accounts for three months (November, December & January) of lock drop supply. 

Lock Drop Distribution

Targeted Distribution:

Distribution Date: January 22nd, 2023

Distribute Amount: 1.5% of the 100 Million Pichiu = 1,500,000 PCHU

ERC-20: 67758085.32 KYL

ERC-20 Address Amount: 559

PCHU Reward: 1,500,000/67758085.32 = 0.02213/KYL

Executed Distribution:

PCHU Successfully Distributed: 1,466,733

Number of Successful Transactions (KYL Holders): 522
Failed Transactions (Incorrect Substrate addresses): 21

Next Lock Drop Distribution and What’s Next?

The next trench of PCHU distribution will occur on the 22nd of April, 2023. In the meantime, as we uphold our promise to the community, Kylin will continue exploring options to make PCHU tradable on exchanges (DEX and CEX) in the coming months. 

How to Get on the Next Lock Drop

Unfortunately, the lock drop is closed for now. Only community members that carried out the first handshake are eligible, as they received the just concluded lock drop and will be eligible to receive the next. We will consider reopening the registration after the subsequent Lock Drop distribution. Also, changes in the amount of KYL held in registered Erc-20 will not impact the amount of PCHU received.

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.

Website |Telegram | Twitter | Discord | Medium | Linkedin | YouTube | Substack