Optional Lockdrop Redemption for KLAP

There were some questions and concerns from the community about the 6-week vesting on all KLAP rewards. Though this has been planned as part of KLAP’s modern DeFi tokenomics, some mods across different language groups were not aware and unintentionally spread the wrong information to some of our community channels.

We apologize for these miscommunications. In order to make it right for the community, we will be opening up an optional redemption period for lockdroppers.

Here are the logistics

1. We are sending a Google Form out, open for 48 hours, where you can submit your lockdrop address. Form is here: https://forms.gle/GNaKqW9dNnQg2aWe7
2. All redeemers will receive a $100 gas and time stipend, as long as their lock amount was greater than $1000. Otherwise, the stipend will be $50.
3. The form will ask you to send the KLAY you received from the lockdrop back to the reward address.
4. Once we verify that the address and its corresponding KLAY amount received is all correct, we will send the lockdrop funds out via emergency Withdraw.
5. Early redeemers will not be eligible for KLAP rewards.

Here is the Google Form link: https://forms.gle/GNaKqW9dNnQg2aWe7

Why?

Given the time, effort, and gas spent on participating, we will be giving a gas & time stipend out to each redeemer.

We will also give a full early unlock of principle.

However, given that redeemers no longer believe that the rewards are worth their locking periods, and will no longer be locking their funds, they will no longer be entitled to their rewards.

We believe that this truly rewards lockers willing to hold, while making it right for those that feel like they deposited due to the miscommunication.

Looking Forward

The 50% penalty mechanism brings tokens from early dumpers to holders. Game theoretically, being the first to take the penalty and dump increases the rewards for remaining holders and Ve stakers. Naturally, this weeds out short term farmers and further rewards loyal community members. Read more about tokenomics and Ve on docs.klap.finance!

We also had inquiries about team information. The team is fully public and details can be found on krewdefi.con

Any more questions? Feel free to ask us on any of our social media channels. Go Klappers!