OriginTrail
Published in

OriginTrail

OTP distribution process explained

OriginTrail’s Parachain bid for a parachain slot was successfully concluded on May 18th 2022, leading to the launch of the blockchain network at the beginning of June. As a part of the launch sequence, OTP will be distributed among all the parties mentioned in the Genesis distribution part of the OriginTrail Whitepaper 2.0. Below you can find the schedules and process steps for each of the groups participating in the OTP distribution.

Genesis distribution summary

Initial auction distribution

The OriginTrail Parachain was secured by winning a Polkadot auction in which a community of 1.830 participants showed their support by locking up 754.654 DOT tokens (native Polkadot tokens) for a period of 96 weeks. As mentioned in the whitepaper, there were up to 125.000.000 OTP tokens allocated to be distributed amongst the contributors to accommodate up to 5.000.000 DOT of support. Since the entire 5.000.000 DOT pool wasn’t used, any unspent OTP from the initial auction process will be added to the Future auctions pool.

The distribution schedule

All participants will receive their OTP rewards (together with any eligible bonuses) according to the following steps:

  • 25% of the total amount will be distributed on Friday — July 8th 2022 at 3pm UTC.
  • The remaining 75% of the total amount will be distributed with a vesting transaction with the expiry at the end of the lease period. You will be able to collect these vested tokens (in the amount proportional to elapsed time of the transaction) using the “vest” extrinsic (e.g. via Polkadot.js).

The claiming process

All eligible participants will receive OTP rewards directly to the wallet with which they participated in the crowd loan. Note: Your wallet will have a different address on Polkadot and OriginTrail Parachain (starting with prefix “1” on Polkadot, and “5” on OriginTrail Parachain). This is by design, and Polkadot.js takes care of this conversion for you. More information can be found here.

OriginTrail community distribution

The OriginTrail DKG community is an important part of the OriginTrail Parachain success for which reason, a 25.000.000 OTP allocation is available for distribution among two key groups of the OriginTrail DKG community.

TRAC token holders

The first of the two groups has an allocation of 20.000.000 OTP allowing 1 OTP to be claimed for every 25 TRAC in all TRAC wallets snapshotted on the moment of successful completion of the OriginTrail Parachain auction — May 18th 2022 08:45:22 (Ethereum block 14800965).

The claiming process

TRAC token holders that wish to receive OTP allocation for their TRAC wallets have to apply using this interface. Following the steps in the interface they will need to provide two inputs:

  1. Connect and validate their TRAC wallet on Ethereum, Polygon or Gnosis chain.
  2. Provide a correct address for receiving wallet on OriginTrail Parachain. Important! Please make sure you provide the correct account address and keep an existential minimum deposit there at all times.
  3. Receive OTP tokens in your provided wallet.

The distribution schedule

The participants in the TRAC token holders distribution will receive their OTP rewards according to the following steps:

  • First distribution. The first distribution will occur on Friday, July the 8th 2022 and will involve 25% of the total eligible reward amount. This will be available for everyone that correctly finishes the claiming process by July 7th midnight UTC.
  • Daily distributions. Starting from July 9th 2022, there will be daily distributions for all participants that applied by midnight UTC the day prior. Daily distributions will take place until July 22nd 2022. Similar to the first distribution, it will involve 25% of the total eligible reward amount.
  • Weekly distributions. Starting from July 22nd 2022, OTP rewards will be distributed once a week, on Friday (July 29th, August 5th, August 12th…) for all participants that correctly finish the claiming process by Thursday (July 28th, August 4th, August 11th…) midnight UTC. The weekly distribution will finish on September 30th, meaning the final date to apply for TRAC rewards is September 29th 2022.
  • The remaining 75% of the total amount will be distributed with a vesting transaction with the expiry at the end of the lease period. You will be able to collect these vested tokens (in the amount proportional to elapsed time of the transaction) using the “vest” extrinsic (e.g. via Polkadot.js).

NOTE: Due to the Parachain implementation requiring 1 OTP as an existential deposit for all accounts, a minimum amount of 25 TRAC found in your wallet at the time of the snapshot is required to be eligible for OTP rewards. Additionally, for amounts snapshotted below 500 TRAC (with a reward of up to 20 OTP), no vesting will be applied due to a minimum requirement of 15 OTP necessary for a vesting transaction to occur.

OriginTrail DKG v5 node runners

This OriginTrail community group has an allocation of 5.000.000 OTP which will be possible to claim on the basis of how much time a particular DKG node was active in the network in the period of 1 year from the beginning of the multi-chain OriginTrail Starfleet phase (March 23rd 2021 — March 23rd 2022).

The claiming process

DKG v5 node runners wishing to receive OTP allocation for their TRAC wallets have to apply using this interface. Following the steps in the interface they will need to provide two inputs:

  1. Connect and validate their operational node wallet on Ethereum, Polygon or Gnosis chain.
  2. Provide a correct address for receiving wallet on OriginTrail Parachain. Important! Please make sure you provide the correct account address and keep an existential minimum state there at all times.
  3. Receive OTP tokens in your provided wallet.

The claiming interface will be open from July 4th 2022 until July 31st 2022. It will not be possible to apply for DKG v5 node runner rewards after that date.

The distribution schedule

The participants in the TRAC token holders distribution will receive their OTP rewards in following steps:

  • 25% of the total amount will be distributed on August 7th 2022.
  • The remaining 75% of the total amount will be distributed with a vesting transaction with the expiry at the end of the lease period. You will be able to collect these vested tokens (in the amount proportional to elapsed time of the transaction) using the “vest” extrinsic (e.g. via Polkadot.js).

Make sure to double-check the key dates and process steps for all rewards that you might be eligible for and join us as we launch the exciting new phase of the OriginTrail ecosystem!

--

--

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store
OriginTrail

OriginTrail

The World’s First Decentralized Knowledge Graph