ReapChain (REAP) — Announcement regarding “mainnet patch complete” and “ecosystem incentive” volume distribution.
Hello, this is ReapChain.
ReapChain successfully completed the mainnet patch and hard fork on April 22, 2024, and as the patch is successfully completed, we plan to distribute the “ecosystem incentive” quantity in line with the foundation’s token economy plan.
In addition, as previously announced, since there is currently no participation by general holders other than the Foundation to receive ecosystem incentives, all incentive stocks held by the Foundation are scheduled to be burned by April 30, 2024, and after the incineration is completed.
The 397 million units to be newly minted over a period of one year from May 1, 2024 will be paid to holders according to the following standards.
1. Ecosystem incentive volume overview
Ecosystem incentives are rewards paid to holders who participate in node operation, and can be received through staking and delegation. Please check the links below for guidance on using the bridge service and receiving node rewards through staking.
1) Wallet connection: Connect With Wallet — ReapChain Mainnet (gitbook.io)
*Required installation wallet: Kepler, Metamask
- Kepler Guide : https://reapchain.gitbook.io/mainnet/additional-guides/keplr
- Metamask Guide : https://reapchain.gitbook.io/mainnet/additional-guides/metamask
2) Bridge service
*Bridge url : Reapchain Bridge
*Bridge Guide :
- https://acrobat.adobe.com/id/urn:aaid:sc:AP:ff90c39b-9aba-47aa-9f07-e66bf0125644
3) Staking and Delegation
- Staking Guide: Staking — https://reapchain.gitbook.io/mainnet/user-guides/dashboard/how-to-use/staking
2. Ecosystem incentive volume distribution criteria and distribution plan
1) Distribution criteria
- In order to receive ecosystem incentive amounts as compensation, holders who currently hold ERC-20 REAP must first convert to REAP, the mainnet coin, through the ReapChain Bridge and then proceed with staking and delegation to the standing committee node. The distribution criteria for the amount paid as compensation are as follows.
<Distribution criteria>
* Total amount generated in 4 hours: 10% -> 1/14 distribution to standing committee members
* Total amount generated in 4 hours: 20% -> 1/n distribution to operating nodes
- Total amount generated in 4 hours: 70% -> Differential distribution according to (stake rate = amount staked by an individual / total amount staked)
2) Monthly distribution (distribution) plan
- The monthly ecosystem incentive volume will be distributed in the form of a downward-sloping graph to provide greater benefits to early participants and to quickly activate staking. The total quantity and distribution period are as follows.
- Total quantity: 397 million units
- Distribution period: May, 2024 to May, 2025
-> Monthly ecosystem incentive minting (distribution) quantity
The volume created (minted) each month according to the table above will be unlocked as of the 1st of each month, and the volume will be paid as compensation to staking participants according to the distribution standards above.
The ReapChain Foundation will always strive to enhance the value of REAP.
Thank you.
Posted by ReapChain.
