ReapChain(REAP) — Notice regarding ReapChain mainnet patch.
Hello, this is ReapChain.
ReapChain officially opened its mainnet in September 2023, completed all integrated tests related to bridge and mainnet conversion, and completed the official launch of the bridge service in December 2023.
As the mainnet is operating normally, we plan to distribute the “ecosystem incentive” volume in accordance with the foundation’s token economy plan, and conduct a final inspection of the ecosystem incentive payment and update the governance system at the same time.
In relation to this, we plan to conduct self-testing from “April 17 to April 19, 2024” and conduct an official mainnet patch on April 22. (The patch schedule may change depending on the test results. If there are any changes, we will notify you again.)
1) Ecosystem incentive distribution and operation plan.
Ecosystem incentives are rewards paid to holders who participate in node operation, and can be received through staking and delegation.
The ecosystem volume of 397 million units should have been designed to be fully distributed within one year after the mainnet launch, but it was designed to be minted to a minimum quantity to prepare for any emergency after the mainnet launch. After the mainnet launch, the already created ecosystem incentive volume was locked up as ERC-20 REAP and held by the foundation to prevent distribution in the market. As there is currently no participation from general holders other than the foundation to receive ecosystem incentives, all ecosystem incentive amounts created so far are scheduled to be burned after the mainnet patch on April 22, 2024. In addition, after the mainnet patch, the newly minted 397 million ecosystem incentives will be paid to holders according to the following criteria.
2) Minting quantity and distribution standards after mainnet patch.
- Distribution criteria and conditions: In order to receive ecosystem incentive volume as compensation, holders who already hold ERC-20 REAP must convert it to REAP, a mainnet coin, through the RipChain Bridge and then stake and delegate to the standing committee node. You must proceed first. The distribution criteria for the amount paid as compensation are as follows.
<Distribution criteria>
*Total occurrence 10% -> 1/14 distribution to standing committee nodes.
*Total amount generated: 20% -> 1/n distribution to operating nodes.
*Total amount generated: 70% -> Differential distribution according to (stake rate = amount staked by an individual / total amount staked).
After the mainnet patch is completed, we will separately announce details about the burn schedule, when ecosystem incentives will occur, and the monthly minting volume and distribution plan accordingly.
The ReapChain Foundation will always strive to enhance the value of REAP.
Thank you.
Posted by ReapChain.
