Staking Incentive for Long Term Token Holders
May 1st Update: The Foundation that oversees the success of Sentinel is aware of an exchange that has $SENT locked causing a delay in access to $DVPN and also restricting the $SENT to $DVPN swap for individuals. Members of the Foundation and community are in active conversations with the exchange. Because of this, the new snapshot will be taken on June 15th, so token holders who want to swap $SENT for $DVPN will have an additional six weeks to execute the swap.
Existing $SENT ERC-20 token holders remain eligible for a bonus of 400 million $DVPN mainnet tokens upon conducting the swap and staking their tokens for a minimum of 12 consecutive months.
The rebranding of Sentinel’s ticker on its mainnet has been well received from the community and this ticker further positions Sentinel as the current leader in decentralized VPN technology. The strategy is to better convey the purpose of the Sentinel dVPN protocol in a more direct manner. Read more about the rebranding of the ticker of Sentinel’s native token (Cosmos based):
An incentive for Pre-mainnet $SENT ERC-20 Token Holders
Previous $SENT ERC-20 token holders will have the opportunity to receive a bonus of 400 million $DVPN mainnet tokens upon conducting the swap and staking their tokens for a minimum of 12 consecutive months. Users do not need to have their tokens in the mainnet genesis block to be eligible for this incentive. This means that users who have had their tokens on exchanges such as MXC and Hotbit for the swap process will also be eligible.** Monitoring and tracking for this incentive opportunity begins with a snapshot on June 15th, 2021.
People that delegate their $DVPN tokens by 12:00 PM UTC on June 15th, 2021 (official time of the snapshot) will be eligible for this additional reward in addition to any normal staking rewards. The additional reward pool totals 400 million $DVPN tokens and will be shared proportionally by all the participants in the initiative. Individuals will not be eligible for the reward if they undelegate their tokens before the initiative ends. In addition, individuals that remain delegated over the 12 month period will grow their rewards as additional people undelegate over the time period.
The bonus rewards will be distributed monthly over the following 12 months.
This incentive simulates the upcoming tiered inflation functionality that Sentinel will be integrating at its consensus layer, allowing for longer-term stakers to achieve higher rates of inflation in exchange for keeping tokens illiquid. Stay tuned for more information on Sentinel’s upcoming tiered inflation architecture.
**Note: Individuals that had MXC or Hotbit conduct the token swap for them, please email email@example.com with the subject line ‘Exchange Swap — Long Term Holders Staking Program’ by 12:00pm UTC on May 15th. Please explain that you had your tokens swapped via your exchange and you are decided on participating in the ‘Long Term Holders Staking Program.’ There will be a follow-up to ensure your tokens are tracked and included in the program.