SingularityNET Phase Two: Loyalty rewards

Greetings Singularitarians,

We are pleased to announce the eagerly awaited details of the SingularityNET Phase Two loyalty reward program.

In the SingularityNET Phase Two proposal, 5% of tokens minted each month were allocated to creating a special “Loyalty Rewards Pool” to be used as follows:

“During the first year of Phase Two, this 5% of the monthly tranches will be allotted to Phase One AGI (ERC-20) token holders as a reward for loyalty and to incentivize participation in the Phase II network. The specifics of this distribution are currently being worked out together with legal counsel as there are subtleties regarding “airdrops” and similar mechanisms in various jurisdictions. The utilization of the Loyalty Reward token pool after the first year may be changed via democratic vote of token-holders.” -excerpt taken from the SingularityNET Phase Two Proposal, page 20.

These tokens were allocated to express the gratitude of SingularityNET to Phase One AGI token holders for supporting the Phase Two initiative, and to create an opportunity to incentivize and reward community growth through new token holders on the Cardano blockchain.

Initiating the distribution of these tokens has been a priority since the launch of the Converter Bridge, and the necessary blockchain and software developments are now complete:

• Ethereum to Cardano wallet mapping, developed first for the AGIX Converter Bridge, will allow Phase One Ethereum wallet holders to link a Cardano wallet address to receive their Loyalty Reward distribution.
• The engineering team has been progressively adding Cardano wallet integrations to this functionality, to increase the ease and utility of this mapping system.
• The Loyalty Reward claiming portal has been developed, enabling a smooth process for linking wallets, and claiming loyalty rewards.

The Loyalty Rewards portal designed for this program is ready for community launch! Once it is live, it will be linked here.

The Phase Two plan made a clear distinction between the distribution of tokens from the first 12 months of AGIX-ADA minting, and those minted from year 2 onwards. Distribution of tokens minted during the first 12-month cycle is to be initiated via mechanics determined by the SingularityNET organization, while the community has the opportunity to update the distribution mechanics thereafter. Below are the details for the distribution mechanics of year 1 tokens, followed by an outline of the community involvement process for the ongoing distribution plan.

Loyalty Rewards Pool — Year 1 Tokens

Phase 2 token minting began in July 2021 and there were a total of 8,293,401 AGIX-ADA loyalty tokens minted in the 12-month period from July 2021 to June 2022.

Key details of the distribution scheme for these initial tokens are as follows:

• Eligibility snapshot: May 28th, 2021, at 08:00:20 AM UTC+0 (Hardfork snapshot of AGI holders)
• Eligibility restricted to Private wallets only — Token balances which were held on Binance/Kucoin or other centralized exchanges or smart contracts during the hardfork are not eligible
• Minimum AGI required for eligibility: 10 AGI
• Allocation: Rewards are proportional to token balance during the snapshot, +20% bonus for stakers
• Staking Bonus: AGI Tokens which were staked on staking.singularitynet.io at the time of the snapshot will qualify for a 20% bonus on top of the allocated loyalty rewards
• Total Year 1 tokens to Distribute: 8,293,401 AGIX, in 6 equal batches.
• Distribution periods: There will be six monthly allocations, starting November 22nd, 2022 and running to March 21st, 2023:

Allocations can be claimed including prior released ones, for up to 3 years after becoming available.

• Registration Requirements: None. If your address has received AGIX during the hardfork, it will be eligible to claim loyalty rewards
• Users can claim each allocation once it becomes available, or claim all released allocations in one transaction
• KYC requirements: None
• Claiming End Date: Phase 1 holders have 3 years to claim their year 1 loyalty rewards, up until November 22nd 2025, 11am UTC

Important: Cardano Claiming Special Instructions:
Due to the way that transferring a native asset on the Cardano network works, users will need to deposit about 2 ADA from the wallet they are claiming the rewards to (in order to cover for sending the AGIX tokens). Users will receive these back together with the AGIX Loyalty Reward Tokens.

Supported wallets:
Ethereum: MetaMask, Wallet Connect
Cardano: Yoroi, Nami (Eternl being tested as we speak)

More wallets will be supported over time, testing is ongoing. We are also working towards releasing functionality for claiming Loyalty Reward Tokens directly into AGIX-ADA staking, but as of the start of November, while we continue to work with our external partners to deliver staking on Cardano, this functionality will not be available for the initial distributions. The community will be updated as soon as this option is available. And remember, claiming can be deferred to later distribution periods, when claiming directly to staking should be possible.

SingularityNET will broadcast the initiation of this loyalty program widely, so that Phase One holders are informed and can receive their distribution. Additionally, the long period of claiming (up to 3 years after allocations become available) is designed to make sure no one misses out.

Loyalty Rewards Pool — Year 2 tokens and onwards:

The SingularityNET Phase Two proposal states that:

The utilization of the Loyalty Reward token pool after the first year may be changed via democratic vote of token-holders.

After the first year’s minted tokens have been distributed, the AGIX token holder community is invited to provide their input and adjust the Loyalty Reward token pool distribution mechanics. The second year of minting was initiated in July 2022. The year 2 loyalty reward tokens will be set aside awaiting community vote for ongoing distribution and loyalty reward strategy. Year two token distribution will commence at the very earliest after year 1 distributions have been allocated, i.e. from May 2023 onwards.

The community will play an integral role in designing an optimal system for the distribution of these tokens, considering the following aims:

• Incentivize participation in the Phase Two network (i.e. maximize SingulartyNET AGIX holders participating on the Cardano blockchain)
• Strengthen the AGIX token — increase Total Value Locked and liquidity
• Grow the SingularityNET community through incentives to loyal AGIX holders

Proposals and discussions for ongoing distribution strategies will be collected on Swae as an ideation platform (harnessing the methodology developed for Deep Funding). During this period there will be open Town Hall sessions on our Discord server where people can discuss the proposals live and provide direct feedback, according to the following schedule:

This schedule ensures community input is thoroughly considered and implemented. If there’s demand for more open meetings, these will be planned accordingly.

Concluding

Dear community members, the entire SingularityNET team is grateful for your ongoing support and loyal commitment to the project, and to the vision of decentralized AI and AGI — we surely have the best community in the world! We are honored and privileged to work alongside each and every one of you in creating this future, and wish you all the very best with these loyalty tokens. If you have any questions, please feel free to reach out through our social media listed below.

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