What is happening?
All $KREST holders eligible for the upcoming $PEAQ airdrop will have the chance to double their rewards by supporting $KREST/$PEAQ liquidity pools.
Why is it important?
Providing more liquidity to $PEAQ helps with building a healthy and sustainable peaqosystem from the get-go.
What does it mean for the community?
The airdrop not only rewards the existing community for supporting peaq, but also drives further adoption by incentivizing new users to join the network.
Bonus level unlocked
peaq’s booth at TOKEN2049 Dubai was abuzz with discussions on the future of DePIN. But one burning question seemed to be on everyone’s mind: “wen airdrop?” Admittedly it’s been a while since the last update on the $PEAQ airdrop. But it’s never too late for good news, right? In fact, with the launch of the peaq mainnet just around the corner, now’s about the perfect time to go into some details.
So here’s a cool update: the $PEAQ airdrop for $KREST holders will occur in two phases, with the second phase allowing eligible participants to double their rewards. Please note that if you choose to double up your rewards, you will not receive the initial airdrop slated for those who simply hold 2,000 $KREST or more. However, in this scenario, you will receive your increased rewards 6 months after the cutoff point between the two phases.
The precise timeline will be revealed after the peaq mainnet launch. So make sure you stay tuned to peaq’s X profile and join the official peaq Discord channel. That said, here are more deets on the two phases — read on.
The initial $PEAQ airdrop phase
Allocation: $1,000,000 worth of $PEAQ tokens
All $KREST holders who have continuously held a minimum of 2,000 $KREST tokens in non-custodial, Substrate-based wallets are eligible for the initial airdrop. Irrespective of whether these tokens are staked or locked, any non-custodial, Substrate-based wallet with the balance of 2k+ qualifies for the airdrop. However, please keep in mind that your balance needs to exceed 2,000 $KREST at the time of the snapshot, which will occur after the launch of peaq’s mainnet.
Depending on how long you have held more than 2,000 $KREST tokens, as well as exactly how many tokens you had at any given time, your average balance of $KREST will be calculated. Once the total number of eligible $KREST tokens is established, $PEAQ tokens will be distributed proportionately to all eligible $KREST holders.
Let’s break that down into simple steps:
- You obtain and hold a minimum of 2,000 $KREST tokens in a non-custodial, Substrate-based wallet
- The amount of $PEAQ you are eligible to receive is determined at the time of the snapshot
- The appropriate amount of $PEAQ tokens are sent to the same wallet you held $KREST in
The bonus $PEAQ airdrop phase
Allocation: $2,000,000 worth of $PEAQ tokens
Everyone eligible for the initial $PEAQ airdrop can choose to participate in the bonus airdrop. By taking part in this bonus event, you could potentially receive twice as much $PEAQ compared to what you would get from just the initial airdrop.
So, how can you participate in the bonus airdrop?
Well, besides having continuously held a minimum of 2,000 $KREST in a non-custodial wallet, there is one more thing to do. Namely, you have to bridge your $KREST to the peaq network. You then have to provide that $KREST into a $KREST/$PEAQ liquidity pool on peaq’s native decentralized exchange for 6 months. Details on the bridge and native DEX will be provided in the coming weeks.
There will be an official cutoff date between the two airdrop phases, as well as a period during which you will have sufficient time to bridge your $KREST to the peaq network.
There are two paths you can take for the bonus $PEAQ airdrop, depending on whether you decide to obtain additional $PEAQ or not. Let’s take a quick look at both.
No additional $PEAQ acquisition:
- You obtain and hold a minimum of 2,000 $KREST tokens in a non-custodial, Substrate-based wallet
- Once the bonus phase cutoff date is announced, you move all (or part) of your $KREST tokens to the peaq network
- You exchange half your bridged $KREST for $PEAQ
- You provide an equivalent value of both $KREST and $PEAQ into a $KREST/$PEAQ liquidity pool
- You hold your tokens in the liquidity pool for 6 months
- After 6 months, the appropriate amount of $PEAQ tokens are sent to the same wallet you originally held $KREST in
Additional $PEAQ acquisition:
- You obtain and hold a minimum of 2,000 $KREST tokens in a non-custodial, Substrate-based wallet
- Once the bonus phase cutoff date is announced, you move all (or part) of your $KREST tokens to the peaq network
- You obtain additional $PEAQ to match the value of your bridged $KREST
- You provide an equivalent value of both $KREST and $PEAQ into a $KREST/$PEAQ liquidity pool
- You hold your tokens in the liquidity pool for 6 months
- After 6 months, the appropriate amount of $PEAQ tokens are sent to the same wallet you originally held $KREST in
If you take the first path, you will be eligible to receive up to double (2x) the amount of $PEAQ compared to what you would have received in the initial airdrop phase. If you decide to take the second path you will be eligible to receive up to four times (4x) the amount of $PEAQ, as you will effectively be providing more $KREST to the $KREST/$PEAQ liquidity pool.
Please note that the airdrop calculation will be based on the original amount of $KREST you held in your non-custodial wallet on the krest network and then used to provide as liquidity on the peaq network.
Another point worth mentioning is that these are not two separate airdrops. Instead, they are two phases of the same airdrop. To reiterate, those who decide to participate in the bonus phase will not receive any $PEAQ tokens in the initial phase. Instead, they will only receive the 2X amount of $PEAQ from the bonus phase, once the six-month period has passed.
And remember: there will be no surprise airdrops, ever! All information regarding any $PEAQ airdrops will be communicated in due time on official peaq channels. So stay vigilant, stay safe, and stay tuned.
On krest, DePINs test
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