August 29, 2024

Early adopters drop: First snapshot date, allocation increase, and more

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Early adopters drop: First snapshot date, allocation increase, and more

In a nutshell: With peaq launch drawing nearer by the day (feel the excitement in the air?), here’s another update on the long-anticipated $PEAQ rewards for early adopters. So far, krest has been a crucial tool for the ecosystem, granting DePINs building on peaq a blockchain for experiments and tests. The people who brought peaq’s canary network to life through their support deserve all the gratitude in the world, and as a gesture of appreciation, the allocation for the early adopters goes up all the way to 2.5% of the total $PEAQ supply. The first snapshot date is becoming clearer as well, but some tough decisions had to be made on KYC and vesting — read on for all the latest.

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Heading for the $PEAQ

As we know from the Hitchhiker's Guide To The Galaxy, the answer to the Ultimate Question of Life, the Universe, and Everything is 42. Up to the point, we’re still puzzled as to how exactly that explains “wen token?”.

Less puzzling, though, is the answer to another question that has baffled the world’s greatest minds. The date of the first snapshot for the $PEAQ rewards granted as a gesture of gratitude to those who joined peaq as early adopters and supported the project is becoming clearer. Just to freshen things up, here is a quick breakdown:

To qualify for the main early adopters drop, you must hold at least 2,000 $KREST in a non-custodial wallet on the day of peaq’s official launch — keep an eye on peaq’s socials for the exact date and time. Bear in mind that the final rewards will account for how long you’ve held the tokens for: The longer you’ve had your $KREST, the more $PEAQ you will receive.
If opting to use your $KREST tokens to provide liquidity for $PEAQ, you will receive your rewards at a later date, but those will be amplified — more on this in this blog. In this scenario, you would have to move your $KREST tokens to peaq via a bridge (to be released later) and lock them in a $KREST/$PEAQ liquidity pool for 6 months, optionally purchasing extra $PEAQ tokens for amping up your rewards even further.

Another piece of great news is that the allocation for the rewards is going up. The original drop was to bring the early adopters 1% of the total $PEAQ supply, or 42,000,000 $PEAQ tokens. Now, this figure is growing by as much as another 2.5x to allocate a total of 105,000,000 tokens, of 2.50% of total $PEAQ supply, to the early adopters in the community. Out of these, 2% of the total $PEAQ supply will go towards reward distribution. As for and the remaining 0.5%, peaqonauts will be able to receive them if opting to provide liquidity for $PEAQ with their $KREST tokens.

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The next steps

The decision to amplify the rewards allocated to the community in these event was made in good faith and with full understanding of just how important the support from Web3 enthusiasts is for any layer-1. The community is at the very heart of peaq, so it is important for the project to walk the distance in showing just how much this community is appreciated. Besides, distributing the tokens across the community is a great stride towards decentralization of the project, which is an important core objective for peaq. So nothing but a huge amount of tokens would suffice, the reasoning went, and the allocation was expanded.

However, supplying so many tokens in a single reward event takes some precaution, as it could potentially mean a more turbulent period for the project. For this reason, the $PEAQ rewards for $KREST holders will be linear-vested for a period of 18 months — the wait can be frustrating, but bear in mind that the allocation has grown by a lot, so measures are needed to keep things balanced. Important note: Vested tokens can be staked, all the while you can keep using your $KREST tokens across the peaqosystem to earn more rewards.

These 18 months will be preceded by a preparation period of 3 months, where the peaqosystem will receive some of the finishing touches and its ecosystem components will be going live one by one. This is done to ensure that peaq runs smoothly in its early months and quickly establishes itself as a full-fledged home to anything real-world in Web3. Throughout these 3 months, the following ecosystem components will be going live one by one to make the early adopter drop as smooth as possible:

Rewards calculator, which will help you figure out how much tokens you can get,
The bridge, which will enable you to move your $KREST tokens to peaq,
The decentralized exchange on peaq, where you will be able to provide liquidity for the $PEAQ token,
The peaq portal update, which will expand its token management functionalities and open the first Machine DeFi projects to the community.

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Enter the Economy of Things

And when it comes to keeping the Economy of Things smooth and stable, compliance is another major piece of the puzzle. After all, the EoT doesn’t exist in a vacuum: To grow and flourish, onboarding thousands of users every day, it needs smooth interplay with TradFi and enterprise adoption. That, in today’s world, means compliance with the appropriate regulations, and since the goal is to make peaq future-proof and thriving under any regulatory framework, compliance is a must for the project.

With this in mind, to receive the rewards for $KREST holders, peaqonauts will have to complete a Know Your Customer (KYC) process. This was no easy decision, but with enterprises already joining peaq and governments showing an increasing appetite for DePIN, this will have to be done as a confirmation of the project’s commitment to a safer and more responsible Web3. More updates about the platform used for KYC and other specific details will be released closer to the reward event.

As the launch draws near, peaq is entering its most exciting phase, hitting a pivotal moment not just for the project, but for the entire DePIN space. Getting here would have been unthinkable without you, peaqonauts, your appetite for innovation and your passion for changing the world one smart device at a time. The upcoming reward event is a gesture of gratitude for your faith and support throughout all these years, and while the KYC and vesting may be upsetting to some in the community, such steps are required to make it as grand as it can be. And that is exactly the plan.

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