ZetaChain announces XP Airdrop Round 1 and 10 Million ZETA Rewards
ZetaChain, a Layer 1 blockchain operator, has announced that it will shortly begin the first round of XP airdrops, with the User Growth Pool (UGP) providing 10 million ZETA rewards.
The first ZetaChain XP airdrop is coming! Any app can submit a proposal for the 10,000,000 ZETA rewards pool by July 1st at 00:00 UTC, marking the start of the first reward distributions by apps. Learn more about the RFP process in our full announcement: https://t.co/vxRYwbVFZ0
— ZetaChain (@zetablockchain) June 13, 2024
As part of our efforts to encourage significant use and network expansion on ZetaChain, we are thrilled to reveal that the UGP will be awarding up to 10 million ZETA rewards for the XP Airdrop Round 1, the company stated.
According to a blog post by ZetaChain, it was disclosed that July 1st, at 0:00 UTC, is the deadline for submitting requests for proposals (RFPs) for application projects on ZetaChain, while rewards will be distributed following a final review and announcement of allocation on July 1. After then, applications are free to decide when to start distributing themselves. About 419,000 users make up the main reward-eligible group in the first snapshot. This group's members have at least 200,000 XP and have shown a high degree of program loyalty.
Teams that have deployed active contracts with active users on the ZetaChain Mainnet Beta are eligible to submit proposals. Verification of the submissions' deployment and app ownership will be required. Apps with live activity on the XP program are not the only ones that can be submitted. Any project that has actual users and practicality qualifies. Prior to assigning and distributing a rewards grant to any eligible app, the UGP committee will conduct thorough due diligence on each one.
When drafting a proposal, projects ought to adhere to the following specifications and directives: Users must receive at least 95% of the allocation; the developer team may set aside up to 5% of the total to be used for operational expenses or potential user growth projects; the majority of reward recipients in the initial XP snapshot dataset had to have 200k or more XP; rewards must be distributed according to the designated structure at each tier; and much more.
Since ZetaChain 1.0 launched, more than 80,000,000 ZETA have been distributed to users from the UGP in order to facilitate and incentivize user onboarding. 31,500,000 ZETA were given to ZetaLabs testnet users at the ZetaChain Mainnet Beta launch, and 50,000,000 ZETA were allocated for a variety of marketing campaigns.
Disclaimer: This information should not be considered financial advice by any means. Please do your own research before making any investment decisions. The views in the articles are personal opinions only. Whale Insider is not responsible for any financial losses incurred.