The first official surprise token drop in the Equinox Staking competition has been released.
This token drop consisted of a total of $10,000 in Ethereum (assuming an ETH price of $2,117.20). Approximately 149 eligible individuals were selected randomly for the drop.
The full excel sheet showing the winners can be found here
Start staking on Injective for a chance to win the next drop while also earning up to a 29% APY here
- The individual must have a minimum of 100 INJ successfully delegated to one of the validators participating in Equinox staking
The specific reward amount is based on the amount of INJ that a person staked. So, a person with 200 INJ would receive more ETH relative to a person who only staked 100 INJ.
However if a linear distribution had been used, someone who staked 1M INJ would likely receive nearly all of the rewards while another person with 100 INJ would receive virtually nothing. So to make this process fair a bonding curve was utilized as illustrated below.
Within this form of distribution someone with more INJ would receive a higher reward amount but this amount would decrease over time.
These are the steps used to distribute the rewards:
- 149 individuals were randomly chosen from the pool of stakers (this was done to ensure fairness and to also provide a meaningful reward amount to each user)
- The stakers were then ranked based on the amount of their INJ holding
- The individual with the highest amount of INJ (rank 1) holding within this pool was given $105.817444 in ETH
- The rank 2 user was given $105.109638, etc.
- This pattern continued until the 149th person was given $39.190203 in ETH
- The price of ETH snapshot was taken today and was pegged to $2,117.20
- We then proceeded to transfer the ETH to each winner (we made sure to cover any and all gas fees in the process)
- The full excel sheet showing the winners can be found here (please used CMD + F on a Mac to search for your wallet address or use CNTRL + F on a PC)
Injective is collaborating with a number of top projects in the space to carry out more surprise token drops.
Stay tuned for more surprise token drops in the coming weeks!
Injective is a custom interoperable layer one protocol for building powerful exchange, DeFi, derivatives & Web3 applications. Injective was created using the Cosmos SDK and is able to achieve instant transaction finality while sustaining lightning fast speeds. INJ is the native deflationary scarce asset that powers the Injective Protocol and its rapidly growing ecosystem. Injective is incubated by Binance and is backed by Pantera Capital.