Klap Finance Lock Drop
Klap Finance Lock Drop live to incentivize long term depositors and believers in its ecosystem.
Temporarily lock your deposits (USDC, USDT, DAI, WBTC, WETH, and/or KLAY) for 1–12 months to receive KLAP and KLAY tokens in rewards.
The longer your collateral is locked, the more KLAP rewards you will receive. On the claim unlock date, users can reclaim 100% of their locked collateral and unlock it. The rewards up for grabs are $1.5M USD worth of KLAY tokens and 30 million KLAP tokens (3% of total supply).
Users will also continue receiving interest on their deposits. For example, if a user deposited USDC into KLAP and locked their deposit (aUSDC) for the lockdrop, they will still earn interest on their USDC over the lockdrop period.
- The Lockdrop window will be open for 48 hours. It will begin at 8 PM EDT on Mon, Jun 27, and end at 8 PM EDT on Wed, Jun 29.
- The point during the lockdrop when you deposit doesn’t matter — however you should consider the monthly caps on each month (see more details below).
- The pre-mining program (with both KLAP and KLAY rewards) will continue to run, however, we recommend participating in the lockdrop.
- Our lockdrop contract has been audited by Quantstamp.
Any Klapper or to-be Klapper can participate — the lockdrop is open to all!
Lockdrop Tutorial
- Make sure you have some aTokens (deposits of any asset in KLAP). You can deposit assets on https://app.klap.finance/deposit
- 2. Go to https://app.klap.finance/lockdrop and choose the token that you have deposited into KLAP. Decide how long you want to stake for, and deposit!
KLAP Rewards (Amount)
1 month → 1.36m
3 months → 4.09m
6 months → 8.18m
12 months → 16.36m
On the other hand, slightly more KLAY will go to shorter lock terms who are likely more mercenary. This could help decrease sell pressure on KLAP through KLAY:
- $600K for 1 month
- $450K for 3 month
- $300K for 6 month
- $150K for 12 month
Lockdrop Bucket
KLAY Rewards (Amount)
1 month → $600,000
3 months → $450,000
6 months → $300,000
12 months →$150,000
KLAP rewards
The KLAP token will go live within a couple of weeks after the lockdrop deposit period is complete. KLAP rewards will be distributed immediately as the token goes live. The value of your KLAP rewards will depend on the amount deposited in each lockdrop portion as well as the KLAP token market value after the token launch.
KLAP token utility
KLAP token holders can also engage in the following:
- Lock KLAP in order to receive veNFTs.
- Voting rights to determine KLAP emissions for lend/borrow pools of each token on KLAP
- Yield Boosters on liquidity mining rewards for both lending/borrowing as well as Pool 2.
- Ve holders can also vote on wider protocol-level decisions, such as the usage of Treasury funds, as well as adding additional utilities.
KLAY token rewards will be distributed shortly after the end of the lockdrop deposit period. Keep an eye on Discord and Twitter for more specific information about distributions.
ABOUT Klap Finance
KLAP (Klaytn Lending Application) is a decentralized non-custodial liquidity market protocol where users can participate as depositors or borrowers. Depositors provide liquidity to the market to earn a passive income, while borrowers are able to borrow in an over-collateralized (perpetually) or under-collateralized (one-block liquidity) fashion.
RESOURCES
Medium
