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Crowdloan Incentives Update
BSX Rewards Distribution, HDX Bonus Tripling
After realising that reptiles don’t hibernate in the winter (they merely brumate), we figured it’s about time to send out Snek with heavy bags of rewards for its crowdloan supporters. There are two bags, each containing BSX and (3x moar) HDX. We also tried to find a matching Santa costume but size XXSnek was in high demand.
We are excited to announce that the BSX crowdloan rewards have been distributed to all participating wallets. If you made your contribution via the Basilisk website or via Polkadot.js/apps, you should be able to see your rewards on this page. Please make sure that your account in the Polkadot.js extension is set to “Basilisk” or “Allow use on any chain”.
The distributed BSX rewards are subject to a vesting schedule, with 70% of the tokens being unlocked linearly over the remaining duration of the parachain slot. The 30% which are initially vested are (technically speaking) unlocked, however - after a brief grace period following the distribution, we are now ready to proceed with our plan and freeze all transfers between BSX wallets until the LBP has been conducted. The freezing will take place today (December 7th), around 16.00 CET.
Preventing the possibility of BSX being prematurely listed on a CEX with low liquidity plays a role in ensuring a fair LBP price discovery and protecting both existing holders and newcomers who are impatiently looking to obtain BSX and join the Basilisk tribe. Once the BSX LBP event has been concluded, transfers will be open again and the vested tokens will become tradable.
Speaking of LBP - the preparations are now reaching their concluding point which will culminate in the launch of an incentivized testnet! Additional info to be shared very soon 👈.
More good news is coming from Snek’s younger multi-headed sister HydraDX. On December 1st, the community approved a referendum initiated by the HydraDX Council to multiply all HDX balances by 3x (excluding Treasury & Investors). The tripling will take place once HydraDX enters mainnet as a Polkadot parachain.
And guess what, all Snek crowdloan supporters will also have their HDX bonuses tripled! No action is required from your side, we will make sure that the HDX tokens are distributed on time for the tripling. It is important to note that all HDX balances will remain frozen until HydraDX mainnet.