HomeCoinsICON (ICX)Introducing the $ICY Token. There will be a snapshot taken during… |...

Introducing the $ICY Token. There will be a snapshot taken during… | by ICON Foundation | Hello ICON World | Nov, 2021

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ICON Foundation

There will be a snapshot taken during the last week of December for holders and stakers of $ICX. These holders will be able to claim an airdrop of $ICY equivalent to their $ICX holdings at a later date. $ICX held on exchanges doesn’t guarantee your participation, and it is best to self custody your $ICX during this period in order to participate in the event.

Introducing the ICY Token There will be a snapshot taken

As part of the initial growth strategy, adoption, and decentralization of the ICE Network we will be airdropping $ICY equivalent to 1:1 of the total $ICX supply to $ICX stakeholders during the last week of December. These $ICY will be claimable at a later date through a dedicated user interface that will be shared when we get closer to ICE mainnet launch.

The airdropped $ICY will be vested over a 3 year period to incentivize the longer-term health of the network and the alignment of its stakeholders. Upon launch, at least 20% of the airdropped tokens will become immediately available. The remainder will be vested and unlocked over 3 years. Users of ICON’s DeFi platforms can expect a modest boost (relative to non-users) in the % available at launch.

Step 1: Buy and hold $ICX or $sICX in a self custody wallet (where you hold the private key), have $ICX staked and delegated in the ICON network, or have $sICX deposited with Omm or Balanced at the time of the snapshot. $ICY airdropped to an address controlling $ICX in any of these ways will be claimable through a single interface at the same time.

Note: We encourage those interested in participating in this event to move their $ICX off exchanges ahead of the snapshot period. Exchanges that announce support will be highlighted and added to this notification at a later date. Information about claiming $ICY airdropped to $ICX or $sICX held on other dApps or custodial wallets will be provided by the application teams.

Step 2: Wait until the snapshot window to ensure your participation. A specific block height will be released before the last week of December.

Step 3: Wait for claim instructions to be provided by the initial contributors, application providers (Omm, Balanced, etc.), and/or exchanges.

When snapshot details?

See above. We will share more information regarding the specific block height ahead of the snapshot window.

Who is eligible?

Anyone holding ICX, staking and delegating ICX, holding sICX acquired on ICON’s DeFi platforms, or controlling a deposit of sICX on Omm or Balanced.

Note, you must hold these assets in a self custody wallet to ensure participation. Custodial wallets may support this airdrop, but only rely on their official announcements to make sure you qualify.

How to claim?

There will be a dedicated application and user interface created to claim the $ICY tokens. Eligible claimants will be able to access their tokens upon launch of the network.

When will I get tokens?

The tokens will become available upon network launch. More details around the timing of the launch will be provided at a later date.

When ICE Network?

We are currently focused on many pieces of the ICE Network, including strategy within the EVM landscape, existing ICX community, growing partners, and longer term alignment within the broader blockchain community including parachain strategy.

What is $ICY used for?

A more detailed breakdown of the token economics, token allocations and usefulness of the ICE Network along with $ICY will be provided soon.

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