HomeCoinsSingularityNET (AGI)AGIX-ADA Loyalty Rewards Open + Staking Pool Update | by Mihai Bărbulescu...

AGIX-ADA Loyalty Rewards Open + Staking Pool Update | by Mihai Bărbulescu | Nov, 2022

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In the SingularityNET Phase Two proposal, 5% of tokens minted each month are allocated to creating a special “Loyalty Rewards Pool”.

Greetings Singularitarians,

Today we are excited to announce the start of the Phase Two AGIX-ADA Loyalty Rewards!

The Loyalty Rewards Portal is live today, November 22nd, and claiming will open at 11:00 AM UTC. Loyalty Rewards will be available for all eligible Phase One AGI holders. We would also like to take this opportunity to provide an AGIX-ADA Staking Portal update, to outline testing and launch timeline of this highly anticipated feature.

The Loyalty Rewards program is a special thanks and appreciation to all of the Phase One holders and stakers, especially the Phase Two voters who helped SingularityNET reach this important development milestone.

The AGIX-ADA utility tokens rewarded will help facilitate and incentivize Cardano Platform adoption. We will have further updates in Q1 2023 on the launch of the Cardano-side Platform where the community can utilize their AGIX-ADA tokens.

Loyalty Reward Program Summary:

  • Eligibility snapshot: May 28th, 2021, at 08:00:20 AM UTC+0 (Hard Fork snapshot of AGI holders)
  • Minimum AGI required for eligibility: 10 AGI
  • Distribution periods: Six monthly allocations, starting November 22nd, 2022 and running to March 21st, 2023
  • First Allocation Claiming Available: November 22 11:00AM UTC

In Q1 2023 we will organize a community governance event to discuss and decide how the rewards for year 2 and onwards will be allocated. For more details on eligibility, reward calculation and distribution periods, please read the full program overview in the SingularityNET Phase Two: Loyalty Rewards blog.

Note: You are not required to claim your Loyalty Reward tokens during this distribution period, but may claim them during any of the future six allocation periods, or any time during the coming 3 years (see blog for details).

Additional Notes:

  • Cardano Claiming Special Instructions:

Due to Cardano network mechanisms, users will need to deposit about 2 ADA from the wallet they are claiming the rewards to, which will cover the transaction cost for sending the AGIX tokens. Users will receive these ADA tokens back together with the AGIX Loyalty Reward Tokens.

Ethereum: MetaMask, Wallet Connect

Cardano: Nami, Eternl, Gero, Flint, CWallet, (Yoroi will be supported shortly)

Currently supported Cardano wallets for AGIX-ADA Loyalty Rewards
  • Wallets that sold their tokens after the hard-fork have been excluded from loyalty rewards.

The developer team is excited to announce that the AGIX-ADA Staking Portal, contracts, and audit are nearly complete for community beta-testing.

Like the Converter bridge, the Staking Portal has required extensive development and innovation due to the fundamental differences between transaction mechanisms on the two chains. Similarly to the Converter Bridge, we will follow the same beta testing approach for the Staking Portal.

We anticipate this beta-testing to begin in December; the testing of the portal will be on the Cardano Mainnet, and as a token of appreciation the community will be able to keep any rewards they receive from testing the portal.

Pending successful community and internal testing, the Staking Portal will go live in early Q1 2023. We have worked hard alongside MLabs to craft this innovative portal that will be an asset to the operation of the SingularityNET Platform.

We’d like to thank our community for their loyalty and unwavering support of our mission to create the beneficial technological singularity for all!



Read the original article here

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