With an intelligently-designed airdrop, a focus on enterprise development and partnerships, and cross-chain functionality, the $SOURCE Blockchain is poised to quickly rise amongst the industry’s biggest and best.
The 4th of August, Source Protocol LtdThe Cosmos blockchain and crypto markets saw the launch of the Cosmos testnet, the latest standout cryptocurrency. $SOURCE, which is an efficient, scalable, permission-less and permission-less network of blockchains for interoperable App development, will bring the Interchain a Binance Smart Chain-based DeFi platform and strategic enterprise partnership building. For developers, individuals, enterprises and other users, $SOURCE is available publicly to help them create and manage scalable dApps, smart contract and tools that can be used for Web 3.0 and DeFi.
Read more on Source Protocol’s advanced blockchain ecosystem:Web 3.0 Technology Suite: Individuals, Developers, and Enterprises
According to the team’s CEO, innovative plans have been set in motion to introduce new market share to the blockchain industry at large, with $SOURCE and Source DeFi Suite’s focus on bridging the gap between existing Web 2.0 solutions and Web 3.0. These include infrastructure building for mortgage data servicing firms, top-tier metaverses, and white-labeled DeFi bank services. The $SOURCE team is also currently working with partners to establish a strong presence in many regions including the United States, Dubai, Central Europe, South America, and Japan. The $SOURCE testnet is already onboarding dozens of validators in preparation of the chain’s airdrop and mainnet launch later this year.
We need a new approach to airdrops
A blockchain’s airdrop plays a critical role in establishing a strong foundation for the chain at the date of genesis. A successful airdrop bootstraps a blockchain’s decentralization to a large group of engaged users while simultaneously inviting them to contribute and participate in the new community network.
Each Cosmos Hub blockchain has a different approach to their genesis distribution airdrop. There is controversy in how airdrops are done as $ATOM “whales” typically continue to receive the majority of each new project’s tokens, and users continually find ways to skirt the rules or “game” the airdrop. This restricts distribution and decentralization at the genesis. If there’s a whale-cap, which limits how many coins can be distributed to each wallet address during an airdrop, people may spread $ATOM across multiple addresses to avoid any impact from the whale cap. This gives them a substantial advantage over the other delegators as they can consolidate their tokens later. This allows them to diminish the project’s value by continuously liquidating their staking rewards. This is what the $SOURCE team knows and designed an airdrop system that’s the most lucrative for active and existing customers. #SourceForce community.
$SOURCE-Drop
The $SOURCE-Drop airdrop has been carefully designed to provide maximum benefit to Source Protocol community members that already hold both Source Token $SRCX (Source Protocol’s Automated DeFi market rewards token, BEP-20) and Cosmos Hub $ATOM. SRCX should always be kept in a decentralized wallet such as Metamask Trust, Binance Smartchain wallet or Binance Smartchain wallet. ATOM should remain in the Keplr account. To participate, you will need to register both your ATOM wallet address and SRCX wallet address in Source Web 3.0 via wallet connect.
The $SOURCE – Drop is whale-capped. It will not be playable. The amount of $SOURCE claimable will be determined by the combined average wallet weight of a holder’s ATOM and SRCX balances. Wallet weight is determined by the proportion of a user’s wallet holdings to circulating supply. In the calculation, there will not be any SRCX. If this happens, the number of $SOURCE will decrease for ATOM owners who don’t have SRCX. Even the biggest ATOM whales may receive significantly less $SOURCE than participants that hold SRCX. SRCX holders who don’t register an ATOM address via the claiming app won’t be eligible to receive $SOURCE. To generate the new $SOURCE address, a Cosmos Hub$ATOM address (via Keplr) is necessary.
***ATOM and SRCX held on centralized exchanges will not be eligible for the SOURCE-Drop.
To calculate amounts that can be claimed, multiple snapshots of ATOM and SRCX will be taken. To avoid any gamification, no snapshot dates will ever be disclosed. To reward the long-term holders of ATOM or SRCX, this rewards true believers. This strategy is designed to enable a truly decentralized Web 3.0 ecosystem, rewards those who are loyal to the vision of Cosmos Hub’s “internet of blockchains” and #SourceForce communities, and to create a greater appreciation for recipients of the $SOURCE-Drop.
You may be eligible for a bonus
Participants and contributors in the $SOURCE testing network will also receive $SOURCE bonus for active participation, such as starting a smart contract or setting up an invalidator node on the $SOURCE testingnet. Active participation and additional contributions by members of the community will be recognized. Click here to learn more about the $SOURCE Blockchain.
You will need to download the Keplr wallet in order to be ready for the source-drop. PancakeSwap can buy Source Tokens (SRCX) and have them stored in Trust Wallets, Metamasks, Binance Smart Chain Wallets, or Binance Smart Chain Wallets. If you need to learn more, visit the Source Protocol website.