Project TXA Pre-Staking and Upcoming Airdrop Announcement
Airdrop Pre-Staking is Now Live!
Update: TXA Pre-Staking is now live at https://stake.txa.app!
Also view our docs at https://docs.txa.app for more details!
Original article continues below:
TXA Holders, it’s time. Many of you have been champing at the bit anticipating the day when you would finally be able to stake/receive rewards on your TXA. After months of hard work solidifying our Decentralized Settlement Layer (“DSL”), Project TXA is excited to make two project-critical announcements.
1. Starting April 18, 2022, TXA holders will be able to stake their tokens and receive our planned airdrop.
Once the staking period has closed, holders will receive an airdrop of a new governance token for the newly formed TXA Decentralized Autonomous Organization (“DAO”) called TXAD.
2. We are pleased to announce the formation of the TXA DAO.
More information on the DAO will be released in the coming weeks. This article is meant to explain both of these exciting developments in brief detail. We will be providing you with links to more information about the airdrop and DAO formation soon.
What is TXAD?
TXAD serves as a governance token for TXA DAO, which will serve as the governing body for TXA’s Decentralized Settlement Layer (DSL).
What is TXA DSL?
The TXA DSL is changing the way exchanges are able to settle trades. The utility of the DSL is two-fold: it allows decentralized settlement without exchanges needing to touch trader assets and it helps assure professional, cross-chain trading at speeds on par with the fastest centralized exchanges.
What is TXAD used to vote for?
TXAD is used to vote on Key Parameters of the DSL and SDPs.
Examples of SDP Key Parameters include, but are not limited to:
- Minimum requirements to run an SDP.
- Number of SDPs required to reach quorum for consensus.
- Fees paid for providing obligation data.
- Over-collateralization requirements (if any) for settlement participation.
- Penalties for unintentional system downtime or malicious actions.
How do you become an SDP?
TXA Holders that choose to stake their tokens to become Settlement Data Providers (“SDP”) can provide settlement data that allows traders to settle in a decentralized manner. In doing so, SDP operators may charge a fee for their settlement services. This future of trade settlement looks bright when compared to today’s exchanges collecting 100% of trader fees. Talk about decentralization, huh?
Who can stake?
Holders of TXA will be able to participate in staking from the beginning of April 18 until the end of June 16, 2022. All floating TXA that is deposited into the airdrop contract (minimum 100 TXA) will be locked for a year and will be able to claim TXAD shortly after the staking period has closed. Please note that only TXA that is currently unlocked and tradeable is needed to be staked. If you have TXA that is currently locked or has not yet vested, you will automatically be deemed eligible to receive TXAD for those amounts.
Once staking is closed at the end of June 16, 2022, a one-time airdrop event of TXAD will proceed in the following quantities. Where the amount of unlocked, tradable TXA = “n”, the token holder is awarded the following:
• 100 <= n < 1,000 — then 10 TXAD is awarded for each TXA.
• 1,000 <= n < 10,000 — then 20 TXAD is awarded for each TXA.
• 10,000 <= n — then 50 TXAD is awarded for each TXA.
Also, TXAD is airdropped for unclaimed TXA and TXA locked in vesting contracts according to the following:
• 50 TXAD is awarded for each TXA locked in a vesting contract.
• 1 TXAD is awarded for each TXA vested, but unclaimed in a vesting contract.
It must be noted that unlocked TXA that is not staked will not receive any TXAD.
Pre-Staked TXA Can Still Be Used To Run SDPs!
Furthermore, it is also key to point out that holders can also use deposited TXA as a stake for Settlement Data Provider (SDP) operation, which is something we highly encourage. This means you can pre-stake TXA for TXAD voting tokens, and still reuse the staked TXA amount to meet the staking requirements for SDP operation.
We look forward to the airdrop of TXA DAO governance tokens and the formation of the governing body of the future of decentralized settlement services. We are confident in the platform that we have built and are so grateful for all of our holders’ patience in letting us execute on our vision. More info on how to stake for both airdrop and SDP operation and other FAQs can be found on our new documentation page.
Learn About TXA at Our Documentation Site!
Click here: https://docs.txa.app
