TrustSwap — a DeFi project offering a wide range of different services — recently announced the launch of a new program that was created to provide an incentive for smaller stakers. The program, known as the FlashDrop program, will essentially reward up to 3,000 users that have staked a certain amount of SWAP tokens. In doing so, it will create opportunities for the loyal SWAP community, and it will hopefully attract new users interested in participating in the program.
What Do You Need to Know About FlashDrop?
The crypto industry is rich with various projects, and there are millions who may still be unaware of TrustSwap. This program will help put the project on their radar, and show them all the benefits and advantages of this emerging DeFi project.
When it comes to FlashDrop, there are a few important things to note.
1) Where is it being launched?
First of all, it will be conducted from YIELD App, which is another DeFi-based platform that actually launched on TrustSwap’s Launchpad in late 2020. The platform offers large returns (up to 20% APY) for Bitcoin, Ethereum, and two stablecoins — Tether and USD Coin.
The platform believes that everyone in the world deserves equal access to emerging opportunities in the world of investments, which was not the case for a long time. Initially, only wealthy individuals and financial institutions were able to invest in projects. With the invention of the internet, centralized investment platforms emerged and expanded the possibilities to include retail investors.
Now, with the era of decentralization taking over, projects like YIELD App aim to use it to push the ability to invest even more, and create a user-friendly system that everyone in the world will understand and be able to use, should they choose to.
As mentioned, the platform launched on TrustSwap’s launchpad, which TrustSwap created to help new tokens get on their feet, and provide its community with the best investment opportunities.
Since its launch on TrustSwap, YIELD App’s YLD token skyrocketed, climbing up by around 1,700% above its launch price, thanks to its innovative technology and ever-growing community.
2) What is FlashDrop about?
As noted earlier, FlashDrop’s goal is to provide an incentive to stakers by granting 3,000 users the opportunity to win 500 YLD tokens, each. There is no need to compete in boosting your volume score or have the best earnings through trades — the entire event will be treated as a fully transparent lottery, where users will have to fulfill only a few specific requirements in order to be eligible.
Some users may already be eligible to participate and win rewards, while the newcomers who are only arriving now will have to make some preparation in the next several days, before the event starts.
With that said, the event will take place on April 23rd, and it will last from 9 AM to 9 PM PST.
3) How will the event work and what do you need in order to participate?
The first thing to note is that the project will take a snapshot for the event on April 22nd, at 9 AM PST. So, all preparations that you need to do must be done before that.
Every address that has 500 SWAP tokens staked at the time when the snapshot is taken will be eligible to participate in the lottery, and it will receive 1 entry ticket. The only exception are addresses that hold a TrustSwap Golden Ticket, as they will automatically receive 500 YLD. However, these users will still be eligible to participate, so if they end up winning the lottery, they will receive a total of 500 YLD.
Also, users who already hold at least 1,000 YLD will receive a second ticket, thus increasing their chances of winning. However, it should be noted that users need to have 500 SWAP in order to be eligible, and without these coins, no amount of YLD will help them win the rewards.
Lastly, all users who wish to participate need to have a YIELD App account that is successfully registered and fully verified. That means passing the KYC procedure, in addition to loading the account with the tokens needed for receiving tickets.
Once again, the program will reward 3,000 user addresses in total, through a fully transparent and provably fair random drawing that will take place on April 23rd. Users can apply for participation via the TrustSwap dashboard.
4) Important restrictions to keep in mind
There are also a few restrictions that users need to remember. First of all, anyone who previously claimed a YLD airdrop in the SwapDrop round will not be eligible for participation. Also, no US residents and citizens can participate.
Lastly, only a single claim is allowed per individual, except in cases where users received a second ticket due to holding 500 SWAP and 1,000 YLD upfront.