Bittime - Good news for Lisk (LSK) holders! The long wait is finally over! Lisk airdrop season has officially begun, coinciding with the migration to the new L2. The event will open with HodlerDrop. What's that? Let's discuss it in this article!
In the coming months, Lisk will hold a series of airdrops. A total of 15 million LSK was allocated to this program, aimed at increasing activity and momentum in the Lisk community.
What is Lisk (LSK)?
Lisk is an open-source blockchain platform designed to facilitate the development and use of decentralized applications (dApps). This platform uses its own JavaScript-based programming language.
So, programmers who are familiar with JavaScript can more easily build applications on Lisk.
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Lisk aims to accelerate the development of blockchain technology. They provide a simple and user-friendly environment for the creation of dApps.
Users can create and use their own custom blockchain. So, Lisk is flexible enough to meet various business and development needs.
Lisk is unique in the way it validates and processes transactions through a Delegated Proof of Stake (DPoS) consensus algorithm, which allows the network to be fast and scalable.
Also read: Lisk (LSK) Airdrop Claim Guide with DappRadar, Easy!
How Does Lisk Work?
Lisk operates based on a decentralized network of nodes that validate and process transactions. The network uses a Delegated Proof of Stake (DPoS) consensus algorithm to validate transactions and add new blocks to the blockchain.
On the Lisk network, anyone can run a node and become a delegator by owning and using LSK tokens for voting. Delegators are tasked with validating transactions and adding new blocks to the blockchain.
These delegators are elected by the user community, and those with the most votes have a greater chance of validating transactions and adding blocks.
Lisk has its own programming language called Lisk-SDK, which is based on JavaScript. This allows developers to create dApps more easily on the Lisk platform.
The platform also allows users to build and deploy their own custom blockchains, an important feature of Lisk's sidechain architecture. Developers can create and manage their own sidechains connected to the main Lisk blockchain.
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Get to know the LSK Token
The LSK token has several important functions in the Lisk network. LSK is the primary means of payment for transactions on the platform and is used for voting by delegators who validate transactions and add blocks to the blockchain.
Developers also need LSK tokens to build and use dApps on the Lisk platform. Delegators on the Lisk network earn LSK tokens in exchange for validating transactions and adding new blocks to the blockchain.
These tokens are then used to cover the costs of running their node and to distribute rewards to their voters.
The Lisk Network has a total supply of up to 144,818,773 LSK tokens in circulation. This limited supply aims to prevent long-term inflation and token devaluation.
New LSK tokens are not created through mining, but rather through a three-year DPoS delegation process, resulting in approximately 1.6 million new LSK tokens each year, which are distributed among delegators and their voters.
With a basic understanding of Lisk (LSK), you can be more confident about participating in their airdrop program. Stay tuned for the latest developments on token migration, HodlerDrop, and the next airdrop from Lisk!
Also read: Lisk (LSK) Price Prediction: Will the Move to Ethereum Make the Price Skyrocket?
Lisk Collaborates with Leading Airdrop Platform
Lisk understands the importance of good user experience. To this end, Lisk is partnering with a leading airdrop management platform that will be announced soon.
The platform will feature points-based leaderboards and a user-friendly interface. Later, you can participate in the airdrop and enjoy maximum benefits easily.
Airdrop for Various Parties
Lisk's airdrop strategy will target various segments of the community. Understanding the important role of developers in blockchain, Lisk prepared a special airdrop for them.
This includes significant LSK allocation for developers to create high-quality smart contracts on Lisk L2. More details about DevDrop will follow soon.
In addition, Lisk users also have the opportunity to start earning points at the same time as the developer launches. This is done through several UserDrops aimed at attracting quality participants and expanding the Lisk community.
What is HodlerDrop?
First, let's discuss the first airdrop, namely HodlerDrop. HodlerDrop aims to reward the initial Lisk community with a total of 3 million LSK. The amount of the reward is based on LSK's participation and ownership at the time of migration.
Requirements for HodlerDrop
LSK Balance during Migration
The more LSK you save, the bigger the potential prize! Make sure you store LSK in a private, non-custodial wallet when migrating from Lisk v4 to Lisk L2 (block 24,823,618, estimated May 21, 2024). A minimum balance of 50 LSK is required to qualify.
Exchange and Foundation Address Exclusion
This airdrop is intended for active community members. As such, LSK stored on exchanges or Onchain foundation addresses will not be eligible. This ensures rewards are distributed fairly to all loyal Lisk supporters.
How to Claim Airdrop?
To claim the airdrop in full, your participation in several activities is important. This activity will help you familiarize yourself with Lisk L2 functionality and secure platform operations and governance.
Additionally, these requirements aim to encourage long-term commitment to the Lisk ecosystem. This approach also allows for fair distribution of rewards, focusing on users who are truly interested in supporting and growing with the platform.
Full details of the requirements will be announced in a blog post shortly after the token migration. However, here is a little sneak peak:
Claim New ERC-20 LSK Tokens
You need to claim your LSK tokens on Lisk L2 using the claim contract on the Lisk Portal. This is an important step because your potential airdrop will be tied to the new LSK ERC-20 tokens you own.
Stacking LSK in Lisk L2
Network commitment is very important! With the upcoming Lisk L2 staking program, LSK holders can earn profits.
The amount of LSK awarded to you in the airdrop will depend on the amount of LSK staked and the duration of your staking. A minimum of one month of staking is required to qualify.
Delegate Voting Power in Lisk DAO
For a strong governance system, you must delegate voting power within Lisk DAO. You can delegate to others or to yourself if you want to participate directly in Lisk governance.
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Airdrop Accepted Via Lisk Portal
Once you complete all the necessary actions, you can receive the airdrop via the Lisk Portal. Through this platform, you will be guided through each step and show you how many airdrops you can claim.
Lisk invites all eligible to fully participate, migrate their LSK, use the new functionality, and stake their LSK.
This airdrop is designed to be more than just a giveaway; this is an invitation to be an integral part of Lisk's growth and success! Stay tuned for further updates and details on token migration, HodlerDrop and future airdrops.
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