VeChain Foundation Announces One Year Anniversary And X Node Binding Lottery Event
VeChain Foundation, a non-profit entity established in Singapore, is set to mark its first year anniversary since its token sale.
To celebrate, the company has designed a reward program and lottery to happen during its X Node binding and token swap process. This reward program and lottery event will be comprised of four rounds, each with their own rules and rewards. At the end of the event (September 1st), the X Node monitoring will begin.
According to a release, the company is thankful for so many things like its new partners, products, team members, and most of all the VeChain community!
VeChain says it has an extensive plan for community development in the coming year but wants to celebrate this one year anniversary mark with those people who have been there since the beginning.
It said this one year anniversary falls in line with its token swap and X Node binding. They noted that X Node holders have made incredible commitments and have dedicated their passions to the company.
X Node Binding Lottery: How To Participate
Eligible participants are X Node holders based on the June 30 Ethereum snapshot, have complete X Node binding, and store corresponding amount of VET required by your X Node category in a wallet before the Early Bird X Node snapshot dates correlated with each round.
There will be THREE snapshots on the VeChainThor Blockchain during this round, i.e. 12pm UTC+8 on July 27th, August 3rd and August 10th.
In order to receive the VET reward after each snapshot, you need to lock up the corresponding amount of VET in your wallet address compared to your prior VEN balance.
For example, you were a Mjolnir X Node based on the June 30th Ethereum snapshot. And you completed the X Node binding storing at least 15,600,000 VET in your VeChainThor wallet address before the first snapshot, you will be awarded 156,000 VET. If you continue holding more than 15,600,000 VET through the second snapshot happens, you will be awarded 78,000 VET again. Likewise, if you keep your possession through the third snapshot you will be awarded 39,000 VET. Therefore, if you participate in the ‘Early Bird X Node Rewards’ event from the beginning, will be awarded 273,000 VET in total!
For X Node holders, if you decide to participate in ‘Early Bird X Node Rewards’, your X Node monitoring will start immediately once you receive an award. For example, if you are a Mjolnir X Node holder, and have received your VeChain VET reward after the first snapshot then you are not allowed to decrease the amount of VET (15,600,000) stored in your wallet. If you do move below the threshold for your node you will be dropped from the X Node program forever and will not receive the next round of Early Bird rewards.
The ‘Early Bird X Node Rewards’ event ends on August 10th, rewards will be sent out every week.
The Early Bird X Node program does not replace the official economic node monitoring date i.e. Sept 1st. Therefore, if you do not receive any Early Bird X Node awards, you are still eligible to wait until September 1st to convert your economic node to VET without missing any earned VTHO.