Walton coin (WTC), the native crypto of Waltonchain, has appreciated by 14.1% in the last 24 hours to trade at $2.65 after Walton team announced its plan to release the locked 10,000,000 WTC to the community through a series of airdrops and burns. The overall airdrop and burn quantity is estimated to be 5,200,000 WTC.
The subsequent airdrop and burn activities will begin at 00:00:00 (UTC+8) on January 18, 2020 whenever the following trigger criteria is attained and gets completed.
According to the latest Waltonchain Team Token Lockup Extension Announcement, the tokens which are left out without the conditions being met will stay locked until January 2020.
Based on the current R&D progress as well as confidence and firm determination to achieve the vision of #Waltonchain, the Waltonchain team has decided to allocate 5,200,000 $WTC of the team's locked-up WTC for airdrops and token burns.
Announcement:https://t.co/kBLPEhr8Eu pic.twitter.com/16Xnp6KRCj
— Waltonchain (@Waltonchain) July 12, 2019
“Trigger Conditions, Airdrop and Burn Amount:
1. When the daily average price of WTC reaches USD 4.25 for the first time, 1% of the team’s locked-up tokens (i.e. 100,000 WTC) shall be airdropped and another 2% (i.e. 200,000 WTC) shall be burnt;
2. When the daily average price of WTC reaches USD 6.42 for the first time, 1.3% of the team’s locked-up tokens (i.e. 130,000 WTC) shall be airdropped and another 2.7% (i.e. 270,000 WTC) shall be burnt;
3. When the daily average price of WTC reaches USD 9.64 for the first time, 1.7% of the team’s locked-up tokens (i.e. 170,000 WTC) shall be airdropped and another 3.3% (i.e. 330,000 WTC) shall be burnt;
4. When the daily average price of WTC reaches USD 14.58 for the first time, 2% of the team’s locked-up tokens (i.e. 200,000 WTC) shall be airdropped and another 4% (i.e. 400,000 WTC) shall be burnt;
5. When the daily average price of WTC reaches USD 21.86 for the first time, 2.3% of the team’s locked-up tokens (i.e. 230,000 WTC) shall be airdropped and another 4.7% (i.e. 470,000 WTC) shall be burnt;
6. When the daily average price of WTC reaches USD 32.78 for the first time, 2.7% of the team’s locked-up tokens (i.e. 270,000 WTC) shall be airdropped and another 5.3% (i.e. 530,000 WTC) shall be burnt;
7. When the daily average price of WTC reaches USD 49.28 for the first time, 3% of the team’s locked-up tokens (i.e. 300,000 WTC) shall be airdropped, and another 6% (i.e. 600,000 WTC) shall be burnt;
8. When the daily average price of WTC reaches USD 74 for the first time, 3.3% of the team’s locked-up tokens (i.e. 330,000 WTC) shall be airdropped and another 6.7% (i.e. 670,000 WTC) shall be burnt.
Airdrop and Burn Execution Details:
1. WTC price shall be the USD price of WTC at https://coinmarketcap.com/currencies/waltonchain/;
2. Execution time: When each of the above airdrop and burn trigger conditions is reached, i.e. when the 24 h daily average price of WTC reaches each of the above trigger prices, at 08:00 (UTC+8) the next day a snapshot shall be made for WTC mainnet and ERC-20 addresses to count the airdrop amount for each address. Token burn shall be completed within 5 business days after the snapshot. The airdrop shall be divided into three parts and completed within one month after the trigger condition is reached. Time shall be UTC+8;
3. Burn method: The amount of each burn shall be deposited to an exclusive smart contract and shall never be withdrawn;
4. Airdrop distribution: Each airdrop shall be fully distributed to each address as per the proportion of each address determined by the following rules:
Addresses holding 100 WTC or above shall be qualified to receive the airdrop; addresses holding 100,000 WTC or above shall be counted as 100,000 WTC addresses;
The proportion of airdrop for each address to the total airdrop shall be determined by the weight of address: the more WTC are held, the larger airdrop proportion is received. Shall the address balance be the same, the airdrop proportion for GMN and SMN addresses shall be larger than that for normal addresses.
WTC shall be airdropped to ERC-20 addresses before the mainnet token swap and to mainnet addresses after the token swap. Hot wallet addresses on cryptocurrency exchange platforms shall be excluded from the airdrops. Exchange platform addresses shall be unable to receive the airdrops, please make sure the address you use to receive the airdrops is a personal blockchain wallet address.”
