Staking Rewards Update on Eligibility
This article explains the Hypr Network Staking Rewards Program, also known Holder Rewards.
- To be eligible for Staking Rewards, you must hold 70,000+ Hypr on Hypr Mainnet in a single wallet
- Scroll down below for Key Dates. These dates are VERY IMPORTANT.
We wanted to provide an explanation of the Staking Rewards program, an update on how things are going and what holders can expect, some changes to eligible amounts for qualification, and next steps with key dates and what you need to do.
Overview of Staking Rewards
As of today, Hypr Network is 21 days old, though we have been working on it for many months before the actual fair launch. We had a successful fair launch event on November 15, the community has grown from zero to a very healthy and organic level of engaged holders. We're grateful for the community we have built and welcome all new holders that wish to join our community.
As part of our unique tokenomics, we wish all Hypr token holders to benefit from the success of the network. This is why we introduced the idea of Staking Rewards. As a review, for every sell order on Uniswap, the protocol takes 5% as fees, distributed in the following categories:
- 1% goes back to the Uniswap V2 pool as liquidity enhancement.
- 2% goes to Staking Rewards
- 2% goes to the operations category, to be used for marketing and other costs that the protocol incurs. Just a quick note here - the protocol incurs non-trivial costs, some of it substantial. Maybe at a later time we can explain more but, like all businesses, there's a cost to doing business and a web3 protocol is no different.
Change on Eligibility Amount
We looked at the wallet balance data and did some analysis. We identified that there was a large cohort of holders holding 70,000 to 80,000 Hypr range. Based on the originally announced 100,000 Hypr eligibility rules, these holders would not qualify for Staking Rewards. We are making a change to this rule today.
As of today, we are reducing the eligibility cutoff to 70,000 Hypr in a single wallet on Hypr Mainnet.
The reasons are clear:
- We want participants in the Hypr Network to proportionally benefit from holding Hypr.
- This cohort is reasonably close, so we reduced the eligibility amount to help them.
- With the price of Hypr increasing faster than expected, it becomes more and more expensive to qualify for Staking Rewards. We want the network to be inclusive and doing this gets us closer to being more inclusive and inviting to a broad holder base, not just those that can afford to.
Eligibility Calculations and Scenarios
The calculation for how much one will get from the Staking Rewards wallet is simple:
- [# of tokens/total number of eligible tokens staked on Hypr Mainnet] multiplied [by the amount of Hypr in Staking Rewards wallet]
*** eligible tokens means all Hypr tokens in the wallets with a balance of 70,000+ Hypr on Hypr Mainnet. ***
For example, let’s assume a total of 40M eligible Hypr tokens moved from Ethereum Mainnet to Hypr Miannet at the time of snapshot. Suppose a holder owns 1,500,000 Hypr, and moved all their tokens to Hypr Mainnet. This means this holder will receive a proportional share of the Staking Rewards wallet.
Specifically, this holder will receive [1.5M/40M]=3.75% of the Staking Rewards wallet. In other words,
- 0.0375 * 2315568 Hypr in Stakeholder Rewards Wallet = 86,838.8 Hypr tokens.
- At a price of 0.09, this holder will receive $7,815.5 USD worth of Hypr tokens.
As you can see, holding Hypr tokens and participating on Hypr Mainnet can be fruitful, provided that the Staking Rewards wallet grows also in a meaningful way.
For those that wish to go further and get fancy, you can calculate your average buy price, estimate staking rewards over time, and your payback period. All up to you. We invite community members to create a calculator and share it with the community.
IMPORTANT: What Does This Mean For you
If you want to participate in the Staking Rewards program, you must:
- Bridge your Hypr tokens to Hypr Mainnet using the Hypr L2 bridge
- Hold at least 70,000 Hypr tokens in your wallet on the Hypr network
We want the community to keep in mind the following dates:
- December 28 to January 1 Snapshot: By end of day December 27 PST, make sure you have at least 70,000+ Hypr in your wallet on Ethereum Mainnet so you are eligible for the Staking Rewards. A random snapshot will be taken during the period. (Note: The January claims will happen on Ethereum mainnet but future claims will happen on the Hypr L2).
- January 2, Claim Page Live: We will make live the claim page, where you can connect your wallet and claim your Hypr rewards.
We explained the rationale for Staking Rewards. We explained that only wallets with 70,000+ Hypr on Hypr Mainnet are eligible to receive rewards. We shared key dates to watch out for. We will post this article in a tweet also and in telegram.
References and Notes
To be clear, the following wallets are NOT eligible for rewards and will not be included in the calculations:
- Ecosystem Fund: 0x1A297aFb9373355BB9492E469CA0a531FDa87364
- Uniswap V2 Pool: 0xEEFAA1bE6A07aa3DBF2356159d96593EdAf9879c
- Staking Rewards: 0x3D61a230578a4033Fd8f6F3b1449770CaadbaC29
- Operations Wallet: 0x4A49636e38336EF090C1d011CB81e277d631Aa2F
- Any wallets on Ethereum Mainnet
To see the list of holders, go here. You can even download a CSV and play around if you're interested:
- We did not include 4 wallet balances belonging to the protocol (Staking Rewards Wallet, Uniswap, Ecosystem Fund, and Operations Wallet)
- We removed rows with less than 1,000 Hypr for convenience as it was skewing the data.
- I know what you’re thinking - no self-respecting person would use Excel or Google Sheets, why guys? It was available and easy and didn’t want to overcomplicate a simple histogram with descriptive statistics.