- OKCoin is airdropping Stacks (STX) tokens.
- That is after they record Blockstack’s coin on January 14.
- It will begin with a $100,000 airdrop. If issues go effectively, the trade plans to offer away far more.
Hear up, children! A cryptocurrency trade known as OKCoin will subsequent month pour $100,000 of free STX tokens from the skies.
When you’re well-behaved, don’t defraud it, and promise to make use of the cash for crypto stuff, OKCoin would possibly give an additional $500,000 to $1,000,000 later within the 12 months to you and your kin. When you’re actually good, OKCoin might give much more.
OKCoin’s announcement comes the day after Blockstack, the corporate that created Stacks (STX) tokens, mentioned that STX wouldn’t be thought-about a safety after the launch of its new blockchain on January 14, and thus US exchanges, corresponding to San Francisco-based OKCoin, might lastly record it, a 12 months after its $23 million ICO (which received the blessing of the SEC).
So, join its waitlist and pray very exhausting that the US Securities and Exchanges gained’t sue OKCoin for distributing Stacks tokens to US customers, and beginning round January 20 the trade might drop slightly one thing in your pockets.
Within the first wave, most will obtain between $25-50 value of Stacks tokens from a pool of about $65,000-$75,000. No less than three will obtain $5,000, and one will obtain $10,000. It’ll take a most of 90 days to offer away the cash.
On the entrance of the road are the primary individuals to join its mailing record. OKCoin will aggressively market the airdrop to Stacks Discord and Telegram chats.
In the back of the road are South-East Asians, who will obtain much less; they’re in OKCoin’s unhealthy books after fraudsters from the area tried to rip-off Blockchain.com out of its $125 million Stellar airdrop in 2018.
Haider Rafique, presently OKCoin’s CMO, masterminded Blockchain.com’s airdrop, and informed Decrypt that he’ll not waste his time rooting out scammers this time round.
“The important thing studying I had was like, it is not that simple to offer cash away. Which is one thing I by no means thought I would say,” mentioned Rafique.
So behave. Rafique will solely tip the second pot of STX tokens from the heavens if he’s happy that folks aren’t ripping him off or promoting their Stacks tokens as quickly as attainable.
“We’re actually excited in regards to the expertise,” he mentioned, and the crypto trade expects those that obtain the free STX cash to be actually excited in regards to the tech too. If 20-30% stake STX on OKCoin and the entire thing doesn’t blow up in flames, he’ll take into consideration gifting away more cash. That part will take “on the naked minimal of six months to get completed.”
And a 3rd part? “TBD. I would not say there can be a 3rd part in the meanwhile. After all, if the efficiency of this deployment goes very well, we’ll wish to negotiate that with the STX workforce.”
OKCoin is the primary US trade to announce its help for STX. US exchanges held off itemizing the token as a result of it constituted a security under US law. The SEC might chase after them.
Yesterday, Blockstack revealed a memorandum from a US legislation agency that had concluded that STX wouldn’t be thought-about a safety (i.e. an funding automobile) after the launch of the Stacks 2.0 blockchain, for the reason that community would change into sufficiently decentralized.
It’s because Blockstack PBC would hand over the keys to a non-profit (headed by a former Blockstack worker) and wouldn’t run any nodes.
“The switch of the STX token to the non-profit basis in August, deliberate management of the two.0 mainnet launch by the mining group in January, and important upgrades to the protocol have lowered the probability that STX model 2.0 may very well be thought-about a safety below US Securities Regulation and solidified our help for this new asset on OKCoin,” Megan Monroe-Coleman, OKCoin’s Chief Compliance Officer, informed Decrypt.
Signups for the airdrop are open. But when planning on messing round, you’ll spoil issues for everybody.
The views and opinions expressed by the writer are for informational functions solely and don’t represent monetary, funding, or different recommendation.