Qi token — Airdrop and Pioneers Incentive Programs

Disclaimers:

This article will be subject to continuous updates as long there are active incentive programs. This is the place to find the latest updates on supported exchanges and wallets, vital deadlines and so on.

If you see a suspicious link, or get approached by someone claiming to be from QiSwap, it is fraudulent. This article is the only full official source of information specifically for the QiSwap airdrop and Pioneers II program. No one associated with QiSwap will never ask for your private keys, or for anything of value.

If you are new to QiSwap and the QI token, you still have a chance to take part through the following distribution methods with deadlines that will be further specified at another time. These efforts are part of our fair distribution mechanism to bootstrap existing communities around Qtum which is the underlying blockchain QiSwap is built upon. Our hope is to quickly grow QiSwap without creating unfair allocation of influence. If you are interested these are the programs still open for participation:

  • Airdrop — Snapshot Block 793 284(est. February, 12th, 3 PM GMT)
  • Pioneers II — Until the liquidity mining contract is deployed(TBA)

Now, let’s proceed to the relevant updates for all who patiently are awaiting them!

After a few hectic months for the QiSwap team, the long awaited airdrop of QiSwaps native token QI is now less than two weeks out. The Qi token contracts have been externally audited by Slowmist and the result can be seen here. We have recently seen rapidly increasing interest and community engagement which have also shedded lights on uncertainties and misunderstandings regarding the process. With this piece, we aim to answer and clarify questions from the community with a focus on the upcoming airdrop and other Qi incentives that are part of our fair launch ambition. Aside from this, we are currently working hard to finish a whitepaper as well as a rewrite of the current litepaper to streamline our communication and official documentation.

Token Allocation

Since we want to incentivize organic growth of the ecosystem by conducting a fair launch, there is no pre-sale or ICO of the Qi-tokens. All of the tokens will be distributed directly to the community and other stakeholders that contribute to the QiSwap ecosystem. With the large allocation towards QiSwap Liquidity providers, we aim towards incentivizing the continuous usage of the QiSwap platform. To create further diversification and decentralization in the QI token we are also conducting an airdrop of QI tokens to bootstrap the Qtum ecosystem. This is partly to show appreciation to the Qtum Foundation and the Qtum chain ecosystem for their hard work but also to ensure the growth and sustainability of the QiSwap ecosystem in a win-win kind of fashion. The airdrop is designed in a way that will distribute around 20 million QI to Qtum holders, which is 2% of the total QI supply.

Qi Airdrop

To execute the airdrop, we leverage a temporary QRC20 token as a transition vehicle to convert eligible QTUM to QI tokens. In the first step of the process, the QiSwap team will create the QRC20 token and distribute it to all Qtum holders that are in possession of Qtum at the block height 793.284 (https://qtum.info/). If you hold QTUM either in a wallet or at an exchange that supports the airdrop, you will then receive an equal 1:1 amount of QIAD (Qi Airdrop Tokens). Therefore, to be eligible for the airdrop, you need to make sure to hold your QTUMs by block 793 284(est. February 12th 9 AM UTC) on a wallet or exchange and the minimum amount to hold is 1 QTUM.

While the February 12th snapshot will be the blueprint of eligible UTXOs and their corresponding keys defining what addresses receive QIAD. The actual airdrop of the QIAD will happen around February 14th, 2021. Exact time will be added to this article and announced through our twitter and telegram channels. Around the time of the actual airdrop of QIAD to eligible wallets, a smart contract will be deployed that allows you to swap QIAD for Qi tokens during a 3 week period. All users that wish to participate in the airdrop will need to deposit their QIAD tokens into the contract in order to claim their QI. The main reason for this is that we want to incentivize active users and not distribute tokens to addresses that don’t want, or are not able to be part of the QiSwap ecosystem. The redemption ratio of QIAD/QI is 2:1 which corresponds to 2 QTUM per 1 QI.

Note: since there will be a small gas fee involved in the contract call when claiming QI. make sure to have Qtum in the wallet to pay for the gas. The gas fees shouldn’t be more than a couple of pennies.

Example: Let’s assume that you have 10 Qtum on a supported wallet(we recommend the Qtum Core Wallet) at the time of the snapshot. You will then automatically receive 10 QIAD to your wallet when it’s time for the airdrop. The 10 QIAD have to be deposited to the smart contract from your wallet and you will then receive 5 QI in exchange.

The QiSwap team is working to get the QiSwap airdrop supported by a number of exchanges. At this moment in time, we are happy to confirm that we will be cooperating with exchanges:

All users that have their Qtum on an exchange will automatically get their Qi-tokens credited to their account on the exchange. Note that some of the exchange will take some time after the airdrop to credit the accounts, all have their processes and there are holidays so don’t worry if they don’t get credited immediately. We send the tokens as soon as the exchanges request so if your exchange hasn’t credited the tokens, contact their support.

Note that if you have your QTUM at one of these exchanges, you will not have to manually claim QI through the QI Airdrop token (QIAD) as explained above.

If you’ve kept your Qtum tokens on non supported centralized exchanges, you will need to contact their support department to see if they can credit the Qi tokens to your account. Remember, if you don’t control the private keys to your Qtum wallet, it’s your fault if you don’t receive your airdrop tokens.

Pioneers Program

We want to thank the early QiSwap Pioneers that have been a part of the community since the beginning. They have helped us with testing, reporting bugs and even provided liquidity before being rewarded the additional Qi rewards for LP’s. To highlight how vital this group has been to the early development of QiSwap, we have allocated 0.3% of total supply (3 000 000 Qi) that will be distributed into two different sub groups, namely Pioneers I and Pioneers II.

Pioneers I (expired) are the true OGs of the ecosystem, the users that claimed testnet tokens through the faucet and testet QiSwap on the testnet. The testing could have been done either by doing a swap or by providing liquidity on testnet before Dec 31st. Since the testing has been performed through the QiWallet, there will be a placeholder token airdropped to your QiWallet account.

Note: Since the testnet wallet is distinct from your mainnet wallet, you will have to recover your tokens through your seed phrase from the testnet wallet. A guide on how to do this will be published.

The Pioneer II (active) program is designed to reward the users of the platform that either provide liquidity or make a swap on the QiSwap mainnet. This can be done until the new smart contract with the liquidity mining features is deployed which will occur after the airdrop and once it’s audited. The portion of the total supply that has been allocated to Pioneers II is 0.2% (2 000 000) Qi tokens.

We are very happy for all the good reactions to QiSwap and the coming launch of the QI-token. In the coming days, Qtum will host an AMA in their main channel: https://t.me/qtumofficial with us and we are of course as available as we possibly can in our own Telegram.

Thank you, the community. Without you nothing of this would have been possible.

Carl, Marcus, Robert, Bobby, Anastasia and Hasan