Loopring - Update on LRN Airdrops
Got a lot of questions regarding LRN airdrops? In this article, you will find what you need to know.
We are working with five exchanges to list LRN, our protocol token on NEO, on May 1st, and we have also finalized the dates for LRN airdrops. In this article, we provide you more related details.
- We will airdrop 60% of the max LRN supply to all LRC token holders (not initial ICO participants).
- There will be 3 airdrops, scheduled for July 5th, September 5th, and November 5th. In each airdrop, we will airdrop 20% of the max LRN supply to a smart contract on NEO (the Airdrop smart contract) for LRC token holders to claim.
- Each airdrop will have its independent snapshot. If you own 100LRC when a snapshot is taken, your bound NEO address will be credited 2LRN. If you hold 100LRC in all 3 snapshots, you will eventually get 6LRN.
- For each airdrop, we will choose a random block to take snapshot within 5 days before the airdrop. There will be no snapshot announcement in ahead but we will definitely announce the block number afterwards.
- You have to get your NEO addresses bound before the snapshot is taken. We use the binding information in the snapshot for the airdrop. Addresses bound between a snapshot and its corresponding airdrop will be ignored.
- LRN credited to your NEO addresses inside the airdrop smart contract will be linearly unlocked over a two year period. You can withdraw those unlocked LRN whenever you want. Currently, there are no tools available for you to claim the tokens, we’ll develop one for you. Once it is available, we will post another article to guide you through the claiming process.
How to Bind NEO Addresses
1. You will need to perform address binding for all Ethereum addresses that hold LRC token, or you might be better off moving all LRC to one single Ethereum address.
2. Visit https://loopring.io, unlock the Ethereum address that holds your LRC token. Make sure you have some Ether to pay for transactions.
3. Hover over your address on the top-right corner, you will see a drop-down menu, click on Airdrop, then you will see a dialog popped up. Follow the instructions and provide a NEO address, then click on the Bind button to fire a binding transaction.Provide a NEO adderess
4. Wait for a moment until you see your addresses bound successfully.Successful Binding
- Q: What is https://loopring.io, is it safe? A: https://loopring.io, called Loopr, is a web-based, non-custodial Ethereum wallet app, it works very much like MyEtherWallet. Loopr has been open-sourced from day one. Loopr supports sending and receiving ETH and ERC20 tokens, and it also supports trading ERC20 tokens using Loopring Protocol. Before using Loopr, please verify it uses the correct certificate.
- Q: Why do I need a NEO address? A: LRN is a NEP5 token on NEO blockchain, it can only be sent to NEO addresses.
- Q: Where do I get a NEO wallet? A: Please visit https://neo.org/download to download a NEO wallet. We recommend O3 which has a decent user interface.
- Q: What is LRN, what’s the total supply? A: LRN is Loopring’s protocol token on NEO blockchain. Its total (max) supply is 139,507,605.45, exactly 1/10 of LRC’s total (max) supply. LRN to NEO is what LRC to Ethereum.
- Q: Do I need to bind all my Ethereum addresses? A: If you want to receive the corresponding airdrop of LRN, yes. But we strongly suggest moving all your LRC to a single address and only bind NEO address for that Ethereum address.
- Q: Can I re-bind to different NEO address? A: Yes, you can.
- Q: Can I bind one NEO address to multiple Ethereum addresses? A: You certainly can.
- Q: Can I update my binding after a snapshot is taken? A: Yes, but the updated binding will only work for the next airdrop if there is still one. For example, if you bind your address at block X, we take snapshot at block X+1, then you rebind a different address at X+2, we will actually use the first address you bind at X, not the second one bound at X+2 regardless when our announcement comes out.
- Q: Can I bind 3 different NEO addresses for the same Ethereum address before each airdrop? A: Yes.
- Q: I locked up my LRC in the long-term incentive plan, can I receive LRN airdrop and do I need to bind address? A: All long-term plan participants are qualified for receiving airdrops, but you must perform address binding for the addresses involved in the long-term plan.
- Q: Can I keep my LRC on exchanges? A: LRN will be airdropped to exchanges as well if they have bound their addresses. But those LRN belongs to the exchanges, not you. Even if exchanges promise to receive LRN for you, you are risking losing your LRN if your exchanges somehow go out of business within two years. Therefore, we are not working with exchanges for supporting LRN airdrops.
- Q: What if I bind a bad NEO address? A: If a bound address is invalid, we will not send LRN to that address, and those LRN will be sent to LEAF. Those LRN is no longer yours to claim.
Modifications to the Original Plan
Previously we posted Loopring Token on NEO & Qtum — Token Sale and Airdrop and outlined the airdrop plan for LRN and LRQ. The plan is almost the same, except:
- The three airdrops now span a period of 4 months instead of 8 months.
- Snapshot block numbers will not be announced in advance.
- Each airdrop will happen 5 days after the distribution of LRN to private investors, not 15 days.
As mentioned above, currently there is no NEO wallet we can use to claim LRN from airdrop smart contract. In case we cannot deliver a tool to our community in time, the first airdrop may be delayed for a small period of time.