- OKCoin is airdropping Stacks (STX) tokens.
- That is after they record Blockstack’s coin on January 14.
- It’s going to begin with a $100,000 airdrop. If issues go nicely, the alternate plans to provide away far more.
Pay attention up, youngsters! A cryptocurrency alternate 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 may 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 of 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 arduous that the US Securities and Exchanges gained’t sue OKCoin for distributing Stacks tokens to US customers, and beginning round January 20 the alternate might drop just a little 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. Not less than three will obtain $5,000, and one will obtain $10,000. It’ll take a most of 90 days to provide away the cash.
On the entrance of the road are the primary folks to enroll in its mailing record. OKCoin will aggressively market the airdrop to Stacks Discord and Telegram chats.
Behind the road are South-East Asians, who will obtain much less; they’re in OKCoin’s dangerous 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 instructed 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 provide cash away. Which is one thing I by no means thought I might say,” mentioned Rafique.
So behave. Rafique will solely tip the second pot of STX tokens from the heavens if he’s glad that folks aren’t ripping him off or promoting their Stacks tokens as quickly as attainable.
“We’re actually excited concerning the expertise,” he mentioned, and the crypto alternate expects those that obtain the free STX cash to be actually excited concerning 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 freely giving extra money. 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. In fact, if the efficiency of this deployment goes rather well, we are going to need to negotiate that with the STX staff.”
OKCoin is the primary US alternate to announce its assist 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 regulation agency that had concluded that STX wouldn’t be thought of a safety (i.e. an funding automobile) after the launch of the Stacks 2.0 blockchain, because the community would grow to be 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 neighborhood in January, and vital upgrades to the protocol have lowered the chance that STX model 2.0 might be thought of a safety beneath US Securities Regulation and solidified our assist for this new asset on OKCoin,” Megan Monroe-Coleman, OKCoin’s Chief Compliance Officer, instructed 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.