EDITOR’S NOTE: We pulled down the original post after it was brought to our attention that we misunderstood the announcement to mean the actual airdrop was happening in the last week of December — although in our defense, with Tweets like this, it was an easy mistake to make. After receiving clarification, we have reposted the corrected article.
ICON will be taking a snapshot of ICX holders and stakers in the last week of December, suggesting the airdrop is one step closer.
The ICON Foundation announced Monday:
“As part of the initial growth strategy, adoption, and decentralization of the ICE Network, we will be airdropping $ICY at a 1:1 ratio for $ICX or $sICX held by $ICX stakeholders during the last week of December. Note that only the snapshot will be occurring during the final week of December. ICY tokens will be claimable at a later date through a dedicated user interface that will be shared when we get closer to ICE mainnet launch.“
“At least” 20% of the airdropped tokens will be immediately available, while the remainder will be vested and unlocked over three years. If you use an ICON DeFi platform, expect a modest boost in the percentage available at launch.
The three-year vesting period is to “incentivize the longer-term health of the network and the alignment of its stakeholders.”
The ICON Foundation also posted handy instructions on how to participate in the snapshot. We encourage you to read the full instructions in the Medium post, but to summarize:
- Have ICX or sICX in a self-custody wallet, have ICX staked and delegated in the ICON network or have sICX at Omm or Balanced at the time of the snapshot.
- Wait for the snapshot window.
- Wait for claim instructions.
The tokens will become available upon the launch of ICE Network, though the ICON Foundation’s latest announcement did not say when that would be. The Foundation added that it would provide more details on ICY’s token economics shortly.
On Twitter, the ICON Foundation answered some commonly asked questions.
The ICE Network will be the EVM (Ethereum Virtual Machine) compatible blockchain for the ICON community. Given how Ethereum has the most DApps of any blockchain network on the planet, anything that brings compatibility with Ethereum to ICON is a major development.
ICY will be the ICE Network’s transaction fee and rewards token — the name “ICE” is apparently already taken. We also know that ICY will benefit ICX holders, too. As Balanced cofounder Scott Smiley told us, “While ICON and ICE are different blockchains, the success of the ICE Network leads to success for ICX, because ICX is the staking token of the ICE Network.”