Treasure Chest Event #1: Keydrop
Qualify for delicious Treasure Chest Keydrop by staking $CRO during Argo Mainnet launch
The past few weeks have been extremely choppy for the markets. The Argo team has been heads down focusing on building out the best liquid staking experience on Cronos. As we approach the launch of Argo Mainnet, we are excited to announce the first ever Argo treasure chest event!
Read on to find out more about what the treasure chest event is about and how can you qualify for the treasure chest keys airdrop.
Official Argo Treasure Chest Key Token Contract: 0xa754f499522167c2680F24e448d046f2c0133Dc6
What is the Argo Treasure Chest Event?
The Treasure Chest Event is a way for us to spice up the Argo Mainnet launch and reward early supporters of the protocol through our innovative airdrop mechanism of Treasure chest keys.
A treasure chest is a time-lock reward box filled with a dynamic number $xARGO tokens. The amount of $xARGO tokens within the treasure chest is based on specific Argo milestones tied to the chest. Milestones can come in various forms and are typically metrics that are key to the success of Argo. At the end of a pre-specified time period, the higher the milestone target Argo reaches, the more rewards will be available to be shared across all Treasure Chest Key holders.
How the Argo Treasure Chest Event #1 will work:
Milestone: $CRO Total Value Lock on Argo Protocol
Chest end-date to meet milestone: 6 months from Mainnet launch
$xARGO rewards to be distributed: Up to 3% of token supply, 30,000,000 xARGO tokens
Keys to be dropped: 30,000,000 — each representing a claim of up to 1 $xARGO (90% will be distributed via snapshot, 10% of this has been set aside for the lucky 300 in the previous Keydrop raffle)
*we’ve decided that the keys should all go to our earliest supporters. Future marketing events will be planned appropriately with separate allocations of $ARGO
Argo’s TVL will affect the chest multiplier linearly, which affects the final chest value. Assuming at the end of 6 months, Argo hits $60 million TVL, the multiplier is 0.60. The treasure chest will contain 0.6 * 30,000,000 = 18,000,000 $xARGO tokens to be distributed across all treasure chest key holders.
How to qualify for the Argo Treasure Chest Keydrop?
Now lets’ talk about the delicious Treasure chest keydrop.
Only holders of the Argo Treasure Chest keys will be able to open the Argo Treasure Chest and get the $xARGO token rewards. We will be airdropping Argo Treasure Chest keys to participants of the Argo Mainnet launch. A lucky 300 of you have already gotten an airdrop in a previous contest and it will be used for this 1st event.
Criteria to qualify for airdrop:
1. Minimum stake amount: 1000 CRO worth of bCRO held at time of snapshot (bCRO in wallet, bCRO LPs (VVS), bCRO LPs (MMF)) — View FAQ for detailed breakdown
2. Snapshot period: A random snapshot will be taken between 14 June to 21 June.
E.g. If you have >1000 CRO worth of bCRO at the point of snapshot, your wallet will automatically be whitelisted to receive the airdrop.
What this looks like can be exemplified in the following scenarios:
- Having 1000 CRO staked on Argo for bCRO
- Having 1000 CRO worth of bCRO in bCRO-CRO LP (1000 CRO worth of bCRO +1000 CRO). Either VVS or MMF LPs.
Airdrops will be distributed equally to all qualified addresses to prevent any distribution skewing to whales. Snapshot date is random to prevent users from gaming the snapshot date. We would recommend users to stake their $CRO on Argo as early as possible to prevent any disappointment!
Argo Mainnet launch is happening very soon. Get ready and hang tight Argonauts! Till the next time folks.
Smooth sailing Argonauts
Q: Clarify which scenarios will qualify me for the Treasure Chest Key airdrop.
Here are the 5 following snapshots that we will be taking:
1. bCRO held in wallet. (Minimum 1000 bCRO) [bCRO Token Contract: 0xebaceb7f193955b946cc5dd8f8724a80671a1f2f]
2. bCRO-CRO LP (VVS) held in wallet (Minimum 1000 CRO worth of bCRO + 1000 CRO) [bCRO-CRO LP (VVS)Token Contract: 0xd0BE1AaBA78b7b4eb4C09719317529108a0d5C54]
3. bCRO-CRO LP staked in VVS Crystal Farm (Minimum 1000 CRO worth of bCRO + 1000 CRO)
4. bCRO-CRO LP (MMF) held in wallet (Minimum 1000 CRO worth of bCRO + 1000 CRO) [bCRO-CRO LP (MMF) Token Contract: 0xB3b66bE228b930C2F319621955CA507aDE3453dd]
5. bCRO-CRO LP (MMF) staked in MMF Farms (Minimum 1000 CRO worth of bCRO + 1000 CRO)
Q: Do I qualify if I have a combination of 300 bCRO in wallet, and 700 bCRO + 700 CRO worth of bCRO-CRO LP staked in VVS Crystal farm?
A: No. You must meet one of the above 3 criteria during the period of snapshot.
Q: wen snapshot?
A: Snapshot hasn’t happen yet. It will happen some time between June 14th — June 21st
Q: I staked sufficient CRO to get 1000 bCRO on Argo, but I went to sell my bCRO. Do I still qualify?
A: No. You sold your bCRO and the tokens are no longer in your wallet, hence you do not meet any of the above 3 criteria.
Q: I staked 1000 CRO to get bCRO on Argo, and then used that bCRO to match with the equivalent amount of CRO to form bCRO-CRO LP on VVS, and staked the LP on VVS Crystal Farm. Do I qualify?
A: Yes. You qualified for criteria 3.