Announcing Drop - Cryptophyl's native exchange token

Drop

We’re happy to introduce Cryptophyl’s own, native SLP token called Drop. The idea behind Drop is simple: the more Drop you hold, the more tokens you’ll receive in Cryptophy’s regular airdrops.

As part of Cryptophyl’s unique business model, we'll be listing and subsequently airdropping a new token every month. As a fellow Drop holder, you’ll be able to participate in these airdrops and get a piece of the pie proportional to your Drop holdings simply by holding the token in your exchange account.

Drop is built on the Bitcoin Cash (BCH) blockchain using the Simple Ledger Protocol (SLP) and as such has the same security, decentralisation, speed and (cheap) fees as BCH.

How can I get Drop?

Here’s the cool part – Drop itself is given out in several airdrops, with the most exclusive and sizeable starting today. Once these airdrops have been carried out, the only way to acquire Drop tokens is on the DROP/BCH market soon available on Cryptophyl.

The concept behind Drop is easy: think of it like having a stake in all the tokens airdropped on Cryptophyl. 300,000 DROP tokens will be distributed in the first airdrop (that’s 30% of the 1M total supply). After that, 60% of the remaining Drop tokens will be airdropped on a monthly basis for the next 12 months, until 90% of Drop has been deployed to Cryptophyl users.

When is the first distribution of Drop?

The first distribution of Drop (30% of total supply) will be dependent on your trading volume during the three weeks following this announcement. This covers all products available on the exchange, and the distribution will occur on Saturday 21st September at 09:00 UTC.

After the first 30% of the total supply is distributed, the monthly airdrops will continue for the next 12 months. The bottom line is the more you trade on Cryptophyl, the more Drop you will earn, which means more airdropped goodies every month.

How much Drop will I get?

The allocated Drop in the first distribution is calculated in five steps:

  1. Your trading volume is calculated for all products in terms of BCH

  2. The total exchange trading volume is calculated for all products in terms of BCH

  3. A ratio is calculated by dividing your trading volume by the exchange trading volume

  4. This ratio is multiplied by ½

  5. The result is multiplied by 300,000 DROP

The resultant value is the Drop you can expect to receive.

For example:

Alice has 1 BCH of trading volume from trading on Cryptophyl. At the time of the snapshot, the total exchange trading volume is 100 BCH. We divide Alice’s figure by that of the exchange. The resultant ratio we calculate for Alice is 0.01 (1%). Multiplying 0.01 by ½ and subsequently 300,000 (first distribution of DROP) gives 1,500 DROP.

You can track your trading volume on the Drop landing page.

What gives Drop value?

With new tokens added on Cryptophyl every month, holding Drop is like holding a stake in our exchange. From this point onwards, the only way to participate in airdrops is to hold Drop. Every month, you'll get an airdropped gift straight to your Cryptophyl wallet (just be sure to keep your Drop tokens on there). As a bonus, we’ll be holding random airdrops throughout the month!

When can I trade drop?

The DROP/BCH market will be open just before the initial Drop distribution on Saturday 21st September at noon UTC.

What are the next airdrops I can use with DROP?

Within one month of the initial Drop distribution, at least three airdrops will be planned. HonestCoin (USDH), Spice (SPICE) and a yet to be announced SLP token making waves in the e-bike industry.

So, get ready to participate in the most ambitious airDrop the cryptocurrency space has ever seen.


Any questions? Send us a message in our Telegram group or an email to support@cryptophyl.com

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