Dogechain is a layer 2 blockchain built on Polygon Edge, and compatible with EVM. Although it is not an official network from the Dogecoin foundation, Dogecoin holders can bridge their DOGE to receive Wrapped Dogecoin (wDOGE) on the Dogechain network. This gives holders access to DeFi utilities such as NFTs, and P2E games, on the chain.
As part of rewarding the Dogechain community, the team decided to carry out an airdrop event for the next 48 months. And here’s what you need to know about the process:
First, $DC tokens will be given to holders of $wDOGE after the token generation event. The process will be done in two phases:
First Phase: Early Shibes airdrop of 30 billion $DC
The team will take snapshots of the wallets holding DOGE holders that are part of the Dogechain from 1st September 2022 to the 23rd of September 2022. The aim will be to capture the amount of wDOGE tokens inside these wallets. Holders of DOGE can bridge their tokens in exchange for Wrapped DOGE over the Dogechain network.
These are the holders that will be eligible for this phase of the airdrop.
According to the team, 30 billion $DC, which is equal to 3% of the total supply, will be divided amongst the eligible holders. 15% will be given immediately while 85% will be spread across a 12 months period.
Each time the airdrop is shared, holders have up to five days to claim their $DC share using the official web bridge app or lose it completely.
Here’s a typical example of what each person would get:
If Emeka’s wallet showed that he had 200 wDOGE during the snapshot event, and the total number of wDOGE held by all holders is 2,000,000, then here’s what Emeka will get from the airdrop:
> (200/2,000,000) x (30,000,000,000)
> 3,000,000 $DC
Read this also:
Dogecoin: What You don’t Know about Dogechain
Co-Founder Billy Markus Gives Reason for DOGE’s Rise
Canadian Electric Vehicle to start Mining Bitcoin and Dogecoin
Elon Musk to launch Dogecoin Social Media Platform
Second Phase: Loyal Shibes Airdrop of 90 billion $DC
Holders who missed the first stage will have another opportunity in the second phase. This phase has a pool of 90 billion $DC, 9% of the total supply, and will be shared over a 48 months period.
The team will take series of wallet snapshots 5 to 15 times each month. It is done to ascertain the average wDOGE in each wallet. 0.1875% of the total supply of $DC will be shared amongst all holders of wDOGE on the first day of every month according to the average wDOGE in their wallets.
A total of 15% of the 90 billion $DC will be released immediately to eligible wallets while the remaining 85% will be shared over the next 12 months like the first pattern.
Here’s a typical example:
If Emeka’s wallet showed 200 wDOGE as the daily average, plus total LPs for September, while the daily average of wDOGE balance plus LPs held by the entire community for September is 2,000,000, then here’s his reward for September:
> (200/2,000,000) x (0.1875% x 1,000,000,000,000)
> 187,500 $DC
Conclusion
The Dogechain team wants to reward its community and intending holders & users of the ecosystem with airdrops. There’s more to come as the Dogechain team promises. See more here.
What do you think of this article? Share your comments below.
