200 Million Algo Staking Rewards Program
The staking rewards program received overwhelming response and was fully subscribed to by the deadline, which occurred on August 31, 2019. We appreciate those who participated and support the ongoing growth of the Algorand network and ecosystem. Those who complete KYC will stand to receive at least 1 Algo in rewards for every Algo staked over the course of four 6-month periods. Entry to the staking reward program is closed.
Next Steps:
Participants who are registered and qualified must perform KYC by February 23rd, 2020. KYC will begin on September 9, 2019 and participants are encouraged to perform this as soon as possible in order to confirm their eligibility of receiving staking rewards.
As previously noted, the Foundation requires all participants to pass through KYC /AML check as a condition to receive the staking rewards. Participants residing in United States of America and its territories, Canada, Democratic People's Republic of Korea, Cuba, Syria, Iran, Sudan, Republic of Crimea, People's Republic of China, or jurisdictions in which the auctions and/or trading of the tokens themselves are prohibited, restricted or unauthorized in any form or manner whether in full or in part under the laws, regulatory requirements or rules in such jurisdiction (the “Excluded Jurisdictions”) will not be qualified.
The Algorand Foundation has enlisted Coinlist to perform the KYC and can be accessed here.
Final Registered Accounts
The list of registered accounts, listed by wallet and amount, that now need to perform KYC can be found here.
To Remain Qualified:
For the duration of the program, maintain the minimum wallet balance at all times. The minimum balance will be computed as follows:
- From program start until the end of the first period the minimum balance is the original wallet balance (as captured by snapshot at the time of program start).
- After staking rewards are distributed for any period the minimum balance will become the original wallet balance + staking reward from all prior periods.
- Qualifying wallet balances will be monitored and if the result of any transaction drops the balance below the minimum balance, that wallet will be immediately disqualified.
- Algos can be added to the participating wallet at any time. However, only the balance at the time of the snapshot is eligible for the reward (new Algos added will not increase the amount of reward available to that wallet), and in the event that at any time in a given period the wallet goes below the minimum balance of that period, the wallet will be immediately disqualified.
Note: Algorand Inc. and the Algorand Foundation do not qualify for this program and are not participating.
The Algorand Foundation requires KYC qualification as a condition of participation, and also reserve the right not to distribute awards to participants residing in United States of America and its territories, Canada, Democratic People's Republic of Korea, Cuba, Syria, Iran, Sudan, Republic of Crimea, People's Republic of China, or jurisdictions in which the auctions and/or trading of the tokens themselves are prohibited, restricted or unauthorized in any form or manner whether in full or in part under the laws, regulatory requirements or rules in such jurisdiction (the “Excluded Jurisdictions”).
Algo Reward Distribution Details
The 200 million Algos in the reward pool will be distributed over the course of four 6-month periods for a total of two years on the dates below:
The entire staking reward pool is fixed and will be distributed on a stake-weighted basis only to remaining qualifying participants at the end of each 6-month period. As participants become disqualified (ie, drop the balance of their wallet), the staking reward Algos which the disqualified users would have received remain in the staking reward pool and are distributed to the remaining eligible users (i.e., each qualifying wallet that remains receives a larger distribution).
For any Algo belonging to a qualifying wallet, the staking reward is calculated by the staking reward Algos for that period (50,000,000) divided by the total number of Algos across all qualifying wallets. The foundation will publish the Algorand Staking Reward Ranking which will list eligible addresses alongside their balance and potential staking reward Algos they stand to receive.
The pool of 200 million reward Algos will not increase the total Algo supply, since it comes from the pool that had been assigned to auctions, which are suspended for this quarter. Algorand Foundation reserves the right to KYC prior to the distribution of reward Algos, and further reserves the right not to include participants from the Excluded Jurisdictions.
To view the original announcement and FAQs on this program, please click here