DRIP Staking Rewards & More
You Vote, We Deliver
You Vote, We Deliver
It’s a big news day at DripDropz! We’ve launched staking, we’ve registered at FINCen as a Money Services Business, and we’ve built some important tools to support AML compliance. Read on to see what we’ve been up to.
Staking Native Tokens
During the first DripDropz vote in May, DRIP holders chose to create staking with a target APY of 10%. At the start of epoch 351 the DRIP in your wallet will begin to trigger these rewards. This is a flexible staking system. There is no locking period.
Becoming eligible for staking rewards with DripDropz is easy. Any DRIP tokens in your staking wallet at the epoch turn immediately qualifies. We take an instant snapshot at the epoch boundary to load your rewards for the new epoch. Staking rewards are only available during the epoch, and do not roll over, so be sure and claim your DRIP!
FINCen Registration
American (and European) companies and residents that work and play in the blockchain space have a lot of reporting requirements. This may be a touchy subject for some. Unfortunately, because there is no magic Internets escape button that excuses citizens of a country from following the laws of their lands, we’ve got to do the work to make sure we’re all in compliance. So we’ll do our best to try and make it easy. Don’t forget, we’re not lawyers or financial advisors. So make sure you contact those professionals for any questions you may have regarding these topics!
DripDropz handles token distribution for some of the largest projects on the Cardano blockchain. To ensure that we remain compliant with all of the applicable rules and regulations, our legal team encouraged us to register with FINCen at the U.S. Treasury Department, and implement an Anti-Money Laundering policy. So that’s what we have done.
Anti-Money Laundering
Not everyone is using the Internet to look at cat videos, or degen on the latest simian NFT. Like it or not, real criminals use blockchain technology to finance real crimes. That sucks, and we’re not going to make their task any easier. The gold standard for stopping this kind of activity is the use of AML policies. These policies set rules for what information has to be collected, and when.
DripDropz implemented a policy that allows plenty of room for fun, but protects the platform and all of our community by ensuring that large sums of money aren’t being “washed” through token distribution. We currently track the price of all tokens on several Cardano DEXs. We aggregate this information and give a running average price per token. This lets us estimate a USD equivalent price for your token haul, and set our AML tiers. These tiers are calculated for all drops over a 24 hour period.
Guest User < $100.
Logged in User < $500.
KYC User Unlimited.
Most Users Unaffected
Currently most users on the DripDropz platform are unaffected by this change. There are a few users of ISPO drops that may see warning messages to either log in or KYC. For those of you that are curious, here is one of the messages.
Conclusion
DripDropz continues to lead the way in developing top tier solutions for token distribution on the Cardano blockchain. We’ve implemented our 10% APY staking rewards, delivering on a promise to our voters. We’re FINCen registered, and we’re AML compliant. Now the most trusted token distribution platform is future proofing your experience and building a smarter, safer blockchain experience for all.