At the start of every month, we will be taking snapshop of all EthereumX token owners that hold more than 300,000 ETX tokens. EGAS will be airdropped every month between 2019 and 2025. We will implement snapshots on 1st of every month, 11:00 UTC -5 according to below formula.
EGAS airdrop amount = Total ETX * 5%
It is very important to establish a trustline to EGAS asset. For that, go to Stellarport > Wallet > Balances > Trustline and search for EGAS > click on Finish. Make sure trustline is established so that we can send EGAS to you.
This will be sent to your ETX wallet from 1st-5th of every month. Again, you must hold 300,000 or more ETX tokens and have access to your private key. This means, Stellarport, Stellarterm, Interstellar, Lobstr users are eligible. Or if you use an exchange or wallet (Lobstr, BlockEQ) that gives you access to private key, then you are eligible as well.
Note – ETX stored on centralized exchanges like InstantBitex and Finexbox will not get any rewards. We know the stellar addresses of these exchanges and we will not be sending any EGAS to the exchanges. So, move your ETX out of centralized exchanges to get eligible for monthly airdrop.
Note 2 – Maximum of 50,000 EGAS can be rewarded to an account holder. This amount can be changed in future.
What is EGAS?
EGAS is a cryptocurrency that is rewarded to EthereumX holders for holding onto a substantial amount of ETX, which right now is 300,000 ETX. If you own EthereumX, it is suggested that you establish a trustline to EGAS as well in order to receive monthly rewards.
EGAS tokens, a separate asset on the network can be used traded on StellarPort.io or any decentralized Stellar exchange.
EGAS can also be traded right from your Lobstr wallet. It is also tradable from any wallet that lets you trade Stellar tokens.
The inflation rate of EGAS depends on the tokens released to ETX users on monthly basis. At current inflation rate (which is ~3M/month), all 270 million EGAS tokens will be released to the ETX users over approximately 87 months (~7 years).
The only way to “mine” EGAS is to hold 300,000 ETX or more. EGAS in case of EthereumX is very similar to Ethereum, but value of EGAS is decoupled from the value of EthereumX (ETX).
You can store ETX and EGAS on the same wallet.