After the release of the Bitcoin whitepaper in 2009 and Ripple's XRP token launch in 2013, we have seen great development over the years with the introduction of tokenization over trustlines, multi-signature wallets, escrow-barring accounts, decentralized exchanges (DEX), instant swaps, liquidity pools and farming, network bridging, digital currencies, Non-Fungible Tokens (NFT), user domain name registration and many others.
Moving on into 2023, following the massive black swan events of last year, beginning with Luna UST devaluation, the collapse of FTX, 3 Arrows Capital and other DeFi aggregators and funds, with combined losses of over $100 Billion, we are putting the spotlight on the importance of self-custody and ownership of digital assets, the "backbone" of the decentralized financial economy.
For the first time ever, a bold and engaging Reward Program has been presented and approved by the Ripple Labs team back in November 2022 and is set to run in 4 separate weekly Phases, with the First Phase set to begin on the 9th of March, at 12pm UTC.
There are four consecutive phases set for the duration of the Reward Program, each consisting of different payouts for one week's time. Five billion XRP have been released from Escrow in line with the Community Token Allocation Program.
The foundation will commence the distribution of XRP to incentivize both active and new users. Users need to register and claim the bonus tokens before the end of each Phase. The distribution schedule is presented below, in the instructions section.
Initially, 5 multipliers will be available for a total bonus multiplier of 70% or 1.70x applied to current account balances. Multipliers apply to each account differently, based on the recorded balances on the XRP ledger snapshot date (March 1st, 2023, 12pm UTC) and each user's involvement.
The provided self-custody decentralized web wallet and toolkit analyses and records registered accounts and estimates rewards based on metrics such as account age, transactional activity, trading and tokenization, NFT involvement (minting, storing or trading) and network participation. The account provisions and multipliers and presented below for each Phase.
To gain the maximum multiplier, a
registered account must have been created
or funded before
March 1st, the ledger snapshot
For the onboarding of new users, all other multipliers will apply to newly created accounts, with a maximum bonus multiplier of 50% or 1.50x based on registered XRP balance.
The main goal of the Program being
community involvement and private key
ownership awareness, none of the
centralized exchanges can participate and
gain any allocation of XRP tokens. These
wallets are not owned by individuals and
neither of their registered users hold or
own their keys, a scenario that has been a
main issue for the cryptographic and
Blockchain / Distributed Ledger Technology
(DLT) so far.
Not to stress this issue enough, any Ripple community member needs to create, import or present proof-of-ownership for a private individual XRP account to receive the bonus XRP allocation.
The Token Allocation Tool has built-in reward functionality has been in beta testing for more than 2 years. Its safety features are unparalleled for any open-source web app and it allows even the basic user to set-up, register and claim XRP rewards in a a one-click manner.
Registration and claiming instructions
- To register your individual account, access the Token Allocation Tool
- Connect to RippleNet at wss://s1.ripple.com. When connected, a confirmation message will be displayed.
- Enter your wallet's unique receiving address. The Allocation Tool will estimate your reward allocation based on the account metrics.
- Submit your claim, pay the network fee (the reward claim fee is the same as any transaction fee and is estimated at 0.000018 - 0.000020 XRP) and confirm the transaction.
We recommend using hardware wallets such as Ledger or Trezor. In addition to the security layers offered by these devices, the Token Allocation Tool is optimised for HW interaction.
If your device doesn't appear in the selection box, make sure you're meeting all requirements and following the instructions above. If you see a popup from Windows, see the troubleshooting guide Windows Security Popup. If you're experiencing other connection issues follow Ledger's troubleshooting guide.
Hardware wallet users will receive a confirmation ID message for the successful claiming process. You can save this ID for future references and/or support tickets.