We are excited to announce another Equinox Staking surprise drop. This time our friends at Ramp DeFi sponsored the event and dropped $10,000 worth of RAMP tokens (RAMP) to our users.
Injective partnered with Ramp DeFi earlier this year to launch cross-chain staking derivatives which would allow users to trade staking derivatives with leverage moving forward. Staking derivatives provide a world of opportunity as users will be able to take part in both staking as well as unique yield farming opportunities.
In addition, RAMP (the native token of Ramp DeFi) will be added to the Injective exchange, and RAMP shall support the INJ token as a staking asset in the near future within its collateralized stablecoin protocol.
The full excel sheet showing the winners can be found here
Start staking on Injective for a chance to win the next drop while also earning up to a 29% APY here
- The individual must have a minimum of 100 INJ successfully delegated to one of the validators participating in Equinox staking
The specific reward amount is based on the amount of INJ that a person staked. So, a person with 200 INJ would receive more RAMP relative to a person who only staked 100 INJ.
However if we had used a linear distribution, someone who staked 1M INJ would likely receive nearly all of the rewards while another person with 100 INJ would receive virtually nothing. So to make this process fair we utilized a bonding curve as illustrated below.
Within this form of distribution someone with more INJ would receive a higher reward amount but this amount would decrease over time.
These are the steps we used to distribute the rewards:
- 149 individuals were randomly chosen from the pool of stakers (this was done to ensure fairness and to also provide a meaningful reward amount to each user)
- The stakers were then ranked based on the amount of their INJ holding
- The individual with the highest amount of INJ (rank 1) holding within this pool was given $105.817444 in RAMP
- The rank 2 user was given $105.109638, etc.
- This pattern continued until the 149th person was given $39.190203 in RAMP
- The price of RAMP snapshot was taken today and was pegged to $0.74
- We then proceeded to transfer the RAMP to each winner (we made sure to cover any and all gas fees in the process)
- The full excel sheet showing the winners can be found here (please used CMD + F on a Mac to search for your wallet address or use CNTRL + F on a PC)
We are collaborating with a number of top projects in the space to carry out more surprise token drops.
Stay tuned as we release more surprise token drops to our valued supporters!
About RAMP DEFI
Backed by world-class investors, Ramp DeFi is a global decentralized finance solution that focuses on unlocking liquid capital from staked digital assets. Using the Ramp solution, users with staked assets can continue to receive staking rewards, retain capital appreciation potential on their staked portfolio, and unlock liquid capital to invest in new opportunities at the same time.
About Injective Protocol
Injective Protocol is the first layer-2 decentralized exchange protocol that unlocks the full potential of decentralized derivatives and borderless DeFi. Injective Protocol enables fully decentralized trading without any restrictions, allowing individuals to trade on any derivative market of their choosing. Injective Protocol is backed by a prominent group of stakeholders including Pantera Capital, one of the most renowned venture capital firms in the world, and the leading cryptocurrency exchange, Binance.