The time has finally arrived to discuss the much anticipated $RED airdrop, a big moment for every BAX holder supporting us through our journey. You may be aware of this if you were at our recent AMA (and if you missed it, you could catch the recap here).
Now, let’s break down all the details in one place.
What is $RED? ❤️
Let’s start with the basics.
$RED is the native utility token of the ReDeFi Layer-2 blockchain, designed with a privacy feature specifically to be connected with banks, financial institutions, businesses, etc. As the core token, $RED will power key functionalities such as staking, validating, delegating and of course, every transaction fee. RED holders will be able to earn rewards, secure the network, and participate in network governance once the network matures.
You can read more about $RED tokenomics here to get the full picture.
The 1st Airdrop 🚁
This airdrop is our way of thanking the community for their support and loyalty.
We already completed this snapshot for both BAX holders in the BABB app and self-custody wallets on the blockchain on 00:00:00 UTC, 5 Oct 2024
Vesting Schedule
The TOTAL airdrop will be vested over two payments, followed by 3 months of vesting:
- October 2024: 50% of your allocated $RED will be distributed. (dates TBA).
- January 2025: The remaining 50% will be distributed.
The total amount allocated for the October airdrop is 250.000 RED tokens and goes as follows:
- Babb App Holders: 200,000 BAX = 1 RED
- Self-Custody Wallet Holders: 300,000 BAX = 1 RED
The exchange rate remains the same for both snapshots and if you buy or sell BAX during this period, your allocation will reflect those changes.
The second snapshot will occur, and based on your BAX holdings at that time, your $RED allocation will be adjusted. If your holdings increase, so will your $RED airdrop (and vice versa).
Why Are We Doing This Airdrop? 💬
This airdrop is all about the community. We know many of you have supported us for a long time, and this is one way we’re giving back to our loyal supporters. By making it simple and accessible, we ensure that all of you can participate without needing to interact with complex DeFi processes.
Eligibility and Important Reminders
- Who is/was Eligible? Anyone holding BAX in the BABB app or an ERC-20 self-custody wallet (like MetaMask, Ledger etc) as of 00:00:00 UTC, 5 Oct 2024 was/is automatically eligible for the airdrop.
- The next snapshot time will remain confidential to avoid manipulation.
- We will never ask you to follow any links or engage with a dApp for this airdrop. It will be done automatically, and $RED will be delivered directly to your wallet. Stay alert for scams!
Final Thoughts 💭
This is just the first of many exciting things we have planned for the community. More airdrops and updates are on the horizon, so be sure to follow us:
All Official Links:
For more information or any questions, join our Telegram and Discord groups, where we’re always available to help! 😊
That’s all for now! We hope you’re as excited as we are for this 1st airdrop and the continued journey ahead.
About ReDeFi
ReDeFi is a Financial Infrastructure Platform (FMI) merging TradFi and DeFi. It uses a Substrate Layer-1 blockchain for decentralisation, while the Layer-2 sidechain focuses on privacy for B2B cross-border transactions, banks and financial institutions clients and so much more. The MVP is Onchain Money, a tokenised deposit system that mirrors fiat currencies in traditional bank accounts on-chain, enabling transactions using standard bank details.
Risk Disclaimer:
Don’t invest in cryptocurrencies unless you’re prepared to lose all the money you invest. This is a high-risk investment, and you should not expect to be protected if something goes wrong. Take 2 mins to learn more.