QiSwap, the automated market maker and exchange built on the Qtum blockchain’s infrastructure, is launching its QI token. This token release will establish an innovative new way for users to directly benefit from platform adoption and growth, distributing a portion of platform fees to stakeholders and allowing them to participate in governance. With the recent hypocrisy exhibited by Wall Street elites in the GameStop stock fiasco, resulting in stock brokerages preventing users from making purchases, the necessity for a fair, community-governed exchange has never been more evident.
QI Token Airdrops
QiSwap users will have a couple of ways to secure QI tokens, with multiple airdrops taking place in order to get QI into the hands of platform users. The main airdrop will take place approximately on February 14, 2021, with the exact date and time withheld to dissuade scammers, resulting in the distribution of 22 million QI, 2.2 percent of the total supply. However, users will not receive QI initially, with the QiSwap team airdropping Qi Airdrop Tokens, QIAD, as a mechanism to incentivize active user participation.
The QIAD airdrop will go to all QTUM holders, the native cryptocurrency of the Qtum network, in a 2:1 ratio meaning that for every 2 QIAD you deposit you get 1 Qi-token. The contract will be open for 3 weeks.. QiSwap views QTUM users as some of the most likely to adopt and promote the exchange, making them the perfect community to distribute QI tokens to. QIAD receivers will have exactly two weeks to deposit their QIAD into a convertible smart contract, swapping the QIAD for QI. Since there is a time window, inactive users will end up surrendering their QIAD once time runs out, with the spoils going to those who took action. 97 million QIAD will be airdropped to all QTUM holders, with 22 million QI later distributed based on the percentage a user contributed to the QIAD:QI smart contract.
Pioneer Rewards for Participants
The aforementioned airdrop will be the primary means of QI distribution, but QiSwap is also opening two smaller reward pools for early platform adopters. The pools are named Pioneers I and Pioneers II, with an additional 0.3 percent of the total supply, 3 million QI, given away to those who made sure the ecosystem was fully functional at its beginning. Users in the Pioneers I pool will receive a portion of the 1 million QI reward, issued to those involved with testing the QiSwap beta platform. The QiSwap mainnet is up and running in part thanks to these users who voluntarily devoted their time to evaluating the testnet, checking for bugs and vulnerabilities, and dedicating their time to the creation of the final product. Any user who conducted a transaction or supplied liquidity to the QiSwap testnest will be entitled to this reward pool, with further instructions coming for how everyone involved can claim their QI.
The last QI pool isPioneers II, a 2 million QI pool for early adopters of the QiSwap mainnet. Anyone who provides liquidity or conducts a transaction on QiSwap before February 14 will receive a portion of the airdrop to their Qtum wallet. QiSwap feels that these users are the ones who should have an additional say over how the platform functions, as early users will have the exchange’s best interest at heart.
Providing Usability to the Masses
Through these airdrops and the QI rewards paid out to platform liquidity providers, QiSwap is providing an alternative trading platform to empower end users. With QiSwap’s smart contracts currently being audited by Slowmist at the time of writing, one of the top blockchain auditors in the distributed ledger technology space, QiSwap is setting itself up to be a safe, reliable, and accessible platform. Utilizing Qtum’s lightning-fast transaction speeds and low costs, QiSwap looks sure to gain traction following the release of QI.