Introduction to HLG Rewards Round 1
Overview of HLG Distribution
Holograph has announced the first round of its HLG Rewards, distributing 500 million HLG tokens, equivalent to 5% of the total supply. This initiative is designed to support the longevity, stability, and progressive decentralization of the Holograph network. A portion of the HLG tokens is reserved for future distributions and various ecosystem growth initiatives, ensuring sustainable development.
Eligibility Criteria
To qualify for the HLG Rewards Round 1, participants must have accumulated over 250 XP by performing specific on-chain actions via the Holograph App. Eligible activities include deploying NFT collections, minting individual and open edition NFTs, and bridging NFTs between chains.
Snapshot Timeframe
The snapshot for HLG Rewards Round 1 is scheduled as follows:
- Start: January 10, 2023, at 8 PM UTC
- End: April 30, 2024, at 12 AM UTC
Participants can check their eligibility here.
Claiming the Rewards
Eligible recipients can claim their HLG Rewards through Bybit ByStarter. Claiming requires whitelisting by connecting an eligible on-chain address to a KYC-verified Bybit account. Note that each participant can link only one eligible address per Bybit account. The window for whitelisting addresses spans 10 days.
More information on Bybit ByStarter can be found here.
Key Timelines
- Registration Period: May 13, 2024, at 10 AM UTC to May 23, 2024, at 4:59 AM UTC
- Distribution Period: May 23, 2024, from 5 AM UTC to 9:59 AM UTC
- Results Announcement: May 23, 2024, at 10 AM UTC
- Lock-Up Period: Until May 23, 2024, at 12 PM UTC
For general and technical information on Holograph, visit the Holograph Foundation and Holograph Docs, respectively. Join discussions on Discord and X for the latest community updates.
Understanding Holograph’s Omnichain Protocol
Ecosystem Stack
Holograph acts as the tokenization layer for the omnichain ecosystem, promoting seamless interoperability of liquidity across different blockchain infrastructures.
Protocol Stack
The protocol consists of ten primary elements, forming the backbone that enables the entire system’s functionality. These elements support a robust infrastructure for token creation, deployment, and management across multiple chains.
Omnichain Capabilities
Holograph allows the creation of both standard and custom tokens that can operate across different blockchains. It supports:
- Creating Standard Tokens: Tokens are burned on the source chain and reminted on the destination chain, maintaining a unified contract address.
- Creating Custom Tokens: Allows the deployment of unique token models across various execution environments.
- Modifying Existing Tokens: Converts existing tokens into omnichain tokens by locking them on the source chain and minting corresponding tokens on the destination chain.
Transfer Token Architecture
The Holographic Transfer Process (HTP) includes:
- Chain A: Initiating a bridge-out request, burning tokens, and sending a bridge-out message.
- Messaging: Utilizing LayerZero’s Decentralized Verifier Network (DVN) to validate and forward messages across chains.
- Chain B: Receiving the validated message, executing bridge jobs, and minting tokens on the destination chain.
This process ensures that liquidity is unified, slippage is eliminated, and fungibility is preserved across different blockchain environments.
Holograph’s innovative approach to omnichain tokenization marks a significant advancement in the blockchain sector, promising a more interconnected and efficient ecosystem for asset issuers and users alike.
