Exciting Palnet news: Airdrops, burns and more!

in hive-110490 •  3 years ago 

Since Palnet launched 6 months ago we've watched the evolution and growth of some amazing tribes. The landscape of the token economy has changed at a rapid pace and we see some areas we can improve. After some reflection the Palnet team has come up with some exciting plans!

Burning the PAL sell wall

We initially had a sell wall of 12,600,000 PAL on the market with the idea of leaving that available for buyers. Looking at the amount of PAL currently on the steem-engine market we have decided that it would be best to burn those excess tokens. We won't be burning ALL of the tokens though, some of those will be distributed to PAL stakeholders!!! The total PAL to be burned is 10,000,000.


This is probably the most exciting of our announcements! We want to improve the distribution and also reward those who have loyally bought and staked PAL. We will be doing a series of 9 monthly airdrops of 140,000 PAL, for a total of 1,260,000 PAL.

  • The snapshot for the first airdrop will be taken on December 20th
  • The first airdrop will occur on December 24th
  • For the first round users must have 100 PAL staked to be included, which will increase by 100 per month until we hit 500, then it will remain at 500.
  • December 100 PAL
    January 200 PAL
    February 300 PAL
    March 400 PAL
    April 500 PAL
    May 500 PAL
    June 500 PAL
    July 500 PAL
    August 500 PAL
  • You will not need to do anything to claim this airdrop, it will be sent staked to your account if you meet the criteria

Airdrop math

The airdrop is uncapped in terms of how much Pal you can have and be rewarded for. How much of the airdrop you get is based on a few things.

  1. We eliminate PALnet mods from participating in these airdrops.
  2. We take the square root of your staked and delegated pal. That's the number we use to figure out what your percent of the 140k pal airdrop should be.
  3. In order to participate in December you'll need to have at least 100 PAL staked. If you have less you won't get any.
  4. In later months the amount that you need to have staked to participate creeps up (see above).
  5. This won't be a claim drop. It'll be an airdrop. If you have at least 100 PAL staked then on Christmas eve we'll send your account staked PAL.

Cessation of Moderator Pay

In the whitepaper it was stated that moderators would recieve 140,000 PAL total each, distributed over 14 months (10k PAL per month) for their duties moderating the PAL discord and the palnet tagged posts. Initially we hoped that the community would grow with us but currently the distribution is looking top heavy. Mods have been rewarded 60k each so far and will recieve a final pay of 10k PAL. After this we will cease moderator pay and exclude moderators from the airdrop.

Palnet APP

We can't say much about this at the moment but there is a Palnet mobile app in the works that will have MSP Waves integration! Keep your eyes peeled for further updates!

PAL for NFTs

As many of you may have heard, steem-engine.com will be releasing NFT capabilities shortly and you will be able to use PAL to pay for them! See this post for more details:
NFTs on steem engine

We would like to thank our PALs for making steem an amazing place to hang out, as always feel free to drop in and have a chat in the Palnet discord by visiting http://minnowpond.org/.

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Maybe it is a stupid question, but I will ask anyway... :)
If I have delegated my staked PAL tokens to someone else, is it counts as mine for airdrop or no...?

We use delegated (out) plus staked to calculate eligibility and percentage for the air drop. Essentially the native PAL power is what is used whether you have it delegated or not.

Thanks for the prompt answer! I appreciate it!

The token will be distributed equally between users with +100 pal? or users with more stacked pal will receive more?

The square root of your staked pal is how much you'll get. So if you have 10k, you'll get 100, and if you have. 2500 staked, you'll get 50. It says this in the article, ;)

Posted using Partiko Android

Actually, it's a bit different than that. We're giving out 140k PAL a month, so we use the sqrt of the staked+delegated to get the % of the 140k for each airdrop.

My bad. I knew that from reading it and promptly forgot when I thought I could show off my knowledge.

I think you and I were separated at birth, mate :)

I love showing off, and it used to serve me well, but has less so as I've grown older. Kids showing off are precocious. Adults are obnoxious. Whoops.

Wow... This I've read is quite interesting. I will try to get many more PAL tokens

Wow, this is really exciting news! Im going to go stock up on more pal right now! 🤪

Nice to read that there is a Pal App in development. Please, take into account iOS users 😉

Posted using Partiko iOS

iOS is definately in mind during development, but the stricter rules for iOS apps may delay the release.

Thats wonderful news


Nice one, got to get 500 pal at least soon

Sweet, you guys rock. That is a nice xmas gift indeed.

I’m glad I got in early abs staked 500 pal! Sounds awesome, thanks for the great community and update!

Merry Christmas to every one and all of you hardworking and highly ethical PAL's!


exciting news, really. thank you very much! i hope this move will benefit greatly to the token value!

That means i will be eligible coz i have 100+ PAL staked.