Lendle Provides 1% of Its Token Supply to Eligible Mantle Moonshot Participants: A Comprehensive Guide
Lendle, the number 1 lending market on Mantle Network, has promised a significant reward for Mantle Moonshot participants. This initiative will see 1% of its total token supply distributed to eligible individuals. This strategic move not only highlights Lendle’s commitment to its native network’s growth, but also underscores the innovative approaches adopted in the evolving Web3 landscape.
Eligibility Criteria for the Rewards
The eligibility for these token rewards is specifically tied to Lendle’s unique “Cat Cap“ Add-on-traits (AOTs), which were obtainable via Mantle Moonshot. Users who have already received these AOTs are required to upgrade their Citizen of Mantle Non-Fungible Tokens (NFTs) using the acquired traits. A snapshot scheduled for February 1st will identify the holders of these Cat Cap upgraded NFTs, forming the basis of the token rewards recipient list.
Read more about this in Mantle’s blogpost.
Understanding $LEND Tokenomics
$LEND, the native token of Lendle, plays a pivotal role in the platform’s mechanics. With a total supply capped at 100 million tokens, $LEND was the first token launched by a native Mantle Network protocol. This token can be acquired either through market purchases or by mining via liquidity provision on Lendle’s market platforms.
The tokenomics of $LEND are designed to encourage a robust lending and borrowing environment on Lendle. The model rewards the locking/staking/vesting of $LEND tokens to create sticky liquidity. Users that want to unlock their rewards before the vesting period ends will incur a 50% penalty on the amount they wish to unlock. The penalty is redistributed, in full, to those who lock their $LEND.
For more detailed information on $LEND’s tokenomics, readers are directed to Lendle’s official documentation at Lendle’s Tokenomics.
Token Rewards Claim Process
The token rewards distribution process for $LEND is aligned with the token’s existing operational model. Recipients will receive their tokens in a vested state, mirroring the mechanism for $LEND earned through protocol use. A choice is presented to the recipients: either incur a 50% penalty to immediately unlock the tokens or wait for a three-month period to access the full amount, while also benefiting from a share in the protocol’s revenue.
Claims can be made on Lendle’s Airdrop Claim Page.
Timeline and Claim Period
The timeline for these token rewards is closely synchronized with the rest of Mantle Moonshot’s schedule. Following the February 1st snapshot, the distribution of the token rewards is expected to occur within 1 to 2 weeks. This alignment ensures a cohesive token distribution process across all protocols involved in the Mantle Moonshot initiative.
$LEND token rewards come with a limited window for claims. Eligible participants have a two-week period to stake their claim. Tokens left unclaimed after this period will be released and potentially earmarked for future airdrops.
Staying Informed and Engaged
For ongoing updates and community engagement, Lendle maintains active channels on X and Discord. Interested parties can follow Lendle’s updates at Lendle’s X profile and join the community discussions on the Discord server.
