Crypto payment network COTI to release 100 million gCOTI tokens

Blockchain-based payment network COTI is ready to hand out some generous rewards to community members through its new gCOTI Airdrop campaign launching this April.

The promotion will enable $COTI token holders and others to lock their assets within COTI Treasuryand in return they will be entitled to receive some generous rewards in the form of gCOTI, the network’s governance token.

COTI, which is short for “Currency of the Internet”, is building a decentralized payment network for businesses and merchants. One of the main goals is to eliminate concerns businesses may have about using crypto. Its blockchain is based on the DAG protocol and a “proof-of-trust” mechanism to solve scalability issues, and is capable of processing up to 10,000 transactions per second.

The biggest advantage of COTI is that companies can create their own tokenized stablecoins tied to assets such as the US dollar or the euro. In this way, they don’t have to worry about the volatility that plagues traditional cryptocurrencies.

The gCOTI token will play a central role in the COTI ecosystem as the original governing token of the Treasury. Holders of gCOTI will be entitled to participate in financial settlements, vote on matters of governance and earn a generous APY boost.

The gCOTI Airdrop campaign will distribute up to 100,000,000 gCOTI, or 10% of the total supply, when it starts on April 3rd for all native $COTI holders and on April 17th for $COTI ERC20, USDC and USDT holders. On these dates, they will be able to lock their assets in the COTI treasury and earn rewards, with the earliest depositors also eligible to receive some early bird bonuses.

In addition, a portion of 2 million native gCOTI will be distributed to all current Treasury users, based on a snapshot taken on March 26.

One of the great things about the airdrop is the loose eligibility requirements, with COTI set to reward anyone who has native $COTI stored in a COTI VIPER wallet, the Kucoin or Huobi exchange, or already deposited in the treasury. It is also open to all $COTI ERC20 holders whose tokens are stored in MetaMask or another exchange, as well as ERC20 USDC and USDT holders whose tokens are stored in MetaMask.

There will be three phases in the gCOTI Airdrop campaign, with phase one distributing between 45 million and 55 million gCOTI to native $COTI holders with tokens in a VIPER wallet. It runs for 14 days from 3 April and is open to users with existing Treasury deposits, regardless of previous lock-in periods or multipliers. For the promotion, users can choose a new lock-in period ranging from 180, 270 or 360 days, with a 1X multiplier and no redemption, with the longer periods earning higher APYs and more gCOTI rewards.

Phase two of the campaign will see 25 million to 30 million gCOTI distributed to $COTI ERC20, USDC and USDT token holders using the COTI VIPER wallet, and will also run for 14 days, starting on April 17th. Once again, users have the option to lock their tokens in the treasury for a period of 180, 270 or 360 days without redemption, with higher rewards for those who commit to a longer duration.

Phase one and two participants will receive their gCOTI rewards, in proportion to their deposit amount and lock-in period, via an airdrop on June 1st.

As for phase three, this will see 10M gCOTI distributed at a later date, with the official launch still to be confirmed. It is an exchange-based promotion for $COTI holders who do not have a VIPER wallet, and they will have a similar opportunity to lock their tokens into the treasury in return for gCOTI rewards.

If you don’t have any $COTI yet and want to participate in the airdrop, you can just download the COTI VIPER wallet and buy them in-app, or go to Kucoin or Huobi and buy them there. $COTI ERC20 tokens can also be purchased on many other exchanges, such as Binance, Coinbase, Kraken and others.

$COTI ERC20 token holders can exchange their tokens for native $COTI and vice versa using the COTI bridge.

For more information on how the campaign works, and how the gCOTI rewards will be distributed, check out the team’s post at Medium.