is there still time to participate?

According to what was reported in an email to The Cryptonomist, the Lava Network project is about to launch tomorrow the crypto airdrop of its governance token LAVA.

The new cryptocurrency can be staked by validators and providers, and staked by token holders, fueling a modular data network.

Are we still in time to qualify for the airdrop?

Let’s find out together.

What is the Lava Network project and how does it work?

Lava is a modular data network that provides access to more than 30 blockchains thanks to its fast and reliable RPC nodes.

Founded in 2022, the project has already served over 40 billion RPC requests, with a recent average of 2 billion daily calls.

For those who do not know, the term RPC indicates the interface “Remote Procedure Call”, used by users to interact with a web3 application.

Every time we connect with a decentralized wallet to an application, this mechanism allows us to call functions and communicate with the blockchain.

Each web3 wallet provider presents its own base RPC for each supported network, but Lava Network intends to offer more effective and competitive tools.

Lava Network is committed to ensuring high uptime and uninterrupted access to data on blockchain, such as to offer fast and reliable dApp connections.

The project uses its own suite of validator nodes that verify the state of the PoS network and participate in the distributed consensus by validating new blocks.

The validators earn LAVA tokens for the work done, while the users are encouraged to delegate their consensus power with economic rewards.

In the initial phase to drive the adoption of Lava’s RPCs, the public was incentivized to use the project’s endpoints, contributing to the success of the network.

By using Lava’s RPC endpoints, users earn points that will be converted into airdrops at the launch of the mainnet tomorrow.

In February 2024, this project closed a funding round of 15 million dollars, led by Hashkey, Tribe Capital, Jupm, Quiet, and others.

The capital has been used to better develop the data layer for accessing the Web3 world.

Crypto airdrop of the governance token LAVA scheduled for tomorrow

According to what was reported by the project team in a confidential email to The Cryptonomist, the airdrop of the LAVA crypto is scheduled for tomorrow.

In conjunction with the launch of the mainnet, Lava Network rewards all node operators for providing high-performance RPC services with the new token of the same name.

Even the users who participated in the “incentivized pools” contributing to reaching the milestone of 40 billion RPC calls will be rewarded in LAVA tokens.

We are not yet aware of the modalities related to the checker and the claim of the airdrop, however, all the information should arrive shortly.

For the moment, there is no active page where you can check eligibility and respective allocation, so be careful of widespread scam and fake contract.

With the launch of LAVA and the mainnet, the paragraph of the “Magma Phase 3” comes to a close, which has accompanied the onboarding of users and developers.

The users eligible for the airdrop will be able to redeem the new LAVA token and stake in restaking the coin to earn additional rewards.

Node operators will instead be able to directly stake the resource, contributing to the security of the network, earning yields as well.

The staking reward is paid directly in LAVA while the incentives are offered in the form of AXL, EVMOS, and other tokens.

LAVA also serves as the governance token of the project, to be used for participating in the community’s decisions.

Tokenomics of the crypto LAVA

LAVA will have a supply of 1 billion tokens, with the maximum supply minted at the TGE and no future unlocks.

6.6% of the maximum supply is dedicated to the “Provider Drops”, which is allocated as a monthly reward to attract new providers during the initial phase of the mainnet.

It is a mechanism of boostrapping with rewards paid monthly in a manner proportional to the generated demand.

15% of the supply is used for various incentives of the cryptographic project, including the airdrop scheduled for tomorrow.

3.4% of the share is allocated to an initial pre-mint for the validators, while 31% is to fuel the ecosystem of applications that orbit the network.

Finally, 17% is dedicated to the early backer and 27% to the core contributor.

The LAVA tokens distributed with the airdrop will not be subject to vesting and will be unlocked all at launch, except for the reward reserve which unlocks in the 4th year.

On the contrary, the ecosystem, investors, and collaborators will have to comply with vesting rules: for the former, 25% is unlocked at launch while 75% unlocks over 4 years with linear distribution.

For investors and collaborators, 33% is unlocked after the first year while the remaining 67% is diluted over 3 years.

Source: https://docs.lavanet.xyz/distribution

Is it still possible to participate in the airdrop of the crypto LAVA?

Unfortunately, there is no more time to participate in the airdrop of the crypto LAVA, as it is scheduled to be launched tomorrow.

As confirmed also on Twitter and Discord, the so-called “Magma Point Season 1” has come to an end on June 17.

At the moment, there is therefore no way to accumulate points, qualifying in a short time for the launch of tomorrow’s airdrop.

In any case, it is not excluded that there will be new Magma Points Season (it is indeed likely) so we can already organize ourselves to farm the next distribution.

To qualify for future launches, it is essential to use Lava Network’s RPCs as much as possible, both in mainnet and testnet.

To do this, we need to go to the “Try Lava Gateway” section, select the desired network (e.g., Ethereum) and then copy and paste the endpoint into the RPC settings of our wallet.

If you have never done an operation like this, you can rely on this tutorial.

Another thing to do to qualify for future airdrops is to buy the LAVA token on the market and delegate to validators in restaking.

By doing so, in addition to obtaining a yield on the deposit, we will feed the network of validator nodes, strengthening the Lava network.