Staking Launch and Second Community Allocation of PRCL

Second Community Allocation of PRCL

Parcl Limited has announced a second community allocation of PRCL tokens. Below are the key details of the distribution. Note that there is a lot of important information in this blog. The details are provided in 4 discrete sections: distribution details, vesting/streaming details, staking details, claims details.

Please read carefully. Additionally, a graphic is included below that visually summarizes vesting schedules.

Second Community Allocation of PRCL‍

• The total Perpetual Points Program (PPP) S1 allocation is 6%, or 60,000,000 PRCL tokens.
  • 4% will be allocated linearly, proportionate to the S1 leaderboard, and an additional 2% will be allocated to S1 traders. See below for full details.
  • The top of the leaderboard is predominantly LPs while traders represent amongst the most active participants on the platform. Taken together, the distribution encompasses balance and fairness to all ecosystem participants.
  • Final points balances include May & June trading contest winners, relevant boosts, and were screened for sybil activity, namely self-referrals. Approximately 2% of eligible wallets were identified as having been involved with ineligible activity, and as a result, referral points amounting to approx. ~1% of the total Points outstanding were revoked.
• This distribution will incorporate a vesting and streaming component to ensure alignment of the ecosystem at large. The majority of points participants hold the PRCL token and by staking them, their next allocation is accelerated.
  • There are three vesting/streaming schedules, which are determined by how much PRCL is staked by the eligible user.
  • Tokens will be streamed only during specific periods until each schedule is complete. Once one schedule is complete, the next schedule streaming beings.
• Staking is now live. Visit your points page to see your allocation and begin staking to determine your desired vesting/streaming schedule. A snapshot will be taken July 11, 2024 to determine your vesting schedule.
• Claims begin on July 15, 2024 but vesting began on July 1, 2024.

Distribution details:

• 4% of the supply (40,000,000 tokens) will be allocated to the entire leaderboard >50,000 Points (~50K participants) in a linear fashion.
• A discrete & incremental allocation of 2% (20,000,000 tokens) will be dedicated to Parcl traders. The largest points balances belonged predominantly to LPs and therefore, a trader-specific allocation helps to balance the distribution.
• A separate, incremental allocation is being reserved for Core Community (namely, the HOA) and further details will be communicated at a later date.
• Note that this is the second of numerous incentive distributions for Parcl Protocol participants. PPP Season 2 is scheduled to run for the remainder of 2024. Stay tuned for further details.

Vesting details:

• As mentioned above, this distribution of PRCL will include a vesting and streaming component. There are three tiers of vesting, which are determined by the amount of PRCL a user stakes. The majority of PPP participants hold the PRCL token and by staking them, their PPP S1 allocation is accelerated.
• Vesting/streaming schedules will be determined by the amount PRCL a user stakes into the Parcl staking contract which went live today.  Users must stake by the next epoch (Thursday July 11th 00:00) to be eligible for the snapshot that determines streaming schedules.
• Here are details on the 3 streaming schedules:
  • Schedule 1: To be eligible for schedule 1, a user must stake at least 50% of their PPP Season 1 allocation (viewable on individual points’ pages). Tokens staked ≥ 50% of PPP Season 1 allocation will be streamed throughout the schedule 1 period, which started on July 1st and will end on September 29th. The remainder fall into schedule 2 in a pro-rata fashion. To stream entirely in schedule 1, a user must stake 100% of their PPP S1 allocation. Please find two examples below:
    • If a user stakes the equivalent to 100% of their PPP Season 1 allocation by the first epoch, their entire allocation will stream daily through September 29, 2024.
    • If a user stakes more than 50%, but less than 100%, the larger pro-rata portion will stream according to schedule 1, with the excess amount streaming in schedule 2. For example, if a user stakes 90% of PPP Season 1 allocation, 90% of tokens will stream according to schedule 1, and 10% will stream according to schedule 2.
    • Total Vesting Period for tokens in schedule 1 = 90 days (Began July 1, 2024).Streaming from July 15, 2024 to September 29, 2024
  • Schedule 2:  Schedule 2 is the residual amount not streamed in schedule 1 if a user staked at least 50% of token allocation but not 100%.
    • For example: if a user stakes 60% of PPP S1 allocation, 60% of the tokens they are eligible to receive via PPP S1 will be streamed according to schedule 1. The remaining 40% will be streamed from October 1, 2024  through November 30, 2024.
    • Total Vesting Period for tokens in schedule 2 = 150 days.
    • If a user did not stake 100% of PPP S1 allocation, the remaining distribution not streamed in schedule one will stream from October 1, 2024 to November 30, 2024
  • Schedule 3: If a user does not stake at least 50% of the tokens they are eligible to receive via PPP S1, all tokens they are eligible to receive will be streamed from December 1, 2024 to December 31, 2024.
    • Total Vesting Period for tokens in schedule 3 = 180 days.
    • Streaming from December 1, 2024 to December 31, 2024.

Staking Details:

• Staking is now live here.
• Each epoch begins on Thursday at 00:00 UTC
• A snapshot will be taken on July 11, 2024 to determine vesting schedules
• Other utilities of staking include
  • PPP Season 2 boost - future boosts will be migrated to hard staking from soft staking. There will be a grace period to transition which will be communicated shortly
  • Governance over certain elements of the Parcl Protocol
  • Parcl Labs API access

Claims details:

• PPP season 1 claims page will be live on July 15, 2024
• Tokens are streamed by the second
• Vesting began on July 1, 2024 for all participants and streaming will begin for schedule 1 users starting on July 15, 2024

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