This article was first published on Metal Blog
We are excited to announce the introduction of LOAN governance token for Proton Lend and the incoming airdrop that can only be accessed directly on the Proton blockchain. The LOAN token will be used to vote on governance decisions such as which tokens can be collateralized on the protocol to borrow and lend, as well as the rates for borrowing. LOAN governance token can be earned in one of three ways:
- The initial airdrop of LOAN to XMT (known as MTL on Ethereum), XPR and XPR short/long term stakers
- Liquidity mining on Proton Lend via providing liquidity to any approved pair on Proton Lend protocol
- Liquidity mining on Proton Swap via providing liquidity against any LOAN pair
Accessing the initial airdrop as well as liquidity mining can only be done on the Proton blockchain, the Proton Lend and Proton Swap protocol. The distribution of LOAN for the airdrop will be broken down through the following ratio:
- 333:1 XMT (known as MTL on Ethereum)
- 1:1 XPR unstaked
- 2:1 XPR short staked
- 10:1 XPR long staked 90 day
- 30:1 XPR long staked 365 day
Proton Lend opens up a new possibility for borrowing and lending against multiple blockchains that were not accessible on Ethereum or other protocols previously. The LOAN airdrop will commence on June 15th at 12am PST, any of the listed tokens that are held on Proton or in short or long staking contract at that time will receive the airdrop.
Guide for MTL holders:
Download and install the Proton wallet.
Check our guide on how to deposit crypto to the Proton Wallet. Once deposited, MTL will be automatically converted to XMT.
You will need to hold XMT during the snapshot to be eligible for the LOAN airdrop at a 333:1 ratio.
Guide for XPR holders:
Download and install the ...
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