- Stellar to award its 300,000 users with $20 worth of XLM each
- Users will need an authenticated Keybase account to access the funds
- SDF plans to issue the lumens monthly until all the $120 million of the airdrop are given out
On September 9, 2019, Keybase messaging service announced that Stellar Development Foundation (SDF) would reward all it 300000 users with a surprise gift of 100 million Lumens (XLM) – approximately $6million. Every user is expected to get around $20 reward.
The first batch of the gift, which is free of charge with no strings attached, was awarded in Stellar’s native token, Lumen. SDF will equally award users with Lumens every month until they have given out 2 billion lumens, worth around $120 million.
Keybase Users’ Eligibility for Stellar Airdrops
Users will need an authenticated Keybase account. Stellar Development Foundation (SDF) will automatically drop lumens into these accounts every month until the airdrop period is over. Airdrops in the first three months will be consecutive.
SDF and Keybase will assess Basic success metrics to determine whether the program will continue after the designated 20 months period are over. Denelle Dixon, Stellar Development Foundation’s CEO stated that Keybase is a crucial part of its broader adoption strategy:
“The foundation’s mandate is to deliver Lumens into the world. This is part of that plan. The up to 2 billion is a great way, and we will have checks along the way.”
Keybase and Stellar Development Foundation Partnership
Keybase and SDF have been partners for approximately one year. Their first partnership was in March 2018 where Keybase received a huge enough some from Stellar to close their Series B funding round.
Dixion commented that SDF considers these airdrops as a project that upholds Stellar’s vision:
“It demonstrates that we think this is a valuable opportunity for the users of Keybase to get to know us.”
Users can send stellar to one another on Keybase and to others without a Keybase account. Keybase is also adding features on its messaging platform that support XML-based functions.
Keybase initiative is in line with other messaging apps that have joined the Cryptocurrency expansion venture.
Just like Twitter, Keybase has opted to partner up with existing cryptocurrencies as opposed to Facebook (Libra) and Telegram (Gram).
Stellar Development Foundation
Stellar is a multi-currency payment backend that people use every day to store and send money. It is a decentralized and developer-friendly blockchain that works more like cash, is faster and cheaper than bitcoin, and uses less electricity for mining. Stellar uses Lumens to enable users to move or hold money.