200,000 $HEZ will be distributed by Hermez Network to users who use their L2 payment solution.
After the launch of the first HEZ reward distribution a few weeks ago, we’re getting ready to distribute Round 1 of HEZ tokens to early adopters of the Hermez Network.
The Hermez Community Rewards program is part of the promotion of our Proof-of-Donation decentralised consensus protocol, which states that 30% of the coordinators’ bids in our mechanism will be used to reward Hermez Network users.
Proof-of-Donation also states that 40% of this value will be donated to Gitcoin to fund the development of Ethereum public goods. The remaining 30% will be burnt.
A total amount of 200,000 HEZ tokens will be assigned as user rewards at the end of Round 1.
The value received for each user will be proportional to the total amount of funds deposited during the period.
Round 1 of the program will begin on June 21st 2021 at 10 AM UTC, and it will end on June 28th 2021 at 9 AM UTC.
In this initial round, the mechanism is the following:
Make a deposit in the Hermez Network (wallet.hermez.io).
Distribution will be weighted by the USD value amount of tokens deposited. Deposits done before the 21st of June will qualify for Round 1.
If Bob deposits 1 ETH and 1,000 USDT, the system will calculate that he has a value of $3,500 (at the time of writing).
If the total deposited value of the network was around $3,5m, Bob would be receiving 0.1% of the rewards.
Of course, this value will change over time as new deposits and withdrawals happen in the network.
The rewards will be distributed automatically to all addresses that qualify at the end of Round 1.
Users won’t have to take any action to receive the tokens, beyond the deposits and minimum transfers explained above.
Using the Hermez Network interface, users will see in real time:
In case that there’s any issue with the HEZ distribution, please go to our Discord server and write to us on our #support channel.
Only use the Support channel for these issues. Please, don’t spam other channels or send DMs to the Hermez team members.
Users that exhibit spamming or malicious behaviour will be banned, and their addresses might be blacklisted from future rounds of the Hermez Community Rewards program.
After this first step and the internal analysis of the campaign, future rounds will be enabled to continue rewarding early adopters of the Hermez Network.
With this distribution, we aim to fulfill our promise of creating an open financial system that brings prosperity to all its participants and the whole ecosystem.