PRYZM($PRYZM) Token Airdrop Information
PRYZM ($PRYZM) is a platform built on Cosmos that allows users to trade future staking rewards for different types of tokens, such as fixed-yield tokens, leveraged-yield tokens, or stablecoins. The team Confirmed They will be airdropping both Cosmos stakers and PRYZM testnet users. Here is a guide to the PRYZM ($PRYZM) token airdrop:
Check out the PRYZM airdrop video guide!
What is PRYZM ($PRYZM)?
PRYZM is a new way to use DeFi. Built on Cosmos, PRYZM allows people to exchange, trade, and convert their future income from DeFi into various forms. Some of the key features include:
- Fixed return swap: DeFi’s variable income can be exchanged for fixed income for a certain period of time. This will help you avoid the risk of losing money when the market changes.
- Return Leverage: You can increase your DeFi income by borrowing money from PRYZM. You don’t have to worry about paying back your loans or losing your assets if the market falls.
- Yield Conversion: You can convert your future income from DeFi into stablecoins, which are digital currencies with a fixed value. This way, you can protect yourself from price fluctuations in DeFi assets.
- Yield Tokenization: DeFi assets can be divided into two parts. One represents the principal amount and the other represents the income. These parts can then be traded or staked individually or together.
What is PRYZM ($PRYZM) token?
PRYZM token is the native token of the PRYZM network. Used to pay trading fees, governance, and staking rewards.
Is there a PRYZM token airdrop?
The PRYZM team Confirmed They will be airdropping in the upcoming StakeDrop event. Later they also announced additional airdrop criteria. Up to 200 million PRYZM (i.e. 20% of the total token supply) will be airdropped to PRYZM’s Atom, Osmosis, and Luna validators. Users can participate in StakeDrop by staking one or more of the following tokens: $ATOM, $OSMO, or $LUNA. The airdrop amount for each user will depend on the amount and type of tokens they have staked and their participation period. Airdrop eligibility criteria and distribution schedule will be announced here soon.
How to win a potential PRYZM token airdrop?
PRYZM has confirmed that it will be conducting airdrops for both Cosmos stakers and PRYZM testnet users. Here’s how to win a potential PRYZM token airdrop and some additional strategies to maximize your airdrop!
- Cosmos $ATOM Token Staking
Go to your Keplr (or Leap) wallet dashboard. Click “Chain” on the left. Click “Cosmos Hub” and search for PRYZM validator. Enter the amount of $ATOM you want to stake and click “Stake”. The airdrop has no minimum amount you need to stake to qualify. However, the more you stake, the more tokens you are likely to receive.
- Stake Osmosis $OSMO Token
Follow the same steps as 1 above, but click “Osmosis” in the Chain section. Search for PRYZM validators. Select the amount of $OSMO you wish to stake and click “Stake”.
- Stake Terra $LUNA Token
Go here and enter the amount of $LUNA tokens you want to stake. Click “Delegate”.
- Issue and hold $cLUNA
This only applies when $LUNA is bonded to a $cLUNA issuance. PRYZM announced that Terra’s current $cLUNA contract will be deprecated. Therefore, users must release $cLUNA bonding before PRYZM mainnet launch. However, PRYZM will continue to conduct weekly airdrop snapshots for $cLUNA holders for three weeks until February 2, 2024 to give users time to redeem their $cLUNA.
- Complete the Zealy quest
Go to the PRYZM Zealy questboard and complete the task. Most of these are social tasks, such as interacting with social media pages. Other operations include $ATOM, $OSMO, and $LUNA delegation, which we already performed in steps 1-3 above.
- PRYZM testnet setup
Connect your wallet to https://testnet.pryzm.zone/. Go to “Faucet” and click “Request tokens” for some testnets $USDSim and $PRYZM. Then go to “Earnings” and “Delegate” to delegate $PRYZM. Enter the amount of testnet $PRYZM tokens you want to delegate, select a validator, and click “Stake.” Delegating $PRYZM gives you voting rights, so don’t forget to vote for governance proposals.
- PRYZM Testnet Delegation and Voting
Go to “Earnings” and “Delegate” to delegate $PRYZM. Enter the amount of testnet $PRYZM tokens you want to delegate, select a validator, and click “Stake.” Delegating $PRYZM gives you voting rights, so don’t forget to vote for governance proposals.
- Token Exchange on PRYZM Testnet
Go to https://testnet.pryzm.zone/swap. Exchange some $USDSim for $ATOM and $LUNA. We recommend these two swaps as you can also bond tokens using the liquid staking feature (see below).
- Bond Token on PRYZM Testnet
Go to https://testnet.pryzm.zone/pryzm/bond. Select the amount of $ATOM or $LUNA tokens you want to bond and click “Accept and Bond.” You will receive $cATOM and $cLUNA tokens respectively.
- Provide liquidity to PRYZM testnet
Go to https://testnet.pryzm.zone/pools. Most people choose USDSim/PRYZM or SIM/PRYZM pools. Click on the pool, select the number of tokens you want to offer and click “Offer Liquidity”. Approve the transaction in your Keplr wallet.
The interesting thing about the PRYZM pool is that there is no need to provide token pairs. You can only give 1 of the tokens by clicking the red minus button for the tokens you do not want to give.
Providing liquidity earns you $yAssets or $pAssets that can be used for other features of PRYZM.
- Test rate functionality on PRYZM testnet
Go to https://testnet.pryzm.zone/pryzm/rates and choose between fixed return token (pAsset) or variable return token (yAsset). Replace $ATOM with $pATOM or $yATOM, depending on the situation. You can also click “Refraction” which will give you both $pATOM and $yATOM using $cATOM. Also try using the “Merge” function, which is the opposite of Refract. That is, $pATOM and $yATOM are merged into $cATOM.
- Try PulseTrade features on PRYZM testnet
PulseTrade is a feature that allows you to break your trades into smaller parts. This allows you to control when to execute and reduce the price impact of large transactions. To use the PulseTrade feature, go to https://testnet.pryzm.zone/pulsetrade and purchase liquidity pool tokens using $PRYZM.
- Try the FlowTrade feature on the PRYZM testnet
FlowTrade allows users to gradually convert any token to any other token. Go to https://testnet.pryzm.zone/flowtrade and select your flow. Click on Live Trade, select the number of $PRYZM tokens and click “Join the Flow”. Or you can create your own flow.
- PRYZM Testnet Stake
Go to https://testnet.pryzm.zone/pryzm/stake. You can stake LP tokens (e.g. $yAssets or $pAssets) in step 11 above here.
PRYZM Airdrop Review
There are several factors to consider when reviewing airdrops. First, there is a possibility that the project will conduct an airdrop in the first place. We will then look at how many tokens the project will allocate to the airdrop campaign and the difficulty of participating in the airdrop. It is also important to look at the utility of the token to ensure there is a real use and purpose for participating in the airdrop in the first place. Lastly, a factor to consider when reviewing an airdrop is whether a lock-up period applies to the airdropped tokens.
Airdrop possibilities: PRYZM has already confirmed that it will be conducting an airdrop and has provided plenty of hints on how to qualify for the airdrop.
Airdropped token allocation: The PRYZM team plans to airdrop up to 200 million PRYZM (i.e. 20% of the total token supply).
Airdrop Difficulty: There are various tasks to complete, including working with Zealy’s socials, interacting with the testnet, and most importantly, staking on PRYZM’s validators. There is something for every skill level.
Token Utility: PRYZM token is the official cryptocurrency of the PRYZM network. Used to handle transaction fees, governance, and staking rewards.
Token Lockup: There is no information yet on $PRYZM token lockup.
