The excitement isn’t stopping as the massive airdrop of 15,000,000 PHB is nearing so fast. The world’s leading crypto exchange – Binance and China’s market intelligence platform – Red Pulse, together are going to conduct this airdrop. What is the purpose? Well, the objective behind this airdrop is to promote the PHX/PHB 1:1 swapping, PHB integration, and staking on the Red Pulse website.
When will it happen?
It starts tomorrow! Yes, you heard it right, the airdrop will take place from 21st June 2019 at 00:00 HOURS (UTC) to 1st July 2019 at 00:00 HOURS (UTC.)
Where will the Airdrop take place?
The airdrop of 15,000,000 PHB will take place on Binance Chain/DEX
Who can participate in the airdrop?
The airdrop is open for all the users of Binance Chain who have surmounted the trading volume of minimum 25,000 PHB on every full day (24 hours comprising of 0:00 AM to 0:00 AM on each day) on the Binance DEX. There is another requirement of having a minimum of 5,000 PHB and 5 BNB in their blockchain addresses at the end of the day. These users will get to participate in the 1,500,000 PHB tokens pool. Although, after each day (at 0:00AM UTC) (0:00 AM to 0:00AM, the complete 24 hours) the trading volume will get rest.
When will the balances get recorded?
The balances in terms of PHB and BNB tokens will be recorded in the last Binance Chain block after 0:00 AM (UTC) of each day.
How will the users get rewards?
There is no separate procedure of getting the rewards. Those users who are eligible for the rewards on any of the mentioned days will get the rewards automatically at around 06:00 AM (UTC) the following day of the calculation.
How to create wallets on Binance DEX?
There is a tutorial on the website for ease of the user. Otherwise, here are the steps that you can follow:
- Go to Binance DEX.
- From the top right corner, Click on ‘Create Wallet’ option.
- Once the wallet is created, a Keystore (which is an encrypted & password protected), a Mnemonic Phrase (a phrase creation based on a BIP39 word list to be used as a backup), and a Private Key are generated.
- One should make sure you keep them safe as they are unrecoverable. Binance gives the entire custody to the user for his/her funds and the related sensitive information.
How to access the crypto wallet?
Binance offers two recommended methods and two non-recommended methods for gaining access to your crypto wallets. The recommended ones are:
- Wallet Connect
- Ledger Device
The non-recommended ones are:
- Keystore File
- Mnemonic Phrase