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Keybase and Stellar Collaborate For XLM Airdrop Worth 120M Dollars

Keybase, the encrypted messaging service, and SDF (Stellar Development Foundation), a not-for-profit entity behind the blockchain network of Stellar, have joined hands to carry out XLM airdrop worth about 120 million dollars. The airdrop will give away 2 billion worth of XLM (Stellar lumens) tokens in total to the Keybase users over a period of 20 months. Thus, starting this month, the firm will be giving away as many as 100 million XLM every month. Both the companies made an official announcement on Monday, September 9, 2019.

It is by far the biggest airdrop that Stellar is conducting since its inception. Moreover, it will also help cryptocurrency reach more people as Keybase enjoys a strong, active userbase of about 300,000 members on its network.

At present, XLM is being traded at USD 0.060781. It is the 12th biggest digital currency around the world, as per the CoinMarketCap data.

The Giveaway Terms:

In order to receive the airdrop, one only needs to be a verified Keybase account holder. However, there are certain conditions. Users will be eligible to receive the airdrop only if they have an account with Keybase prior to this airdrop announcement (Sept. 9). Those who have just joined the messenger have to link their Keybase account to HackerNews or Github account, registered before Sept. 9. This measure has been taken to avert bot signups, revealed Keybase.

Each user of Keybase will receive XLMs worth $500, maximum, for the entire duration of the airdrop.

The airdrop is supposed to run at least for the duration of 3 months, revealed the official announcement. During this period, Stellar will analyze the performance and metrics of the airdrop to determine whether the airdrop should be continued.

A Larger Goal:

The CEO of SDF, Denelle Dixon, said that Keybase would play a key role in their bigger adoption strategy. The mandate of the Foundation is delivering lumens into the globe, and the 2 billion figure over the 20-month timeline seems rational, said Dixon. The CEO also stated that they would be performing checks all along the way.

Dixon also pointed out that since Keybase users are not crypto-native, giving away free XLMs would make them more familiar not only with the blockchain technology but also with the stellar network.

Some app features of Keybase have also been integrated with Stellar. Hence, it will become possible for users to send lumens to other users as well as phone numbers. The company’s spokesperson said that Keybase would add additional features in the upcoming months.

For those who are not aware, Keybase and Stellar have worked together for some time now. Last year in March, Stellar had invested in Keybase, closing the need for the startup to conduct a Series B funding round.

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Scott Cook

Scott Cook got into crypto world since 2010. He has worked as a news writer for three years in some of the foremost publications. He recently joined our team as a crypto news writer. He regularly contributes latest happenings of crypto industry. In addition to that, he is very good at technical analysis.

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