TermRewards and SmartRetire, features for rewarding long-term SmartCash holders, were recently updated to bring greater decentralization and efficient distribution of rewards.
TermRewards and SmartRetire will now be paid timelocked before the end of quarter payment date. For example, a new entry will have its first payment spendable on October 1, then second January 1, etc. Thus, the amounts will be unlocked gradually every quarter for up to 15 years (15 years – maximum locking period). This approach to distribution will make the supply more decentralized and it will also reduce the risk of dumping.
A total of 47 addresses have been qualified:
4.6 million SMART has been paid unlocked like previously and spendable right away.
A total of 167,851,447.6 SMART has been paid for all addresses from current round to expiration. The future payments will only unlock and be spendable at the end of the quarter it normally would be paid.
The list of addresses that will be paid upfront can be found here.
Users who want to get TermRewards should activate its address before the next snapshot on September 30th. in order to receive the reward. To activate the address, you need to install the SmartCash Node Client. You can find detailed guides on how to activate it here. The process itself consists of sending a specially time-locked transaction. The locking period can be selected in the “Send” tab.
Users can view the locked rewards through the “Send” tab (Coin Control – Inputs) in the SmartCash Node Client. Inputs will show as locked in future dates when the TermRewards would normally be paid.
The minimum amount at an address to activate TermRewards or SmartRetire is now 101k+ SMART, which was also recently changed to make these features even more accessible to all users.
The yearly yield and other details about your activated addresses can be found in the “TermRewards” tab of the Node Client. Be sure to use the latest version of the wallet – v2.0.6. Users updating that have TermRewards will need to reindex to get the TermRewards tab to show correctly.
If you have any questions, please join #termrewards-smartretire channel on Discord.