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Understanding the COLLAB Air Drop Based on Snapshot of Shell Protocol

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On April 26th, the DeFi platform Shell Protocol tweeted that the COLLAB air drop targeting Toucan and Shell Point holders would be based on a snapshot taken at midnight PT time on

Understanding the COLLAB Air Drop Based on Snapshot of Shell Protocol

On April 26th, the DeFi platform Shell Protocol tweeted that the COLLAB air drop targeting Toucan and Shell Point holders would be based on a snapshot taken at midnight PT time on March 27th, 2023 (afternoon Beijing time on March 27th).

Shell Protocol: will air drop COLLAB tokens to Toucan and Shell Point holders

Introduction

The DeFi platform, Shell Protocol, recently tweeted about the COLLAB airdrop. The tweet indicated that the airdrop would be based on a snapshot taken on March 27th, 2023, at 12 midnight Pacific Time (4 pm Beijing time). This article aims to help you understand more about the COLLAB airdrop and its significance.

What is COLLAB?

COLLAB is a token that serves as a governance token in the Toucan ecosystem. Toucan is a multi-chain protocol that enables cross-chain compatibility for NFTs, and it relies on the Polygon and Polkadot networks. COLLAB token is essential to drive governance and decision-making processes in Toucan.

What is an Airdrop in the Crypto world?

An airdrop is a distribution of free tokens to new or existing crypto asset holders. The primary objective of an airdrop is to promote a newly launched token and create awareness about it. Airdrop initiatives are prevalent among new projects.

What is a Snapshot?

A snapshot is a momentary capture of an existing decentralized network’s blockchain data. It captures the holders of a particular token at a specific time by taking a snapshot of the blockchain ledger. Snapshot ensures eligibility criteria for certain token rewards, such as the COLLAB airdrop.

What does COLLAB Airdrop entail?

The upcoming airdrop would reward COLLAB token holders and help promote Tucan’s ecosystem’s growth. Shell protocol, alongside Toucan, has announced the airdrop based on a snapshot of the Shell Point holders and Toucan users. The airdrop is also expected to improve the liquidity of the COLLAB token.

Importance of COLLAB Airdrop Snapshot

The snapshot helps filter the current eligible holders of Shell Point and Toucan users. The snapshot would eliminate all the ineligible token holders. Toucan and Shell Point have advised all their eligible token holders to transfer their tokens to a verified wallet to participate in the forthcoming airdrop. The snapshot ensures that the snapshot hour holders receive the credit that they are entitled to.

How to Participate in the Airdrop

All eligible holders must transfer their tokens to a verified wallet. A verified wallet is a wallet that both Toucan and Shell Point have acknowledged as legitimate. If you hold COLLAB tokens, you will need to transfer them to a new wallet that Shell Protocol deems legitimate. Notably, exchanges like Binance, Coinbase, and Kraken are almost always verified exchange wallets.

Conclusion

In conclusion, the COLLAB airdrop is an exciting opportunity for Toucan and Shell Point holders to earn new rewards. The airdrop snapshot, taken at 12 midnight PT time on March 27th, 2023 (afternoon Beijing time), ensures that only eligible token holders are qualified for the reward. As the COLLAB token gains popularity and value, the airdrop would encourage more users to transact with Toucan and Shell Point. Transfer your tokens to a verified wallet to participate in the current and future airdrops.

FAQs

1. What is a DeFi platform?
A DeFi platform is a type of cryptocurrency platform that enables users to transact with decentralization technologies such as blockchain.
2. When was Toucan launched?
Toucan was launched in December 2021.
3. Why is the snapshot critical for airdrops?
Snapshots filter eligible token holders and ensure that only active holders receive the reward.

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