Namada, an open-source protocol with various privacy-based web3 tools and functions, has opened its Pre-Genesis stage 2 airdrop campaign. Users can stake and shield their assets to receive exclusive rewards.
As it is in its testnet phase, Namada welcomes new users to test its shielded asset hub, where the users can get involved and receive participation rewards to their wallets. In this article, we will cover all the details of this airdrop campaign, including the procedures, trustability, withdrawal, and listing date.
What is Namada?
One of the well-discussed issues in the blockchain environment is about the privacy of users and the protection of their personal data. Amid the higher-end protection in the base layer, often the attackers infiltrate the layer 2 solutions and trick the users into gaining trustworthiness.
Namada, a platform that focuses on privacy, tackles this issue to an extent by introducing a “shielded asset hub”. Users can consolidate all their assets from various chains into a single secure place with this facility.
How Does Namada’s Shielded Asset Hub Work?
With Namada’s shielded asset hub, crypto hodlers can HODL their assets in a shielded set with industry-leading data protection, and collect rewards according to the allocation.
- Shielding Rewards: Same as the usual staking, users can receive incentives through asset shielding. The earnings depend upon the amount of assets shielded.
- Shielded Cross-Chain Actions: Users can protect their assets and in the meantime interact with multiple chains. They can participate in DAOs and DeFi protocols.
- Selective Disclosure: Users can choose which third-party apps they want to share their data with. They can choose between the transparent and shielded procedures.
How to Earn from Namada?
As said above, users can lock up their assets in the Shielded Asset Hub and earn rewards for strengthening the hub. This way, they can earn passive rewards directly into their wallets.
Eligibility Criteria For the Namada Airdrop
The airdrop works by users engaging with the network before the mainnet launch. All the participants can stake their $NAM (the native coin of Namada) tokens. Here are the eligibility criteria:
- A valid wallet address with NAM tokens is needed.
- A PC is needed, and you must install the Namada Extension.
- Users from countries with strict blockchain rules are not allowed to participate.
Is Namada Airdrop Free?
The airdrop demands a minimum balance of $NAM in your wallet. Along with the gas fees, a minimum 5% fee will be enforced. The fee will also be in NAM tokens. So, the airdrop is not free to participate.
Step-by-Step Guide to Claim the Namada Airdrop
Those who already have exposure to staking will find the activity an effortless task. However, here is a detailed guide for novice users:
- Open Namada’s official website through your PC-based web browser and install its extension. Create a password for it.
- Open the extension and in the drop-down menu, choose “Chain”.
- Type “namada-genesis” in the chain and press the “Submit” button.
- Visit the “Namada Genesis Pre-Bound” page through its official website and connect your extension.
- Choose the number of NAM you want to stake, select your validator, and click “Sign Bond”.
- Approve the transaction by inputting your password, and copy the signed-bond code that is generated.
- Open the GitHub page Namada Genesis and search for “Namada Mainnet Genesis”.
- Create a new file, name it your GitHub username, and paste the signed bond code inside the file.
- Click “Create pull request” and you are done.
How to Withdraw Your Namada Earnings?
The Namada rewards can be withdrawn to your wallet after the mainnet launch. The airdrop campaign is expected to run for two weeks, and the launch is expected soon after the conclusion of this activity.
Follow the official X (previously Twitter) handle and the official Discord server of the Namada network to receive updates regarding the launch date. After the mainnet is live, the NAM tokens will be listed in prominent exchanges to aid the trading and withdrawal.
Namada Launch Date & Future Updates
As we said above, there is no official date out yet regarding the launch. The launch will happen after the completion of the pre-launch roadmap which has 5 phases. Each phase will be concluded only after the approval of the community via on-chain governance.
- Block Party: This phase is almost over. Users tested the blockchain for proof-of-stake and governance.
- Staking Party: Staking rewards in the form of airdrop are enabled, and we are primarily in this phase now.
- Shielding Party: After NAM tokens are locked completely, users can begin shielding their assets.
- Shielding Rewards Party: Users can begin collecting their rewards for shielding, and can later transfer them to wallets after the mainnet is live.
- Nam Party: When all the users approve that the network is stable, all key functions will be live. NAM transfers will be enabled and users can receive their rewards. It marks the mainnet launch.
Namada Network: Is This a Trustable Airdrop?
Namada seems like a genuine network. It has experienced builders, validators, and a strong community. It is supported and partnered by around 100 crypto ventures and has a strong reputation in the crypto environment.
Even a reputable firm can go bankrupt anytime and the users should do their own research before engaging with online platforms. Even though it is supported by the decentralized community, make sure you go through its blogs, whitepaper, and other docs to get a deeper understanding.
Conclusive Thoughts on Namada Airdrop
Namada is a promising governance platform in this era of security breaches and quantum hacking. However, there are many other reputable staking models for you to engage with. So, go for Namada if you want to try something new.
Always stake the amount of assets that you can lock up for at least four weeks. Finally, sign up for our email updates to receive the next moves from Namada. And, once again, DYOR!
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