Lava Network project is about to launch tomorrow the crypto airdrop of its governance token LAVA

The new cryptocurrency can be staked by validators and providers, and staked by token holders, fueling a modular data network.

Lava Network is set to airdrop its governance token LAVA tomorrow, June 22. The new cryptocurrency can be staked by validators and providers, and staked by token holders, fueling a modular data network.

The LAVA token will have a total supply of 1 billion, fully minted at TGE with no future unlocks. Of the total supply, 6.6% is dedicated to “Provider Drops,” which will be allocated monthly to attract new providers during the initial phase of the mainnet. This boostrapping mechanism will see rewards paid out monthly in proportion to demand generated.

A further 15% of the supply will be used for various incentives within the crypto project, including the airdrop scheduled for tomorrow. Validators will receive an initial pre-mint of 3.4%, while 31% is set aside to fuel the ecosystem of applications that orbit the network. Finally, 17% is dedicated to early backers and 27% to core contributors.

The LAVA tokens distributed with the airdrop will not be subject to vesting and will be fully unlocked at launch, except for the reward reserve which unlocks in the 4th year. On the other hand, the ecosystem, investors and collaborators will have to comply with vesting rules: for the former 25% is unlocked at launch while 75% unlocks over 4 years with linear distribution.

For investors and collaborators, 33% is unlocked after the first year while the remaining 67% is diluted over 3 years. Those who participated in the “incentivized pools” contributing to reaching the milestone of 40 billion RPC calls will also be rewarded in LAVA tokens.

We are still waiting to learn more about the modalities related to the checker and the claim of the airdrop, but all the information should arrive shortly. For the moment, there is no active page where you can check your eligibility and respective allocation, so be wary of widespread scams and fake contracts.

With the launch of LAVA and the mainnet, the paragraph of the “Magma Phase 3” comes to a close, which has accompanied the onboarding of users and developers. The users eligible for the airdrop will be able to redeem the new LAVA token and stake in restaking the coin to earn additional rewards.

Node operators will instead be able to directly stake the resource, contributing to the security of the network, earning yields as well. The staking reward is paid directly in LAVA while the incentives are offered in the form of AXL, EVMOS, and other tokens.

LAVA also serves as the governance token of the project, to be used for participating in the community’s decisions.