The airdrops of cryptocurrencies have been among the most used means for projects to reward their communities, and the latest airdrop that seems to be in the talks is the Pepper Airdrop, this time targeted toward Chiliz CHZ holders.
Binance, as one of the largest cryptocurrency exchanges in the world, has announced that it would support this event, sending ripples of excitement within the CHZ community.
The following article will be an in-depth dive into what one can expect, how to qualify, and why this Pepper airdrop presents an excellent opportunity for CHZ holders.
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What is the Pepper Airdrop?
The new airdrop, the Pepper (1000 PEPPER) token, is set to be distributed to all CHZ holders on Binance. Airdrops are free distributions of tokens that reward holders of certain cryptocurrencies, and in this instance, it’s a direct benefit to CHZ holders.
Therefore, this airdrop is important because, with Binance supporting the event, it opens the door for CHZ investors to receive a new token that can add value to already acquired tokens.
Key Information About the Pepper Airdrop
Airdrop Time and Snapshot Timing
To determine the eligibility of users for the airdrop distribution, Binance will conduct four snapshots of CHZ at different times.
The snapshots are supposed to capture the users’ CHZ balances across wallets. Here is the timing of the snapshot:
- First snapshot: October 10, 2024, 00:00 (UTC)
- Second snapshot: October 17, 2024, 00:00 (UTC)
- Third snapshot: October 24, 2024, 00:00 (UTC)
- Fourth snapshot: October 31, 2024, 00:00 (UTC)
All the snapshots mentioned above will be used to determine how much PEPPER token you can get. Make sure your CHZ balance is in place before the dates mentioned above to maximize your probable rewards.
Eligibility Criteria for CHZ Holders
Here are some of the conditions which should be met by the user for his eligibility into the Airdrop:
- CHZ Minimum Balance: You need to have at least 100 CHZ in your Binance account, and any balance below this minimum rate won’t be counted in the snapshot.
- Eligible Wallets: Snapshots of CHZ balances will include: Spot Wallets, Funding Wallets, Margin Wallets, Simple Earn Flexible Accounts, and some other specific wallets.
- Exclusions: CHZ tokens pending deposit or withdrawal at the snapshot time and CHZ that has been borrowed via Margin or Crypto Loans are not subject to this airdrop calculation.
- CHZ Liabilities: Users with net CHZ liabilities (for instance, in Margin or Loan accounts) are expected to return an amount equated to 1000PEPPER tokens airdropped.
Please note that CHZ held in trade orders or loans will not be counted towards your balance for the airdrop.
Airdrop Ratio
According to the following ratio, every user will get 1000PEPPER tokens as follows:
- 1 CHZ = 150 (1000PEPPER)
This means that for every 1 CHZ you hold, you will receive 150 1000PEPPER tokens during the airdrop. For instance, if you have 1,000 CHZ, you might expect 150,000 1000PEPPER tokens after the airdrop is completed.
How to Prepare for the Airdrop
To prepare for the airdrop, here are a few steps you should consider taking:
a.) Make Your CHZ Balance Eligible
Make sure your CHZ balance is greater or equal to 100 CHZ, and your tokens are in the eligible wallets: Spot, Funding, or Margin Wallets. Also, it is highly recommended not to withdraw or transfer your CHZ during snapshot times or you may get disqualified.
b.) Account Verification (KYC)
A participant in the airdrop must go through the entire process of Know Your Customer at Binance. Only users with verified accounts and residing in eligible jurisdictions will qualify for the airdrop.
Distribution Process for Pepper Airdrop
Timeline for Distribution
Distribution of 1000 PEPPER tokens will be done when the full amount is received by Binance from the Pepper project team; the distribution will be done to all open positions in a single exercise and Binance will subsequently support further distribution announcements.
Stay Updated
Keep an eye out for the further announcement from Binance to get tuned for more updates. They will announce further distribution of the airdrop and future developments related to 1000PEPPER tokens.
Impact on CHZ Trading and Binance Services
Probably the first question any CHZ holder might have is how this airdrop would impact their ability to trade or use the services of Binance. Fortunately, this airdrop will not affect your ability to deposit or withdraw CHZ and will also not interfere with any open Spot, Margin, or Futures trading on Binance.
Also, Binance Earn services will not be affected within the airdrop period and interest will continue to accrue on your CHZ balance, if applicable.
Will 1000PEPPER Get Listed on Binance?
While Binance supports the airdrop, be aware that this does not guarantee the listing of 1000PEPPER on Binance. To that effect, the token must undergo Binance’s strict listing review and users must note that there is no certainty it will be tradeable on the exchange immediately after the airdrop.
Conclusion
The Pepper airdrop is an excellent chance for Chiliz holders to acquire a new token absolutely free of cost, but it all narrows down to eligibility. Ensure that you hold the required CHZ balance in eligible wallets and also complete Binance’s KYC verification in order to participate in this event.
Keep your eye on the Binance announcement for the date of distribution so that you don’t miss this opportunity to increase your holding with 1000 PEPPER tokens.
Pepper Airdrop Most Frequently Asked Questions (FAQs)
1. What if I Hold Less Than 100 CHZ?
Unfortunately, this means that users below 100 CHZ won’t be eligible for the Pepper airdrop.
2. How Do Snapshots Work?
Snapshots take your CHZ balance at a specific time to determine exactly how many 1000PEPPER tokens you are about to get. Please ensure your balance meets your needs before each snapshot date.
3. What Happens if I Have CHZ Liabilities?
This means that if you have CHZ liabilities through margin, loans, or VIP loans, you will have to return the equivalent amount of 1000 PEPPER tokens after the airdrop.
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