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What is and How to Join the Plasm Network Lockdrop: The Ultimate Guide

This article will review the lockdrop mechanism for Plasm Network, the affiliation program, our current lockdrop schedule and how to actually lock your tokens in ETH!

The long-awaited Plasm Network is right around the corner and the team is proud to announce that the wait is (almost) over. Because this is an important moment for the Network, we wanted to make sure that everyone is caught up with the latest updates regarding the lockdrop and any other related information. So before we discuss how to lock your tokens, let’s first go through the basics for Plasm Network’s lockdrop.

What is a Lockdrop?

Lockdrop is a new method for distributing tokens. This method is an alternative to airdrops. Lockdrop distinguishes itself by distributing the initial tokens in exchange for the participant’s opportunity costs. In other words; the participant will “lock” a certain token (i.e. Ethereum or Bitcoin) to a smart contract (or something equivalent of one) that will hold the tokens for a predefined duration. The number of tokens receiving will be proportional to the value of the locked token and the duration of the lock. This was first implemented by the great people from Commonwealth Labs with the Edgeware project. Plasm Network will be using a modified version of the lockdrop called the Multi-Lockdrop. In short, the Multi-Lockdrop is when a lockdrop will happen multiple times with multiple tokens. You can learn more about this from our previous article.

The lockdrop application that we’ll be discussing later in the article is inspired by the one developed by Commonwealth Labs and we have specifically made it for Web3 enabled browser wallet (tested with MetaMask in mind).

What is an Affiliation Program?

In order to incentivize people who helped the Plasm Network community grow, we have come up with the Affiliation Program. By introducing your peers about the lockdrop and they have referenced your Ethereum public address (assuming it is registered as an affiliate via our discord survey) during the lock, both of you can receive a bonus of 1% per lock. You can learn more about the mechanisms of the affiliation program from this article.

When is the Lockdrop?

Our Ethereum lockdrop will be held from March 15th to April 14th. This will be a huge turning point for Plasm Network and we wish that many people would be able to join us. You can find our detailed schedule from this article.

Now we’ve covered the basic information regarding our lockdrop, let’s get into actually participating in it!

How to Participate in the Lockdrop

First, make sure that you have a Web3 wallet browser extension (i.e. MetaMask) installed to your browser. Without this, we cannot communicate with the contract through normal means.

Next head on to https://lockdrop.plasmnet.io/ to start the application. The actual demo below is done via a local chain on a local server, but the one from the above URL will give you a working version with the contract deployed to Repsten testnet. The main net contract is not yet deployed.

If you have properly installed your wallet extension, you should be greeted with the following loading screen and a prompt from your wallet. Make sure to allow the connection.

The first section of the applicationThe second section of the application

The lockdrop page will be dived into two sections; the input form and the global locks. The form is straight forward. You just have to input the amount you want to lock in ETH, the duration that you want to lock it for (the participant is able to choose from 30, 100, 300, and 1000 days), and the public address of your introducer. The last input requires special care as the form will only accept public addresses that are part of the affiliation program. If you leave this part empty, the introducer will default to `0x0000000000000000000000000000000000000000`. Furthermore, the introducer address input field will reject any invalid address hashes so please keep that in mind.

The global lock section will listen to every `Locked` event and display them as a list, giving participants immediate feedback for every lock.

Now let’s try locking some tokens! For this lock, I won’t provide any introducer to the form and only lock a certain amount for 300 days.

You can see that the wallet is asking for your permission to interact with the contract. Click confirm to make the transaction.

Given that everything went well, you can see a green toast popping on the side announcing that it was successfully locked.

You can also see that we have locked our tokens to the blockchain with the address of the lock by looking at the global lock tracker. You can also notice that because we didn’t provide any introducer, the list shows that we don’t have any.

This time, let’s try locking a token with an introducer’s address. The address above is a mock affiliated address so it won’t work on the real thing.

Furthermore, if you try to input an address that is not affiliated with the program or your own public address, the client will not accept the input.

Now we can start locking, and as you can see our introducer is properly displayed on the list.

Conclusion

We’ve looked into how the lockdrop for Plasm Network will work and how to use the lockdrop application. Given that you have enough tokens, it is fairly straight forward to use. With this, you should be able to participate in the lockdrop, and get your hands on some fresh PLMs!