Written by Marlon

On May 16, 2021

Proton Lend LOAN airdrop to XPR and MTL holders/stakers

We are excited to announce the introduction of LOAN governance token for Proton Lend and the incoming airdrop that can only be accessed directly on the Proton blockchain. The LOAN token will be used to vote on governance decisions such as which tokens can be collateralized on the protocol to borrow and lend, as well as the rates for borrowing. LOAN governance token can be earned in one of three ways:

  • The initial airdrop of LOAN to XMT (known as MTL on Ethereum), XPR and XPR short/long term stakers
  • Liquidity mining on Proton Lend via providing liquidity to any approved pair on Proton Lend protocol
  • Liquidity mining on Proton Swap via providing liquidity against any LOAN pair

Accessing the initial airdrop as well as liquidity mining can only be done on the Proton blockchain, the Proton Lend and Proton Swap protocol. The distribution of LOAN for the airdrop will be broken down through the following ratio:

  • 333:1 XMT (known as MTL on Ethereum)
  • 666:1 XMT liquidity pool Proton Swap
  • 1:1 XPR unstaked
  • 2:1 XPR short staked
  • 2:1 XPR liquidity pool Proton Swap
  • 10:1 XPR long staked 90 day
  • 30:1 XPR long staked 365 day

Proton Lend opens up a new possibility for borrowing and lending against multiple blockchains that were not accessible on Ethereum or other protocols previously. The LOAN airdrop will commence on June 15 7PM UTC​, any of the listed tokens that are held on Proton or in short or long staking contract at that time will receive the airdrop.

Check out our LOAN airdrop info website with more info and a countdown and the ability to check your LOAN allocation on https://loanairdrop.com/

And check the video out below where Marshall Hayner explains the Proton Lend platform and the LOAN token.

Guide for MTL holders:

Download and install the Proton wallet.

Check our guide on how to deposit crypto to the Proton Wallet. Once deposited, MTL will be automatically converted to XMT.

You will need to hold XMT during the snapshot to be eligible for the LOAN airdrop at a 333:1 ratio.

Guide for XPR holders:

Download and install the Proton wallet.

XPR is available on Proton mainnet and on Ethereum as ERC20 on exchanges, so you have two network options to deposit XPR:

You will need to hold XPR during the snapshot to be eligible for the LOAN airdrop at a 1:1 ratio.

Check our short staking guide on how to increase the ratio to 2:1.

Check our long stake guide below to increase the ratio to 10:1 (90 days) and 30:1 (365 days).

How to start long staking

To get started with long staking, visit proton.bloks.io and log in with your Proton Wallet. Next, click the Wallet tab, and select the Long Staking option on the left or click here.

You have two options for long staking:

90-day Long Staking

In this contract, you stake an amount of XPR for 90 days. This contract offers the benefit of 5% staking rewards, meaning that you will receive an additional 5% based on the performance of BTC if BTC outpaced XPR during that time. If XPR outpaced BTC, however, you will simply receive 100% of your XPR back at the end of the contract with no added bonus.

365-day Long Staking

In this contract, you stake an amount of XPR for 365 days. This contract offers the benefit of 50% staking rewards, meaning that you will receive an additional 50% based on the performance of BTC if BTC outpaced XPR during that time. If XPR outpaced BTC, however, you will simply receive 100% of your XPR back at the end of the contract with no added bonus.

Check out our full blog post on long staking that goes into more detail.

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