The Tron Foundation has distributed circa $633.3K worth of USDT stablecoins in an annual percentage return plan (APR).
The giveaway came as a part of an incentive plan that would distribute $30 million worth of USDT among early TRC-20 based stablecoin users. In a 31 days period, Tron intends to reward users based on the amount of USDT they hold.
The round started on July 15, which saw Tron giving 100 percent APR to USDT holders. The foundation slashed the APR by half on the next day. And the period defined by July 17 and July 27 saw it further decline to 15 percent.
The total USDT distribution totaled $633.3k on July 26, marking 12 days wherein Tron allocated a sum of 630,852.934110 USDT to a total of 19,195 accounts. The last distribution phase saw the foundation rewarding 34,762.350869 USDT to 1,671 accounts.
“This TRC20-based USDT reward campaign features:
Longer duration: the entire incentive plan will last for 31 days;
Higher reward: APR 100% as maximum reward;
Free of charge: zero cost for users to receive rewards;
Larger Reward Pool: calculating based on the current circulation of TRC20-based USDT, the overall reward spending could be as high as 200 million RMB, without a hard cap.”
From now until July 31, the APR on USDT will reduce to 3 percent.
“We will decide if there will be an extension of the plan or a new plan instead based on community feedback,” stated Tron.
Tron (TRX) Price Down
Tron price is down 3.5 percent, according to data fetched by CoinStats’ cryptocurrency portfolio management app.
The TRX/USD instrument dropped to 0.0213 on Saturday. Against bitcoin, the cryptocurrency slipped 0.31 percent. The bearish condition, meanwhile, is appearing like a buying opportunity for CoinStats’ users. TRX trades on our app shows that 55.2 percent users buy or wants to buy Tron.