Algorand Foundation 200M Staking Rewards: Update

The Algorand Foundation would like to remind wallet holders who have enrolled in the Algorand 200M Staking Rewards program to complete their KYC before Feb 23, 2020 in order to receive the Period 1 (March 1st) rewards distribution ( specifically eligible until block 5,169,000, which is expected to occur on Saturday, Feb 29th, around 23:59 SGT ).

For those participants who have successfully completed the KYC before Feb 23rd, 2020, and are not disqualified on March 1st, 2020,  Period 1 staking rewards will be distributed on March 3rd, 03:30 SGT, 2020 . 

Participants who maintain the minimum balance but do not complete KYC before Feb 23, 2020 will not receive the Period 1 staking rewards on March 3rd, 2020. These undistributed staking rewards will be kept in an escrow account (that will not be receiving regular participation rewards).  Participants who complete their KYC between Feb 24, 2020 and Aug 23, 2020 and whose wallets have not been disqualified at any time until Sept 1, 2020, will receive both Period 1 and Period 2 staking rewards on Sept 1, 2020. The same approach will be applied for following periods. Participants who have not completed their KYC by Aug 23, 2021 will be considered to be disqualified and their escrowed staking rewards from Periods 1, 2, and 3 will be distributed to all the wallets that are still qualified on Sept 1, 2021. 

Recall that rewards of disqualified wallets are distributed to all qualified wallets, both those that have passed KYC and those that have not, proportionally to their staking balances. For the wallets that have not passed KYC these amounts will also be put in escrow. 

Importantly, please remember to maintain your minimum balance at all times to stay in the Staking Program. If you are using a custodian, be aware of their practices of maintaining balances. For some custodians a transaction of any amount (even 0 Algos) may cause the wallet to go below the required minimum and thus to be disqualified.

The staking rewards you receive on March 3rd, 2020 will be added to your current minimum balance to form the new minimum balance for the next Period. For information on how to complete KYC, please click here.