Phase 1: Hashrate Backfilling

Phase 1 is expected to start early November 2024. During this phase, Prosper and its launch partners’ focus will be on executing two programs:

• Ensuring hashrate contributed to the DAO foundation comes live

• Determining the minimum hashrate-per-token peg

How it works for PROS holders

No additional action or cost will be required from existing PROS token holders in this phase. Prosper and its launch partners are contributing live hashrate to the DAO to kickoff the protocol and to ensure each PROS token has the required backing to unlock the new range of utilities.

Once the backfilled hashrate comes online, PROS token holders will be able to see that hashrate’s live performance metrics on our v1 App protocol dashboard. They will also be able to verify the existence of that mining power via credible industry partners. For more information related to those key metrics and concepts, you can also refer to our website’s “Prosper 101” education series.

Minimum hashrate-per-token peg

The hashrate-per-token ratio (i.e., = the protocol’s total live hashrate amount ÷ 100 million units of PROS tokens) at the end of Phase 1 will be locked in as the minimum peg, as demonstrated below using illustrative numbers:

We are currently still in Phase 1 and expect to bring more hashrate online—the corresponding minimum hashrate-per-token ratio will be determined as we announce the end of Phase 1 later.