Some of you noticed that the TRY rewards have not been distributed yet, and it was due on the 1st of July. We would like to explain what is going on and what our proposed solutions are.
The TRY reward distribution was started on time as it was supposed to but due to massive demand on the Ethereum network, we cancelled the process. The proposed Gas to be used during that time was around 80 Gwei. To execute our smart contract to distribute the rewards would have cost around $20 per address. Maybe we could have gotten it down to $7, but that is still way too much to be economical, unless you owned more that 100,000 TRY.
2 Transactions were executed using 6 Gwei of gas, but they have been pending since the distribution on the 1st.
What we are proposing to bypass this problem, is to set up an off-chain solution. One that will keep track of all the rewards that has to be distributed with the corresponding addresses. Then, whenever the address owner wants to withdraw/claim the rewards, this can be done at any time. This solution does not require any transactions to take place on the Ethereum blockchain until the TRY holder wants to claim his rewards. This will allow rewards to accumulate until the network is free of congestion and the claim would be cheap (under $1) or until enough rewards have been accumulated to make economic sense for a higher transaction fee. We can then also implement a way to transfer TRY and ETH instantly, free from any transaction fees from peer to peer on this off-chain solution.
All the reward data have been stored already, so your rewards are safe until the network frees up or we have another solution in place.
With the above in mind, payout round will be in TRY tokens and it will be 13.53% of the TRY that was in the wallet at the time of the snapshot.