The Root Network Distributes 362K XRP and 4.7M ROOT to Stakers
The Root Network, a decentralized blockchain incorporated with the XRP Ledger DEX, has announced the distribution of substantial XRP tokens as rewards to stakers on its platform.
In a recent tweet, The Root Network proclaimed that it rewarded 371 stakers who participated in securing its platform with 362,000 XRP. Per the notification, the amount of XRP distributed tokens represents a significant increase from the past reward, given that the level of network activity has increased.
As network activity grows so do the rewards. 🌌
Those securing The Root Network in the last cycle were awarded over 602k Vortex tokens, with The Vortex containing 362k $XRP and 4.7m $ROOT.
Help secure The Root Network by staking ROOT and receive Vortex token rewards for… pic.twitter.com/EL2CRx4xqY
— The Root Network (@TheRootNetwork) November 23, 2023
The Root Network Reward Distribution
Specifically, The Root Network rewarded the network participants with 602,000 Vortex tokens. Vortex is the reward token of the blockchain’s network, which it distributes to individuals who contributed to securing the network during the last reward cycle.
Gas and network fees and the network’s bootstrap incentive are accumulated in Vortex. After the reward cycle, these accumulated rewards are dispensed in the form of Vortex tokens to participants in the network.
Also, Vortex tokens represent a proportional share of the tokens present in The Vortex, including XRP, ROOT, SYLO, and ASTO.
For this last cycle, the shared 602,000 Vortex tokens amount to 362k XRP and 4.7 million ROOT. In dollar value, it implies that a $225,382 XRP reward was shared with The Root Network’s stakers and validators.
As for the ROOT token, its dollar value is $143,400. This implies that XRP accounts for the largest share of the distributed Vortex token reward.
Other tokens shared alongside XRP and ROOT are 147 ASTO and 58 SYLO tokens. Notably, the total number of validators The Root Network awarded in this cycle is 2,074.
It is worth mentioning that The Root Network distributes these tokens as proof-of-stake rewards to the validators and stakers every 90 days. Notably, the rewarded participants can view their Vortex tokens in their respective staking Dashboard and FuturePass.