Do I receive GAS if I have NEO stored on my hosted wallet?
If you store NEO on your hosted wallet you will receive GAS on a monthly basis. This process is explained in more detail below:
- Every day at a fixed time we determine how much NEO every user has in his wallet. All of these daily values are added up at the end of the month.
- At the end of the month we look at how much GAS has been produced by all the NEO from the users at Bitvavo.
- Thereafter the produced GAS will be distributed evenly among the users that have NEO in their hosted wallets.
For illustrative purposes, please note the example below:
- In a certain month user A had 50 NEO for one day, 100 NEO for two days and no NEO in his hosted wallet at Bitvavo on the other days. In total, User A has had 250 NEO during this month.
- The total of NEO stored per day by all Bitvavo users is 500.000.
- The total produced GAS that will be distributed is 1.000.
- User A would get 250/500.000*1.000=0,5 GAS
The distribution of GAS will be added to your hosted wallet on every first Tuesday of the month.