# Participation & USDC Conversion

> Project-funded USDC becomes distributable only when every valid wallet in the fixed eligible snapshot completes its free mint.

Project-funded USDC becomes distributable only when every valid wallet in the fixed eligible snapshot completes its free mint.

## 100% mint completion condition

```text title="participation"
Participation Rate = Completed Eligible Mints / Eligible Staker Wallets
Distribution Unlock = Participation Rate equals 100%
```

| **Eligible** | **Completed** | **Rate** | **Result** |
| --- | --- | --- | --- |
| 1,500 | 1,500 | 100% | USDC distribution unlocked |
| 1,500 | 1,499 | 99.93% | USDC distribution remains locked |

Each project includes a primary mint window, recovery/reminder window, live participation dashboard and final settlement timestamp. If the condition is not met by the deadline, the project pool remains in the Drops Reward Vault and rolls into a future qualifying distribution under the published execution policy; it is not treated as Hazels operating revenue.

> **WARNING:** **The eligible cohort is fixed at the project snapshot. Invalid, duplicated, restricted or technically ineligible wallets are excluded under rules published before minting begins.**

## Conversion to USDC

Project-contributed NFTs carry no artificial or guaranteed value. They are converted only after legitimate secondary-market sales occur. Unsold NFTs remain in the Reward Vault and do not enter the distributable USDC pool.

```text title="net-pool"
Net USDC Pool = Gross Realized NFT Sale Proceeds
  - Marketplace Fees
  - Creator Royalties
  - Gas, Execution and Conversion Costs
```

| **Illustrative conversion** | **Amount** |
| --- | --- |
| 100 contributed NFTs x 80 USDC average realized price | 8,000 USDC |
| Marketplace fees | -160 USDC |
| Creator royalties | -400 USDC |
| Gas and execution costs | -100 USDC |
| Net staker distribution pool | 7,340 USDC |

Only realized net proceeds are distributed. Estimated floor value is never used as the payout basis.