# Participation & USDC Conversion

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

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

## The 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, a recovery and reminder window, a live participation dashboard and a final settlement timestamp. If the condition is not met by the deadline, the project pool remains in the MintGate Reward Vault and rolls into a future qualifying distribution. It is not transferred to Hazels as 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 receive 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

| **Item** | **Amount** |
| --- | --- |
| 100 contributed NFTs x 80 USDC average realised 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 realised net proceeds are distributed. Estimated floor value is never used as the payout basis.