RFC #6: LayerZero Airdrop Distribution Proposal

[RFC] Request for comment
1

Proposal for LayerZero Airdrop Distribution

Section 1: Summary/Scope

a. This proposal outlines the detailed distribution plan for the LayerZero airdrop to key contributors within the Wagmi protocol ecosystem.

b. The aim is to allocate tokens from LayerZero’s airdrop in a manner that rewards various participants who have supported the protocol’s growth.

c. The main objectives are to fairly distribute the airdrop tokens to GMI users, Leverage LP Approvers, Wagmi token holders, sWagmi token holders, and the development team.

Section 2: Reference

Section 3: Main Objective of the Proposal

Motivation for Proposal

  • Reward key participants in the Wagmi ecosystem:
    • GMI Users: Enhance protocol’s TVL by contributing assets to POL.
    • Leverage LP Approvers: Enable liquidity for leverage.
    • Wagmi Token Holders: Governance and support across all networks.
    • sWagmi Token Holders: Support long-term vision of the project.
    • Development Team: Requested in airdrop terms by LayerZero.
  • Promote further engagement and participation within the protocol.
  • Align the airdrop distribution with LayerZero’s guidelines and community expectations.

Detailed Distribution of Tokens

  • 10% to Development Address

    • Justification: Required by terms of LayerZero to support ongoing development and incentivize the team for their efforts in building and maintaining the protocol.

  • 30% to GMI Users:

    • Number of wallets: 382
    • Justification: GMI users are core contributors to the protocol’s TVL by participating in POL, thus driving the project’s growth and sustainability.
      Requirement: Entered strategies and GMI with any amount.

  • 20% to Leverage LP Approvers:

    • Number of wallets: 75
    • Justification: These participants enable their V3 NFTs for leverage, providing crucial liquidity and supporting the innovative mechanisms of the protocol.
      Requirement: Approved LP for leverage with any amount.

  • 20% to Wagmi Token Holders:

    • Number of wallets: 2291
    • Justification: Governance participants and token holders across all networks with a minimum of 1000 Wagmi tokens in their wallets. Their involvement is vital for the protocol’s governance and decentralization.
      Requirement: Holding at least 1000 Wagmi tokens on the wallet at the moment of snapshot.

  • 20% to sWagmi Token Holders:

    • Number of wallets: 587
    • Justification: Stakers of the Wagmi token who believe in the long-term vision of the project. Their commitment and support are essential for the project’s success and growth.
      Requirement: Holding at least 1000 sWagmi tokens on the wallet at the moment of snapshot.

In case where a single wallet is appearing in each of the categories, he will receive the reward for each category. Meaning, if a user Approved LP for leverage, entered GMI, holds at least 1000 Wagmi and at least 1000 sWagmi, he will receive the allocation for each. (4x the rewards).

The complete list of addresses that qualify for the airdrop can be found here:

LayerZero Airdrop list

Section 4: Contracts/Technical Requirements

  • Posting the proposal on the LayerZero forum
  • Submission of a CSV file containing the distribution breakdown of addresses.

Section 5: Timeline

  • May 22, 2024: Comments on this proposal are open for the next 24 hours.
  • May 23 2024: Proposal will be posted on our Snapshot page for voting.
  • May 27, 2024: If the proposal passes, it will be posted on the LayerZero forum.
  • May 31, 2024: Deadline for proposal submission to LayerZero.

We invite all Wagmi DAO holders to review and comment on this proposal to ensure a fair and transparent distribution of LayerZero’s airdrop tokens to our deserving community members.

Feel free to engage with us and ask any questions regarding the distribution. Wagmi!

1 Like
2

IMO sWagmi stakers should receive more than wagmi holders, most undervalued loyal protocol participants.

2 Likes
3

I get your point, but given the fact there are less sWagmi stakers ( 587) than there is Wagmi (2291) holders, each staker will recieve 4x larger allocation than a Wagmi token holder.

4

Good proposal, i Hope to see more people on Wagmi wagon in the future :smile:

5

100%, let’s go Wagmiers!

6

Than just add sWagmi holders to Wagmi airdrop, because sWagmi stakers hold wagmi too.

7

By doing that you would reduce allocation for sWagmi holders, and increase it for Wagmi holders.

8

My proposal is:
20% to sWagmi stakers + 20% to sWagmi & Wagmi,
so sWagmi will be rewarded > 20% but < 30%!

1 Like
9

As Kava Labs are a major supplier of liquidity will they be getting a proportional share of the airdrop in the GMI users and LP categories massively reducing the share for other GMI users and LP providers

10

How? Each wallet get’s the same allocation, no matter the amount provided in GMI or LP approved.

11

With only 75 users in the LP pool and 382 GMI Users, there are 5 times as many GMI users but only a 50% large allocation (30% vs 20%) leaving GMI users with less then a third of the average allocation per person as LP providers

I would suggest perhaps GMI users should get a 35% allocation and LP providers 15%, this still leaves the ‘average’ LP provider with twice the amount an ‘average’ GMI user is given

1 Like
12

Approving LP for leverage was available to everyone and plays a very important role in our protocol as a source of fees, so we wanted to reward the users that approved their LP’s as well as incentivize others to approve their LP’s.

13

I assumed it would be proportional to the amount of GMI and LP not a straight even split
So someone with $1 worth of GMI would get the same as someone with $20,000 worth of GMI

1 Like
14

Ok, I understand the reason for rewarding LP’s but still feels out of proportion to GMI users
For every 1 airdrop token to those in the GMI list, someone on the LP list gets 3.4, I feel that 2.5x as much is a fairer allocation but that just my p
personal opinion

15

But wouldn’t it be proportional? It will be the same for everyone, both those who have 1000 sWagmi and those who have 100,000

16

The different pools get a different amount
If for example there were 1m tokens to airdrop (Made up numbers for example, actual will be different) then the proposed split would be:

Wagmi holders - 2291 wallets get 79 token each
sWagmi holders - 587 wallets get 341 token each
GMI Users - 382 wallets get 785 tokens each
Leverage LP Approvers - 75 wallets get 2667 each

17

yes but there have been loyal folks staking when there was not even revenue share. There are some diehard holders from ice days 4x seems low for those!

1 Like
18

This is true. I agree.