Discussion: Second Chance Airdrop

1

Posting this here because there’s really no excuse for the chats to be more active than the forums on this issue. Not long-term anyway. Come on Cortexians!

Still working on that. :upside_down_face:

Summary

There is heavy interest in the Discord and Telegram chats regarding APY token holders who missed the airdrop that ended on 5/19/2022. This is not a proposal.

Abstract

This post seeks to consolidate the airdrop discussion into the official forum.

Motivation

On March 29th, 2022 CortexDAO announced a $CXD token airdrop to APY token holders, LP providers, and boost lockers that completed the airdrop claim process. As part of the announcement, it was stated that the airdrop will:

  1. Not have a snapshot
  2. Will run for a limited time

On April 15th, 2022 the CortexDAO airdrop link was provided to the APY.Finance community. The CortexDAO airdrop had a countdown for the claims process to go live on April 19th, 2022.

On April 19th, 2022 the airdrop went live along with an announcement stating:

  1. Those who qualified will have 30 days to claim their airdrop
  2. Airdrop claim period will end on May 19th, 2022
  3. The APY token will be locked in the airdrop contract until the claim period ends

Despite these announcements, which both CortexDAO and APY.Finance had distributed via their usual update channels (Twitter, Telegram, Discord, and via email), as well as several reminders along the way, there were APY.Finance token holders who missed the deadline (May 19th, 2022) to claim their $CXD airdrop.

Specification

With the airdrop ended, $CXD token minting for the airdrop was automatically disabled in the smart contract. To authorize a second airdrop, a proposal must be presented to CortexDAO members for discussion. Additionally, the Core Working Group schedule should be considered while they continue with the 2022 Roadmap.

To keep things organized, please keep the discussion in this thread for the time being.

Have at it!

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2

Reserved for future ammendments

3

FTR I’m agnostic on this subject. There are reasonable considerations on all sides of the issue. I’m more interested in how the community problem solves together.

4

Thank you for creating this channel, I think everyone deserves a second chance but everyone will have to accept the final decision made on the matter.

My concern is this people that missed the original won’t be checking the many communications for many many months. How long do we wait?

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A lot of them are probably newbies experiencing their first bear market, so they got bored and lazy and walked away - it’s not smart, but understandable.

As for the duration of the second drop, I would say 30 days or less. This is a second drop, those that are actually interested in claiming are watching now and will probably claim within the first few days and then you’ll see the claim rate drop of a cliff.

Crypto is merciless enough, so I am in favor showing a little mercy and having a second drop if it’s feasible w/o causing issues as per the devs, and for no more than 30 days so we can move on from this issue.

6

I do have to agree with everyone that says we shouldn’t airdrop a second time but I just feel bad for everyone in crypto. I have been burned many times with a few wins also. I have holdings in over 50 projects and I generally only check in once a quarter for a few weeks to catch up. From BTC & Eth to Helium, Sand to now cxd. It is easier to buy than convert APY via airdrop. For someone that has 5000 Apy how much CXD would you get like 500?

$250 gets you like 10000CXD so…not really sure how much benefit there actually is.

However I do want to fully support anyone the missed the airdrop.

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7

I believe we should give them another chance, but with some conditions:

  • Snapshot: 2,71 CXD per APY held at May 19th 12:00 AM EST.
  • Duration: 30 days to claim.
  • No bonus for locked APY tokens.
  • CXD tokens locked for a year, without profit distribution.

It may seem harsh, but i think it’s fair.

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8

I fully support a second chance. People may not have been active on twitter or discord for any number of reasons, but they did support with their money.

Also I would not be too concerned with this needed to be done a 3rd time because after the APY price change, this served as a very loud announcement that almost every holder saw…which probably then led them to Twitter/Discord.

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9

I am also against any kind of penalty just because investors where not active in the community.

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I agree but not an airdrop for 30 days I’d give 3 days or a week at most. If they are truly concerned and committed they’d be claiming in the first day. 30 days is way way too long.

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11

So, if they get the airdrop and dump the tokens, everything it’s fine?
Not all but many of them were calling APY a Scam on Telegram and Discord, giving a terrible image to the project, so the locking time it’s a way to protect us -for some time- of that kind of “user” actions.

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12

I’d allow a longer duration to claim, and I’d keep profit distribution, if only to make it easier for the devs.

  • Snapshot: 2,71 CXD per APY held at May 19th 12:00 AM EST.
  • Duration: 365 days to claim.
  • No bonus for locked APY tokens.
  • CXD tokens automatically locked for a year

I think that’s fair, not overly harsh, and addresses the rug pull concerns active on Discord/Telegram.

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13

I like esteel7’s suggestion, but I would change the timeline and snapshot time a bit.

My airdrop suggestion

  • Snapshot: ~2.71 $CXD per $APY held on April 19th 12:00 AM EST.
  • Duration: 21 days to claim.
  • No bonus for locked $APY tokens.
  • $CXD tokens locked for a year, without profit distribution.

My thoughts
I think with advance notice, three weeks is plenty of time for anyone to get the second airdrop. It requires people to be just a little bit more attentive than the first airdrop, but without being so short it is punitive.

I also prefer getting a snapshot of a user’s $APY balance at the beginning of the airdrop, not the end. This, I think, avoids the (potential) effect of either artificial buys or price movement of $APY during the airdrop itself.

The “no bonus, no profit distribution, one year lock” I think is important as well. I’m fine with people being made whole, but I don’t feel people should be getting extra benefits as a reward the second time around.

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I had a large stake in the Balancer 80:20 APY/USDC pool that I kept since December last year. Now I’m left with a dilemma whether to even exit the position as it has become worthless. I wasn’t aware of the $CXD airdrop as I stepped away from DeFi for a couple months. How could a “second chance airdrop” fairly support cases like this?

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What do you define as fairly? That’s an honest question. Because with the drop in value of $APY, your position on $APY tokens must have dramatically increased on detriment of your $USDC holdings.

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I happen to be off of crypto community due to a disease, thats not an excuse but im holding APY for more than a year, i know there are rules always and follow them keep the community safe and focus, but it is important also show some undertanding for those (as me) who where not active during this period and can claim the tokens, there are no different from those who claims, bought groups are investors, and for that the project rise and growth with no opossition a 2 airdrop proposal would be awesome.

Hope DEVs take consideration for this petition and the vote can pass.

Hope community undertand this and not punish us for only not beeing active during 1 month.

Thanks a lot

Rodrigo

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Many users, myself included, are ok with having another airdrop, we just have to discuss about the conditions, and then proceed to vote.

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I support a second airdrop as the limited airdrop was unfair to a degree. I also don’t hold any APY so don’t have a vested interest. However, this second airdrop would likely need some conditions to prevent dumping.

  • Recipients should have 2 weeks to 30 days to claim, if you’re not caught up by then then idk fam some of the blame has to be on you and not the team.

  • Airdropped CXD should be locked, maybe for 6 months to a year to prevent immediate dumping. Therefore, the airdrop should be in vlCXD and not raw CXD. Recipients can still collect fees during that time and TVL should theoretically increase with the launch of idxCVX meaning fees should also increase.

I don’t think I can support a proposal that doesn’t have a locking schedule as realistically if you care about your small cap investments you should be watching the project closely. We do however need to nip this issue in the bud and move onto bigger and better things.

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19

Locking the airdropped CXD is a good idea, however, I think they should still receive fee sharing as it’s a bit harsh otherwise.

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  • I agree with the claim timeline of at least two weeks. I don’t want to see anyone put in a position where they really couldn’t claim at the airdrop time because of life issues, and if we set it less than two weeks, then that could be the case. I think three weeks is a nice compromise, but I would be fine if it was shorter. Thirty days to claim is just too long.

  • I also agree that we have to lock the airdropped tokens for this. One year sounds like a good length of time to allow the project to fully launch (Convex Index token, website UI, marketing push, etc.). Anything less than a year, and the project could easily see mass dumping before it gets a chance to bring in significant amounts of new people to a great project.

  • The airdrop has to be in CXD and not vlCXD, because vlCXD is not tradable. People have to have a token at the end of the process that they can lock, hold or sell.