Proposal: 2nd Chance Airdrop

DRAFT 2

I’ve tried to incorporate all of the feedback above into this 2nd draft; however, there were parts that I didn’t fully understand and may not have included. I would strongly encourage someone more qualified and more experienced to take over from here, but if no one does, I’ll do my best. In an effort to make it easier, here are the changes made:

  1. Changed all $vlCXD to $CXD (ptrsdboy)
  2. Reduced claim period to 21 days (several suggested smaller duration)
  3. Removed the staggered unlocking periods due to technical constraints (Anthony)
  4. Changed to a 90-day locked period where any CXD claimed will be claimed as the proportional $vlCXD until the unlock date.
    • (NOTE: There is a wide range of opinions on this point, but I chose 90 days because even though there was not a locked period for the first airdrop, I felt it was needed for the vote to pass, and I think it will lead to more engagement and usage).
  5. Under Technical Specifications, in the first sentence, I changed ANY to BOTH, so that it now reads: “A qualifying wallet is a wallet that satisfies BOTH of the following conditions:”

CIP: [to be assigned]
Status: Proposed
Author(s): @Newbete4300
Discussions-to: Discussion: Second Chance Airdrop - #28 by Mo123
Created: 7/27/22
Quorum: of circulating $CXD supply / 50% of voting $CXD must be in favor of the proposal.

Simple Summary

Proposal to give qualifying wallets that did not claim during the first airdrop access to a $CXD token airdrop allocation.

Abstract

If accepted, this proposal will authorize the core development group to perform the following:

  1. Snapshot qualifying wallet addresses
  2. Activate an airdrop claim UI to allow qualifying wallets to complete the airdrop process
  3. Additional Parameters:
  4. Tokens are locked for 90 days.

Motivation

About ⅓ of the available tokens were unclaimed. Providing a 2nd chance would allow those who missed the first airdrop to redeem their tokens, as well as grow the new community

Specification

Overview

This proposal suggests an airdrop be set up for 21 days and the tokens received will be locked for 90 days.

Rationale

Based on community discussions, the following benefits were identified for CortexDAO to propose and approve this airdrop:

  1. Allow those who missed the first airdrop a second chance to receive an airdrop
  2. All of these tokens are locked initially
  3. The tokes will be unlocked after 90 days

Also, from the community discussion, the following concerns were identified:

  1. The 2nd airdrop tokens may be dumped immediately, resulting in a significant price drop. To reduce the likelihood of this, tokes will be locked for 90 days, thus allowing for more Cortex participation as well as placing a barrier for an instant exit.

The solution provided in this proposal should adequately balance both the benefits to CortexDAO along with the concerns presented by the CortexDAO membership.

Technical Specification

  • A qualifying wallet is a wallet that satisfies BOTH of the following conditions:
  1. Qualified for the first airdrop
  2. Did not claim their $CXD tokens
  • The core contributing development group will take a snapshot of qualifying wallets.
  • The following criteria determines how many $CXD tokens a wallet can claim:
  1. Quantity is determined exactly the same as the 1st airdrop
  • The core contributing development group will activate an airdrop claim UI to allow qualifying wallets to complete the airdrop process.
  • The airdrop process will require $CXD claims to be claimed as vlCXD for 90 days
  • The core contributing development group will close the airdrop 21 days from when it becomes available.

Voting

  • FOR: Approve a new airdrop allocation of $CXD tokens to qualifying wallets
  • AGAINST: Do not approve a new airdrop allocation of $CXD tokens

Copyright

Copyright and related rights waived via CC0 1

4 Likes

This is fantastic work. Thank you so much for your efforts.

1 Like

A locking of 90 days is way to short. It must be 6 months at least. Ideally a year.

There are different opinions on this, so, i believe the locking time must be inside the vote, with multiple options. It’s this possible?

  1. Team should not spend time in implementing complicated unlock mechanism suggested in the proposal. I suggest to simplify it.

(1) Entire cxd should be locked for one year. This means in second airdrop people will get vlCXD not CXD with one year lock

(2) rewards shared with second airdrop guys in normal way since their CXD are locked

(3) airdrop open for 14 days

(4) Once second airdrop concludes burn the remaining unclaimed CXD. Means, no chance of third airdrop

2 Likes

Hi there, I was also too late for the first airdrop. I Was not following all the social media close enough to be updated, my bad of course. I would love a second chance for an airdrop and I’m definitely okay with a certain lockup time as reciprocity. I hope we can figure this out and there will be an approval for the proposal. Thank you @Newbete for taking the time.

Kind regards.

1 Like

@Newbete thanks for putting this proposal together. Is there anything I can do to help you out? Would you like me to incorporate some recent suggestions into another draft? I agree with @prakashkr and @esteel7, the locking window should be at least 6 months or a year.

DRAFT 3

Thank you for your patience, as summer is the peak season for me at work, but it’s beginning to wrap up. Also, thank you to those who gave feedback.

Summary of changes: Increased locking period from 90 days to 180 and reduced the claim window from 21 days to 14.

Next steps: It is impossible to accommodate everyone’s input, but I tried to find the appropriate balance. Please give feedback, and I’d like some clarity on the next steps in order to make it official.

CIP: [to be assigned]
Status: Proposed
Author(s): @Newbete4300
Discussions-to: Discussion: Second Chance Airdrop - #28 by Mo123
Created: 8/12/22
Quorum: of circulating $CXD supply / 50% of voting $CXD must be in favor of the proposal.

Simple Summary

Proposal to give qualifying wallets that did not claim during the first airdrop access to a $CXD token airdrop allocation.

Abstract

If accepted, this proposal will authorize the core development group to perform the following:

  1. Snapshot qualifying wallet addresses
  2. Activate an airdrop claim UI to allow qualifying wallets to complete the airdrop process
  3. Additional Parameters:
  4. Tokens are locked for 180 days.

Motivation

About ⅓ of the available tokens were unclaimed. Providing a 2nd chance would allow those who missed the first airdrop to redeem their tokens, as well as grow the new community.

Specification

Overview

This proposal suggests an airdrop be set up for 14 days, and the tokens received will be locked for 180 days.

Rationale

Based on community discussions, the following benefits were identified for CortexDAO to propose and approve this airdrop:

  1. Allow those who missed the first airdrop a second chance to receive an airdrop
  2. All of these tokens are locked initially
  3. The tokes will be unlocked after 180 days

Also, from the community discussion, the following concerns were identified:

  1. The 2nd airdrop tokens may be dumped immediately, resulting in a significant price drop. To reduce the likelihood of this, tokens will be locked for 180 days, thus allowing for more Cortex participation as well as placing a barrier for an instant exit.

The solution provided in this proposal should adequately balance both the benefits to CortexDAO along with the concerns presented by the CortexDAO membership.

Technical Specification

  • A qualifying wallet is a wallet that satisfies BOTH of the following conditions:
  1. Qualified for the first airdrop
  2. Did not claim their $CXD tokens
  • The core contributing development group will take a snapshot of qualifying wallets.
  • The following criteria determines how many $CXD tokens a wallet can claim:
  1. Quantity is determined exactly the same as the 1st airdrop
  • The core contributing development group will activate an airdrop claim UI to allow qualifying wallets to complete the airdrop process.
  • The airdrop process will require $CXD claims to be claimed as vlCXD for 180 days
  • The core contributing development group will close the airdrop 14 days from when it becomes available.

Voting

  • FOR: Approve a new airdrop allocation of $CXD tokens to qualifying wallets
  • AGAINST: Do not approve a new airdrop allocation of $CXD tokens

Copyright

Copyright and related rights waived via CC0 1

1 Like

Sounds good to me. thanks for the effort

I am For the latest proposal.

I strongly disagree with having a shorter claim period that the first which is the original source of all the drama. It took me catching up on over 90 tediously-long development updates to run into this sudden pivot-migration to CortexDAO (mentioned only a scant four times in the Telegram announce channel which were clusted all into the last four messages there – four months ago), so if there’s a risk that people will miss the second airdrop, it’s better not to cut it too short.

Nonetheless, I’m in favor of the proposal.

Hey @Newbete, thanks for taking the time to write the proposal, gather feedback, and create an updated, revised version that we can vote on. The proposal looks good. I am moving it to a temperature check poll. Vote below!

We’ve taken a look at the development required for the airdrop, such as that necessary to determine the correct addresses and lock duration. If passed, this development will need to be scheduled around other, higher-priority development, such as finalizing the index token for launch.

Thanks again for taking the time, and to the greater DAO for contributing!

Temperature Check Poll

  • At least 10 community members must be in favor of the proposal.
  • The poll will be open for a minimum of 72 hours.
  • The results must reach at least 50%
  • Agree
  • Agree with revisions (please specify in comments)
  • Disagree

0 voters

FOR with the revision of having more days to claim.

1 Like

I’m here. I agree with the sentiment of losing track of things along the way. Going to just agree with this and hope that no one misses out a 2nd time.

2 Likes

Hey @andrew. Just to clarify, after the poll results, what are the next steps?

And thank you and @Newbete for structuring the proposal

I believe this should go to @anthony

Good question! Looks like the sentiment is positive, and the temperature check is in favor of moving this to a proposal. The development will be slotted in, and once complete, can move to an official Snapshot vote.

4 Likes

I would appreciate a second chance airdrop having been with APY.Finance since the beginning and then missing the first airdrop.substantial unrealized & realized losses aside; watching Medium for APY news after the APYFinance Discord went off my radar,it’s taken some sleuthing to find out what’s up

2 Likes

Welcome to the community! The airdrop is slotted in for development in preparation for an official governance vote. Keep an eye on the CortexDAO announcement channels for updates when the official vote goes live.

4 Likes

Hello Cortex DAO community. I’ve been an APY long term investor since Dec-2020. Always believed in the project and its goals and aspirations. I even contributed my investment to the LP pool. Its where I got my first lesson (the hard way) about what IL is.
I stayed vested in APY even through the drop and the bear because I could see the team was still working, building. The regular email updates were my monitor.
Just like many others I took my eye of the APY-ball just because of that is the nature of the bear, the market hibernates, sleeps. But I always kept my hopes that APY would make it through.
Praying and hoping Cortex DAO community members will approve the 2nd airdrop.

4 Likes

Well, you can also buy and lock CXD, so you can vote too.

1 Like