‘Altitude’ and Airdrop Events 🪂
What is the Altitude?
Altitude is a decentralized finance (DeFi) application that provides a composable native asset bridge on LayerZero, a cross-chain communication infrastructure that enables users to send digital assets or messages across multiple blockchains in a trustless manner.
Altitude aims to simplify the process of transferring assets across chains and promote cross-chain liquidity. The platform offers several benefits, including infrastructure that allows for resilient transfers, guaranteed security with Secured Guaranteed Finality, lightning-fast transactions, low bridging fees, and zero impermanent loss. With these features, Altitude aims to provide a seamless and cost-effective solution for DeFi users seeking to transfer native assets across different blockchains.
(More info for LayerZero techs: layerzero.network)
Governance System?
Altitude recognizes the importance of community input and has implemented a governance protocol to gather proposals and gauge sentiment from users. Liquidity Providers play a significant role in the Altitude ecosystem, as they can farm ALTD with their LP tokens and stake gALTD for increased voting power while receiving redistributed fees through ALTD staking pools. To participate in the governance protocol and receive redistributed collected protocol fees, users must deposit their ALTD tokens in the Governance Pool to receive gALTD for voting weight. Proposals in the Altitude Governance will be used to determine the future of the protocol, including community sentiment on market conditions, introducing new asset pools, determining voting weights, gauging opinion on protocol improvements, and proposals for changing distribution weights on single asset pools. The Altitude team currently reserves the right to take action for the project’s benefit, but they aim to implement a Full DAO Governance in the future for a fully decentralized omnichain bridging protocol that benefits the community.
Altitude’s proposal system is designed to be accessible to all holders of gALTD. Once sufficient community support is gained, proposals can be submitted through Snapshot for voting. All passed proposals will be sent to the core team for further review and potential implementation. However, proposals that endanger the security and longevity of the protocol, conflict with other proposals or executed activities on the roadmap, lack clear or correct information, or require a large investment that hinders development may be rejected. Rejected proposals cannot be resubmitted for a period of time, to prevent endless discussions that waste time and resources.
Although it has not yet reached the mainnet stage, supported assets; Ethereum, Polygon, BNB, Fantom and Altitude. The platform includes eight networks: Avalanche, Arbitrum, Ethereum, BNB, Polygon, Metis, Fantom, and Optimism.
In addition to LP rewards, the platform’s own token, $ALTD, is also included in the release roadmap. Initially, $ALTD tokens can be farmed for liquidity incentives. Solo-staked $ALDT tokens will be converted to gALDT tokens and participate in governance management.
When users stake their ALTD tokens to receive gALTD, they become eligible to participate in the Altitude governance and receive a share of the fees collected by the protocol. These fees are sent to the protocol treasury, which uses them to buy back ALTD from the market. Whenever a buyback occurs, the treasury also distributes a portion of the bought-back ALTD to the gALTD staking pool.
The amount of ALTD a user can receive as a reward for staking gALTD is determined by the amount of gALTD they hold relative to the total gALTD in circulation. For example, if the total amount of gALTD in circulation is 100, and a user holds 10 gALTD, they will receive 10% of the ALTD distributed as a reward.
The ALTD rewards are distributed on a weekly basis using a ghost snapshot taken within the last 24 hours of every week. To be eligible for the rewards, users must have deposited ALTD during both the snapshot and distribution periods. The amount of gALTD a user receives upon depositing ALTD is determined by a formula that takes into account the total gALTD in circulation and the amount of ALTD deposited.
This is the token allocation for Altitude:
ALTD Allocation — 100,000,000 (100%) ALTD
- Community: 65,000,000 tokens (65%) These tokens will be released over a maximum of 48 months and will be used for liquidity provisioning, single asset staking for governance, and bootstrap liquidity on DEX’s like Curve.
- Team/Treasury: 25,000,000 tokens (25%) These tokens are dedicated to core contributors, future team members, and marketing expenses. They will be vested linearly per block over 18 months starting at Token Generation Event.
- Advisors: 2,500,000 tokens (2.5%) These tokens will be used to compensate advisors who assist with ecosystem development, marketing, liquidity initiatives, and team expansion.
- IDO/CEX: 2,500,000 tokens (2.5%) These tokens will be used to bootstrap liquidity for exchange and DEX listings.
- Strategic Airdrop: 5,000,000 tokens (5%) Up to 5% of the token supply is reserved for strategic airdrops. 🪂
So, how can we participate in the airdrop? On March 13th, the team announced a long-term event called “The Climb” in a Medium article. The event includes a seven-stage roadmap that will last about two weeks each, with the primary objective of distributing XP through Zealy (formerly known as Crew3) and allowing users to mint one climbing-related equipment NFT at the end of each phase. There’s a surprise waiting for us at the top, and the airdrop part that I mentioned earlier is being teased.
Since we are currently in the fourth stage, the event is coming to an end, and various campaigns are still being run for new users who want to join.
What kind of campaigns? “Eggs” The distribution of 1,000 eggs will be as follows: The eggs will provide a special role, similar to the Alpha section in Discord channels. Although not yet announced, the eggs will have a rarity classification at least.
There’s also a leaderboard on Zealy, and the top 50 users on the leaderboard will earn an egg for each climbing process. To earn points, you can create content or invite new users using your referral link, which is one of the most common methods.
If you’re interested, I’ll leave my referral link below for you to check out and join the event from this stage.
Zealy Ref. Link: https://zealy.io/c/altitude/invite/ogi41RZuxk42m40UpSAl9
Altitude Discord Channel: https://discord.com/invite/altitude
Altitude Twitter: https://twitter.com/AltitudeDeFi
Altitude Medium: https://medium.com/altitudedefi
