DETF FundDrop — What You Need To Know
Yeah, we know. ANOTHER airdrop. It seems like every new blockchain released in the past year has been giving out free tokens for no apparent reason (with mixed results).
So why are we having the FundDrop?
To put it in simple terms, we want to make sure that DeFund lasts for many, many years.
In order for this to happen, the DeFund Network needs to have airtight security, substantial liquidity, and a smooth user experience.
In short, those who contribute to the progression of the 3 points mentioned above will be rewarded in the form of $DETF.
⬇️Read on for specific details on who will be eligible, and how to claim⬇️
🌐What is DeFund?🌐
For a quick recap, here’s an excerpt pulled directly from one of our older articles:
Introducing DeFund Finance: an application-specific blockchain to serve one purpose — help crypto enthusiasts grow their wealth over time. DeFund allows for the creation of decentralized exchange-traded funds (formally called dETF’s) with underlying assets from dozens and dozens of blockchains (and growing rapidly). Once a dETF is created, any DeFund user can invest in any of the created dETF’s offered. Want to invest in an index that tracks the CoinMarketCap Top 20? No problem. Want to invest in Joe’s next big arbitrage funds, go ahead. The possibilities are endless.
💸Airdrop Distribution💸
Purpose of the FundDrop: to incentivize participation in the bootstrapping of the DeFund Network
5% for testnet Validators
When running a blockchain, security is priority #1. Validators secure the network by making it harder for any one person/entity to control too much of the network and compromise the overall network’s safety. Here’s a helpful article on the Cosmos Hub website that goes into detail about what validators do for networks: https://hub.cosmos.network/main/validators/overview.html
10% for private testnet participants
Those who followed these instructions before the March 13, 2022 snapshot are eligible to participate in the private testnet. In order to become eligible for the private testnet airdrop portion, active participation in the private testnet is required. This portion of the airdrop is to reward our earliest DeFunders and initial testers of the network.
15% for public testnet participants
Just like the private testnet, the public testnet will reward those who are active participants in order to prepare DeFund for mainnet. The biggest difference is the public testnet is open to everyone and is intended to emulate the DeFund mainnet environment.
40% for stakers of ATOM, OSMO, and AKT (snapshot date TBA)
As previously mentioned, security is priority #1 for any blockchain. Those who help to secure the Cosmos Hub (ATOM), Osmosis (OSMO), and Akash (AKT) will be rewarded, as they are crucial to the success of DeFund as well.
At mainnet genesis, DeFund plans to utilize both Osmosis and the Cosmos Hub (potentially Crescent Network as well) to leverage the billions of dollars of liquidity living within these ecosystems. Also, DeFund hosts all frontend and software on Akash. DeFund plans to actively support and encourage the running of nodes/validators on Akash to promote maximum decentralization. As a result, we will be fairdropping 40% of the airdrop to stakers of Cosmos Hub (ATOM), Osmosis (OSMO), and Akash (AKT), as they are fundamental to the success of DeFund.
30% for DETF liquidity providers (snapshot to follow)
Having enough liquidity is necessary for the underlying assets of dETF’s to function, so those who provide liquidity to $DETF will be rewarded for doing so. Instructions for how to do this will be released on a later date.
For a full breakdown of the DeFund Token Economics, as well as how you may be able to earn even more $DETF as rewards, check out this article.
✅Claims Process✅
In order to claim your full FundDrop*, once mainnet goes live:
- Go to defund.app
- Add DeFund to your Keplr wallet
- Buy or create one dETF**
- Provide liquidity into one of the available liquidity pools for $DETF (unlocks final 30% of your FundDrop)
*Validators will have airdrop distributed directly to the wallet address used during private/public testnet
**Upon completion of the first 3 steps listed, the first 70% of the FundDrop you will be eligible for will be unlocked. You must complete the first 3 steps to receive any portion of the FundDrop. Those who only connect their wallet and do not interact with the platform will not receive their airdrop. This is all in an effort to eliminate any bots, bad actors, or people who simply want to flip their airdropped portion upon receiving funds. This also has the intent to increase participation with the DeFund platform, and help users to learn all of the features that DeFund has to offer.
Approx. 3 months after the mainnet launch of the DeFund Network, any DETF that goes unclaimed from the initial airdrop will be redistributed back into the Community Pool to be used in future governance proposals.
