LFG: Less Fees and Gas, ONLY POSSIBLE ON SOLANA
Since we created $LFG just over 24 hours ago, we’ve onboarded nearly 55,000 Ethereum users who have bridged roughly $35M to Solana. We are immensely grateful to our Ethereum brothers and sisters for giving Solana a shot and for all of the help and love that the Solana faithful have shown to them. Our socials are full of warm interactions between Solana users and Ethereum users teaching each other their ways.
Our vision with $LFG is to recognize and reward those who have significantly contributed to blockchain technology, state verified compute and the ethos of decentralized, permission-less digital asset ownership. We acknowledge Ethereum’s pivotal role in fostering crypto adoption and early smart contract innovations. However, we believe it’s not the ultimate solution, it’s simply not a viable endgame.
Solana represents a future that seems so distant in Ethereum’s current roadmap. Imagine a world without exorbitant transaction fees, akin to moving from dial-up to high-speed internet, or from DVDs to streaming. Solana offers this leap, with thousands of transactions per second at a fraction of Ethereum’s cost, even when including its Layer 2 solutions.
Our approach is simple yet powerful: Show Ethereum users the staggering amount they’ve spent on transaction fees and contrast it with Solana’s negligible costs. We chose action over debate, hoping to demonstrate what a more efficient, cost-effective blockchain experience can be like. Our aim is beyond reaching 50,000 users; we want all of Ethereum’s active users, builders, and developers to experience Solana’s potential, all while enjoying a fun, gamified journey.
How We Got Here:
In devising the airdrop formula, we strived to balance rewarding active Ethereum users and ensuring meaningful token allocations. Our criteria and formula are designed to be fair, rewarding a broad range of users:
- Minimum $4269 spent on Ethereum gas.
- Interaction with at least one common Ethereum protocol.
- Airdrop amount based on a balanced formula considering transactions, ETH, and USD spent.
- The airdrop amount is proportional to the formula 0.1 * min(#txs, 1500) + 0.1 * min(eth spent, 20) + 0.9 * min(usd spent, 200000).
The initial token distribution is as follows:
- 40% to 387,000 Ethereum Wallets
- 20% reserved for Future Airdrops
- 24% Treasury for Marketing, long term growth incentives centered around Ethereum adoption
- 6% Liquidity incentives
- 10% to 10 early contributors, vesting linearly over 12 months
The Immediate Future–Round 2 and Distributional Changes:
We realize that there are a few groups that are missing out, and want to include them in our second airdrop. Only on Solana would it be possible to significantly broaden the reach of wallets we intend to participate in Round 2. Our second airdrop will be 2 weeks from today and It will consist of 10% of the supply, or half of the amount reserved for future airdrops.
Based on feedback from community members and prominent users of both Solana and Ethereum, we want to both expand the scope of $LFG to account for four new buckets:
- Smaller users of Ethereum, allowing wallets who have spent as little as $1,000 to be eligible
- Developers on Ethereum who have deployed a smart contract
- Claimers who interacted with major Solana protocols (to be announced next week)
- The brave men and women who were early LPs, giving their solana liquidity to Ethereum users trying out the chain.
Due to unprecedented demand, we will be ending the first airdrop claim 1 week from the writing of this post.
We’re adding new wallets daily and believe most claiming issues are resolvable by then.
Unclaimed tokens from Airdrop 1 and the second half of Airdrop 2 will be removed from the supply.
The Team will also reduce its allocation accordingly proportional to the amount that has been claimed. We are committed to a fair distribution, with it comes a powerful community.
Looking Ahead:
We want to continue to provide lasting value to the Solana ecosystem through onboarding Ethereum and EVM chain users. Through partnering with existing solutions and protocols, we can show our new friends the joy of extremely fast and cheap use cases they would have never even dreamed of on a main network. We plan on pursuing more partnerships and integrations with protocols and projects that will benefit from new user growth as we have already demonstrated with Orca and Mayan.
Taking a step back, we strongly believe that the best way to achieve lasting change is to encourage the amazing builders and developers throughout the EVM ecosystem to give Solana an honest chance.
Think of all the possibilities of valuable real world protocols that Ethereum developers could build here without the constraints of the EVM. We want to make that a reality for all of us. With recent advancements in AI reasoning and our teams’ execution and technical ability, we believe we can build a lasting and impactful permision-less, automated grant system to encourage the world’s best to build on Solana and take the leap. We won’t stop until we’ve injected some of the best technical and creative talent into the broader Solana ecosystem.
Until then, we hope everyone who has come over is enjoying spending Less Fees and Gas on Solana!
LFG!
