Shade Protocol Snapshot Details

Greetings Shade Protocol community! It has been one month since Shade Protocol on Secret Network was announced to the world. Since then, we have seen exponential growth of the community as excitement has built. Development from core contributors is moving along smoothly and is in alignment with the pre-planned snapshot and airdrop timeline.

Philosophically, we believe a core issue with airdrops is an inadequate amount of time for people to prepare for snapshots. While traditionally there is a lengthy period of time to claim airdrops, there are a large number of users ineligible to receive the airdrop in the first place due to lack of communication of snapshot requirements and deadlines in advance.

Shade Protocol core contributors believe proper communication and lead time for snapshots is one of the most important moments in a project’s life cycle — many projects have failed to do this historically.

Snapshot Details

  • Snapshots will begin November 7th at 5:00 pm. UTC +0
  • This gives users 28 days (10/11–11/7) to shift assets around in advance of snapshots — a lengthy period of time for stakers to prepare.
  • Snapshots will occur between November 7th 5:00 pm. (UTC +0) through December 13th at 5:00 pm (UTC +0)
  • 36 days of staking — this lengthy period of time from early November to mid-December is required to reward/identify devoted participants
  • Users are responsible for staking during the entire duration of the November 7th — December 13th range.
  • Regular anti-whale snapshots began in early 2021 on all three networks in advance of the announcement of Shade Protocol. Inspiration has been taken and hard lessons learned from other snapshots. The core contributors wish people who attempt to game the Shade Protocol airdrop “good luck”.
  • Exchange validators and their respected public wallets will be automatically blacklisted on all networks. Examples that will NOT receive an airdrop include but are not limited to:

Coinbase Custody ($ATOM)

Binance Staking ($ATOM)

Kraken ($ATOM)

  • Airdrop equation will not be revealed until after all snapshots are complete.

Staking Details

  • Total supply of Shade is 10,000,000
  • Secret ($SCRT), Atom ($ATOM), Luna ($LUNA) stakers are eligible for receiving the Shade airdrop
  • There will be no further communities added to the set
  • Target of ~1,450,000 Shade to be airdropped
  • 36% of airdrop to Secret Network
  • 32% of airdrop to Atom
  • 32% of airdrop to Luna
  • No minimum required staking amount on any network
  • You can realize multiple airdrop rewards by staking in multiple networks.
  • ~1.5% of Shade supply will be devoted to an incentivized testnet / community participation in advance of Shade Protocol launch
  • Tokenomics will be finalized and published prior to the first snapshot on November 7th
  • DEX LP staking is not included in the airdrop on any network.

Because a set amount of Shade will be distributed across stakers in the airdrop, this means that the smaller the marketcap of the network the more Shade per staked token will be given. For example, Terra and Cosmos have the same amount of Shade airdropped, but users that stake ATOM will notice that they will be getting more Shade.

There will be an extra airdrop bonus (and perhaps delightful surprise) for those who meet the following criteria:

  • Stake outside of the top 10 nodes of SCRT, ATOM, LUNA
  • Do not stake with 0% commission based nodes inside of the top 25 validators on any network

As a general principle, we encourage decentralized communities to engage in sustainable staking practices which includes the following:

  • Stake with smaller nodes
  • Stake to multiple nodes
  • Stake to meaningful community contributors
  • Stake to nodes that are active in governance

To re-iterate: all nodes on SCRT/ATOM/LUNA networks are eligible for the Shade airdrop, barring exchange validators.

Happy staking!

Telegram: https://t.me/ShadeProtocol

Twitter: https://twitter.com/Shade_Protocol

Shade Protocol is an array of connected privacy-preserving DeFi applications built on Secret Network. Featuring Silk: a privacy-preserving algo stablecoin.