Airdrop #2 — Important Updates!
The community has changed a few rules of Airdrop #2 through governance.
On Nov. 22, 2021, Aquarius governance came into existence, allowing AQUA holders to choose the project’s direction by voting for or against proposals put forward by the community. Governance has added an extra layer of decentralization to Aquarius, creating a more diversified approach to its development.
Governance discussions mainly happen on Discord, with the community discussing and debating ideas. Within the first week of governance, many discussions occurred regarding Airdrop #2 and the pros and cons of the intended distribution and calculations used. Out of these discussions came two proposals with ideas on how to improve Airdrop #2 — proposal #19 & proposal #20.
In the end, the community accepted proposal 19 on Dec. 6, 2021, with proposal 20 rejected. This article will explain the changes proposal 19 has brought to Airdrop #2, helping the community understand what happens next.
✅ Airdrop #2 — What stays the same?
Base Eligibility
The base eligibility criteria of 500 XLM/yXLM & 1 AQUA stays the same. This criteria allows Aquarius to scan the Stellar blockchain on the snapshot date, helping determine who is eligible for Airdrop #2.
The more XLM/yXLM a user holds, the higher their reward.
A total of 15B AQUA tokens will be distributed during Airdrop #2 between all eligible users.
🔀 Airdrop #2 — What has changed?
📸 Snapshot Date
The snapshot date has been moved from Dec. 15, 2021, at 00:00:00 UTC and will now take place on Jan. 15, 2022, at 00:00:00 UTC. This change allows the Aquarius team time to test and implement the changes needed for working out everyone’s share of AQUA from Airdrop #2.
♒️ AQUA Holdings
Once base eligibility is determined, the airdrop formula also adds a user’s AQUA balance to calculation, increasing a user’s airdrop reward. AQUA tokens are theoretically converted into an XLM balance using an average market price.
Example:
If a user holds 1000 AQUA and the price of 1 AQUA is 0.1 XLM at the time of the snapshot, the user has a theoretical balance of 100 XLM in AQUA tokens added to their actual XLM balance.
This addition means there is no incentive for AQUA holders to convert AQUA to XLM for the snapshot. The value of AQUA is added to the formula automatically with no need to convert or sell.
💱 AMM — Liquidity Pools
XLM, yXLM & AQUA held in AMMs will count towards your Airdrop #2 calculation. There is no need to exit liquidity pools to prepare for the airdrop snapshot. Instead, the formula will automatically add all your XLM/yXLM & AQUA holdings in AMMs to the reward calculation.
IMPORTANT NOTE
Your AQUA and AMM balances only get considered if you have met the 500 XLM/yXLM & 1 AQUA base criteria. Ensure your Stellar wallet holds this balance at the snapshot time to be eligible. If your wallet holds 0 AQUA or 0 XLM/yXLM but instead has all XLM/yXLM & AQUA balances in an AMM, it won’t be eligible for Airdrop #2.
🔒 AQUA Lock Multiplier
As part of proposal 19, a multiplier will be added to a user’s reward calculation if they choose to lock AQUA tokens before the snapshot.
The Aquarius team is designing the locking tool needed for the proposed idea by the community. AQUA token holders have the option to lock some of their AQUA holdings for up to 3 years in a similar way to how AQUA is locked when voting for governance or liquidity rewards.
Depending on the amount and duration of token lock, a multiplier gets calculated and applied to the airdrop amount. The minimum multiplier is 1, with the highest being 4.
More information will be available with the release of the Aquarius locker tool planned to go live later in December 2021.
🗓 Distribution Schedule
In the initial airdrop, eligible users received claimable balances of their rewards for release at the same time and day every month from August 16 until December 16, 2021. This distribution method led to the flooding of the Stellar network as users attempted to claim, transfer, and exchange their AQUA rewards all at the same time.
To prevent this from happening for the three-year distribution of Airdrop #2 rewards, each user’s reward in each airdrop #2 phase will have its own unique unlock time and date.
If phase 1 of Airdrop #2 happens in Feb. 2022, each user will have a unique unlock time between Feb. 1, 2022, 00:00:00 UTC & Feb. 28, 2022, 23:59:59 UTC. This distribution method for Airdrop #2 rewards will create a more gentle flow of AQUA into the community on each distribution phase.
This distribution method should stop price spikes and troughs as all users have individual distribution times and dates.
🆕 What’s new for Aquarius?
Now you are up to date with the details of AQUA Airdrop #2, you might be interested in the Aquarius ecosystem and what it offers. You can use the following links to learn more about Aquarius governance, voting, and rewards.
Aquarius Governance Voting — Vote on community proposals
Aquarius Liquidity Voting — Vote on Stellar DEX markets to receive rewards
Aquarius Liquidity Rewards — See which Stellar DEX markets are currently rewarded
Aquarius Airdrop #2 — Check your wallets for eligibility & see all the stats for Airdrop #2
🗞 Subscribe & Follow
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