Announcing the Initial AQUA Airdrop
A big thank you to early Stellar adopters.
Two weeks ago we announced Aquarius, a new solution designed to bring increased liquidity, and control of its distribution, to various Stellar DEX market pairs.
Aquarius is powered by AQUA, the token for rewards, benefits, and on-chain voting, that lies at the centre of the protocol’s incentive system.
If you missed the announcement, check out the previous article to learn more about the project.
💫 Retroactive AQUA Airdrop
Our goal for Aquarius will be to build a thriving, reliable and decentralized ecosystem around the protocol and AQUA tokens. This will not be possible without a strong and engaged community.
The earlier participants of the Stellar Network, who have previously contributed towards shaping market liquidity on the network, will naturally serve as responsible first holders of AQUA tokens.
Today we’re excited to announce the Initial AQUA token airdrop.
5% of the AQUA supply, or 5,000,000,000 AQUA, will be distributed to historical traders on the Stellar Decentralized Exchange.
As a thank you to the earliest Stellar DEX adopters, we’ll begin the AQUA rollout by distributing tokens to those who engaged in trading on Stellar in 2020 and earlier, all the way back to the inception of the Stellar network.
A snapshot of the latest Stellar ledger state before January 1, 2021, 00:00:00 UTC (taken on ledger 33340063) will determine the reward for each wallet, with 4 levels of rewards available. The amount of AQUA tokens received isn’t affected by unfair factors, like how many XLM or other assets a wallet might hold. Please keep reading to find out more.
Every Stellar wallet that has completed at least one trade (an offer that’s filled partially or fully) on the SDEX before the snapshot date is eligible and will have the opportunity to take part in the distribution. Completed path payments (sent or received) do not make an account eligible for this airdrop.
Don’t worry if you haven’t qualified for this airdrop. Our next airdrop will target every Stellar Network participant, even those who just recently got into Stellar. Stay tuned for more details at a later date.
Distribution of the retroactive airdrop will start approximately August 16, 2021, 10:00 UTC and will gradually be delivered to all eligible accounts.
🚚 Distribution Overview & Duration
The airdrop distribution will happen through a claimable balance payment (introduced in Stellar Protocol v15).
Claimable balances allow the sending of assets to wallets that don’t have an AQUA asset trustline yet and also to those currently no longer active on the network (merged). Using this protocol feature allows us to make sure everyone has a fair chance to grab their AQUA.
A medium article explaining how to reactivate previously merged wallets will be uploaded to medium soon, so please subscribe to our medium, or other social channels (Twitter, Telegram), if you believe you have access to eligible merged wallets.
AQUA tokens will be delivered to eligible wallets in 5 phases. These phased distributions will be sent out around the same time monthly. We will announce the date for each distribution phase on our social channels (Twitter, Telegram) in advance.
Each of the 5 claimable payments must be collected by the eligible wallet within approximately 30 days of the payment creation date. If the payment is unclaimed after a 30 day period, it will be collected back and reserved for the Community DAO fund.
Please use the graph below for a rough reference to the distribution dates for each part, as well as the estimated deadlines for collections.
If a wallet misses a phase they will not be excluded from receiving any following payments and can continue with the remaining phases. As determined by the initial snapshot, the airdrop recipients would be the same for each distribution phase.
AQUA tokens not claimed in each distribution round will be added to the Community DAO fund. This fund, held in a multisig wallet for the future, will be used by holders of AQUA tokens who will vote on what these funds should be used for.
🔢 The Multiplier Effect
As previously mentioned there will be 4 levels of rewards. You will be able to check your multiplier and level of reward with our soon to be released Eligibility Checker.
The reward levels are:
Level 1 (Base reward x 1)
The base reward is offered to all eligible wallets.
Level 2 (Base reward x 2)
The base reward and 1 bonus criteria being met.
Level 3 (Base reward x 4)
The base reward and 2 bonus criteria being met.
Level 4 (Base reward x 8)
The base reward and 3 bonus criteria being met.
The criteria for the multipliers are as follows:
Criteria 1 — Wallet Trade Activity, how many trades has the wallet made?
Criteria 2 — Ultra Stellar Use, has the wallet used Ultra Stellar products?
Criteria 3 — Wallet Creation Date, has this wallet existed for a while?
Wallet Trade Activity
This criteria looks at how many trades your wallet has made. If you have made more than 10 trades with this wallet, you qualify!
Ultra Stellar Use
This criteria looks at your wallet’s interaction with some Ultra Stellar products. Using the Stellar blockchain, we can check the federation addresses for LOBSTR & StellarTerm to see if you may have used these products. There’s a good chance that if you’ve used LOBSTR or StellarTerm with your wallet before January 1, 2021, you qualify!
Wallet Creation Date
This criteria looks at how long your wallet has existed. If your wallet was created before January 1, 2019, 00:00 UTC, two years before the current snapshot, you qualify!
🏋️ Example
In this example the AQUA base reward rate will be 100 for simplicity.
We can see Jenny has qualified as her wallet traded before the snapshot date. She also met the Wallet Trade Activity criteria. She will receive 200 AQUA in total as she was eligible and met 1 criteria.
100(the base reward) x 2 = 200 AQUA
Mark has met the Ultra Stellar Use criteria but unfortunately was not trading before the January 1, 2021, 00:00 UTC snapshot date. As such his reward is 0 AQUA.
100(the base reward) x 0 = 0 AQUA
Luke has been very active on the Stellar DEX and in the community. He was eligible for the snapshot and has met all 3 criteria! As such he gets 800 AQUA.
100(the base reward) x 8 = 800 AQUA
🛄 ♒️ How do I claim my AQUA?
Eligible Stellar wallet holders can collect their AQUA tokens in any application that supports the claimable balance feature of the Stellar network.
The retroactive airdrop is not region restricted and no KYC is required to claim your AQUA tokens.
Users of LOBSTR, StellarX & StellarTerm should be all set to collect the AQUA airdrop inside their accounts and new users are welcome to join as well.
If you become a new user of LOBSTR ensure to use the Connect Stellar Wallet button on sign up to connect your eligible Stellar wallet. If StellarX is your preferred choice click the I’ll enter an existing Stellar secret key option on sign up. Remember, new Stellar wallets will not be eligible for this AQUA airdrop.
Once Stellar wallets using LOBSTR, StellarX receive a claimable AQUA payment, the user will be notified via an email message and also receive a push notification from the mobile app, suggesting to collect the payment.
When logged in, a noticeable message will be displayed inviting you to claim the payment from the interface.
Collection of your first claimable payment will require an AQUA trustline. If this isn’t already set up, you will be required to have at least 0.5 XLM available in your Stellar wallet to cover the reserve requirements for the AQUA trustline. This trustline will be established automatically at the time of payment collection on LOBSTR, StellarX & StellarTerm.
Once you collect the payment from within the interface, your AQUA tokens will be immediately available in your wallet to send and trade.
We will notify you when the next payment is available!
🗞 What’s next?
For those new to the Stellar space, keep an eye for the announcement of the second airdrop event targeted at a wider audience later this year.
The details and requirements will be announced on our social channels in advance — subscribe and follow along!
- Visit https://aqua.network/ to learn more about the vision for Aquarius and the AQUA token
- Sign up for email updates on the website
- Join project Aquarius on Socials: Twitter, Telegram
- Learn more about Ultra Stellar products and services: website, Twitter
In the coming months, we look forward to sharing updates on AQUA token integration in Ultra Stellar products, Aquarius development progress, partnerships, and more. Stay tuned!
