ZetaChain Airdrops 17.4M ZETA to Contributors Using TokenTable by EthSign
ZetaChain
ZetaChain is an L1 blockchain with built-in interoperability — with ZetaChain, you can access all chains from one place without needing bridges or wrapped tokens. Developers can build with ZetaChain’s EVM-compatible smart contracts, which span all chains. This includes non-smart contract chains like Bitcoin, enabling the creation of omnichain dApps, which can leverage liquidity on multiple networks and read and update states on all connected networks.
Challenge
Under the ethos of progressive decentralization, L1 blockchains conduct airdrops to distribute ownership of the network to their community. Ideally, community members who participate in the network — by deploying smart contracts, testing applications, helping with ecosystem growth, etc.— are rewarded proportionately to the value they create.
A well-executed airdrop is essential in bootstrapping decentralization and real usage of a blockchain protocol and is also a huge marketing opportunity. ZetaChain allocated a total of 31.5M ZETA (1.5% of 2.1B ZETA total supply) to this genesis mainnet airdrop, with rewards allocated to over 800,000 contributors to ZetaLabs’ testnet. (See full token distribution here).
To ensure regulatory compliance, ZetaChain required KYC and AML checks on contributors receiving an airdrop greater than 200 ZETA; additionally, they prevented airdrop claiming from OFAC sanctioned geographies.
Enter TokenTable
ZetaChain used EthSign’s TokenTable to conduct their KYC-gated airdrop on January 31st, 2024. The engagement entailed the development of a custom version of TokenTable that facilitated a compliant, streamlined airdrop for both ZETA recipients and the ZetaChain team.
The following TokenTable modules were used to facilitate the ZetaChain airdrop:
- KYC-Gated Smart Contract Access: Integration of the reputable KYC/AML provider SumSub to verify the government identification and liveness of ~15,000 airdrop recipients. For these recipients, passing the KYC check is a smart-contract-enforced requirement to claim the airdrop.
- Custom Claiming Interface: Development of a co-branded TokenTable interface that recipients are routed to from ZetaHub to claim their airdrop. Users connecting to this custom interface from OFAC-sanctioned geographies will be blocked.
- Pre-paid Gas Fees: Before the airdrop, ZetaChain contributors could not obtain mainnet ZETA, so the TokenTable Unlocker smart contract was outfitted with pre-pay gas fee functionality for claimers.
Smart Contract Access Control via SIGN Protocol
In order to restrict non-KYC’ed addresses from claiming ZETA via TokenTable, the off-chain KYC verification status of recipient addresses must be communicated to TokenTable’s Unlocker smart contract.
SIGN Attestation Protocol was implemented in parallel with SumSub to a) bind the airdrop recipient's wallet address to an their KYC verification status, and b) to port recipient addresses’ KYC verification status on-chain so that TokenTable’s Unlocker smart contract can validate it.
The airdrop claiming flow is as follows:
- Whitelisted wallets from non-sanctioned geographies are able to connect to claims.zetachain.com.
- Claimers can view how much ZETA they have available to claim, and any lockup terms.
- Conduct KYC verification via Sumsub by submitting their government ID.
- To bind their address and KYC verification, claimers must use SIGN Protocol to sign an attestation message that is a hash of their address and KYC status using the below Schema.
- The TokenTable Unlocker smart contract must validate the KYC attestation before enabling the associated wallet to claim its ZETA airdrop.
data (string) : {"name":"zeta kyc schema","data":[{"type":"string","name":"applicant"},{"type":"string","name":"applicantId"}]}Smart Contract Deployments on ZetaChain Mainnet
- ZetaChain’s TokenTable Unlocker
0x0FC8f47c5bD1C89B0e2f08bFe72DF4EA9dff61AA - SIGN Protocol Attestation 0x1BC26dd23b773806f080Acf65Cfb744166be9463
- ZetaChain’s TokenTable FutureToken
0xE9C65665fF9772C5f8c7c2E27781447f4a98d568 - ZetaChain’s TokenTable TrackerToken
0x03172Eac80f9520E766676D834F805c30abA1FF5
Impact
Total 17,789,923 ZETA airdropped to KYC’ed claimers valued at $29,709,171.41 ($1.67/ZETA on 2/1/2024).
“Working with the product and team has been a pleasure. The combination of SIGN Protocol and TokenTable enabled an airdrop experience that was safe, transparent, and seamless for users, with the flexibility and attention to detail that was needed for such a critical moment for ZetaChain.
As well, the team has been incredible in helping make sure users are heard and helping resolve any issues that came up at any step of the process.”
— Brandon Truong, lead product contributor for ZetaChain.
As of Febuary 5th, 2024:
- 14786 — Total KYC whitelisted addresses
- 13736 — Total KYC applicants
- 12858 — Passed KYC
- 295 — Rejected due to block list/fraud
- KYC pass rate — 98.21%
- Median verification time — 14 sec
EthSign, TokenTable, & SIGN Protocol
TokenTable is used by projects to automatically unlock, distribute, and oversee a company’s token supply. TokenTable uses smart contracts to mitigate human error and third-party custody risk enhancing efficiency and transparency for web3 founders, investors, and employees.
EthSign is a decentralized electronic signature platform that provides transparency and security by removing dependencies on third parties to maintain and secure contracts.
Sign Protocol is EthSign’s underlying omni-chain attestation protocol, enabling users to attest and verify any information on-chain freely. Attestations are digital signatures on structured data used to build more trust on-chain. Smart contract logic can be configured dependent on attested data. There is a wide range of use cases for on-chain attestations, such as on-chain KYC, RWA ownership attestations, integration with DeFi logic, and more!
