The Evmos Rektdrop
This ATOM, OSMO, ETH Airdrop is Better than a Stimulus Check
2021 was a rollercoaster. Many apes made massive fortunes moving around their liquidity rapidly, but many people also got rekt in the process.
We recently saw massive price drops in ATOM, OSMO, and across Ethereum. Gas fees hit new all time highs. Users were greatly affected by negative externalities of novel tech (EIP1559, Flashbots/MEV, broken DeFi contracts/bridges, etc).
Today, we are excited to introduce the Rektdrop, the genesis airdrop for Evmos. Our focus is to honor those who supported us in the long term (ATOM, OSMO participants) and are feeling the pain of the market dip, but to also give reparations to the victims who got rekt in places that tried pushing the envelope in the EVM ecosystem. The good news is that if you spent gas on any of the top applications on Ethereum, you technically got rekt by fees, so you are likely to receive something!
The Rektdrop is going to be novel in several ways:
- Implementing the gasdrop mechanism by Sunny Aggarwal
- The most number of chains and applications involved in an airdrop
- Airdropping to bridge users
- Reparations for users in exploits and negative market externalities (i.e. MEV)
By emphasizing usage, we increase fairness and decrease the likelihood of sybils making more in the network.
The end goal of Evmos is to bring together the Cosmos and Ethereum community and thus the Rektdrop has been designed to reward past participation in both networks under this theme of “getting rekt”.
Recipients of the Evmos Rektdrop will be able to claim their tokens once the network goes live mid-January 2022. November 25th, 2021 at 19:00 UTC will mark the snapshot for all the below criteria. This date was not only Thanksgiving, but it was also the genesis timestamp of the Olympus Mons incentivized testnet and its Martian Moon Missions. As such, we thought it was fair to give thanks based on this day.
The Rektdrop eligibility requirements have been designed to reward active users of the Cosmos and Ethereum ecosystems, but also make up for the year of the rekt. We have also outlined distributions to key organizations and individuals who have been critical to the development of Evmos, since they sacrificed time watching the markets to help move the space forward.
The more actions you have completed, the more tokens you are eligible for. Some categories will be weighted more than others. Please note that we haven’t finalized the exact weights for each category. Weights are being tuned to ensure fair distributions for the network. We will be releasing our reproducible process as part of maximizing the integrity of the Rektdrop and to share a guide for the community.
Cosmos Hub Users:
- ATOM Governance Prop 44: Without this proposal there would be no Evmos. Thanks to the generosity of the community for giving the Tharsis team 100,000 ATOMs, Evmos is made possible! Individual users that voted (independent of the option) will be eligible for this item.
- ATOM Delegators: Staking is a critical component of securing the network and we want to thank those that take part in it. Those delegated to centralized exchange validators will not be included in this snapshot. We will reward based on whether or not you have staked, not based on how much you have staked.
- OSMO Delegators: Osmosis has played a critical role in the growth of the Cosmos ecosystem as the first decentralized exchange on Cosmos and as such we want to thank those that have been early contributors.
- OSMO/ATOM LPs: This pool is not only the largest but also the first pool created on Osmosis and thus one that we felt had to be included.
- OSMO/AKT, ATOM/AKT LPs: With a founder named Akash (the rightful CEO of Akash Network), it felt wrong not to reward these LPers.
- OSMO/UST LPs: Not only is it one of the first stablecoins, but many holders of UST have been early DeFi users of Terra and should be rewarded as such.
- ION Holders: ION has graced the Cosmos ecosystem with its presence and we want to encourage further development of ION’s use cases and potential.
- IBC Token Transfers: IBC is the core of what makes Cosmos special and we want to reward users who take advantage of Cosmos’ capabilities. This item applies to all users that have transferred tokens to and from the Osmosis chain
Ethereum Gasdrop: Ethereum sparked a revolution in crypto by making smart contracts widely accessible to developers and users. As we prioritize expanding the capabilities of the Ethereum Virtual Machine (EVM), we want to thank the early adopters and active experimenters for making it all possible. We have selected a handful of decentralized applications on Ethereum based on activity (gas guzzlers) and TVL (total value locked). Users will be rewarded based on their usage of these apps proportional to their gas expenditure. To ensure that well-written, gas-optimized applications that were used more frequently don’t get less than poorly optimized gas-guzzlers, we will likely be capping distribution for each contract.
- Gnosis Safe
- MetaMask Swaps
- Perpetual Protocol
- Yearn Vaults
EVM Bridges: Bridges are critical to the movement of funds between chains that don’t have IBC enabled. We have chosen to reward those that have used the following bridges which support other protocols that are interesting in the ecosystem. These are gas heavy, so we sympathize with the users who had to go through the pain of using them.
- Hop Protocol
The Rugged: Web3 is going just great. Maybe not for everyone though. We want to pay it forward by giving back to the users that were affected by negative externalities, exploits or rugs that might’ve cost them significantly. This is a rough selection of events on Ethereum that we considered important for the Rektdrop:
- EIP1559 gas burning
- FEI/TRIBE Genesis Contributors
- CREAM (1 and 2)
- Poly Network
- Iron Finance
- Pickle Finance
Early Individual Contributors: Evmos has been a huge team effort that goes far beyond the resources of the Tharsis team. These contributors have doubled down on working on core things for the ecosystem but we felt they deserved more for their valuable work. The list includes teams that work on upstream dependencies such as Cosmos SDK, Tendermint, and IBC core, early contributors to the Ethermint library, Orijtech, and many individuals along the way who have made a significant impact to our project.
While we have yet to define the specifics of the amount of tokens recipients will be entitled to, there will be limits that could disqualify them such as:
- Your account doesn’t exist on-chain at the snapshot time
- You have made actions above without meeting the minimum token thresholds (for example, 5 ATOM or 20 OSMO for staking — not finalized yet)
- You have delegated a significant proportion of your tokens to centralized exchanges or 0% commission validators
As we get closer to mainnet, we will release more details and tools for the Rektdrop to make it possible for you to look up how much you are entitled to. In the meantime, stay tuned for details about the Evmos Token economics as well as exciting partners that we are bringing to support the network’s growth.
Your fellow REKT Cosmonauts at Tharsis 🌋
💻 Developer Documentation: https://evmos.dev/
👾 Official Discord: https://discord.gg/trje9XuAmy
🐙 GitHub: https://github.com/tharsis/evmos
🕊 Twitter: https://twitter.com/EvmosOrg
📯 Telegram: @EvmosOrg
📄 Medium: https://evmos.blog/
🖥 Evmos Website: https://evmos.org
🌋 Tharsis Jobs Board: https://thars.is