Announcing the $GEL Lockdrop Program — Lock Your $GEL and Get the $SPICE Airdrop
A step-by-step guide on how to participate in the $SPICE airdrop.
The $GEL Lockdrop Program finally launches today (May 19th, 2022). A total of 30 million $SPICE (3% of total supply) will be allocated towards this Program, which is designed to distribute part of the governance power of the upcoming Arrakis DAO to the GEL community which incubated the project over the past year.
What Is $SPICE?
$SPICE is the native governance token of Arrakis. Arrakis is a web3’s liquidity layer, which at its core acts as a decentralized market-making platform enabling projects to create deep liquidity for their tokens.
Arrakis was incubated by Gelato until March 2022, when the Gelato DAO voted to spin the project, which was previously known as G-UNI, out into its own separate DAO.
Since its inception in February 2021, Arrakis has demonstrated exceptional growth on every conceivable metric. It currently has $500 million in TVL, which comprises around 10% of Uniswap v3’s entire liquidity.
This makes Arrakis the largest LP on Uniswap v3 by far, all without having any native liquidity mining incentives. Since the launch of its v1, top DeFi projects have adopted Arrakis vaults, including MakerDAO, Aave, OlympusDAO Pro, Frax, Synthetix, Fei Labs, Index Coop, and many more.
More info about Arrakis can be found on the official website and blog:
How to Participate in $SPICE Airdrop
Starting today, May 19th, $GEL token holders are able to participate in the $GEL Lockdrop by locking their $GEL on the official Gelato governance portal: gov.gelato.network/spice-airdrop.
Those who lock $GEL will split the 30 million $SPICE airdrop pro-rata, meaning the exact conversion ratio of $GEL locked to $SPICE airdropped cannot be known in advance (a theoretical lower limit of roughly ~1.26 $SPICE per $GEL locked if all $GELin liquid circulation were to lock).
Token holders will have 3 weeks to lock their $GEL tokens until June 10th at 3:00 PM GMT. The lock countdown starts on June 10th at 3:00 PM GMT and ends on September 8th at 3:00 PM GMT at which point everyone will be able to unlock and withdraw their $GEL.
Please Note: The exact date of the $SPICE airdrop is TBD and will be decided upon by the Arrakis Team. The airdrop will not necessarily happen when the $GEL Lock countdown ends. It is very likely that the actual $SPICE airdrop will only happen in 2023 and not prior to that.
Summary of $GEL Lockdrop Program
- Deposit starts on May 19th, 2022.
- Once deposited, the $GEL cannot be withdrawn until the unlock date.
- Lock countdown starts on June 10th, 2022, at 3:00 PM GMT.
- Unlock date: September 8th, 2022 at 3:00 PM GMT.
- Lock duration: 90 days.
- Airdrop will be distributed as $SPICE tokens.
- The total airdrop reward is 30 million $SPICE tokens.
- $SPICE Airdrop date is TBD (most likely sometime in 2023) and will be decided upon by the Arrakis Team. More info will be shared via Arrakis Twitter.
- The $GEL Lockdrop Program will ONLY be available through the official portal: gov.gelato.network/spice-airdrop.
- $GEL locking is only available on Ethereum, Polygon, and Fantom.
- Gelato $GEL token contract address on all networks: 0x15b7c0c907e4c6b9adaaaabc300c08991d6cea05
For more information about the $SPICE token and Arrakis Finance road map, please visit: https://arrakis.finance/
Please stay safe:
- The $SPICE token is NOT deployed yet. Beware of scammers and fake addresses.
- Team members of Gelato and Arrakis will NEVER DM YOU FIRST or ask you for money on any platform. You should be very skeptical of any DMs received by anyone claiming to be a Gelato or Arrakis team member.
Disclaimers:
- The $SPICE airdrop will be decided upon at the full discretion of the Arrakis Team and will not happen before 2023. Gelato does not have any influence over when or how this airdrop happens.
- Locking tokens for longer periods of time might be risky, thus please do your own research on whether you are willing to take on this illiquidity risk.
- Locking tokens means that they cannot be transferred or sold up until the Lock Duration ends.
- This is not financial advice.
Tutorial: A Step-By-Step Guide on How to Participate in the $SPICE Airdrop
You can lock your $GEL tokens before June 10th by visiting the official $GEL governance portal.
Step 1: Visit the official portal: https://gov.gelato.network/spice-airdrop
Step 2: Connect your wallet
Step 3: Input the amount you want to deposit, then approve the $GEL token for the Locking contract
Step 4: Lock your $GEL
You will see your locked balance on the portal. Also, there’s a timer showing the unlock date.
Please note:
- You are allowed to lock $GEL more than once, but any locked $GEL cannot be retrieved until the unlock date in September 2022.
- You are responsible for making sure you are depositing $GEL properly — the Gelato Team can’t help you track down misplaced assets. Please ensure you use a compatible wallet for ERC-20, Polygon, and Fantom tokens. We recommend MetaMask.
Legal Note
The party responsible for the SPICE airdrop will be Spacing Guild GmbH based in Zug, Switzerland (“Spacing Guild GmbH”). No other entity or individual is liable to any person in relation to the SPICE airdrop. The expressions “we”, “us”, “our”, “Arrakis Team”, and similar expressions above are to be construed accordingly.
The present communication is no offer to sell GEL nor SPICE tokens. Accordingly, Spacing Guild GmbH denies any liability in relation to the present communication.
Participants in the lock drop cannot rely on any of the above information and must assess on their own, as the case may be together with their advisers, whether they are willing and in a position to bear the significant risks associated with a purchase and locking of tokens, including the GEL tokens.
Spacing Guild GmbH reserves the right to change the above terms and conditions (including the point in time of the SPICE airdrop) at any time without prior notice. Furthermore, Spacing Guild GmbH reserves the right to terminate the process leading to the $SPICE airdrop at any time.
About Gelato Network
Gelato Network is web3’s automation network, enabling developers to automate & relay arbitrary smart contract executions on and across all EVM-based compatible blockchains such as Ethereum.
Gelato’s goal is to provide developers with a reliable, scalable & decentralized network to which they can outsource all of their web3 related DevOps operations.
Examples of which features are powered by Gelato include:
- Limit Orders on PancakeSwap
- Periodically updating debt ceilings on MakerDAO
- Offering users gasless token claims on Connext
- Automatically compounding yield farming vaults on Beefy Finance
- Automating the breeding of new digital racehorse NFTs on ZED RUN
- Rebasing of algorithmic stablecoins with Tomb Finance
- Updating price oracles on Abracadabra
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