Phase 1: Public Open Beta Airdrop — Announcing an Increase in esHMX Allocation to the Airdrop Rewards Pool & Airdrop Qualification Criteria
Dear Dragons,
It has been approximately two months since the commencement of our Public Open Beta, and we are thrilled to reflect on the remarkable journey we’ve had so far. Over the past 60+ days, HMX has achieved a remarkable trading volume milestone, surpassing $1.6 billion US Dollars. This achievement stands as a testament to the strength of our platform and the enthusiasm of our user base.
As many of you may recall, we made a commitment that upon reaching the $1 billion trading volume milestone, we would allocate the maximum airdrop rewards of 2% of total supply. These rewards are intended for qualified participants who actively engaged in the Public Open Beta phase and past users of Perp88.
However, upon engaging in extensive internal discussions among our contributors, we have arrived at an exciting decision. We feel deeply grateful for the incredible support shown by all our users, and we are delighted to announce that we are increasing the airdrop allocation. An additional 0.5% of the total token supply will be taken from the ecosystem fund and earmarked for this purpose.
Consequently, the total airdrop allocation now amounts to 250,000 $esHMX or 2.5% of the total token supply. This allocation holds an approximate value of ~$3.625 million, calculated at the current market rate of $14.5 per HMX.
Today, we are reaching out to share the specific criteria that will be utilized to determine the allocation of rewards. Kindly refer to the outlined criteria provided below:
Note: You may qualify for $esHMX airdrop from multiple allocations. These allocations are not mutually exclusive.
Allocation 1: HMX Traders (by Asset Class)
Allocation: 4.5% of total allocation or 12,500 $esHMX
Qualified Participant: HMX Traders
Description:
This allocation is reserved for traders who opened a leveraged trading position on at least one asset class at HMX between June 22nd 00:00 UTC to August 9th 23:59 UTC.
Qualified traders will receive 1 point for each asset class that they’ve traded during the period, with a maximum of 4 points. $esHMX rewards from this allocation are distributed among all qualified participants based on their points compared to the total points awarded within this allocation.
To calculate your share of airdrop, we will use the following formula:
Your $esHMX airdrop from Allocation #1 = Your points from Alloc #1/Total Points from Alloc #1 * 12,500 $esHMX
Allocation 2: HMX Traders (by Trade Vol.)
Allocation: 40.5% of total allocation or 101,250 $esHMX
Qualified Participant: HMX Traders
Description:
This allocation is reserved for traders who used HMX’s leveraged trading feature and contributed a minimum of $5,000 in weighted trading volume between June 22nd 00:00 UTC to August 9th 23:59 UTC.
The weighted trading volume is calculated by multiplying the trader’s trading volume of each asset class during the Public Open Beta with the multipliers associated with those asset classes, which follow the same format as TLC. For example, $1 worth of trading volume on BTC or ETH would be 4x where as $1 worth of trading volume on FX would be 1x.
Users are categorized into various tiers based on their weighted trading volume, with corresponding points awarded according to their tier placement. Notably, higher tiers correspond to greater point accrual (refer to the table below for an overview).
The $esHMX rewards from this allocation will be proportionally distributed among qualified participants based on the points each earned from their respective tier placement, compared to the aggregate points earned by all qualified participants across all tiers.
To calculate your share of airdrop, we will use the following formula:
Your $esHMX airdrop from Allocation #2 = Your points from Alloc #2/Total Points from Alloc #2 * 101,250 $esHMX
Allocation 3: HLP Depositors
Allocation: 20% of total allocation or 50,000 $esHMX
Qualified Participant: HLP Depositors
Description:
This allocation is reserved for users who deposited assets into HMX’s HLP vault and provided market making liquidity for traders at HMX between June 22nd 00:00 UTC to August 9th 23:59 UTC.
The qualified HLP depositors are categorized into different tiers based on their average daily HLP balance throughout the 42-day period of the Public Open Beta.
Qualified HLP depositors are placed into 12 tiers according to their average daily HLP balance during the 42-day duration of the Public Open Beta. Similar to other allocations, higher tiers correspond to greater point accrual (refer to the table below for an overview).
The $esHMX rewards from this allocation will be proportionally distributed among qualified participants based on the points each earned from their respective tier placement, compared to the aggregate points earned by all qualified participants across all tiers.
To calculate your share of airdrop, we will use the following formula:
Your $esHMX airdrop from Allocation #3 = Your points from Alloc #3/Total Points from Alloc #3 * 50,000 $esHMX
Allocation 4: HMX Zealy Quests
Allocation: 15% of total allocation or 37,500 $esHMX
Qualified Participant: Zealy quest participants
Criteria:
This allocation is reserved for users who completed HMX’s Zealy quests between June 22nd 00:00 UTC to August 9th 23:59 UTC.
The number of XP points a user receives upon completing the quest will determine their portion of the $esHMX airdrop rewards. This distribution allocates rewards to all eligible participants in a manner that corresponds to their XP points in relation to the total points earned by all participants.
You can find the link to HMX’s Zealy profile here.
To calculate your share of airdrop, we will use the following formula:
Your $esHMX airdrop from Allocation #4 = Your Zealy XP points from HMX’s quests/Total Zealy XP points from HMX’s quests * 37,500 $esHMX
Allocation 5: Perp88 Traders
Allocation: 10% of total allocation or 25,000 $esHMX
Qualified Participant: Perp88 Traders
Criteria:
This allocation is reserved for traders who used Perp88's leveraged trading and swap feature between November 12th 00:00 UTC to June 1st 00:00 UTC.
Users are categorized into 10 tiers based on their swap and leveraged trading volume combined, with corresponding points awarded according to their tier placement. Notably, higher tiers correspond to greater point earned (refer to the table below for an overview).
$esHMX rewards from this allocation are shared across all the qualified participants based on their points they receive from their respective tier vs. the total points of all the participants.
To calculate your share of airdrop, we will use the following formula:
Your $esHMX airdrop from Allocation #5 = Your points from Alloc #5/Total Points from Alloc #5 * 25,000 $esHMX
Allocation 6: PLP Depositors
Allocation: 10% of total allocation or 25,000 $esHMX
Qualified Participant: Perp88 Traders
Criteria:
This allocation is reserved for users who deposited assets into Perp88's PLP vault and provided market making liquidity for traders at Perp88 between November 12th, 2022, 00:00 UTC to June 1st, 2023, 00:00 UTC
Qualified PLP depositors are placed into 12 tiers according to their average daily PLP balance during the snapshot period. Similar to other allocations, higher tiers correspond to greater point accrual (refer to the table below for an overview).
$esHMX rewards from this allocation are shared across all the qualified participants based on their points they receive from their respective tier vs. the total points of all the participants.
To calculate your share of airdrop, we will use the following formula:
Your $esHMX airdrop from Allocation #6 = Your points from Alloc #6/Total Points from Alloc #6 * 25,000 $esHMX
Timeline of the airdrop 🪂
The allocation of the airdrop that you’re entitled to is currently being processed. You can expect to find the updated information on the HMX launch page early next week.
You’ll be able to claim the airdrop on the website starting from September 10th 2023, 00:00 UTC.
Please note that you will have until December 31st 2023, 11:59PM UTC to claim the airdrop rewards. Afterwards, any unclaimed $esHMX will go back to the ecosystem fund.
