Ahead of the upcoming ninth nahmii airdriip, hubii is today announcing a change to the airdriip token allocations. Previously, 20% of NII tokens were distributed to ETH holders who had registered through hubii core. Effective immediately, including the airdriip tomorrow, registered ETH holders will no longer receive tokens. All other allocations will remain unchanged.
This is just the first in series of major announcements from the hubii team, with plenty of big news to come over the next few weeks. Read on for more information about why we chose to change the airdriip allocations and some hints at what’s to come.
For the first eight airdriips, NII tokens were distributed as follows: 50% to HBT holders, 20% to registered ETH holders, 20% to the nahmii Foundation, 10% to key partners (including the hubii team). We included ETH holders here for two reasons: first, nahmii is built on Ethereum and it made sense for us to support the platform in this way; second, we wanted to encourage users to download and use hubii core.
Alongside supporting Ethereum and driving adoption of hubii core, we expected that airdropping tokens to registered ETH holders would improve the diversity of NII token holders. A key part of nahmii’s security architecture rests on the principle of decentralised monitoring of the platform, which works best with a diverse range of token holders. In future, nahmii’s Data Availability Oracle will monitor the protocol for any potential fraud. To make the system more responsive and resistant to a potential 51% attack, we need a plurality of token holders.
Given this requirement to have a diverse range of token holders, we found that including registered ETH holders in the airdriip actually had a net negative effect overall. Instead of registered beneficiaries bringing new users to hubii core, we found that the number of registered ETH holders did not increase much after the first two months. Our hypothesis was that this would be an effective growth hacking strategy, but this turned out not to be the case.
The old policy of including registered ETH holders in the airdriip has not brought the benefits to nahmii that we anticipated and we have therefore decided to change the allocations. Tokens that were due to be allocated to ETH holders in future airdriips will now be used for a different purpose, which will be announced shortly. As mentioned earlier, all other allocations will remain unchanged. While we understand that some current beneficiaries may be disappointed, this decision has been made in the long-term best interests of the nahmii protocol.
Please also note that settlements will be temporarily disabled while we implement an update to the smart contracts. As with previous updates during our open beta, we choose to disable settlements to be conservative; this also allows us to perform upgrades more quickly. It is important to bear in mind that the disabling of settlements will eventually be impossible as we move out of open beta. Once out of open beta upgrades will take more time; however, users will have the ability to opt out of those upgrades. This is part of our roadmap as we move towards a fully trustless system.