LRN Airdrop #3
*Nov 12th Update* [A previous version of this article had different dates. We have delayed/expanded the Airdrop #3 P2P trade requirement window and snapshot height. This is to ensure everything works smoothly for the greatest number of LRC supporters, and anyone who’d like to participate, can. Please take note of the new dates: P2P trade requirement window is Nov 10th–28th, snapshot will take place Nov 29th or 30th, (Beijing time).]
Here is another post speaking about the Airdrop update, + video tutorials: https://medium.com/loopring-protocol/update-on-lrn-airdrop-3-4983bae8f863
The snapshot for the third LRN airdrop to LRC holders will take place at some block height between November 29th–30th (Beijing time).
The requirements for the third and final LRN airdrop are much the same as the previous ones, with one different requirement.
As a refresher, the airdrop works by taking a snapshot of addresses owning LRC at a specific block height. The amount of LRC your address owns at that specific block height (moment in time) is what’s taken into consideration. The airdrop is not a singular ‘drop’ but really more of a ‘drip’. It releases LRN to your NEO address daily over 2 years. When it’s all said and done, LRC holders will have been able to receive 60% of LRN supply across all 3 drops.
- You must bind your Ethereum and NEO addresses. Without address binding, we will not be able to airdrop any LRN to you. If your addresses are already bound, you do not need to bind them again as binding is permanent. Otherwise, please use Loopr to bind your addresses. Here is a video walkthrough on how to bind on Loopr. If you are more technically inclined and don’t want to use Loopr, here is a method of doing it by interacting with smart contracts.
- Like both previous drops, this airdrop will offer 2 LRN per 100 LRC. The upper limit per address is 5,000 LRN, corresponding to 250,000 LRC. Thus, even if your address holds more than 250,000 LRC, it will still be entitled to 5,000 LRN max. We recommend that you split larger LRC addresses into multiple smaller ones.
- NEW REQUIREMENT: We will only airdrop to bound addresses that make at least one P2P (peer-to-peer) trade using the Loopring Protocol between November 10th–28th (Beijing time). Those dates are inclusive. A P2P trade is one where you are not ‘broadcasting’ the order to a DEX to be matched, but rather showing your specific order (QR code) to a peer, (a friend, stranger, telegram group, twitter, etc.) It works by a peer specifically taking the other side of your trade. Wallets you can use to perform this requirement that have Loopring built-in are UP Wallet iOS and Android, Circulr Web DEX, and VIV Wallet iOS. We don’t have specific requirements regarding the trading volume nor type of tokens traded, just that a P2P trade is done during those dates. Please see below for more help on this.
- The LRC addresses participating in the long-term incentive program are not affected by rules #2 and #3. You must still bind your address, however, since otherwise we have no way of connecting your Ethereum and NEO addresses.
- This airdrop is designed to give away up to 20% of total LRN supply: 27,901,521 LRN. However, given that some LRC balance may not opt-in, we will most likely airdrop only a portion of it. In the past, ‘undropped’ LRN allocation was completely burned. However, this time around, we will send the remaining amount to LEAF (Loopring Ecosystem Advancement Fund) for ecosystem building grants or efforts.
- We will take the snapshot on November 29th or 30th (Beijing time), and announce the snapshot block height after the fact. The ‘drip’ begins shortly thereafter.
P2P Trading Requirement
Along with the mobile wallets mentioned above, we will have more in the week ahead, including adding the functionality to imToken. Please note that the new Circulr web wallet supports Metamask and Ledger devices for those who don’t want to use their mobile.
How to make a P2P trade
Here’s a video going through how to make/take a P2P trade on UP Wallet iOS:
And here is the actual P2P order created in the above video:
Orders like this can be posted on your social media profiles, sent via any messenger or email, or scanned in person with a friend. It’s also a great way to introduce some of your friends/family to crypto! If you don’t have a peer to trade with, I and other Loopring teammates stand ready to trade with anyone who needs. I will also post many P2P trades on telegram, twitter, reddit, and discord, so please join the groups as seen at the bottom of page.
Please note: creating an order (making), or scanning an order (taking), both count as a P2P trade.
Importing an already-bound address into UP Wallet
If you have a bound address from past airdrops, it is straightforward to import that wallet into one of the P2P supporting wallets. Note, importing it does not ‘remove’ it from the original wallet; it all lives on the Ethereum blockchain, you are just accessing it via a different interface.
Alternatively, if you have an UP Wallet (or VIV) that is unbound, you unfortunately can not bind it within UP Wallet itself. You can, however, import the UP Wallet address into Metamask to bind it on Loopr, or do it through the smart contract method directly. That is part of the beauty of blockchain: most things are portable with you!
The Circulr DEX allows people with bound addresses from their Ledger or Metamask to complete the P2P requirement directly.
A Personal Note on The Requirement
We heard the community’s response to our DEX trade requirement for airdrop #2 and have learned from it. That is why we are providing more advanced notice, and have delayed the drop from the original guidance of Nov 5th.
We also know that many people would like no requirement at all, and to just sit back and receive the LRN. That is understandable. However, we ask the community to consider that the airdrop is a useful way for us to engage with the community, and for the community to be incentivized to engage with the protocol. It’s also just a wonderful way to learn more about blockchain tech, DEXs, and the empowerment of non-custodial exchange. For all the criticisms of making users ‘jump through hoops’, we got an equal amount of “whoa, it was awesome to actually see the project in action!”. That sentiment is very rewarding :).
Also please consider that this doesn’t directly benefit us — it benefits the ecosystem and Loopring protocol supporters at large. This should be evident considering 1) adoption is obviously a goal, and 2) that we burned all unclaimed LRN last time around, and will send the unclaimed amount to LEAF this time.
These airdrops are simply a unique way to distribute the LRN and bootstrap some small parts of protocol usage. Airdrops are not the point of the Loopring project — it is just ‘gravy’. For those that support LRC, this is just an ancillary way to benefit and get involved — not a focus, and not a right. We really hope that comes across. And if not, no biggie, there is no need to participate! It does not take away from your LRC, and we so appreciate all our fans nonetheless.
The Loopring Foundation reserves the right to change and interpret airdrop activity rules that may arise due to certain circumstances.
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