Y2K Airdrop for veNEWO Holders (Updated)

At New Order, the success of our incubated and accelerated projects is of utmost importance. After Y2K’s successful launch, we have explored which approaches would ensure its expansion and prosperity while remaining consistent with the interests of our DAO, the treasury, and veNEWO lockers.

Initially, there was an expectation of instantly vesting 2% of the New Order $Y2K allocation and distributing it as an airdrop to veNEWO lockers. However, with the restructured emissions schedule it has been deemed that the unlock would be adverse to the success of Y2K as it would heavily dilute existing holders and risk a negative market reaction spiral for the project. Thus, an agreement between both teams has been reached to have veNEWO lockers’ allocation follow the same vesting schedule as the New Order Treasury and Y2K Core Team allocations. The tokenomics of Y2K can be seen here.

Once New Order’s Y2K allocation starts vesting, the original 2% airdrop will be distributed. The primary reason for the delay is to allow Y2K to establish its product offering with as little friction as possible and maximize long-term value.

The updated airdrop distribution will follow the schedule and terms below:

Snapshot 1

• Date: Oct 31st, 2022 — 8am EST
• Airdrop Allocation: 33%
• Distribution Schedule: Once 0.67% of the total allocation is vested, the airdrop will be made.

Snapshot 2

• Date: Nov 31st, 2022 — 8am EST
• Airdrop Allocation: 33%
• Distribution Schedule: Once 1.34% of the total allocation is vested, the airdrop will be made.

Snapshot 3

• Date: TBA
• Airdrop Allocation: 33%
• Distribution Schedule: Once 2% of the total allocation is vested, the airdrop will be made.

Note: Addresses would be double counted, meaning that someone who is locked on all three Snapshot dates would be included in all three airdrop distributions.

We believe that this is the best approach to ensure success for all parties involved, as it will enable Y2K to build out its product offering and provide long-term value. Once Y2K has matured and developed a strong product-market fit, token distributions would not infringe on the health of the protocol.