NuNet NTX Token airdrop for AGIX Token holders
And now, ladies and gentlemen, the moment we have all been waiting for, the time has come, the wait is over. The airdrop of NTX tokens to AGIX token holders is upon us. As per the community-approved SingularityNET Phase Two plan, NuNet is distributing 5% of its total supply to AGIX token holders. This blogpost details the airdrop mechanics and details how this will be done.
Short version: Keep your AGIX tokens in a private wallet and register four times!
You can access the SingularityNET Airdrop portal here.
Article outline:
· General overview
· The first airdrop period timeline
· The details
∘ Full schedule
∘ Eligibility requirements
∘ Eligibility Snapshots
∘ Reward calculation formula
· Example
· Warning and support
· About NuNet
General overview
Starting January 2022, NuNet will be distributing 50,000,000 NTX tokens to AGIX token holders (5% of total supply) over 4 airdrop periods in equal parts of 25% or 12,500,000 NTX tokens each period. Each airdrop period consists of the following events: (1) snapshot period for eligibility, (2) registration period and (3) claiming. This structure will repeat over 4 periods, on 90-day intervals starting on Jan 5th, 2022.
Participating in a single airdrop period requires being eligible and registered. This is to ensure that the rewards get distributed among those AGIX token holders who show an active interest into NuNet over time. Registration and claiming will both take place on the SingularityNET Airdrop Portal. Registering requires a signing transaction, without incurring a gas fee. Claiming the reward requires a gas fee to be paid and users will have the option to either claim to their wallet or claim directly into the NTX bonded staking pool set up by SingularityDAO. Additionally, users will be able to let the rewards for registered periods accumulate over time, and claim multiple periods at once. The final claiming date for any unclaimed rewards is Nov 22, 2022.
The rewards distribution is slightly skewed towards smaller wallets, meaning that the lower AGIX token balances receive marginally more rewards per token, the larger AGIX token balances receive marginally less. In other words, holding more tokens will give higher rewards, but with diminishing returns the higher it goes. This was the case in the SDAO airdrop as well, but based on community feedback we have lessened this effect for the NuNet airdrop.
Furthermore, the eligibility period for the last airdrop in the series will span from the first snapshot on Jan 5, 2022 to the last one in the series on Oct 16, 2022, ensuring that long term community members are rewarded more.
The first airdrop period timeline
Let’s spell out concretely the dates for the first out of four airdrop periods:
January 5th 2022, 11:00 UTC — January 19th 2022, 11:00 UTC
First eligibility snapshot period
We take continuous note of the state of the blockchain, no user action required, besides having AGIX balances in eligible wallets
January 20th 2022, 11:00 UTC until January 25th 2022, 11:00 UTC
First registration period
Users actively need to sign an contract interaction, no gas fees to be paid
January 26th 2022, 11:00 UTC
First claim unlock
Users can claim their reward, requiring gas fees to be paid. Option to claim directly into NTX bonded staking. Users can claim all unlocked tokens at once during later periods.
The details
Full schedule
Registered rewards of all periods can be claimed starting at the claim start date of the respective period until Nov 22 2022. Users can choose to claim their rewards from each airdrop period as soon as they become available or let them accumulate to claim at once until Nov 22 2022. After this date any remaining unclaimed funds will be returned to the community rewards pool for future distribution.
The fourth airdrop period rewards only those users who have held their AGIX tokens since the start (first snapshot Jan 5, 2022), as can be seen by the snapshot period.
The structure and mechanics of the NuNet airdrop periods has been carefully modelled with the intention to provide a fair loyalty reward to the community of AGIX holders as per SingularityNET Phase Two plan as well as support long term holders. This intention is rock solid and we will implement it. Having said this, the airdrop programme will last for the whole year and there could be unforeseen events which will force us to change mechanics of the airdrop to accommodate them if necessary — keeping the intention intact.
For example, the onset of the AGIX token becoming multichain through the Cardano ERC-20 converter may require adjustments as we go along. While the current claiming of rewards is constructed to take place on the Ethereum network, we aim to facilitate claiming onto the Cardano blockchain once that is feasible. The main objective of the airdrop will not change — to spread the NTX token to the AGIX token holder community.
Eligibility requirements
Minimum eligible AGIX token balance: 2500 AGIX
Eligibility snapshot periods can be found in the full schedule and are detailed in the Snapshots section below.
Eligible wallets include:
- private non-custodial wallets — all types of private wallets where you hold the seed or private key (Metamask, WalletConnect, Ledger, Trezor, etc.)
- AGIX tokens staked on the SingularityNET Staking Portal
- AGIX liquidity pools for USDT and ETH on SingularityDAO (and associated UniSwap pools)
- and DynaSet contributions.
The balances of these sources are added together for minimum AGIX holding requirements. To be clear, token balances on exchanges will NOT be considered eligible for this airdrop. The adagium “Not your keys, not your crypto” applies here.
For LP and DynaSet contributions, the current amount of AGIX will be recorded and used for the calculations, not the contribution amount. Due to the variable balance of underlying assets, your AGIX balance might be different from what you contributed. The lowest balance during the eligibility period will be considered for reward calculation. This can influence eligibility if your balance drops below the minimum requirements. The best is not to rely on LP and DynaSet balances for ensuring your eligibility for the airdrop, but these balances will be considered when calculating airdrop rewards.
In regards to specific software wallets, MetaMask is the simplest from a connectivity point of view. The airdrop portal also supports WalletConnect, which indirectly supports 100+ wallets. Hardware wallets can be connected through MetaMask or WalletConnect, which may require importing your wallet. We can’t take responsibility for you importing your hardware wallet, make sure you know what you are doing. Our administrators will never contact you first to provide support on wallet questions, all personal messages are scams! Stay vigilant and always verify in public groups.
Eligibility Snapshots
Snapshots for the NTX airdrop will be starting on January 5th 2022 11:00 UTC, see above for the full schedule. The last snapshot will be taken October 16th, 2022, 11:00 UTC. Between these dates we will be taking continuous snapshots to determine eligibility for each airdrop period, the lowest balance during this period will be used for reward calculations.
Eligibility for each airdrop period is determined based on continuous snapshots during the snapshot periods:
- First period: January 5th 2022, 11:00 UTC until January 19th 2022, 11:00 UTC
- Second period: March 19th 2022, 11:00 UTC until April 19th 2022, 11:00 UTC;
- Third period: June 18th 2022, 11:00 UTC until July 18th 2022, 11:00 UTC;
- Fourth period: January 5th 2022, 11:00 UTC until October 16th 2022, 11:00 UTC;
The first three periods have about a one month snapshot period, which allows for new users to join. The fourth period rewards only those users who have held their tokens since the start, as can be seen by the eligibility snapshot period.
If your wallet balance drops below the minimum requirements during the snapshot period you lose eligibility. If your AGIX balance changes in between snapshots, but keeps satisfying the minimum balance requirement, the lowest recorded balance during that period will be considered.
Reward calculation formula
Reward = X / (Sum of all X) * 12,500,000 NTX
X = Log10(Score +1)
Score = (Balance + (0.2* amount staked)) / 100,000
Where:
- “Reward” is the amount of NTX token a user will be awarded after fulfilling all requirements for a given airdrop period.
- “X” is a variable used to calculate the proportion of the total amount of airdrop distributed to the wallet in consideration
- “Score” is a variable used to calculate an individual reward for each wallet based on the balance in the wallet, amount staked and includes the scaling factor in order to incentivize smaller token balances over larger token balances.
- ”Balance” is the lowest AGIX token balance during the snapshot period, including wallet balance, staked balance, LP pools and DynaSet balance.
- ”Amount staked” is the lowest balance of AGIX tokens staked on the SingularityNET staking portal during the respective snapshot period. This amount gets multiplied by 0.2 and added to the total balance, in order to reward stakers supporting the AGIX token.
Due to usage of the weighted average when calculating the proportion of wallet reward and the requirement of active registration, it is not possible to know in advance precisely how many tokens you will receive. However we have run a number of simulations and estimated these rewards based on some assumptions of the overall distribution of balances. See the provided example below to get an idea of how this works.
Example
Suppose a wallet is created on Jan 1 2022 with the balance of 13,000 AGIX and staked amount 3,000 AGIX. The balance is reduced to 1,000 AGIX and the user stops staking on May 20, 2022 and the balance returns to 10,000 AGIX on June 1 2022.
This token holder is eligible for the following airdrops:
First airdrop (eligibility period Jan 5th 2022— Jan 19th 2022):
- Eligible because total balance (13,000) is above minimum of 2,500 AGIX;
- The airdrop score is Score = (13.000 + (0.2* 3,000)) / 100,000 = 0.136
- Assuming that all registered wallets hold exactly the same amount as this wallet and stake the same amount (quite unrealistic assumption, since for sure there will be wallets with different balances), the reward for his wallet would be calculated as follows: X = log10(1+0.136) = 0.055; SumX = 830.67; Indicative reward = 0.055/830.67 * 12,500,000 = 833.33 NTX.
- Note that this amount is indicative, since actual amounts will depend on how wallet balances are distributed through all wallets (as calculated from snapshots); The formula is constructed so that it incentivizes token holders that: (1) hold relatively smaller balances, (2) hold tokens for the long period; and (3) stake bigger proportion of their holdings; If the wallet in example is better at all three criteria, the actual reward would be larger than calculated above;
Second airdrop (eligibility period Mar 19th 2022 — Apr 19th 2022):
- Eligible because the lowest total balance is above 2,500 AGIX;
- The airdrop score is Score = (13.000 + (0.2* 3,000)) / 100,000 = 0.136;
- Once again, the indicative reward is at least 833.33 NTX, calculated in the same way as the previous one;
Third airdrop (eligibility period June 18th 2022 — July 18th 2022):
- Eligible because the lowest total balance is above 2,500 AGIX;
- The airdrop score is Score = (10.000 + (0.2* 0)) / 100,000 = 0.100;
- The reward is calculated per formula as for the rest of the snapshots; since the staking amount changed before the third eligibility period, the indicative reward for this airdrop is 623.9 NTX;
Fourth airdrop (eligibility period Jan 5th 2022 — Oct 16th 2022):
- Not eligible, because the wallet balance has dropped below the minimum of 2500 AGIX on May 20, 2022 and the eligibility for the fourth airdrop is determined based on all snapshots — from Jan 5, 2022 to Oct 16, 2022;
In summary, this particular wallet would be eligible for a minimum amount of 2290 NTX tokens over all periods, but could be potentially eligible for much more if a portion of token holders are moving their tokens or decide not to stake their tokens; also if this particular holder decided to keep their wallet balance until the end of the airdrop period he or she would qualify for the fourth period, however because the balance dropped below the minimum requirements starting May 20th until June 1st, the user is not eligible for the fourth period.
Warning and support
Be wary of scammers impersonating official NuNet or other ecosystem representatives to trick you into sending tokens to the wrong address. Our official sources are this blog, our website, Twitter, Telegram, and Youtube. Do not trust people reaching out to you claiming to be from NuNet. You can find a full list of official SingularityNET ecosystem telegram admins here.
About NuNet
NuNet lets anyone share and monetize their computing resources, turning cloud computing power from a centralized service into an open protocol powered by blockchain. Find out more via:
