SingularityDAO New Airdrop Mechanic

Marcello Mari
Apr 19 · 8 min read

We’ve been listening to community feedback about the recent airdrop announcement for SingularityDAO — and as a result we’ve tweaked the specifics a bit. If you’re an AGI token-holder potentially interested in participating in the SingularityDAO airdrop, please read on for the details.

Key Principles of the Airdrop: Fairness and Loyalty

Our initial proposal was to airdrop to all wallets holding more than 1,000 AGI. Our intention was to distribute SingDAO amongst the whole AGI token holding community as widely and fairly as possible. However, the community had a strong reaction to this proposal, making it clear that adaptations should be made for a more balanced distribution.

In a lively discussion following the initial announcement, community members raised issues around the following principal aspects:

  • How can you incentivize loyalty?
  • How can you disincentivize bad actors from gaming the system?
  • What is the right balance of showing appreciation to, and encouraging participation by, every token holder, large and small and showing appropriate respect to those who have committed larger amounts of resources to secure AGI tokens?

None of these questions has an easy answer. Loyalty is an indefinite and multidimensional notion; it’s infeasible to totally prevent bad actors from gaming any complex economic system; and there are multiple, valid and only partially compatible notions of fairness.

In considering these issues, we are deeply grateful to the fantastic SingularityNET community, who have stuck with the project steadfastly through good and bad times, participated in democratic decision making, and shown support by staking their tokens.

We are also conscious that no system exists that will please all the people all the time, and that no matter which specific mechanics are chosen, in the end some community members, while deeply supportive of the goals of the SingularityDAO and SingularityNET projects, will end up feeling they should have received a greater proportion of the airdropped tokens.

After careful reflection on the above principles, modified the mechanics of the airdrop as outlined below, incorporating suggestions made by valued community members. The modification is designed to do a better job of showing respect to both the most loyal tokenholders and new members of the AGI family.

Modified SingularityDAO Airdrop Mechanic

For these reasons, we have modified the SingDAO airdrop as follows. The five million SingDAO tokens will be airdropped as follows:

  • 2,000,000 SingDAO tokens will go to users who stake at least 1,000 AGI tokens on staking.singularitynet.io. Half of these will be distributed equally to the wallets, and the other half in proportion to the amount of AGI staked, as explained below in the section ‘Airdrop for AGI Stakers’.
  • 3,000,000 SingDAO tokens go to those who hold AGI tokens either in private wallets or in the Liquidity Pools of DEXs. These SingDAO tokens will be weighted towards those who hold more AGI tokens, and those who hold AGI tokens for longer, as explained below in the section ‘Airdrop for AGI token holders and/or Liquidity Providers’.

The SingDAO airdrop will be managed through the SingularityDAO Airdrop Portal (SAP) that will be launched in the coming weeks.

Airdrop for AGI Stakers

2,000,000 of the 5,000,000 airdropped SingDAO tokens will be given to people who stake AGI tokens on staking.singularitynet.io. You are eligible for the AGI Stakers airdrop if you were part of the snapshot on the 17th of April 2021, at 11:59 PM UTC+0.

The clearest and simplest way to reward those who have been loyal and supportive to SingularityNET is to build on the already-rolled-out mechanism of staking rewards, and provide SingDAO tokens to those who currently staking their AGI tokens.

If you are staking AGI on staking.singularitynet.io and wish to avail of the airdrop, you are still required to register for the airdrop prior to each session as described in the “SingDAO Airdrop Schedule and How to get the airdrop” session below.

Of these 2,000,000:

  • 1,000,000 will be divided equally among staking wallets (so that if there are 100 staking wallets, each will receive 10,000 SingDAO tokens)
  • 1,000,000 will be delivered proportionally to the amounts staked (so that if 100,000 AGI total are staked, a user who has staked 2300 AGI (2.3% of the total AGI staked) will receive 2.3% of this reward: 23,000 SingDAO tokens).

Airdrop for AGI token holders and/or Liquidity Providers

The remaining 3,000,000 airdropped SingDAO tokens will go to people who either hold AGI tokens in private wallets or in the AGI liquidity pools on DEXs.

These 3,000,000 SingDAO tokens will be distributed through the SingularityDAO Airdrop Portal (SAP) in four tranches.

In month 1 (May 2021), only those addresses with 1000 AGI or more in a private wallet will be entitled to receive the airdrop, and only those that have been holding through month 1 (as proven by random snapshots during the month) will be able to access the airdrop in month 2.

If you didn’t meet these criteria, don’t worry. You have another window to enter the airdrop in June 2021. This is done via liquidity pools. Our initial plan accidentally incentivised moving AGI out of liquidity pools to private wallets, thus hurting the markets. After this was raised by our community, we have modified the airdrop to correct this problem, giving due rewards to people providing liquidity.

More information on how to qualify will be provided through the SingularityNET Blog in the coming weeks.

Airdrop Distribution

In this section we’ll explore how we’ll handle the distribution of the total amount of the airdrop across Stakers, Holders, and Liquidity Providers.

The 5,000,000 SingDAO tokens will be distributed as follows:

Month 1 — May 2021

17.5% of the tokens (875,000) will be airdropped in May.

  • 350,000 go to those who are staking at least 1,000 AGI tokens, half of this being distributed equally to all staking wallets, the other half proportionally. You are only eligible if you were part of the airdrop snapshot on the 17th of April 2021, at 11:59 PM UTC+0.
  • 525,000 go to those that held at least 1,000 AGI tokens in their private wallets at the time of the snapshot on April 17 2021 11:59 PM UTC

Month 2 — June 2021

22.5% of the tokens (1,125,000) will be airdropped in June.

  • 450,000 go to those that are staking at least 1,000 AGI tokens and staked from May 16 2021, 12:01 AM UTC to June 16 2021 12:00 AM UTC, half of this being distributed equally to all staking wallets, the other half proportionally. You are only eligible if you were part of the airdrop snapshot on the 17th of April 2021, at 11:59 PM UTC+0 and renewed your stake.
  • 675,000 go to anyone who is either providing at least 1,000 AGI of liquidity to AGI liquidity pools on DEXs (which ignores the snapshot of the 17th of April 2021, at 11:59 PM UTC+0, and we will make continuous snapshots of the liquidity pool to see who is eligble) or is holding at least 1,000 AGI in a private wallet since 17th of April 2021, at 11:59 PM UTC+0.

Month 3 — July 2021

27.5% of the tokens (1,375,000) will be airdropped in July.

  • 550,000 will go to those that are staking at least 1,000 AGI tokens and staked from June 16 2021 12:01 AM UTC to July 16 2021 12:00 AM UTC, half of this being distributed equally to all staking wallets, the other half proportionally. You are only eligible if you were part of the airdrop snapshot on the 17th of April 2021, at 11:59 PM UTC+0 and renewed your stake.
  • 825,000 go to anyone who is either providing at least 1,000 AGI of liquidity to AGI liquidity pools on DEXs (which ignores the snapshot of the 17th of April 2021, at 11:59 PM UTC+0, and we will make continuous snapshots of the liquidity pool to see who is eligble) or is holding at least 1,000 AGI in a private wallet since 17th of April 2021, at 11:59 PM UTC+0.

Month 4 — August 2021

32.5% of the tokens (1,625,000) will be airdropped in August

  • 650,000 go to those that are staking at least 1,000 AGI tokens and staked from July 16 2021 12:01 AM UTC to August 16 12:00 AM UTC, half of these being distributed equally to all staking wallets, the other half proportionally. You are only eligible if you were part of the airdrop snapshot on the 17th of April 2021, at 11:59 PM UTC+0 and renewed your stake.
  • 975,000 go to anyone who is either providing at least 1,000 AGI of liquidity to AGI liquidity pools on DEXs (which ignores the snapshot of the 17th of April 2021, at 11:59 PM UTC+0, and we will make continuous snapshots of the liquidity pool to see who is eligble) or is holding at least 1,000 AGI in a private wallet since 17th of April 2021, at 11:59 PM UTC+0.

The above described distribution model has been designed to give greater rewards to those holders and those stakers who will hold their tokens for longer in either their private wallets or in the AGI staking program.

While AGI Stakers will still be rewarded according to the split described in the “Airdrop for AGI stakers” section, holders and liquidity providers’ allocation will be distributed to all registered participants according to a distribution curve that rewards using this following formula:

Reward = total_reward * log10(1+user_balance) / SUM(log10(1+user_balance))

The purpose of this function is to distribute rewards proportionally to token holders’ balances according to the inverse function of exponentiation “Log10”. The logarithm function is to decrease the “winner takes all” effect and reward all token holders fairly. Find out more about Log10 algorithmic function.

SingDAO Airdrop Schedule and How To Get Your Tokens.

In order to be eligible for the airdrop, stakers, holders and liquidity providers will have to register on the SingularityDAO Airdrop Portal with their wallets for each session without needing to pay any gas fees. Claiming can be done either at the end of month 4 or after each session if you wish. Please note that claiming your SingDAO tokens will cost gas fees.

Registration Periods

Holders, Stakers and Liquidity Providers (the latter only from month 2) will have 3 days prior each session to register on the SAP their interest to receive the airdrop, according to the following schedule:

  • Month 1 — May 13th, 12:00 AM UTC to May 16th 11:59 PM UTC
  • Month 2 — June 13th, 12:00 AM UTC to June 16th 11:59 PM UTC
  • Month 3 — July 13th, 12:00 AM UTC to July 16th 11:59 PM UTC
  • Month 4 — August 13th, 12:00 AM UTC to August 16th 11:59 PM UTC

Claiming Periods

Holders, Stakers and Liquidity Providers (the latter only from month 2), will be able to claim their SingDAO airdrop on the SingularityDAO Airdrop Portal from the first reward drop date on May 16, 2021 all the way to the end of the airdrop program, on August 23, 2021. As long as they have registered on the SAP, they can claim their tokens at any of the following times:

  • Month 1 — From May 16 2021 12:00 AM UTC onwards for May’s airdrop.
  • Month 2 — From June 16 2021 12:00 AM UTC onwards, for both May and June’s airdrop.
  • Month 3 — From July 16 2021 12:00 AM UTC onwards, for May, June, and July’s airdrop.
  • Month 4 — By August 23 2021 11:59 PM UTC — all airdropped tokens must have been claimed, otherwise they will return to SingularityDAO to be distributed to the wider SingularityDAO community at a later date.

Conclusions
With this airdrop architecture, we achieve both the desired progressive decentralization of the SingularityDAO governance, as well as the rewarding of our loyal AGI community. If any question regarding the mechanics of this airdrop arises, feel free to drop a message in our Telegram Group to one of our friendly admins, to which goes all of our gratitude for the consistent support to the community.

SingularityDAO Ai-DeFi

#Ai-DeFi: Smart Liquidity Across the Crypto Universe

SingularityDAO Ai-DeFi

SingularityDAO is a true Decentralized Autonomous Organization designed to simplify access to the crypto economy. AI-DeFi: Sophisticated Decentralized Finance meets the world’s most advanced Decentralized Artificial Intelligence to create a new type of economy.

Marcello Mari

Written by

Head of Communication

SingularityDAO Ai-DeFi

SingularityDAO is a true Decentralized Autonomous Organization designed to simplify access to the crypto economy. AI-DeFi: Sophisticated Decentralized Finance meets the world’s most advanced Decentralized Artificial Intelligence to create a new type of economy.

Medium is an open platform where 170 million readers come to find insightful and dynamic thinking. Here, expert and undiscovered voices alike dive into the heart of any topic and bring new ideas to the surface. Learn more

Follow the writers, publications, and topics that matter to you, and you’ll see them on your homepage and in your inbox. Explore

If you have a story to tell, knowledge to share, or a perspective to offer — welcome home. It’s easy and free to post your thinking on any topic. Write on Medium

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store