Spin’s Airdrop Snapshot Taken, What’s Next?

Another important milestone has been reached, and we’d love to congratulate all the users who managed to get some SPIN in the Early Birds Airdrop. We are thrilled to welcome you into our fam, and will do our best to exceed your expectations in all fields, from product to marketing. In this article, we will cover information about the first airdrop allocated to the early adopters of Spin and will share with you some insights on what awaits us in the upcoming months! Teaser: There will be another airdrop for not-so-early adopters. So let’s dive deeper!

Early Birds Airdrop: Claiming, vestings, and more

While the community was actively trading on Spin and completing the Guild Wars quests, the Spin team was actively working on finalizing the tokenomics and designing a balanced model of the SPIN token issuance. According to this model, the finite supply of SPIN is 1 bn tokens, and 0.5% of the total supply will be allocated to the Early Adopters’ Airdrop, so 5 million SPIN in total.

The tokens, you currently see on the Airdrop page, will have 3 months of vesting after the public token sale event (i.e. token becomes tradable). This vesting scheme will allow us to control the SPIN supply and demand on the market. At the time, airdropped tokens are unlocked, Spin will already have some token incentive programs live, e.g. staking, so early holders will have multiple options to choose from when it comes to using SPINs they’ve earned.

We plan to have the public token sale event launched in Q1-Q2 2023 and will disclose more details about the token model of Spin before this event. So stay tuned!

Airdrop 2.0: The countdown starts today

Yeah, you read it right, Spin will host one more airdrop for not-so-early users before we launch our token. The vesting for the second airdrop will be stricter and longer — but the total allocation will equal 1.5%.

Why do we need it? Let us disclose our tricky plan — we always want to be transparent with the community!

We understand that incentivization is one of the strongest driving powers in DeFi. After we release the token, we will offer the users numerous incentives. Hence, choosing Spin among other DEXes is not only a smart choice in terms of fees, features, and speed, but also is a rewarding activity. We have analyzed the community responses in our recent brand survey and confirmed the above statement: People enjoy trading on Spin, and incentives will help us retain users and grow product metrics. Better metrics lead to better brand awareness, higher community engagement, and easier acquisition of new users. Looks like a win-win case: Users, who discover Spin early, have extra reasons to use Spin actively, and we can easily move forward thanks to good product metrics and extensive feedback from our users.

Thus, we now enter into the second stage of the airdrop that will run for a couple of months. This airdrop will count all user mainnet activities including spot, perpetuals trading, and decentralized option vaults that are to be released in the near future! Also, it will include some allocations for social activities and NFT ownership.

Spin Lotteries are on the go

We are also launching a special product activity early next week to celebrate the upcoming Christmas and New Year! Within the upcoming three weeks, from December 9th to December 30th, we will distribute 100% of fees collected on Spin to a random trader! Each transaction made on Spin will act as a lottery ticket and on Friday each week, we will randomly choose two transactions — one on Spot and one on Perpetuals — to win the prize!

The bear market is no excuse

The bear market is no excuse, it’s instead the time for new opportunities. We have a long-term plan to make Spin a vibrant and rewarding place for crypto people to trade, invest, and farm yields. And now, when most projects are deeply sleeping, and the market dynamics are not inspiring, it is definitely worth standing out and giving our early users a breath of fresh air. We believe, that when the sentiment changes, Spin will already be strong enough to onboard thousands of new users who are yet to enter or return to the DeFi space — and you, as the most passionate DeFi degens — will have an advantage for surviving the winter with us!

So don’t forget to give us your love on Twitter, Discord, and Telegram, and stay tuned for further news and updates! We’re in for an inspiring journey together!