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$STRM Airdrop and Strategy Stakers Token Distribution
Now that our LBP event on CopperLaunch has come to an end which saw us raising over $3.2 million in a Fair Launch, we would like to detail the process of the $STRM Airdrop we announced during Thanksgiving period.
As a way of rewarding early adopters of our yield maximizing protocol, we mentioned that we are airdropping 5% of the total allocation of $STRM to eligible members of our community. A snapshot of users addresses who participated in cross-chain and cross-layer solutions between August 5, 2021, EIP-1559 activation date and November 25th, 2021 has been taken. The snapshot covers those who bridged on Composable’s Mosaic, Celer’s cBridge, Hop protocol, and Connext’s bridge. Additionally, 6% of tokens is allocated to users who staked in our liquidity launchpad program on Composable Finance’s strategies throughout the duration of the program, which was between October 18th, 20201 12:00 UTC and December 6th, 2021 12:00 UTC.
This snapshot, including the distribution across both programs is publicly available at this link on Github.
After receiving feedback from our community who have participated in the LBP, we have re-evaluated our timeline in order to smoothly launch our Sushi liquidity pools, and the start of our liquidity rush and staking. With this prioritization in mind, we will therefore announce the airdrop recipients today, and subsequently enable the claiming process on Tuesday December 14th, at 18.00 UTC. We feel this aligns with our loyal supporters, whilst still giving transparency to anyone that is eligible for the airdrop.
We thank our community for their ongoing support and congratulate qualified participants!
5% of tokens will be distributed to bridge users in the following breakdown, with 50% vested on TGE and the remainder vested over 6 months.
- 50% allocated to Mosaic users
- 50% allocated to other bridge users (Connext bridge, Celer’s cBridge, Hop Protocol)
- Eligible participants are those who used Mosaic at least 1 time or have used the other linked bridges twice (i.e. two times using either cBridge, Connext, or Hop protocol)
Stakers who have been staking in strategies.composable.finance will be eligible to claim tokens as well on the same day airdrop stakers will be able to claim. 6% is distributed in the following manner:
- 5% is allocated to stakers who participated in the vault between October 18th, 2021 12:00 UTC and December 6th, 2021 12:00 UTC. This distribution is based on prorata pool share and time staked
- 1% is allocated as a bonus to stakers who had staked throughout the entire duration of the liquidity launchpad program
This 6% will be distributed 25% upfront, the remainder with a 12 month vesting period.
For eligible participants only:
The “Claim airdrop” button will only be active for eligible participants who can then click to initiate the claim process. Ensure you connect with the same wallet address that you have been using for bridging and follow a series of simple steps thereafter.
To summarize, here is an abridged version of the details above:
- 5% total supply of STRM tokens up for grabs in the Airdrop
- 50% allocated to Mosaic users, the other 50% to other bridges - cBridge, Connext and Hop protocol
- Eligible participants are those who used Mosaic at least 1 time or have used the other linked bridges twice (i.e. two times using either cBridge, Connext, or Hop protocol)
As Instrumental Finance continues to hold an integral role in enabling a composable ecosystem by positioning itself as DeFi’s frontrunning strategy hub and powering yield generation across different chains and layers, our STRM tokens will play a core function in building a vast community of token holders who will play a governance role in future strategies to be deployed on Instrumental’s platform.
Last modified 1yr ago