Astroport Announced Upcoming Governance Token Drops

Astroport announced last Friday, October 22, through its Twitter account, the upcoming drops of Astroport governance tokens.

Image about Astroport’s Twitter post

“The ASTRO token helps coordinate and align incentives and power for the entire Astroport community. To be successful, it must be widely distributed to many actively participating users, “he said through an article published on the Medium platform.

According to the company, this broad distribution of ASTRO will be achieved through three types of ASTROdrops that occur in three conceptually sequential phases:

✦ Phase 0: An ASTROdrop to verifiable TeFi ecosystem chads (determined based on chain data prior to this article)

✦ Phase 1: An ASTROdrop or “lockdrop” for Terraswap LPs that migrate Terraswap LP tokens from Terraswap to Astroport during a user-selected trial period; and

✦ Phase 2: An ASTROdrop to Astrochads supplying ASTRO and / or UST to the ASTRO / UST group (also known as the “ASTRO-UST Starter Group”) in Astroport.

Phases details

The company shared the details on each of the downtime methodologies / phases

Phase 0: TeFi / DeFi Chad’s Grand Airdrop

Phase 0 is “virtual” in the sense that it occurs in the past. In Phase 0, ASTRO will retroactively roll out to historical participants in the main TeFi protocols. This airdrop will target legendary TeFi users, as evidenced by on-chain data, including users who have engaged in participation in governance, voting, and LP on selected systems. More specific criteria, including supported protocols and snapshot date, will be announced prior to the start of Phase 1. Please note that there is nothing you can do now to qualify for the airdrop; do not use any TeFi system to try to get ASTRO through the airdrop.

Before the Astroport launch, you will be able to verify your airdrop eligibility by pasting your Terra addresses on the Astroport website. Then you can wait until the Astroport launch to claim your air-launched ASTRO tokens or send them to the ASTRO / UST pool and receive more ASTRO in Phase 2.

There will be a three month airdrop claim period after launch, which will be the only opportunity to claim any ASTRO that you may be entitled to in the airdrop. After 3 months, ownership and control of all unclaimed airdrop ASTROs will transfer to Astral Assembly (also known as Astroport DAO), and you will lose all ability to obtain or receive any benefits from such ASTRO.

Phase 1: The Lockdrop

✦ Phase 1 overview

Terraswap is the original and highest volume AMM system in the Terra ecosystem. So, of course, it also boasts Terra’s most experienced and knowledgeable user base. Phase 1 is designed for these advanced users to become part of the Astroport community (and lend their accumulated AMM knowledge to its governance) from day one of Astroport’s launch.

During a seven-day period prior to Astroport’s release (‘Phase 1’), Terraswap LPs that indicate their intention to migrate to Astroport once it is released will receive a one-time starter reward from ASTRO.

At Terra, money is a word; therefore, Terraswap LPs express their intentions to migrate by depositing their Terraswap LP tokens with Astroport (specifically, ASTROdrop smart contracts) during Phase 1.

By depositing their LP tokens, each user will also commit to a minimum period during which they intend to remain deposited with Astroport after launch. This time commitment can be seen as a ‘trial period’ during which Terraswap’s LPs intend to test Astroport and see what it has to offer.

In exchange for “locking” LP tokens in Astroport, users will receive a “drop” of ASTRO tokens … hence the name, “lockdrop”.

The amount of ASTRO each migrant Terraswap LP receives will be a function of the time commitment selected and other factors, as described below.

Phase 2: The ASTRO-UST Starter Group

Phase 2 will act as a price discovery period for the ASTRO tokens, which really means that they will act as a discovery of value for the governance of Astroport. The price will be determined by the amount that UST and ASTRO users add to the group and in what proportion they add it. For example, if there are 1,000 ASTRO and 1,000 UST tokens in the pool, the ASTRO price will be 1 UST (1,000 / 1,000) when Astroport is launched. Therefore, the value of ASTRO (and the value of having a voice of government in Astroport) is 100% decided by Astroport users.

During Phase 2, users will be able to verify their eligibility for the ASTRO airdrop. Staunch Astrochads can then pre-commit their airdropped and / or locked ASTRO (along with UST if they wish) to ASTRO-UST’s ‘liquidity booster pool’ in Astroport for a period.

Also read: Bondly: “Launchpad will debut special edition Fenix PolkaPets”

Phase 3: Astroport Launch!

When Phase 2 ends, the Astroport protocol will be launched, and all of your liquidity funds will be active and tradable.

All unlocked ASTRO tokens received from the airdrop and ASTROdrops will be transferable (except tokens subject to any early withdrawal requirements).

Decentralized, permissionless, and open source, Astroport’s marketplace is a public good governed by its community of ASTRO token holders. We hope it is among those initial headlines.

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