November 6, 2023: Airdrop Season 🛩️🪂
Who qualified for the most recent “airdrops”
After DeFi went through an extended dry patch, suddenly, it almost feels like DeFi Summer once again?
How else to explain the plethora of what you might call “airdrops” coming in hot. Consider the following three “airdrops” in descending order of what is classically considered an “airdrop”.
Prisma Airdrop
HOW TO QUALIFY: Previously used veCRV voting power to have voted in favor of $PRISMA whitelisting.
AMOUNT: Proportional to veCRV voting power
NOTES: As you can see in the following screenshot, big veCRV voters (not me) got a big payday. Even accounting for the $PRISMA token price airdropping itself back to reality, it’s still a nice haul. The account pictured below got ~$155K for 25,711,996 worth of veCRV votes.
If you have so much veCRV and didn’t vote in favor, consider hard-forking the Ethereum chain and retroactively making yourself eligible. Or, just read this newsletter more closely in the future…
HOW TO CLAIM: If you did qualify, the airdrop is claimable on Prisma as locked vePRISMA. This will be locked for a year, though the $PRISMA tokenomics allows for early claims, with a penalty that decreases linearly. The first week you would suffer a 100% haircut though.
Alternately, you can claim it via Convex or Yearn in wrapped form. Both wrapped versions of PRISMA are fully fungible.
$cvxPRISMA
Convex’s $cvxPRISMA provides “a share of the usual rewards from vePRISMA (when they start), plus a share of Convex boosted boost fees, and CVX tokens on top of that.”
Convex, incidentally, is already flexing their power over Prisma.
$yPRISMA
Yearn $yPRISMA provides “yPrisma holders also receieve [sic] their share of Prisma protocol rewards. Noice [sic].”
Stake DAO
Finally, Stake DAO also teased the airdrop is incoming for $sdCRV token holders.
Unlike the other tokens, Stake DAO mentioned governance powers, though did not declare a wrapped $sdPRISMA that we saw.
If you missed this airdrop, note that you may be eligible for the upcoming second airdrop if you were an early Prisma user. If not, well, you can always try to hardfork the chain and rewrite history.
Curve Airdrop
HOW TO QUALIFY: Previously been an LP in Curve pools affected by the Vyper exploit
AMOUNT: Equivalent to balances/rewards earned if pool had worked uninterrupted, viewable on Github
NOTES: Yes, that’s right… LPs not only receive the equivalent balances as if they’d simply held, but also rewards you would have received in the interim.
Unfortunately the price of $CRV went down in the interim, but devs can’t really control that. And then, in that strange way that AMMs work, it means you actually get quite a bonus in terms of $CRV.
Nice to see that this will also include compensation for the rewards lost, which can be quite a substantial bonus, especially as $CRV finally starts climbing its way out of the gutter.
HOW TO CLAIM: This is not yet live on Curve, but stay tuned. You might try yelling “wen” in the Telegram chat, this may make it arrive SOON™️er?
If you were in any affected JPEG’d pool, the claim is already live and being handled on their site.
It’s will be interesting to see how the stream of rewards affects the upcoming year. These rewards will be streaming gradually throughout the next year. If it also coincides with the much-fabled bull market, then a lot of the biggest DeFi believers will have a nice flow of dry powder incoming as they receive just compensation.
DefiWars Airdrop
HOW TO QUALIFY: Be @krayzfi, and have operated one of the most helpful websites in DeFi at a loss.
AMOUNT: $30K worth of $CVX so far (ongoing)
NOTES: One of the saddest casualties of the bear market had to be the announced loss of DeFi Wars. We’d seen so much pain and erosion of services throughout the past several months. Now that markets were finally flipping bullish, suffering yet another casualty would be unbearable.
Fortunately, after some generous donations from Convex, Silo, and potentially others, the shutdown was reversed.
It’s one of the fastest pivots from “it’s so over” to “we’re so back” that we’ve seen, and certainly one of the most welcome pivots.
And we have it on good authority that the beneficence is not yet over. Llamas really are the best community.
HOW TO CLAIM: Uh… try a phishing attack against krayzfi’s?
Or, to more ethically position yourself well for a future bull market, build something!
This story is a testament to the fact that the best way to get involved in DeFi is to simply step up and help build something! If you build something great, the community has a way of stepping up and supporting your efforts.
Disclaimers! Of mentioned assets, author has autolocked vePRISMA, cvxPRISMA, and sdCRV