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Airdrops
After the 10mb Finance protocol collapsed on July 4, 2022, the team announced several compensatory airdrops:
  1. 1.
    10mb Holders' Airdrop, 7-6-2022
  2. 2.
    10mb Boardroom Claimers' Airdrop, 7-9-2022
  3. 3.
    10SHARE/USDC LP and 10SHARE Boardroom Depositors' Airdrop, 7-6-2022
Information about these airdrops is below!
  1. 1.
    10mb Holders' Airdrop, 7-6-2022
After 10SHARE liquidity collapsed, we advised 10mb depositors to either sell or redeem 10mb. We noticed that as we started nearing the end of the redemption process, the collateral ratio dropped. We discovered that this happened because 10mb is minted by the masterChef's harvest process. Furthermore, the ECR (collateral ratio used for redemption) was only changed once per hour. Therefore, if a user harvested 10mb rewards from the masterChef and then redeemed it before the ECR updated, it could result in redemptions that would reduce the ECR.
Because of this mathematical consequence of nearing the end of redemption, we decided to renounce the DAO's and team's 10mb and send additional USDC from the DAO fund so that we could airdrop USDC to all remaining 10mb holders at the rate of 0.041 USDC/10mb. These airdrops were sent on July 6, 2022 to all 10mb holders who had not redeemed.
2. 10mb Boardroom Claimers' Airdrop, 7-9-2022
Some users who deposited in the Boardroom may not have been able to claim 10mb on time for the July 6 airdrop. Therefore, the team will send out a final 10mb airdrop to all users who claim 10mb from the boardroom by July 9, 2022. You do not need to use the redeem feature or send 10mb anywhere; these airdrops will be processed automatically as long as you claim your rewards from the Boardroom.
Again, claiming 10mb rewards from the Boardroom will be the triggering event for the July 9 airdrop to 10mb holders!
3. 10SHARE/USDC LP and 10SHARE Boardroom Depositors' Airdrop, 7-6-2022
The team has airdropped USDC to all users who deposited 10SHARE/USDC LP in our masterChef contracts and all users who deposited 10SHARE into the Boardroom contract!
Amounts:
  • ~$100,000 USDC for USDC/10SHARE LP pool depositors
  • ~$35,000 USDC for Boardroom depositors
  • Minimum airdrop: 20 USDC/wallet
To assign the recipients of these airdrops, we devised a formula that assigned points for a construct we call "price-weighted staked hours":

PWSH = (10SHARE or LP token amount staked) x (10SHARE Price when staked) x (Hours tokens were staked before July 4, 6am GMT)

We weighted each PWSH from each user equally when determining the airdrop amount, except that we adjusted the overall values so that we could enforce the minimum airdrop of 20 USDC. The script counted the time the 10SHARE or 10SHARE/USDC LP tokens spent staked before being unstaked. The 10SHARE price when staked was determined by estimating empirical values for each 4-hour window beginning on June 30 at 9pm GMT. We used the following price values:
Start Time (GMT)
End Time (GMT)
10SHARE Price (USDC)
6-30 9pm
7-1 1am
1700
7-1 1am
7-1 5am
1775
7-1 5am
7-1 9am
2300
7-1 9am
7-1 1pm
3200
7-1 1pm
7-1 5pm
3000
7-1 5pm
7-1 9pm
3400
7-1 9pm
7-2 1am
2350
7-2 1am
7-2 5am
2100
7-2 5am
7-2 9am
2200
7-2 9am
7-2 1pm
2150
7-2 1pm
7-2 5pm
2000
7-2 5pm
7-2 9pm
1650
7-2 9pm
7-3 1am
1300
7-3 1am
7-3 5am
1300
7-3 5am
7-3 9am
1300
7-3 9am
7-3 1pm
450
7-3 1pm
7-3 5pm
185
7-3 5pm
7-3 9pm
181
7-3 9pm
7-4 1am
155
7-4 1am
7-4 5am
85
7-4 5am
7-4 6am
12
These price values were applied for the whole time windows they covered. Therefore, let's take an example. If a person bought 10 10share and staked it in the boardroom at 6am GMT on July 3, and never unstaked, they would receive:
PWSH = (10 10SHARE) x ($1300/10SHARE) x (24 hours) = 312,000 PWSH
The PWSH for each stake by each depositor was considered independently to obtain the total PWSH for each depositor. Then, the compensation for LP farm deposits was adjusted to a total of $100,000 USDC by giving approximately equal compensation per PWSH to each depositor, except that we enforced a minimum airdrop of 20 USDC. The same was then done for Boardroom deposits, with a total airdrop amount of $35,000 USDC and the same minimum airdrop amount.
Why didn't I receive an airdrop?
There were several actions involving our tokens that did not earn an airdrop. For example, people who simply traded or purchased and held spot 10SHARE did not receive an airdrop. This is because the team prefers to reward depositors who performed beneficial actions to the protocol, and 10SHARE/USDC LP stakers and Boardroom stakers certainly performed beneficial actions for the protocol.
In contrast, 10SHARE swing trading is not beneficial enough to the protocol in proportion to the amount of it that occurs to justify an airdrop. During the brief time we were in operation, 10SHARE was the top traded token on Cronos, sometimes exceeding $2m in daily volume. Therefore, if we rewarded all 10SHARE purchasing activity with an airdrop, we would have no choice but to significantly dilute the rewards offered to Boardroom and LP stakers who participated more beneficially.
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