The 5m VIPER airdrop

When the protocol was initially set up 5m VIPER was pre-minted to be used for a future airdrop.

At the launch of the protocol 5m VIPER was worth roughly ~$25,000, but at current prices those 5m VIPER are now worth $1,500,000. I never really envisioned that VIPER would 60x so fast when the initial airdrop was allocated and that the airdrop allocation would surpass $1m+.

The airdrop could prove to be an efficient marketing tool to attract users from Uniswap, Sushi, Bao, Pancakeswap etc - but I’m starting to think that we maybe should re-allocate some of the funds towards other initiatives?

We could e.g. keep 2m VIPER for the original airdrop and use the remaining 3m to e.g:

  • Reward ViperPit stakers - we could send 100,000 VIPER on a weekly basis to the ViperPit as extra incentives. The 3m VIPER would in that case last 30 weeks / 7.5 months. This would make it even more attractive to perpetually stake VIPERs instead of selling them, thus reducing selling pressure of the token.

  • Incentivize trading activity - we could do weekly airdrops to people trading on the exchange to incentivize trading activity which would result in more trading fees. The extra trading fees would be used by the ViperPit to market buy more VIPER and distribute it to the ViperPit stakers.

  • Dev treasury - some parts of the original airdrop allocation could be redistributed to the dev treasury with the goal of expediting multiple audits of the project.

  • Community initiatives - we could redistribute some of the funds to community initiatives such as referral competitions, community led marketing initiatives etc.

What do you guys think we should do with the 5m VIPER airdrop allocation?

22 Likes

Dev treasury and community initiatives. Anything to grow adoption is beneficial for the project and the group.

7 Likes

Rewarding vipersPit Stakers is excellent idea , current reward for staking is not that significant which pushes some to convert viper for ONE or ETH . giving meaning full reward to stakers will payoff with with stronger viper down the road .
Additionally this will invite folks who are not comfortable with IL risk for participating as LP this will open the door to just staking without participating as LP

16 Likes

I like all the ideas mentioned here.

I agree with VIPER going to Dev treasury to expedite audits of the project.

Is there any feasible way to allocate some VIPER to all four of the ideas mentioned above?

7 Likes

I support having 2kk for the airdrop and the rest for dev funds e.g. audits.

Audits are still important , it will help deciding to take part in the system (eventho we just had this one bad example of turtledex).

3 Likes

Would love to see some used for trading competitions to increase volume and exposure

2 Likes

would love to see some long term trading competitions. maybe a small pool weekly? also locked 50/50 airdrop for ONE holders would greatly help both ecosystems. encouraging harmony users to trade using the viper DEX

Not gonna lie, the 100k a week for stakers sound very sexy.
A 7.5 month long extra incentive, rewarding people for accumulating viper & incentivizing farmers to hold instead to sell… to substitute for lackluster rewards until real trading volume kicks in… the effect of it would be very interesting to see. → Vipers would be hoarded → price rises → the already allocated dev-treasury would be worth more.

I’d only do that though if the the dev wallet is padded enough. How are those treasury fees coming along? Are the staking/unstaking fees enough to make an impact?

$2m Viper for the airdrop still sounds pretty nice. If VIPER were to reach 50 cent till then, perfection- $1m airdrop

7 Likes

Reallocating the funds to support the community is a great thing. The multiplied emission rates are looking to end soon so why not focus on retention?

I’m all for it. That incentive would work well to benefit people who are staking/pooling.

It would be great while having the occassional airdrops to other DEXs.

I like the idea of viperpit stakers, audits and community initiatives
Specially audits to give security to newcomers

6 Likes

I support the airdrop for trading and auditing!

1 Like

TBH, your ideas on reallocating the 3m VIPER makes a lot of sense.

I think the rewards to ViperPit will help stabilize the price of VIPER for the short term(until we can get Sushiwap level volume to profit from trading fees). However, it’s really difficult for many users to understand the difference between xViper and Viper. Is it possible to change the UI so that you can see how much your total value in terms of Viper would be if you withdrew immediately? Or something to help people understand ViperPit and know what they’re investing in.

As of right now, it’s easy to track your VIPER earnings in the pools, but it’s hard to know how much you actually make from the ViperPit until you actually withdraw. Helping people see their ViperPit worth might also help them be a long term investor instead of them clicking claim every hour.

12 Likes
  1. re-allocation is a great idea
  2. Audit should be priority imo- obviously it’ll bring validity/confidence, thus more users
  3. ViperPit - echo what others have said
  4. I don’t think the airdrops are needed…the project will speak for itself - fast, low fees, transparent, great Dev & community
11 Likes

I second this opinion. I think most of the stakers in this project are already members in other communities/groups. So the word will eventually get out. I already promoting it and i am sure that most of us do the same. Not just because of the market cap and the pool sizes. But because its a great initiative.

I agree seems high for the airdrop when it could get reallocated to dev treasury and enhancements that will bring more members naturally.

1 Like

5% for treasury, and long term “drip” into viperpit

1 Like

I kinda like the Viperpit idea as well. I feel that alone could entice as many people as an airdrop.
Really could go either way right now it’s hard to tell. In a few weeks we could see more of a clear path once we see the amount of traffic in a short time

I will forward here what I wrote in Telegram chat earlier:

Imo, the airdrop amount shouldn’t be less than 250-300 USD per address (especially considering that 95% of it will be locked). Less amount may stop new users from learning how to get on the Harmony and claim the airdrop. We need to target experienced DeFi users, and they won’t spend their time learning how to claim a small amount. So if you will target 10,000 addresses - you will already need $3M.

The airdrop should target certain sophisticated DeFi users. Gitcoin Grant’s contributors, voters in the protocol governances, etc.

Imo, there should be a combination of factors to receive the airdrop for each address. For example trade at least once at one of 5 DEXES + vote at least once at any Snapshot proposal.

So, the full 5M $VIPER should be used for the airdrop. If the airdrop won’t be weighty enough - we won’t be able to attract serious and conscious users of Ethereum and BSC DeFi.

7 Likes

I feel strongly that development and community initiatives should have preference.

Harmony IMO has been about creating value, which is the reason why I’m on board. I would very much like VenomDAO to be similar in spirit, i.e. to provide real value for the community. To me, that means steady building (dev) of functionality and community. Rewarding farmers/holders is nice and all, but that should result naturally from building a platform that people want to use.

Keep up the good work! :vulcan_salute:t4:

2 Likes

I’m for the various suggested allocations but I have an idea that I think has worked in a few projects.

Which would be splitting the allocated 2m airdrop to viperpit stakers.

1m to viperpit over a period of time.

1m to viper pairing liquidity providers. E.g. 5000 viper per day split amongst all liquidity providers according to their LP percentage.
Rewards given out bi-weekly into a claimable contract or directly airdropped since gas fees is low on Harmony.

It’s like a layer 2 yield farming and only for this 1m.

I favor all 2m going into this mechanism instead of viper pit.

This idea is not new. rfoxlabs and unique.one are using this “yield farming without staking” sort of mechanism for token emission.