[DCP-2] Use unclaimed Airdrop tokens to extend the RADAR ecosystem

Summary

The RADAR token was launched on 14 December 2021 and 10% of the total supply was allocated to the retrospective Airdrop targeted towards active dapp users. Now that the claiming period of the airdrop has come to an end, we are aiming to use the remaining tokens for extending the RADAR ecosystem by focusing on three major topics:

1. single token staking
2. liquidity rewards and provisions
3. multichain expansion

Abstract

There were ~148,000 eligible addresses for the Airdrop and only 49,363 addresses claimed it, that is ~33% of the total. The initial distribution of tokens is not as wide as we were expecting, therefore the goal is to keep expanding the ecosystem through different initiatives but to also allow all early adopters that are holding RADAR to stake their tokens.

There were currently 652,053,323 RADAR tokens left in the Airdrop smart contract which we’re looking to use for a few initiatives that would expand RADAR to multiple chains, increase token distribution, incentivize liquidity provision and enable single token staking.

Burning the tokens was surely taken into account, but after further research and by carefully analyzing the current RADAR distribution, we haven’t deemed it as a good solution for long term development, but rather a short term action. DappRadar has already a long history and the plan is to build a long-lasting ecosystem, therefore expansion and long-term thinking are our focus. At the same time, the majority of DAOs are usually sending the remaining Airdrop tokens back to their treasuries and we are taking a similar approach, but going straight to the next steps.

Motivation

Putting the remaining tokens to good use will offer RADAR more exposure, will bring further utility for all the tokens holders, it will become much more accessible for a bigger range of potential DappRadar users, because chains as BNB Chain (BSC) and Polygon have much lower fees and it will increase the overall on-chain liquidity allowing the execution of larger trades with the lowest slippage possible across all 3 chains.

Specifications

1. Single Token Staking - 250,000,000 tokens allocated for single token staking for 300 days (~10 months). Token holders will be able to stake RADAR tokens and earn RADAR across all existing chains. A staking dashboard will be built on DappRadar accessible to all the users on the following blockchains: Ethereum, BNB Chain, Polygon.

2. Extend liquidity rewards on Ethereum - 50,000,000 tokens allocated for extending the rewards for another 3 months, in order to maintain the current liquidity on SushiSwap and potentially extend it, given the upcoming changes, having a healthy liquidity reward program is going to allow trades with lower slippage. Check the previous extension proposal here.

3. Multichain expansion - 352,000,000 tokens allocated for multichain expansion. As previously discussed in the forum, bridging RADAR to BNB Chain (BSC) is imminent. The smart contract bridge is being worked on as we speak, in partnership with Multichain, and we need to allocate tokens for initiating the first liquidity reward program (Farms and Pools on popular DEXes) on BNB Chain together with other marketing activities. By popular demand, Polygon will follow for bridging and we’re going to split the allocation equally to each chain, aiming for very similar liquidity incentives and marketing activities. More information will be shared as soon as the details are agreed with the partners. If there will be any tokens remaining, they will be sent back to the treasury.

Benefits

• Making the token much more accessible by being present on chains like BNB Chain and Polygon with other pairs beside ETH, for example BNB-RADAR and MATIC-RADAR
• Amass more liquidity across the chains mentioned above to allow low slippage and low fees trading
• Allow DappRadar users to access PRO features by holding tokens on BNB Chain or Polygon (now limited to Ethereum)
• Extend token utility and reducing circulating supply by allowing holders to stake RADAR in the Staking Dashboard for earning RADAR
• Attracting potential DappRadar users from multiple blockchains

Drawbacks

• Distributing a big amount of RADAR tokens
• Increasing ecosystem management complexity by being active on multiple chains
• Introducing extra potential security risks by having a bridge between chains

Vote

FOR: Use unclaimed Airdrop to extend the RADAR ecosystem AGAINST: Return unclaimed Airdrop tokens back to the treasury