Introduction

As part of our ongoing commitment to foster community engagement and support, we are excited to propose the launch of our Season 3 initiative. Building upon the successes of Seasons 1 and 2, which saw significant participation and growth within our ecosystem, Season 3 aims to further reward our dedicated community members and incentivize future engagement within the protocol and its ecosystem across DeFi.

• Season 3 would introduce an airdrop of 25,000,000 ETHFI tokens to eligible ether.fi stakers
• This initiative is designed to acknowledge and reward our community's continued support and active participation in the ether.fi ecosystem

Perks Passport concept design

Initiative Details

Objectives

• Reward loyal community members who have contributed to the growth and success of ether.fi
• Incentivize new and existing community members to engage more deeply with our platform and services
• Promote sustained growth and adoption of ether.fi

Token Allocation

• A total of 25,000,000 ETHFI tokens would be distributed during Season 3
• Allocation would be based on community participation metrics and engagement levels

Timeline

• Start Date: July 1, 2024
• End Date: Early September 2024
• The airdrop distribution would occur shortly after the conclusion of Season 3

Mechanics

• StakeRank and StakingFrens were the mechanisms used in Season 2. Season 3 would launch Perks Passport, a new participation incentive framework to reward stakers for exploring the expanding ether.fi ecosystem.

Perks Passport explained

Perks Passport is a system that awards users a boost to their ether.fi loyalty points based on their participation in various DeFi activities and events, tracking their progress and achievements.

• Users earn boosts for participating and meeting the requirements of any passport activity or event
• Participants can earn up to a 5x boost on their ether.fi loyalty points
• Perks activity will have a range from 0.1x - 3x, depending on the event or action
• For every 5 Perk activities earned, the user will get an additional 0.5x Boost
• Perk activities remain “stamped” once the condition for activating is met. For example, if a Perk activity was earned for depositing ETH into a Liquid vault for a minimum of 7 days, it would only stamp once the user maintains a deposit in that vault for the minimum 7 days
• A user will also receive an additional 0.05x boost every 24 hours, up to the maximum 5x
• Loyalty points will continue to accrue at the same rate as they did in Season 2. All points from Season 1 and 2 will be displayed in the dapp Portfolio tab and will apply to Season 3.

Conditions

• A user's staking balance needs to be above 0.1 eETH to activate Perks Passport
• All eETH and weETH, whether held or in supported DeFi positions (displayed within the ether.fi dapp "DeFi" tab), including Liquid, will be treated the same for Perks Passport
• Users who withdrew their ETH or mostly withdrew their ETH, their Season 1 or 2 points won’t earn them a Season 3 airdrop unless they stake additional ETH during Season 3
• Users who withdraw their staked ETH shortly before or after the end of Season 3 may be disqualified for an airdrop
• Any blatant sybil or manipulation attempts will result in no airdrop

Additional Info

• The proposed season 3 airdrop increases the total ETHFI token Airdrops allocation to 14.76%, reinforcing our commitment and appreciation of our highly engaged community. The breakdown of allocations before accounting for any Season 3 allocation can be found here.
• Community members would be informed about how they can qualify for the airdrop and participate in Season 3 activities through the protocol’s Discord, Twitter and other socials
• Season 3 airdrop payout would follow the same vesting schedule of Season 1 and 2.
• The intended design is subject to change through the season as feedback and suggestions from the community emerge

Conclusion

We believe this proposal will not only reward our community members for their continued participation and support, but also incentivize future engagement and growth within the ether.fi ecosystem. We kindly request your thoughtful consideration and participation in the voting process.

Voting

Voting duration: The voting window will be open for 5 days

• For: Approve the Season 3 and airdrop token allocation
• Against: Do not approve the proposal

Thank you for your continued support.