RFP-21: Distribution Strategy for ARB Allocation

Abstract

RFP-21 seeks consensus from Radiant DAO stakeholders on the airdrop distribution mechanics between 6-month and 12-month locks for the ARB allocation received through RFP-18.

Motivation

Context

As per RFP-18, the ARB allocation of 3,348,026 tokens received by the Radiant DAO treasury was earmarked to incentivize engagement and liquidity within the Radiant ecosystem. The proposal ratified allocating up to 40% of these tokens as an airdrop to new 6-month and 12-month dLP lockers.

To enact this, an airdrop window was implemented between May 17 17:00 UTC and July 17 18:00 UTC. The block range is as follows:

ARB: #91675675 - #112210150

BNB: #28294775 - #30048350

Qualifying Wallets

All wallets which locked or relocked dLP within the block heights above on either Arbitrum & BNB Chain are initially eligible for the airdrop.

To further refine the allocation strategy, RFP-21 aims to determine:

1. Distribution ratio between 6-month and 12-month locks

2. Appropriate airdrop cutoffs for dLP locked within the eligible airdrop window

Key Terms

• Airdrop window: The period of time between May 17 2023, 17:00 UTC and July 17 2023, 18:00 UTC.
• ARB: The governance token of the Arbitrum Foundation.
• dLP: Dynamic Liquidity Providers within the Radiant ecosystem.

Specifications

Weight Options

2.5x weight: The airdrop allocation to 12-month locks would be 2.5 times that of 6-month locks. This is in line with the current APR multiplier weight respective to 6-month and 12-month locks.

3x weight: The airdrop allocation to 12-month locks would be three times that of 6-month locks. This option rewards long-term commitment to the protocol.

Airdrop Claim

All qualifying locks on Arbitrum and BNB Chain networks are eligible, but please note that the airdrop will only be claimable on Arbitrum.

Steps to Implement

• (completed) Airdrop UI
• (completed) User addresses sortable by:
  • List of lockers on both chains
  • Amount locked per duration for each chain
• Apply allocation weight from RFP-21
• Parse into final userlist for smart contract linkup
• Testing & deployment

Overall Cost/Impact

Minimal. ARB allocation has already been earmarked by the DAO.

Timeline

21-Jul – 27-Jul: Create smart contract with placeholder weighting formula & ARB values

24-Jul – 29-Jul: RFP-21 to determine airdrop weighting

29-Jul – 30-Jul: Apply final weighting and formula to userlist; testing & staging

30-Jul: Deploy

Note: timeline is estimated and subject to change based on any unforeseen issues.

Voting

A: In favor of 2.5x weight between 6 month and 12 month eligible locks

B: In favor of 3x weight between 6 month and 12 month eligible locks

Against: Against implementation of all options proposed in RFP-21

Abstain: Undecided, but contributing to quorum.