ALN Participation Mining — Aluna.Social Airdrop #3: Reflections, Governance & Distribution

Aluna’s most recent participation mining campaign incentivised users to connect their cryptocurrency exchange API keys to the Aluna.Social trading terminal, and to execute trades on BitMEX, Bitfinex, or Poloniex to take part on the Aluna Leaderboard.

The campaign attracted a total of 782 participants and generated over $40M of trading volume from 12,700+ trades executed over 8 weeks. 80,000 ALN (worth over $20,000) has been distributed to all participants.

In this post, we reflect on the lessons learnt from the campaign, introduce community governance, share the audited results and distribution details, and end with improvements for the next airdrop for Q2 2021.

Aluna.Social Airdrop #3: Reflections

The airdrop was designed such that users had to complete three tasks to qualify:

  1. Connect MetaMask wallet

After qualifying, users could do more tasks to earn more stars, which earns them a larger share of the airdrop reward. There were three reward tasks:

  • 50 ⭐ per position opened or closed

However, this mechanism created several undesirable outcomes, such as:

  • Unlocking more ALN based on the total number of participants gave rise to unwanted behaviours

Unwanted behaviours included users:

  • Creating multiple Aluna accounts connected to the same exchange accounts

As with all previous airdrops, Aluna audits the airdrop results to ensure that cheaters are disqualified.

Progressive Decentralization: Birth of Aluna Community Governance

In line with Aluna’s goal of progressive decentralization, we invited the community to participate in the decision-making process with our first governance discussion on Discord.

It was an extremely fruitful discussion, and we thank everyone for the valuable feedback.

ALN Airdrop Governance Discussion: Rule Changes

Our first proposal included adding new rules to have a minimum trading volume of $1,000 and to increase the minimum ALN per participant to 20 ALN. This was rejected by the community, including both the top ranked traders and those with under $1,000 trading volume.

ALN Airdrop Governance Discussion: Filtering List for Cheaters and Spammers

Based on feedback from the community, we went back to the drawing board and submitted our second proposal, which kept the original rules unchanged, while removing cheaters and spammers from the list. This was passed by the community with 100% support.

ALN Airdrop: Audited Results and Distribution

The seemingly trivial fixes for the airdrop resulted in ramifications that spanned across a lot of other problems and open issues, one more complicated and delicate than the other. Many of the problems required detailed migrations on the database for re-constructing some data, where errors could have been catastrophic. This required us to build several routines very cautiously to make sure we do not lose any data in case of problems, which meant having granular backups for each step individually, and other similar considerations.

Our team worked tirelessly to get this sorted out, pushing 100+ commits over the last weeks to fix not only the airdrop but also a spaghetti of issues related to volume calculation, position data and other inconsistencies.

Thank you all for your patience throughout the process.

Here are the final results:

  • Qualified participants: 782

The estimated ALN you would receive based on your trading volume is as per the table below:

To see the number of ALN that you should receive from the airdrop, log in to your Aluna.Social account and navigate to the Airdrop page, and look for the amount of “Estimated ALN to receive”.

Estimated ALN to receive depends on the number of stars earned by participant.

80,000 ALN was distributed to 782 addresses via two transactions here and here.

If you hold more than 1,337 ALN in your Web3 wallet (e.g. MetaMask), join 50+ other Alunauts in our Strong Holder Chat Groups on Telegram and Discord. For more information about our token-permissioned chat groups, read this medium post.

ALN Participation Mining: Aluna.Social Airdrop #4 (Q2 2021)

We are grateful for the tremendous support from the community, and look forward to hosting a new participation mining campaign on Aluna.Social.

Building upon the feedback and lessons learnt, improvements will be made to the airdrop, including:

  • UI changes to improve user experience and user-friendliness

A new BitMEX-only airdrop will start next quarter. If you don’t already have a BitMEX account, sign up for one with our referral link to get 10% off trading fees for 6 months, and complete your KYC before adding your API key to Aluna. Stay tuned for details on the new airdrop coming soon!

The next-generation gamified social trading terminal: