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

  1. Connect MetaMask wallet
  2. Connect exchange API key
  3. Open or close one position on BitMEX, Bitfinex margin, or Poloniex margin
  • 50 ⭐ per position opened or closed
  • 1 ⭐ per $1 trading volume
  • 200 ⭐ per qualified referral
  • Unlocking more ALN based on the total number of participants gave rise to unwanted behaviours
  • Earning stars based on number of positions opened/closed gave rise to unwanted behaviours
  • Reward distribution model is extremely top-heavy
    → 90% of the reward is earned by the top 3% of participants
    → 90% of participants earn less than 20 ALN
  • Recent surge in ETH price and gas fees meant that it would cost more in gas fees to send <20 ALN, than the ALN itself is worth, making 90% of the transactions extremely wasteful
  • Creating multiple Aluna accounts connected to the same exchange accounts
  • Spamming trades on stable/stable pairs e.g. USDT/USD
  • Doing the bare minimum to qualify i.e. executing only 1 trade to qualify with the minimum volume allowed by the exchanges
  • Farming stars by opening and closing multiple trades with an average trade duration of 5 minutes or less
  • Qualified participants: 782
  • Total ALN unlocked: 80,000 ALN
  • ALN earned per participant: 0.059 ALN to 11,735 ALN
  • Total trading volume: $40.4M
  • Total no. trades executed: 12,700
  • Median trading volume: $341
  • Top 10 participants earned 65.2% of the total airdrop reward
Estimated ALN to receive depends on the number of stars earned by participant.
  • UI changes to improve user experience and user-friendliness
  • Adding clearer instructions with link to Medium post guide
  • Removing task for opening/closing positions
  • Adding a minimum $1,000 trading volume to qualify
  • Replacing reward unlock mechanism with volume-based tiers
  • Calculation of reward per participant using `SQRT(No. of Stars)` instead of `No. of Stars`, which will reduce the reward disparity between participants with the most vs least stars

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