Introduction

In this article, we will be covering the GammaSwap airdrop - particularly allocation and distribution.   The $GS distribution is based on the points program that has been running since Jan' 2024. Quick highlight on how points were distributed:

• Initial point airdrop given to Alpha Mainnet and Testnet users along with multipliers (2x and 1.5x, respectively). Both is a 3x multiplier
• Perp options traders earned 2 points for $1 notional traded. LPs earned 1 point for each $1 in liquidity provided
• Points updated daily at a random time each day

The airdrop was distributed according to a user's point allocation with a slight curve (read below).

To be eligible for the $GS airdrop, a user must have a non-zero value for lending points, borrow points or referral points.

Airdrop Increase

After extensive community feedback, the airdrop allocation has been increased from 32,000,000 $GS tokens (2%) to 48,000,000 (3%) as a reward for early users. The additional 16,000,000 $GS tokens will be taken from the treasury allocation.

Wallet Distribution

There are nearly 1200 wallets that have interacted with GammaSwap Beta Mainnet so far. This may not seem substantial when compared to established categories in DeFi (Liquid Staking, Lending, etc) but the adoption curve for novel categories is slower.

Take Pendle for example (another protocol that took a large TradFi category - interest rate swaps - to DeFi in a unique way). They also had around 1200 total users in March of last year and saw continuous growth through education & providing novel forms of leverage.

The GammaSwap protocol has seen steadily increasing usage  -  metrics available on Dune here and here (note these dashboards are not maintained by GammaSwap Labs and may not be accurate - DeFi Llama is).

The core team believes with the launch of automated strategies, V2 and other upgrades that the protocol will become accessible to an even larger cohort of users.

Flattening The Curve

Assuming a fully linear distribution, the top 5 wallets would have received 25% of the airdrop. A curve was implemented to even out the distribution with a floor allocation of 3000 $GS.

Now the top 5 wallets will earn only ~10% of the airdrop. The average $GS airdrop for the top 200 wallets is ~213K tokens. The average across all wallets is ~42k.

pufETH Holders

GammaSwap allocated .2% of the token supply as part of an airdrop to pufETH holders, along with .8% for liquidity mining. 

Puffer DAO is only offering points for a few select DeFi protocols, the committed allocation helped secure an incentive partnership and 1.5x multiplier. 

3,200,000 (.2%) will be claimable by all wallets of the Puffer DAO Chapter 4 Crunchy Carrot Quest. The distribution is completely linear and the average airdrop for the top 200 wallets is ~11k. The average airdrop for all wallets is 22 $GS.

$GS Claiming

The $GS airdrop will be claimable shortly after the LBP and DeltaSwap GS/WETH pool is set up. The airdrop claims will begin Monday, September 9th. 

There is no vesting but it will be distributed in epochs over a 8 week period from Monday, September 9th - Monday, November 4th. You can claim the $GS airdrop weekly or the full amount at the end of the 8 week period.

Conclusion

The $GS airdrop has been increased from 32,000,000 tokens (2%) to 48,000,000 (3%). There is no vesting but $GS tokens will be released in weekly epochs starting Monday, September 9th over an 8 week period. 

Note: The average $GS amounts mentioned in this article are purely estimations. They may or may not reflect the actual $GS token allocations during TGE, depending on when the snapshot is taken and other factors.