The first ALN token airdrop has concluded, and 500 ALN tokens have been sent to all qualified participants on Sep 8, 2020.
Lessons Learnt from Previous Airdrop Campaigns
Although this created a large number of sign ups, it turned out to have attracted the wrong crowd; users who weren’t active traders and only wanted to complete the tasks to get their free airdrop. Furthermore, some users tried to game the system by creating multiple accounts, while others connected exchange accounts which had 0 balances in them.
ALN Airdrop Design
Learning from previous campaigns, we designed the ALN Airdrop to only reward users who added substantial value to the Aluna.Social platform, with the main goal being to add more traders to the margin/futures trading Leaderboard.
The added requirements (i.e. opening a margin/futures position) to qualify ensured that users had a non-zero balance on their connected exchange accounts.
We used a ladder system that unlocked more ALN when more users qualify. We started with 50 ALN unlocked, which would have increased at the next tier when 100 users qualified, up to the highest tier of 500,000 ALN unlocked if 10,000 users qualified.
ALN Airdrop: Post-mortem
The added requirements also meant that it became fairly difficult for users to qualify. As a result, we received a significantly lower sign up rate compared to previous campaigns. However, the quality of these new users were orders of magnitude better!
The July 2020 Leaderboard had a total of 94 unique traders, compared to 20 traders the month before, and just 10 traders in December 2019 and January 2020 when the previous campaigns were hosted.
Inevitably, there were still some users who tried to game the system, such as by opening multiple accounts, connecting their exchange to open and close one position within a minute, and some who removed their API key after executing a trade.
These users have been disqualified and will not receive the airdrop.
When will the airdrop ALN be distributed?
We have manually checked for users who flouted the rules and have disqualified them. As a result, the distribution for the Airdrop took longer than expected, and has been completed on Sep 8, 2020, and ALN has been sent to your connected MetaMask wallets.
To view the tokens in your MetaMask wallet, add a custom token using this Token Contract Address: 0x1b7B723e66A0Dd33E8f5e8ec039B51acafCD66a5.
The goal of the airdrop is to reward participants who really contribute to the community and not the free-riders or airdrop-hunters who have no intention to use the platform.
This is an on-going experiment, and we will continue to improve the mechanism for rewarding the best performing traders and active users of the community, tailoring the airdrop rules to favour participants who contribute meaningfully to the ecosystem, and distribute higher ALN prizes in the next airdrop campaigns.