The mainnet launch is approaching. To kickstart staking, we propose to distribute JUICE via an airdrop.
We propose that
- the VanillaDAO airdrops JUICE tokens (on Polygon) to all effective owners of VNL (see definition below)
- the amount airdropped is 1 JUICE for each VNL effectively owned by a wallet. For example, a wallet with 100 VNL will get 100 JUICE.
- the time of the snapshot for effective VNL ownership is block 14442575 (23 Mar 2022 between 1-2 pm UTC)
Note! The mainnet launch will happen some time after the snapshot (TBC).
How does this sound?
Effective owners are any addresses on Polygon mainnet who own the addresses in Ethereum mainnet which i) hold VNL, ii) provide liquidity for VNL, or iii) profit-mine on Vanilla v1. These include EOAs (externally owned accounts, i.e. human-owned wallets) and contract addresses (i.e. contract wallets like Gnosis Safe).
Identification of effective owners is straight-forward when the owner is an EOA - the same wallet can sign transactions from the same address in both networks. However, the contract addresses require a special identification procedure, because it’s very unlikely that the contracts deployed on Polygon have the same address as they have in Ethereum. The identification happens in the following steps:
Resolve all EOAs holding VNL directly in their wallet. They will get the corresponding JUICE amount automatically in an airdrop.
Resolve all addresses providing liquidity for VNL and resolve their pro rata VNL ownership in each liquidity pool. This is important because we don’t want to force VNL owners to remove all liquidity from the market just to participate in the JUICE airdrop. If the liquidity providers are EOAs, they will get the corresponding JUICE amount like in step 1.
Resolve all addresses that profit-mine, and calculate how much VNL they would get if they closed their positions at the snapshot block. This is to avoid forcing profit-miners to exit their positions. If the profit-miners are EOAs, they will get the corresponding JUICE amount like in step 1.
Finally, resolve all contract addresses that either hold VNL directly or provide liquidity or profit-mine and try contacting the owners or users of the contracts to identify the respective Polygon mainnet address for the airdrop.
Currently, we have identified 6 contract addresses holding VNL in Ethereum mainnet: The Vanilla DAO Gnosis Safe, two other Gnosis Safes, 2 Uniswap pools and a “FeeDistributor” contract. Excluding the Uniswap pools which are handled in step 2, the FeeDistributor contract owner/user is the only one we have not been able to reach out so far (holding 41.745 VNL, or 0.0003% of total distribution).
Currently, all VNL liquidity is provided in Uniswap v3 pools and profit-mining happens in Vanilla v1, but neither of the projects provide any on-chain interface or tools to compute the VNL ownership. Thus, the computation of airdropped amounts and the identification of effective owners is done programmatically with off-chain scripts, which will provide deterministic results in the snapshot block and protect against manual errors. We will open-source the scripts along with the smart contract sources before the airdrop and document the verification procedure, so that (sufficiently technical) people are able to verify at any time that the JUICE airdrop was executed fairly and correctly.