On December 7th, the Anoma Foundation announced its RPGF Drop. ATOM and OSMO stakers are eligible to receive the drop, among several other groups.
But holders of liquid staked ATOM and OSMO were not mentioned in the announcement.
To make the NAM RPGF Drop more inclusive, this forum post petitions the Anoma Foundation to amend it to include holders of Stride’s stATOM and stOSMO and pStake’s stkATOM.
This proposal is being put forward by the Stride Foundation.
Holders of liquid staked ATOM and OSMO are the power users of the Cosmos ecosystem. By liquid staking their ATOM and OSMO, they demonstrate a willingness and competency to use decentralized applications. They have the initiative, skill, and bravery to venture into the Cosmos, discover new DeFi applications, and experiment with new technologies.
These are exactly the users that would help Namada grow. Including these Cosmos power users in the NAM drop would grab their attention and interest, making them more likely to join the Namada community.
The Namada launch involves dropping a max total of 65M NAM tokens. Of that maximum, 19M are allocated to stakers of ATOM and OSMO.
That 19M NAM is allocated to ATOM and OSMO based on 1) staked amount and 2) activity score.The snapshot was taken on November 1st, 2023.
On the snapshot date of November 1, there was 4M ATOM and 10M OSMO liquid staked with Stride. This corresponds to 1.5% of the total supply of staked ATOM and 3% of the total supply of staked OSMO. (See DeFi Llama for data.)
We propose that the Anoma Foundation amend its RPGF Drop plan such that 2% of the 19M NAM allocated to staked ATOM and OSMO be given to holders of stATOM, stOSMO, and stkATOM on the snapshot date.
We propose that this 2% of the 19M NAM be taken from the unclaimed amount at the end of the initial twenty-day claim period. It would be 380,000 NAM.
In order to determine a list of stATOM, stOSMO, and stkATOM holders at the snapshot date of November 1st, the Stride Association would index Stride, Osmosis, Neutron, Persistence, Umee, and Kujira. Users who minted or purchased one of the three LSTs would be tracked.
LST inflows to their addresses would be combined with outflows from their addresses to arrive at the amount of LSTs each user controlled as of the snapshot date, including LSTs that were provided as liquidity or deposited as collateral.
While there are minor edge cases, this method is fairly accurate in determining LST balances. (According to tests, roughly 95% accurate.)
This is the method being used by Dymension to airdrop its upcoming DYM token to stATOM holders.
Full details on the snapshot methodology are visible here.
Regarding the 380,000 NAM figure given above, we propose that it be distributed across the set of addresses with stATOM, stOSMO, and stkATOM at the snapshot date, weighted by amount and activity score.
We propose that the existing Namada claim interface be used to make the NAM claimable.
Holders of stATOM and stOSMO are among the most active users of Cosmos. They venture across the Cosmos, interacting with all manner of DeFi applications.
These Cosmos power users would be excellent candidates for the nascent Namada community; grabbing their attention and interest would help Namada thrive.
We hope this petition is received well, and look forward to a response.
We would be very happy to hear from everyone who has a perspective to share. Do you think liquid staked tokens should be included in the RPGF Drop? Would you make any changes to the plan proposed here?
All feedback is welcome (: