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Chainflip airdrop: How to get in on the action

Chainflip airdrop: How to get in on the action

11 March 2021Admin

We’re very excited to announce the long-awaited Chainflip airdrop program. Oxen has secured an allocation of Chainflip tokens, and with this allocation Oxen has decided to encourage the ongoing creation and maintenance of Service Nodes on the Oxen network, helping to facilitate its mission of providing world-leading decentralised secure communications technologies to the general public. 

The Program

Starting on April 1st, 2021, Oxen Service Node operators and contributors can start earning Staking Points. The program will run for 90 days, during which participants will be able to accrue points through daily snapshots. 4.5m FLIP tokens have been allocated towards the airdrop program, amounting to 5% of the FLIP supply and up to an estimated third of total liquid supply on token launch. At the end of the program, you will be able to claim a percentage of the 4.5m airdrop allocation equal to your percentage of the total staking points accrued by all participants during the program. For example, if you finish the program with 50,000 staking points, and the total amount of points earned by all participants is 5,000,000, you would receive 1% of the total available FLIP (45,000 FLIP).

Stakers must register to begin accruing staking points — there is no way around this. Without knowing which Ethereum address to send to for each participant, conducting an airdrop is impossible. Because the airdrop is opt-in, it is expected that far less than the ~1400 nodes currently registered will actually participate.

Pool contributors can also register for their staked portion of a shared service node. For instance, if a contributor has staked 50% of a service node's collateral and registers for the program, they will receive 50% of a full service node’s worth of staking points. 

Long Term Multiplier

The program will run for 90 days, but to maximise the number of people staking into long term nodes, we’ve structured the program to encourage and reward operators who remain staked the longest and keep their node alive as much as possible.

Over the course of the 90 day program, snapshots of the Service Node network will be taken hourly. Each snapshot will check to see which registered stakers were staked to an online node at the time of the snapshot. Each registered staker who is staked to an online node (as observed by snapshots) receives 1000 points per day for every complete service node they have staked. If the staker records 30 days worth of successful snapshots, the next 30 days worth of snapshots will be worth 1200 points per day, per node. Similarly, after 60 days worth of snapshots, the staker will receive 1400 points per day, per node, up to the maximum of 90 days’ worth of snapshots. Stakers that own less than one full node will receive points proportionate to their percentage of the node they are staked to. For example, a pool contributor of 25% will receive 250 points per day in the first 30 days, and so on.

If a node goes offline, the staker(s) will miss out on snapshots (and thus staking points) until that node comes back online, or until they restake into another node. This will delay the onset of the point bonuses too — for example, if I run my node successfully for 29 days, I’ll have 29,000 points, but if on the next day my node is offline for the whole day, I won’t receive the 1,000 points I would otherwise receive, and I’ll have to have the node back online for one more day’s worth of snapshots before the higher 1,200 daily point rate starts to be applied. If I can get my node online the following day, I’ll then have built up 30 days worth of snapshots and 30,000 points (31 days into the program), meaning I would now miss out on one day at the highest bonus rate at the end of the program.

This means that if your node goes down or you have to restake, it’s not the end of the world. As long as you can get your stake back online as quickly as possible, you’ll still be able to accrue points and work your way up towards the bonuses.

To more fairly reward longer-term stakeholders, if you increase your stakes during the program, we will calculate bonuses separately on new stakes. For example if you have 1 full SN for the entire 90 days and add an additional 30% stake after 50 days, you’ll still earn 1000 points/day for the first 30 days, 1200 points for the next 30 days and 1400 points for the final 30 days for your first stake. For your new 30% stake (which covers 40 days of the snapshot period) you will earn 300 points/day for 30 days and 360 points/day for 10 days.

Stakers can register before the program actually starts, but they can also register after it has started. However, stakers will only start earning points for their stake from the day that they register. Extra points will not be given to stakers who were staking from day 1 but only registered halfway through the program.

We’ll also be adding a leaderboard so participants can track how their rewards compare to other stakers. The leaderboard will only display obfuscated Ethereum addresses. 

Airdrop Instructions

  • Ensure your service node is registered and up to date.

  • Generate an Ethereum address to receive the tokens. Make sure you back up this key!

  • Sign your Ethereum address using the same Oxen wallet you have used to stake your node(s) (see the instructions on https://cf.oxen.observer)

  • Submit your registration using the registration form: https://cf.oxen.observer

  • Wait for day one of the program! Once the program starts, you should see your point balance begin to increase when you go to https://cf.oxen.observer and insert your Ethereum address.

  • Keep staking. Earn those points!

  • At the end of the program, your final point balance will be converted into a FLIP balance proportionate to your percentage of the total staking points accrued by all participants during the program. Once Oxen receives its FLIP allocation post launch, the allocation will be distributed in accordance with the balances accrued through the program.

NOTE: The registration and validation process is automated. If you submit incorrect information, we cannot guarantee that you will receive staking points. Please ensure you have included (and double-checked) the exact information required before submitting.

This program is an Oxen initiative. If you have any questions about the program, head to the Oxen Telegram community, and we’ll do our best to support you in accessing the program.

Good luck and have fun — there’s 20 days to get your nodes in order!

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