I'm about to start creating videos on psychology, philosophy, offgrid living, and digital assets very soon. Stay tuned.
I think that it's important for our space to defend ZachXBT so I'm sharing his tweet here.
Btw I was also rugged by Machi on Squid NFT so I can confirm that 🤷
twitter.com/zachxbt/status/1669783717236342785?t=Cv3p09jp42ls_DKmf1CV7Q&s=19
HOW TO PREPARE FOR EIGENLAYER TESTNET ⚡️
This could be one of the next big trends.
Eigenlayer: A protocol on Ethereum to "re-stake" your ETH.
How does it work and is there a potential big airdrop?
🧵👇
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What is EigenLayer?
EigenLayer enables ETH stakers to restake their ETH or LSD (stETH, rETH) to secure other apps on the network, earning additional rewards.
Users opt-in Eigen's smart contracts and stake to earn interest on top of the existing ETH POS interest.
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How does EigenLayer work?
You can refer to my thread from January to learn more about the technical aspects, if you wanted to:
twitter.com/OlimpioCrypto/status/1610013658125328384
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Status of EigenLayer
The initial phase of the three-stage launch plan for EigenLayer's protocol, the Stage 1 Testnet, was unveiled by the company on the 6th of April, 2023.
This testnet is not incentivized. But you can try it now! 👀
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STEPS TO START: (this is in Goerli Testnet)
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Get Goerli ETH on faucetlink.to/goerli or faucet.paradigm.xyz
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Switch your wallet RPC to the Goerli Test Network
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Send some Goerli Test ETH to this address 0x1643E812aE58766192Cf7D2Cf9567dF2C37e9B7F to get stETH
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STEPS CONTINUED:
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Visit goerli.eigenlayer.xyz and connect your wallet
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Click the “Lido Staked Ether (stETH)” option
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Enter the amount you want to deposit and stake the stETH you just received
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Approve and confirm the transaction
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See your balance on the dashboard.
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POSSIBLE AIRDROP?
• Not likely, for now.
• They have not confirmed any airdrop.
• Testnet is not incentivized.
However, it usually is a good idea to be an early adopter in the crypto space. It might pay off! 🪂
Moreover, this is a testnet, so no capital is needed.
⚡️
ARB distribution model was designed by Nansen 🔵 🦅
+2,300,000 addresses bridged to Arbitrum before the snapshot.
Online 625,143 were eligible for ARB. Only around 30%!
What can we learn from their report?
5 key take-aways so you don't get excluded from airdrops ⚡
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Eligibility Criteria:
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Conducted transactions: number, value, and time thresholds
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Arbitrum Nova: bridging & conducted transactions
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Dapps and Governance activity
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Liquidity providing
💡 Take-away: the more different activities, the better. Be active!
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USD Value. I know this is a given, but it's important to stress out.
• The majority of wallets transact on small USD amounts
• The majority of wallets got small airdrops (USD value terms)
💡 Take-away: more volume = bigger airdrop. But you didn't need to be a whale to get it!
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The number of transactions
• The majority of the wallets made 1-2 transactions (1M+ wallets)
• Only 100k wallets made 50-100 transactions
Median = 3
Average = 28
💡 Take-away: more transactions = more valuable airdrop.
Become a recurring user.
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Sybil wallets:
• The Arbitrum Foundation wanted to exclude sybil wallets from getting the $ARB airdrop
• Sybil wallets = wallets with similar/fake activity, with the pure intention of hunting for an airdrop
• 172k wallets excluded
💡 Take-away: be user, not a "hunter"
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Negative criteria ⚠️
This is a new concept: some actions subtracted points, i.e. they hurt the user's individual points to get ARB.
These users got less ARB:
• All transactions in a 48h period
• Interacted with only 1 smart contract
• Low ETH balance in Snapshot day
There's a lot more data in their official report.
Read the full blog post here:
🔗 nansen.ai/research/an-on-chain-distribution-model-for-the-arbitrum-community
Join alpha discord: earndrop.io/discord