After airdropping KREDITS to the testnet and Closed Beta users, the next chapter of Quest For Kresk is upon us. We are now awarding KREDITS to the active users from leading DeFi protocols and ecosystems aligned with Kresko.

691,000+ addresses are eligible with almost 10 billion KREDITS up for grabs

Before we dive into the details of the airdrop a bit about Kresko and why we are airdropping KREDITS to DeFi users.

What’s Kresko?

Kresko is inspired from the GameStop-Robinhood incident, where Robinhood halted GME trades for retail users to protect hedge funds, signifying how financial markets are stacked against regular users.

Our mission ito Make wealth accessible to everyone, everywhere.

Kresko is a novel synthetic asset protocol on Arbitrum that allows anyone to:

• Create synthetic stocks, commodities, forex, and crypto.

• Trade synthetic assets with zero slippage.

• Earn yield on stablecoins, free from market volatility and impermanent loss.

Our Journey

Testnet

Kresko went live in March 2023 in the form of a testnet a.k.a Quest For Kresk Season 0 which saw over 20,000 users from 96 countries participating over the course of 6 weeks marking it among the most successful testnets in DeFi.

Closed Beta

After optimizing our architecture based on feedback and the results from testnet, Kresko's closed Beta went live on the Arbitrum mainnet in March 2024.

The goal of the closed Beta was to test our new architecture in a controlled manner and scale up protocol operations in phases. Nearly 2,500 users participated in the Beta, generating over $17 million in volume despite restricted access.

What are KREDITS?

KREDITS are a new reward mechanism designed to incentivize and quantify community engagement and contributions to the Kresko ecosystem.

"Aren’t KREDITS just the same as points?"

They are called KREDITS, not points. There's a massive difference, Anon!

DeFi KREDITS AIRDROP

Activity timeline

For all the projects, address activity between July 1, 2022 and March 1, 2024 was considered for eligibility.

Goal

We identified the protocols and ecosystems whose users align with our mission, vision, and product goals. We believe these users are the right fit for our current product offerings, and Kresko will be able to add value to their investing goals.

KREDITS serve as an onboarding incentive for the users.

Eligible DeFi protocols

We wanted to incentivize different user personas of the protocols, so we focused on users engaging in the three main core activities:

• Trading

• Liquidity provisioning

• Community participation and governance activities

All users who met a minimum threshold of activity during the snapshot period were allocated an equal amount of base KREDITS. The top users received additional KREDITS using a multiplier.

This ensured that the most active users were eligible to receive the highest KREDITS.

KREDITS were additive across the different activities within the protocol. Refer to the table below for the full list of protocols/projects and the respective user personas eligible to claim KREDITS.

Other Ecosystems

In addition to DeFi protocols, we identified some additional categories like NFTs and crypto reputation indexes which were popular among active DeFi users.

Note: KREDITS allocated to a user across the projects and ecosystems were added to calculate the total KREDITS received by a user.

How to claim KREDITS?

Head to the checker to check your eligibility and to claim

‘Kreskian NFT or ‘Freshly Minted’ NFT is required to claim the KREDITS, If you are eligible for the DeFi airdrop you can burn 20% of your total KREDITS to get the NFT, alternatively the NFTs can be found on OpenSea.

What’s next?

DeFi KREDITS airdrop recipients will also gain access to the Kreskian profile NFT that is required to claim KREDITS from airdrops or any future farming campaigns.

Use Kresko to trade Kresko-exclusive synthetic assets like Synthetic Solana, Synthetic Japanese Yen, and Synthetic Gold, with more asset classes such as stocks on the horizon.

We are just getting started at Kresko. Exciting assets, features, and community initiatives are on their way.

Join the conversation on Discord and follow us on X to stay up to date with the latest at Kresko.

FAQs

Q. Do I need an NFT to claim my KREDITS?

Yes, you need ‘Kreskian’ NFT OR ‘Freshly Minted’ NFT to claim your KREDITS and access the app. You can burn 20% of your KREDITS allocation to get the NFT.

Q. When does the DeFi airdrop claim end?

The window to claim your eligible DeFi KREDITS ends on July 30th.

Q. What happens to unclaimed KREDITS?

Unclaimed KREDITS will be burned.

Q. My eligible address is compromised. Can I change the address?

Unfortunately, it is not possible to change the address. But you can claim the KREDITS from your eligible wallet and transfer the ‘Kreskian’ NFT to another wallet to transfer your KREDITS to the recipient wallet.

Q. Where can I know more about Kresko?

A. You can find all you need to know about Kresko’s architecture on our Gitbook.