KIP 13 - $KWENTA Launch Distribution

0xC065
April 19th, 2022

On April 21st at 10 PM UTC in the Kwenta Discord, on the community stage the council will present the retro $KWENTA Launch Distribution details for Synth traders and $SNX stakers. Join the Kwenta community for the presentation of KIP-13. Kwenta has made exciting progress and is getting close to delivering on key milestones.

Agenda

TL:DR

Synth traders

  • Traders active within the range of Jan 1st, 2020 to February 1st, 2022 are eligible for 5% of the initial KWENTA supply. The minimum trade requirements are at least 5 trades and $1000 in cumulative volume on L1, or at least 10 trades and $5000 in cumulative volume on L2.

SNX Stakers

  • SNX stakers, on both L1 and L2, active within the range of September 1st, 2021 to February 1st, 2022 are eligible to receive an allotment of 30% of the initial KWENTA supply.
  • Distributed based on these users' proportion of debt owned during that period (similar to the Aelin distribution) with a floor of 5 KWENTA per each staker.
  • The activity was determined by stakers who had at least 1 fee claim* during this time period
  • Debt ownership percentages below 1E-7% were culled from the distribution (approximate value of SNX staked below ~$100 at the time of writing)

All KWENTA received by stakers will go into a one-year vesting contract which can be vested at any time, however, an attached fee which will begin at 80% and deplete linearly to 0% after one year will be executed when vested which burns the percentage of tokens exposed to the remaining fee, enabling short term holders to exit while decreasing the total supply.

In the event that a Synthetix community member believes they were incorrectly excluded from the distribution, there will be an application form open for 1 month where disputes can be submitted.

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