The whole network user KEY airdrop & distribution mechanism
0x2e4e
March 8th, 2022

Background

SNS has been officially launched on December 26, 2021. For each SNS domain name registered, Linkkey contract will issue 150 additional KEY Token (ERC20 tokens), of which 50% will be allocated to the whole network users (meaning the addresses that have registered SNS domain names).

However, the 50% KEY Token is not currently allocated immediately (currently allocated at user-assigned addresses), but will need to wait until all 100 INO NFT cards have been sold before the airdrop allocation to users across the network will begin. We have previously announced to the public that we expect the airdrop (release) to begin in March 2022.

After taking suggestions from community members and core DAO members between December 2021 and February 2022, we have now clearly defined the details of the airdrop, and the airdrop start date has been set for March 15-18, 2022, and we have also fine-tuned the 50% community token distribution rule to incentivize new users to sign up.

Here are the details of our airdrop mechanism and allocation plan.

Coin withdrawal airdrop mechanism

Note: The airdrop mechanism is applicable to users who have registered the domain name, the team and investor groups are not included in this scope.

In order to facilitate understanding and avoid confusion, we have divided the KEY Token (hereinafter referred to as KEY) into states, as well as the definition of related properties.

  • Airdrop cycle: 7 days, that is, every 7 days to update the number of users can withdraw coins
  • Freezing rules: The KEY issued by the registered domain name is frozen by default, and the funds are stored in the collection address, and will be thawed every cycle
  • Thawing rules: Each user can thaw 10 KEY per cycle, when and only when the user's frozen KEY ≥ 10 to perform thawing, cumulative thawing system
  • Withdrawable KEY: Apply for coin withdrawal through the front-end button to get unfrozen KEY
  • Frozen KEY: refers to the KEY that has not been unfrozen but has been assigned to the user
  • Withdrawal fee: Users will be charged a small fee for withdrawing coins through the sns front-end, which is used to cover the cost of transfer transactions

In order to ensure the controllability and asset security of the airdrop execution, the airdrop procedure is implemented by the coin withdrawal contract + listening service, and Linkkey is officially responsible for the implementation. (Currently in full testing phase 2022.3.8)

  • Withdrawal contract: used to accept withdrawal applications and fees
  • Listening service: using timed tasks to continuously listen to the withdrawal application initiated by the withdrawal contract, and after capturing the application, it will execute the transfer, i.e. the KEY of the aggregated address will be transferred to the address where the withdrawal application is initiated

Allocation adjustment

  • Original plan

For every new domain name registered, 75 (150*50%) KEYs will be equally distributed to all users of the network.

This scheme resulted in a very small number of KEYs being allocated to new users when they registered later. In order to effectively motivate new users to register without excessively cutting the benefits of old users, we adopted the following fine-tuning scheme.

  • After adjustment

Number of KEYs allocated to newly registered users: registerAllocationAmount = 1 The number of KEYs allocated to all registered users (excluding newly registered users): allRegisterAllocationAmount = 75 - 1 = 74

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