It’s Time for a Platypus Party!
We are excited to be allocating a portion of our governance token to vePTP holders. This article provides you with all of the details on how we will be distributing the airdrop, how much is being airdropped, and how to qualify for it.
An invitation to vePTP holders
Long-term staking of PTP is a core principle of Platypus Finance. Instead of simply airdropping to PTP holders, we wanted to make sure that only the most loyal token holders of PTP were rewarded. This is represented by vePTP balance. We believe vePTP holders should have a distinct and powerful voice in any protocol built on top of Platypus.
For that reason, we will be airdropping 3.0% of our total token supply to holders of vePTP!
The VTX airdrop
VTX is our governance token for Vector Finance. We will be airdropping 3.0% of our total VTX token supply (100M tokens) to vePTP holders. (We’ve decided to cut off wallets below a certain threshold since the airdrop value would be less than the gas price to claim.) This means 3.0M VTX tokens will be airdropped to vePTP holders. 10% of that allocation will be available upon TGE (token generation event) and then the remainder will unlock at certain dates, listed below.
- TGE: 10%
- 3 months: 10%
- 6 months: 20%
- 9 months: 30%
- 12 months: 30% + bonus tokens
- Total: 100%
Important: If a user claims their VTX before the 12 months are over, they will forfeit the amount that is still locked, and that will go to a “bonus” pool which will be distributed pro rata to holders who have yet to claim at the 12 month mark.
The vePTP snapshot
We will be taking a snapshot of vePTP balances this Sunday at 5:00pm UTC. We don’t see any reason to take random snapshots because vePTP takes time to accrue. Thus, there isn’t any ability to game the system here. Even if someone buys a large amount of PTP now, they won’t have time to accrue a large vePTP balance before Sunday.
Important: Make sure to “Claim” your vePTP from Platypus’s app prior to the snapshot on Sunday! Otherwise, it will not show up when we take the snapshot.
Stake PTP to qualify for the vePTP airdrop. Make sure to claim your vePTP before Sunday, February 20th, at 5:00pm UTC to qualify. 10% of the airdrop is unlocked at our TGE and the remainder is unlocked over the course of the year, weighted towards the back-end to incentivize holding. Early claimers of the airdrop will forfeit any unlocked amounts, which will be distributed at the end to those who held for the full 12 month period.
Our hope for Vector Finance
We believe that Vector will become an important part of the Platypus and Avalanche ecosystem. We hope to quickly become one of the largest vePTP holders on the network, and with that comes a great responsibility: governance participation on Platypus. Platypus recently announced that voting rights will help determine new stablecoins asset listings for the protocol, rewards weights, and more. By airdropping VTX to vePTP holders, we invite the most loyal Platypus holders to join our protocol in using this power responsibly for the good of Platypus and the entire Avalanche ecosystem.
In our next article we look forward to revealing our complete tokenomics, followed shortly after by details of our upcoming launch! Make sure to follow us on our socials for the latest updates, and to join us on Discord for any questions or to contribute to this effort.