A Deep Dive Into the Harbor Protocol Airdrop, Led by Siddarth Patil of Comdex

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Harbor Protocol

It’s been an exciting couple of weeks with all the Harbor Protocol’s Mainnet and Airdrop announcements we’ve made. With the $HARBOR airdrop campaign, we aim to raise awareness amongst the community about the overcollateralized, interchain stablecoin Composite across the Cosmos ecosystem.

Stakers and Liquidity providers of the eligible chains and pools can head over to https://app.harborprotocol.one/more/airdrop to check their $HARBOR and $veHARBOR airdrop allocations. Users can check their eligibility from NOW, and the airdrop will be claimable from 5th December 2022 onwards.

Comdex has airdropped 150M tokens, which is 15% of the Total supply of $HARBOR tokens. The airdrop is divided into two parts:

  • The first 20% is airdropped in the form of $HARBOR tokens to enable users to take part in the governance and working of the Harbor Protocol.
  • The remaining 80% of the tokens are airdropped in the form of $veHARBOR, having a lock-in period of 4 months, which will start upon completing tasks.

While some of you may be excited about the airdrop you received, many of you might have questions about the airdrop calculations, so outlined below are all the details you need to know about the airdrops!

Why airdrop to 23 communities?

$HARBOR would serve a similar purpose for the Cosmos Ecosystem as MakerDAO does for Ethereum, and $CMST would inherit the role of $DAI for the interchain. The $HARBOR token is a governance token for the stablecoin $CMST, and all the decision-making concerning $CMST is in the hands of $HARBOR stakeholders.

The token is airdropped to the majority of the interchain projects to enable broader and more diverse community participation in governance. Harbor is airdropped to the interchain to achieve the primary goal of establishing a decentralized monetary system and to avoid inefficient outcomes when tokens are concentrated in a single entity.

Good governance leads to greater $CMST stability, leading to increased $CMST adoption and overall system growth for all users.

Let’s understand how governance would play a crucial role in strengthening the overall system:

  • Governance would control the parameters of $CMST, such as the stability fees, drawdown fees, and other associated fees, which would be crucial for the $CMST to succeed.
  • Governance would decide the onboarding and whitelisting of assets to be accepted as collateral to enable $CMST minting.
  • Governance would control where and how $HARBOR emissions are distributed and can be used as an incentive to drive the adoption of stable borrowing of $CMST via vaults against their desired collateral assets.

Interchain participants receiving the airdrop can use $HARBOR incentives to drive value toward their specific tokens CDPs. As a result, chains can directly reward $CMST minting via Harbor Protocol’s governance. This can be done by incentivizing Harbor governance for the Minting of $CMST through their tokens via external incentivization. This enables $CMST to fulfill its role as the stablecoin for the interchain.

Criteria for allocation of airdrop across multiple chains and pools are as follow:

For Stakers: Wallets with tokens worth $250 or more staked (Only for the CMDX chain, the minimum criteria was $1) on the eligible chains as per the snapshot date (i.e., 24th October 2022) have been distributed the airdrop. Balances that were vesting or unbonding at the time of the snapshot do not qualify for the airdrop. Only non-custodial wallets are eligible for the airdrop.

For Liquidity Providers: All Liquidity Providers have been allocated Harbor tokens based on the ratio of their LP tokens to the Total LP tokens in the pool. Any Liquidity Provider greater than $1 is eligible for the airdrop.

The Whale cap across each chain is kept at 50,000 HARBOR tokens.

As spoken in the various AMAs and Twitter announcements, we would like the entire community to welcome the launch of $CMST as the stablecoin of the Cosmos ecosystem. The following is the list of chains and pools that are eligible for the airdrop:

  • Facebook
  • Twitter
  • Buffer
  • reddit
  • LinkedIn

For INJ, a portion of the airdrop will be dropped later, as discussed with their team.

How we calculated the airdrop:

  • For Staked assets greater than $250:
    Harbor airdrop = Chain multiplier * Sqrt (Staked assets); the Chain multiplier for each individual chain is different.
  • For Staked assets greater than $1,000,000:
    Harbor airdrop = 50,000
  • For LP pools:
    Harbor airdrop = (Individual LP token/ Total LP tokens in the pool)* Harbor allocated to the pool

Steps to check Eligibility and Claim Airdrop:

  • Users can go to the Harbor Protocol website and find the Airdrop section under the “More” tab.
  • Users can check if they are eligible for the airdrop by clicking on the check eligibility button below the 16 chains & pools (which gives the cumulative Harbor for those chains and pools) as well as by clicking on the eligibility button, which pops out on clicking the logo of the individual magic txn chains (which gives individual Harbor allocation for these magic txn chains).
  • Users will get their 20% of $HARBOR tokens in their Comdex address on connecting the wallet to the Airdrop website.
  • The remaining 80% will be distributed in the form of veHARBOR, which can be claimed only after completing the missions on the Airdrop page. These veHarbor tokens will have a lock-in period of 4 months.
  • Magic Transactions- For chains like SCRT, BLD, XPRT, and CRO, users will have to perform a Magic transaction. If a user has staked SCRT & BLD and is eligible for the airdrop as per the criteria, then he will need to perform the magic transaction twice to receive his airdrop across both chains. On clicking the Logo of that particular chain under the Magic transaction, a popup will appear. Users are then required to enter their SCRT address in the chain address and enter their Comdex address in the Memo and complete the transaction by sending a minimal amount (e.g., 0.000001) and perform a similar action for Evmos as well. Once our team receives the Comdex chain address, we will allocate these tokens to you, which can take a couple of hours.
  • For all other pools and chains which are not listed under the Magic transaction, users will receive their Harbor and veHarbor airdrop in their Comdex wallets. To claim their veHarbor, they will need to complete the tasks as mentioned below.

Users are required to perform the following tasks once, which can be seen under the Missions page:

  • Vote on any proposal on the Harbor Protocol.
  • Mint CMST on Harbor using any collateral.
  • Lend CMST on the Commodo platform.
  • LP on Cswap dex in the ATOM/CMDX pool and Farm these LP tokens (min duration 1 epoch).

Stay connected with us to get the latest news about Harbor Protocol and $CMST:

A reminder that the deadline for the airdrop claim is February 26th.

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