Hundred Finance: FTM Token Airdrop Initiative for Cross-chain veHND Holders
Since the beginning of the year, Hundred Finance has seen a dramatic rise in one of the most important metrics used to judge DeFi protocols: Total Value Locked (TVL). Using data provided by DefiLlama, we can observe that funds held in our contracts across Ethereum, Arbitrum, Fantom, Harmony and Moonriver have increased by more than 300%, now sitting at around $210 million USD. This continued growth in Hundred Finance’s TVL sees us moving rapidly up the rankings of listed projects, and with many, many more chains yet to have the dApp deployed on. These impressive figures are in and of themselves cause for celebration, yet they also have a notable and distinctly positive side effect; one that we’re incredibly pleased to be able to share directly with our community of current and soon-to-be veHND holders. That side effect, the receipt of a substantial grant of FTM tokens and the freedom to use them in a manner that helps expand the Fantom ecosystem while acknowledging our project’s multichain roots, allows us to announce our first FTM Token Airdrop Program for Cross-chain veHND Holders!
Before going into detail about our own airdrop program, however, we would like to briefly explain a little about where the funds come from and the generous initiative that sees us become recipients.
The Fantom Foundation Incentive Program
DeFi protocols on the Fantom blockchain are experiencing incredible growth. To assist these projects in expanding sustainably, the Fantom Foundation generously created a 370,000,000 FTM incentive program open to any qualifying DeFi project launched on the blockchain. This initiative is fully programmatic, distributing tokens to projects based on their time-weighted average TVL and calculated on an ongoing basis as a function of the FTM price.
As of now, Hundred Finance sits in the second of four tiers (a TVL of 54m on Fantom assuming a FTM price of $3 is required to enter the second tier) and thus qualifies for the receipt of 900k FTM vested monthly over 12 months. Given that we owe this growth in TVL in large part to the early users who have spread word of Hundred Finance while simultaneously committing to the project by locking HND, we decided it would be appropriate to show our thanks and seek to win further participants in our burgeoning governance ecosystem through a special FTM token airdrop.
The Hundred Finance FTM Airdrop Program
The Hundred Finance Airdrop Program sees us drop 37,500 FTM to veHND holders in two separate tranches. These holders are established according to snapshots taken both prior to this announcement, capturing Arbitrum, Fantom and Harmony balances, as well as in a second batch of snapshots to be taken that shall also include holders on Moonriver. This second batch of snapshots is designed to allow users who have recently or who will imminently lock up their HND to also benefit and have an additional motivation for trying out the veHND locking and voting system on top of the platform’s market-leading stablecoin APRs.*
The airdropped FTM tokens will be claimable by qualifying accounts according to the proportion of the total amount of veHND in existence at the time the snapshots were/are taken. As large balance holders have, for the most part, locked HND for years, we believe this demonstration of a tendency towards a long term vision for Hundred Finance is worth acknowledging. veHND is at its core utilized for participating in protocol governance, so we welcome further growth in the number of holders in the coming weeks and future months and years as we seek to achieve equitable cross-chain distribution and true decentralization.
Claiming
As we owe our ability to distribute these FTM tokens to the generous incentive program of the Fantom Foundation, we have made the decision to require qualifying wallets from all chains to submit their claim transaction on Fantom Opera. We hope this will encourage users who have not yet had the opportunity to experience the Fantom ecosystem to do so, incentivized not only by its wealth of dApps, fast transaction times and incredibly low fees, but also by the opportunity to receive its native token for only the cost of the time or money necessary to acquire the FTM to carry out the claim transaction.
To perform the claim, qualifying users can visit https://hundred.finance, where on switching the network to Fantom Opera they will find an additional button in the header depicting their claim amount. Next, all they need to do is click the button to initiate a transaction that will deposit their share of the first 18750 FTM tranche into the connected wallet. In the interest of efficiency (preventing a claim costing more than the drop itself), we have decided to set a minimum threshold of 0.1 FTM required for an address to be added to the list of eligible recipients. The full list of eligible addresses can be found here.
Future Drop
While we see merit in retroactive airdrops that reward early participants in a project, we also believe that they can present an excellent opportunity to help the number of future participants grow. For that reason, in two weeks time we will be conducting a second airdrop that captures users who have created HND to veHND locks in the time between snapshots. These accounts will become eligible to receive a share of the next 18750 FTM and any additional airdrops that take place (assuming they retain veHND during subsequent snapshot periods).
We will announce the initiation of the second airdrop in a blog post to follow in 2 weeks’ time. In addition, this current announcement and the one to follow will serve as the start of 3-month countdowns during which airdrops can be claimed. Following those 3 months, in the interests of preventing treasury funds going to waste by sitting dormant and to encourage the following of the project, any unclaimed funds will be returned to the project treasury. We therefore encourage our community to remain attentive and join us as active participants in the Hundred Finance project as it continues its multi-chain mission.
Conclusion
We on the Hundred Finance Team hope that our users find the Hundred Finance FTM Airdrop Program a rewarding addition to the current and future benefits of being a veHND holder. Inspired by the rapid rise in our prominence, we have now more than ever major ambitions to see further growth in the project and in time become a major player in the cryptocurrency ecosystem. We would like to thank you, our community, for your ongoing support and we welcome future participation and contribution to the realization of our shared ambition for further growth.
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*The first drop is based on veHND balances (at end of the period) for users that created locks during the following periods:
- Arbitrum: Sep-17–2021 01:42:04 PM +UTC -> Jan-10–2022 10:22:53 PM +UTC
- Fantom: Dec-09–2021 12:59:41 PM +UTC -> Jan-10–2022 10:24:24 PM +UTC
- Harmony: Dec-02–2021 05:49:37 PM +UTC -> Jan-10–2022 10:21:11 PM +UTC
