The $GEL Lockdrop Program finally launches today (May 19th, 2022). A total of 30 million $SPICE (3% of total supply) will be allocated towards this Program, which is designed to distribute part of the governance power of the upcoming Arrakis DAO to the GEL community which incubated the project over the past year.
What Is $SPICE?
$SPICE is the native governance token of Arrakis. Arrakis is a web3’s liquidity layer, which at its core acts as a decentralized market-making platform enabling projects to create deep liquidity for their tokens.
Arrakis was incubated by the Gelato until March 2022 when the Gelato DAO voted to spin the project, which was previously known as G-UNI, out into its own separate DAO.
Since its inception in February 2021, the Arrakis has demonstrated exceptional growth on every conceivable metric. It currently has $500 million in TVL which comprises around 10% of Uniswap v3’s entire liquidity.
This makes Arrakis the largest LP on Uniswap v3 by far, all without having any native liquidity mining incentives. Since the launch of its v1, top DeFi projects have adopted Arrakis vaults, including MakerDAO, Aave, Olympus Pro, Frax, Synthetix, Index Coop, and many more.
More info about Arrakis can be found on the official website.
Summary of $GEL Lockdrop Program
- Deposit starts on May 19th, 2022.
- Once deposited, the $GEL cannot be withdrawn until the unlock date.
- Lock countdown starts on June 10th, 2022, at 3:00 PM GMT.
- Unlock date: September 8th, 2022 at 3:00 PM GMT.
- Lock duration: 90 days.
- Airdrop will be distributed as $SPICE tokens.
- The total airdrop reward is 30 million $SPICE tokens.
- $SPICE Airdrop date is TBD (most likely sometime in 2023) and will be decided upon by the Arrakis Team. More info will be shared via Arrakis Twitter.
- The $GEL Lockdrop Program will ONLY be available through the official portal: gov.gelato.network/spice-airdrop.
- $GEL locking is only available on Ethereum, Polygon, and Fantom.
- Gelato $GEL token contract address on all networks: 0x15b7c0c907e4c6b9adaaaabc300c08991d6cea05
Tutorial: A Step-By-Step Guide on How to Participate in the $SPICE Airdrop
You can lock your $GEL tokens before June 10th by visiting the official $GEL governance portal.
Step 1: Visit the official portal: https://gov.gelato.network/spice-airdrop
Step 2: Connect your wallet
Step 3: Input the amount you want to deposit, then approve the $GEL token for the Locking contract
Step 4: Lock your $GEL
You will see your locked balance on the portal. Also, there’s a timer showing the unlock date.
Please note:
- You are allowed to lock $GEL more than once, but any locked $GEL cannot be retrieved until the unlock date in September 2022.
- You are responsible for making sure you are depositing $GEL properly — the Gelato Team can’t help you track down misplaced assets. Please ensure you use a compatible wallet for ERC-20, Polygon, and Fantom tokens. We recommend MetaMask.
