An interesting time limited airdrop on Ethereum appeared on Wednesday, with the claim pool being diminished by around 10% each day from today. In 12 days from the start time the airdrop period is over!
So, what is this token and project? SDT is the governance/staking token for StakeDAO... haha, we've seen this before in DeFi, about a million times in the last few month!
So, what is the difference between StakeDAO and the million other DeFi protocols with their various governance tokens? Well, unless you are making tracking and interacting with DeFi your full time job, or you have enough money to splash around on fees, it can be incredibly difficult to keep up with all the various protocols that pop up overnight. These protocols have different website/app front ends and whilst most of them are housed on the Ethereum main-net (with crazy prohibitive fees for non-whales), others are starting up on competing smart contract chains like Binance Smart Chain and Polkadot as well as migrating to layer-2 Ethereum side chains.
StakeDAO aims to put everything under a single website portal, which would be a godsend for all non-professional DeFi users. Having a single website from which you could track and update your DeFi holdings would be an incredibly step up in user accessibility. I'm not sure, but when it goes live, it might even have vaults from which you can just dump and forget and let the various strategies handle the reallocation for you.
Now, I know that part of DeFi is being able to make all the critical decisions that matter to your allocation of portfolio... but really, no-one wants to micromange their portfolio on a daily basis and then try and keep up with the various news, from new protocol launches, to upgrades, to liquidity pool hacks and rug-pulls. I would rather someone else did that!
So, SDT token is a governance token... however, in addition to being a straight out governance token (dubious use case in my eyes at the moment... your vote is far outweighed by whales, and there is the interesting idea of technical "governance" by the uninformed and uneducated... I count myself in that group!), the SDT token (when staked) will allow you to share in the rewards/fees from the StakeDAO protocol. So, an actual use case!
The airdrop is itself quite interesting... first of all, many projects have learnt from the first airdrop mania of a couple of years ago. If you just dump tokens into people's wallets... don't expect loyalty or community... instead, expect a dump and people showing up asking for more!
These days, airdrops are based on active participation and a minimal amount of interest. Often you will need to have used the protocol in the past (which weeds out airdrop hunters...) AND you have to at least make an on-chain claim for the token. On Ethereum, that can still a little bit in terms of ETH Gas fees... so, I tend to be a bit picky about which ones I claim. Plus, it isn't a good habit to go around clicking on buttons of shady DeFi airdrops and authorising whatever contract interaction it throws at you!
What made the StakeDAO airdrop very interesting was the fact that eligible addresses had to have interacted in the GOVERNANCE (not usage) of the eligible protocols... or to have contributed to the GitHub grants (see the eligibility criteria and annoucement: here). This means that you have to have cast votes on the various protocols governance calls, and thankfully, I had done that in the past when ETH gas fees were substantially lower! Still, there are quite a number of protocols where voting on governance calls don't require an on-chain transaction (they see the tokens in your wallet, but the voting is done off the main-net), so it is still possible to have your say in governance these days.
Anyway, I decided to claim the SDT that I was eligible for (gas fees were around 10USD)... and everything went smoothly for me apart from an error message, but the tokens arrived in my wallet. I'm genuinely interested in this project as it would make my DeFi life MUCH easier if I didn't have to do a tour of the internet every time I wanted to check on things...
... check out if you are eligible for a claim by navigating to https://stakedao.org/ and connecting your Metamask.
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