Airdrop Points

Purpose: drive demand for $iBTC

The airdrop will be split into two: retail, and institutional. Retail allocation is planned to be around 7.5% (TBD) to incentivise user engagement and delegation, whilst institutional around 15.5% (TBD), to incentivise huge numbers of TVL and usage.

Airdrops

Retail

There will be 2 seasons of airdrops for retail users:

Season 1 will reward users for engaging on posts, creating user-generated-content, inviting friends to the community, and other tasks that help Bitsafe grow its brand presence.

  • Points collection before TGE.

  • Users will get Airdropped tokens on TGE with a short vesting.

Season 2 will reward users for delegation, as an extra boosted reward.

  • Points collection will be for 3 (TBD) months after TGE.

  • Users will get Lockdropped tokens with a short vesting - lockdropped means the tokens will be airdropped into delegation contracts, allowing users to earn extra yield from delegation whilst the tokens are vesting.

Institutions

There will be 2 seasons of airdrops for institutions too:

Season 1 will be for institutions deploying TVL to mint iBTC before TGE of $DLC. This extra reward, on top of real yield they can get from iBTC usage across different DeFi pools and products, will be a bonus for believing in iBTC early.

  • Points collection before TGE.

  • Institutions will get Airdropped tokens on TGE with a vesting.

Season 2 will be for institutions using iBTC in different DeFi pools/products. This is a way to reward those who actively engage in the full ecosystem instead of just minting iBTC.

  • Points collection will be for 3-9 (TBD) months after TGE.

  • Institutions will get Airdropped tokens on TGE with a vesting.

[[OLD POINTS IDEAS as of 24.03.2025]]

Activities

We want to incentivize actions that result in an increase of retail wanting to increase iBTC, which will subsequently drive volume of $iBTC (which is then delivered by merchants).

Below is a list of activities that can warrant the earning of points and therefore a claim on the airdrop:

  • Liquidity pools (AMMs): Liquidity provision of $iBTC (for example, into Curve LP tokens)

  • Lending pools: Supply $iBTC as collateral (in Silo) or borrow $iBTC against other collateral (in Silo).

  • Providing collateral for stablecoins: e.g. Lambda $BTCUSD, CRVUSD

  • Purchasing DeFi options: QCP and others can issue options on $iBTC.

  • Potential grants for developers building DeFi protocols that use $iBTC (parking lot).

  • Provide collateral into yield-bearing vaults (e.g. s$iBTC).

  • $iBTC Merchants minting.

What not to do:

  • Retail cannot mint $iBTC directly. It can only be swapped on DEXes (e.g. from wBTC) or purchased on CEXes, once live

  • Don’t incentivize $iBTC swaps in any AMM or DEX. Someone could farm it by swapping back and forth.

  • We don’t want to promise free airdrops. Points can only be earned on activity that utilizes $iBTC.

  • Since we’re not a blockchain, we don’t support developers building on iBTC directly

  • We cannot disclose how many points will turn into how many $BIT tokens.

  • Our partners at Chainlink have asked us not to use cashtags (e.g. $BIT), and no rocket emojis. No use of the words “partnership” or “collaboration”. Please see style guide: https://docs.google.com/document/d/1cYlXy57U-n3ozubV5CmWhxjPJGkiFLU-HnvkUEMDbAc/edit

Points Methodology

Similar to Merlin, we intend to use the current $BTC value of the transaction.

For example, Merlin M-Points were allocated at the rate of 10,000 per $BTC. So, a user who bridged in $40 worth of tokens at a $40,000 $BTC price would receive (40 / 40,000) * 10,000 = 10 M-Points. Read: https://medium.com/@merlinchaincrypto/merlins-seal-the-biggest-fair-launch-of-layer2-5614001b2582

For D-Points toward $BIT token, we also intend to use this same methodology.

Users (merchants or retail) could earn 1X points for holding $iBTC. And, they earn 5X points for using $iBTC as collateral in DeFi platforms. Note that retail earns no points for swapping $iBTC on DEXes.

Points Implementation

  • Points and airdrops will be geo-fenced to exclude the United States as well as sanctioned countries.

  • Until our Cayman entity is set up, points are non-tradeable (similar to air miles). When Cayman is set up, the points could become tradeable.

  • Similar to Synthetix’ staking site (https://staking.synthetix.io/earn/), the user will be required to scroll down and accept terms & conditions when using the site.

Have a points multiplier in the early days. Often, points programs penalize early adopters by increasing the multiplier over time, which more quickly dilutes early depositors. Instead, we should offer a multiplier for early entrants, and instead reduce multiplier as $BIT gets closer to launch

Points Redemption

iBTC Points App Requirements

Points App Signup page

  • Ability to connect wallet to the app for registration

  • Optional: invite codes to reinforce exclusivity

Points dashboard

  • Ability to see how many points you’re earning, for which activity

  • Optional: Ability to earn NFTs in addition to points

  • Optional: See your multiplier. Earn a multiplier for certain protocols vs. others

Example

Leaderboard

Referrals

  • Early Access Incentives: Reward early adopters based on their activity level

  • Multi-Tier Rewards: Implement a two-generation referral system

    • Create a squad and let people join it through an invite link

    • For example, X% rewards for direct referrals and Y% for secondary referrals.

Marketing Campaigns

Example: Galxe campaign to boost Twitter & Discord

  • Example: https://app.galxe.com/quest/Bitlayer/GCASdthEkb

  • Galxe for tasks (like tweeting & social sharing)

    • Follow @dlc_link

    • Retweet our tweets

    • Have the “Verifier” role in our Discord server

    • Account is followed by @dlc_link

  • Rewards:

    • Earn Loyalty Points: Complete tasks to earn 600 points, showcasing your commitment to the Bitlayer community:

    • 50 Bitlayer Discord OG Roles and 25 Bitlayer OG NFTs for lucky participants.

    • Winners of OG Roles will be chosen via our Discord lucky draw bot at the event’s end. Ensure entry before the deadline mentioned in the announcement.

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