When Airdrop? About the KOJI Airdrop to TOSA holders

Sat. 24th Apr. 2021 About koji.earth

When we started the koji.earth project, we knew we had some work to do. Most of our dev team met each other in the Tosa telegram channel trying to revive this (TOSA!) dead token.

How would we bring this broken community along with us on our journey? Could our first act of charity be to the ones who lost money on Tosa when the developer ran off? Or the ones who came in later believing we could pick up the pieces, but ultimately not being able to because the wallet keys for the original contract were gone?

Lots of people lost money. One community member lost 6.5 Eth in the Tosa fiasco. So we had to come up with a plan: we would do an airdrop.

Originally, and enthusiastically, we wanted to keep the total supply the same and do a 1:1 airdrop. The snapshot was taken, and off we went working on other aspects of our new project. However once we started working on the tokenomics of KOJI, it became very clear we had a problem: The size of the airdrop was absolutely massive.

In planning the total supply of KOJI, we figured 10 Trillion was too much and the community wanted a reduced supply. So we decided on 1 Trillion, thereby reducing the airdrop numbers by a factor of 10.

Still, the airdrop accounted for 11.5% of the new supply, and that just wouldn’t work.

There’s no way we could justify to new investors, who would maybe get .5% to 1% of the total supply by purchasing tokens in a public sale, yet certain airdrop wallets would receive the same amount or more for free. So we had to make some concessions.

Number one, no developer who held Tosa would be getting an airdrop. We cut ourselves completely out of the picture. Next we pared down the airdrop amounts by using the following methods:

Our first “haircut” to certain airdrop wallets was this:

Any wallet over 10B Tosa would be capped, and the amount over cap would be purchased back from those wallets at Tosa snapshot market price, capped at $500 USD. So if you had 20B Tosa, 10B worth of that we are converting into a dollar value, but capped at $500. The market price of Tosa at snapshot was .00000004932 USD. Then we are taking this $ value and converting it into KOJI at public sale price.

This cut down on the airdrop considerably, yet we still found ourselves airdropping 7% of the new token supply. This was still too large.

So the second haircut was this:

Of the remaining tokens under cap (10B), the new amount you will receive is: (Your amount / 10) * (Tosa snapshot market price / KOJI presale price).

This way you are getting a true 1:1 market value price for your old tokens, compared to the presale price of KOJI. It’s really the best we can do under the circumstances. So to figure out your airdrop amount, you are in one of two categories. Here they are laid out below:

Category 1: Wallets over 10 Billion Tosa

If you had over 10B Tosa, take the amount over 10B and multiply that number by .00000004932, and that will be your buyback credit amount we will be converting KOJI into. These amounts are capped at $500 credit. Then, take your credit and divide that by .00000085 (the tentative public sale price of KOJI). This is your first KOJI amount.

Now for the remaining 10B in your wallet, you will divide your amount by 10, and then multiply that by (.0000004932 / .00000075) or .6576. This is your second KOJI amount.

Now you take those two amounts and them up. If your amount is over 1B KOJI total (Capped amount reimbursement + actual airdrop) then you are capped at 1B total. No wallet in the airdrop will be receiving more than 1B KOJI. This is to protect all investors.

Category 2: Wallets with 10 Billion Tosa and under

For people in this category, you will divide your Tosa amount by 10, and then multiply that by (.0000004932 / .00000075) or .6576. This is your total KOJI airdrop amount.

Vesting period

All airdrop amounts will actually be put into a vesting contract, and your KOJI will be redeemable from those contracts on our website. The vesting period will be 3–6 months depending on the amount of KOJI in your airdrop. We can tell you right now that wallets at the 1B cap will be vested for 6 months. We may do 3 months on wallets 500 million KOJI and under. Again, this is to protect all investors equally. Once our public sale has completed, we will deploy the vesting contracts to the network so your KOJI balance can start to accumulate.

For the final airdrop wallet list and more detailed information please check out the full airdrop article on our medium.

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