Aug 22, 2023
Aug 22, 2023
AdmiralDAO has issued its governance token - SAIL. This is an important milestone for AdmiralDAO, the DAO behind Clipper DEX, and a huge step for the Clipper community in assuming control of the DAO’s flagship project. SAIL holders will form the full membership of AdmiralDAO. Collectively holders will determine the direction of Clipper and every future project the DAO undertakes.
Given the responsibilities of SAIL holders, the DAO took seriously the process of defining eligibility criteria for the SAIL airdrop. SAIL is a governance token. The primary utility of the token is active participation in the management of the DAO. There are specific regulatory reasons that recipients of the airdrop should be people actively contributing to the DAO. The legal and regulatory considerations around the token distribution are summarized in a recent blog post.
First and foremost, SAIL was awarded to contributors who demonstrated a commitment to community. To determine the full set of eligibility criteria the DAO analyzed hundreds community activities and roles, settling on a set of 55 roles that embody the values and product development fitting for membership in a DAO for Builders. The full list of qualifying roles can be found below, along with some insight into the value community members who hold those roles bring to Clipper on a daily basis.
The SAIL airdrop will occur in two general phases: an initial airdrop on Ethereum Mainnet (L1) and subsequent airdrops on affiliated chains (L2s).
Some practical considerations guided the airdrop mechanics. To be included in the initial airdrop phase individuals had to have sufficient eth in their wallets to cover the gas to claim SAIL on Ethereum Mainnet. If you met the criteria for the initial airdrop, but had insufficient eth your wallet, you will receive the same amount of SAIL during the L2 drop as you would have received in the L1 drop.
All eligible community members will receive their distribution of SAIL. L2 distributions will be chain-specific, ensuring any qualified community members who did not receive the L1 airdrop will be able to claim on chains where they are more active.
In total, the SAIL airdrop consists of 100 million tokens. Half of the airdropped SAIL will be available to recipients immediately, and half will vest linearly over 24 months. This structure allows holders to participate at scale in the DAO immediately, with more voting power accruing to members who hold the token for longer periods. The DAO distributed 85% of the airdropped supply during the first phase. The remaining 15% is reserved for L2 airdrops that will take place in the coming weeks as soon as is practical (e.g. tokens must be bridged first).
There will be a separate airdrop for participation in Adventure 4. That supply has already been earmarked and the community, through the DAO, will determine how it is distributed.
The DAO recognizes that no airdrop system is perfect, including this one. However, every effort was made to consider and reward value-adding contributions. It should be stated clearly, this airdrop was not optimized for dumpers. The DAO sought to have as inclusive an airdrop as possible by phasing SAIL distributions in multiple stages so that feedback and consultation with the community could happen at each stage. This consultative process comes with tradeoffs between the certainty and timing of each step.
The DAO will work to redress any and all legitimate eligibility claims once the L2 airdrop phases are complete.
The DAO already conducted a review of eligible L1 addresses with input from the Clipper community prior to the execution of the L1 airdrop. Compromised wallets were identified, airdrop farmers were outed, and more than 6,000 appeals were considered individually to review eligibility for the airdrop. In all, every eligible community member will be included in the two phases of the airdrop. All eligible community members will receive their distribution of SAIL. To reiterate: Any qualified community members who did not receive the L1 airdrop will be able to claim on chains where they are more active.
To learn more about AdmiralDAO, its mission, and its affiliated projects visit admiraldao.xyz. To research SAIL and its role in governing the DAO, explore its tokenomics, and the DAO governance portal. To join AdmiralDAO, become a token holder today by farming SAIL in the Clipper Mainnet liquidity pool.
The goal of distributing SAIL to positive and active members of Clipper’s community is to ensure the long-term viability of AdmiralDAO and to seed the DAO with a membership serious about charting the future of DeFi.
Captains, and community leaders received additional awards given their extra efforts on behalf of all community members.
All Adventure participants were eligible, as were active participants in other community activities. Adventure winners received an additional reward. The same amount of SAIL was allocated to each adventure, which means that participants in earlier adventures received more than participants in later adventures, because there were more participants in later adventures. That gives earlier community members a de facto bonus.
Community members who demonstrated a commitment to Clippers core values of knowledge, camaraderie, and playfulness received special recognition and associated rewards.
Individuals were rewarded for assisting with the development of Clipper, either through testing or allegiance of the product. Since AdmiralDAO is about building it is important that members of the DAO understand its core products and take seriously the vision of free and fair markets for all.
In this airdrop, all LPs in the Clipper Mainnet pool will receive retroactive liquidity mining rewards at the same rate as any institutional liquidity providers received; everyone has the same terms with no insiders.
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