Cosmos EVM-compatible hub Evmos announces Rektdrop airdrop rules, mainnet will launch in January 2022

On December 16, news came that the Ethereum Virtual Machine (EVM) Hub project Evmos on Cosmos announced an airdrop for ATOM and OSMO stakers, Osmosis LPs, cross-chain bridge users (Avalanche, Polygon, Hop, etc.), Ethereum DeFi users, and a range of rekt victims. The snapshot time for this airdrop is November 25, 2021, at 19:00 UTC.

Here is the official announcement from Evmos:

2021 has been a rollercoaster year, with many impulsive participants (apes) making a fortune by quickly shifting liquidity, but many others have fallen victim in the process.

We have recently seen the prices of tokens for ATOM, OSMO, and the entire Ethereum ecosystem experience significant declines, while gas fees have reached new highs, and users have been greatly affected by the negative externalities of new technologies (EIP1559 causing fee increases, Flashbots/MEV, DeFi contracts/cross-chain bridge attacks, etc.).

Today, Evmos announced its founding airdrop, Rektdrop, focusing on honoring those who have long supported us (ATOM, OSMO participants) who have felt the pain of the market downturn, while also providing compensation to those who have been rekt while trying to push the limits in the EVM ecosystem. The good news is that if you have spent a significant amount on any top application on Ethereum, technically, you have been rekt due to fees, so you are likely to receive something!

Rektdrop will be novel in several ways:

1. Airdrop mechanism implemented by Sunny Aggarwal's gasdrop;
2. The airdrop involves a large number of public chains and applications;
3. Airdrop for cross-chain bridge users;
4. Compensation for users affected by exploits and negative market externalities (i.e., MEV);

By emphasizing usage, we increase fairness and reduce the likelihood of Sybil witch attacks creating more rewards in the network.

Evmos's ultimate goal is to bring the Cosmos and Ethereum communities together, so Rektdrop aims to reward users who have participated in activities across these two networks under the theme of "getting rekt."

Have you experienced getting rekt? Harold is with you.

Once the network goes live in mid-January 2022, recipients of the Evmos RektDrop airdrop will be able to claim their tokens. The snapshot time for all airdrop criteria is November 25, 2021, at 19:00 UTC. This time point is not only Thanksgiving but also the genesis timestamp of the Olympus Mons incentive testnet and its Mars lunar mission. Therefore, we believe it is fair to express gratitude based on this timestamp.

Rektdrop Eligibility

Rektdrop aims to reward active users in the Cosmos and Ethereum ecosystems and to compensate users who suffered losses during the year of getting rekt. We also outline distributions to key organizations and individuals crucial to the development of Evmos, as they sacrificed time observing the market to help push the industry forward.

The more actions you complete, the more tokens you can earn (certain categories will have higher weights than others). Please note that we have not yet determined the exact weights for each category, and we are currently adjusting the weights to ensure a fair distribution for the network. We will publish our replicable process as part of maximizing the integrity of Rektdrop and share a guide with the community.

Cosmos Hub Users

ATOM Governance Proposal 44: Without this proposal, there would be no Evmos. Thanks to the community for generously granting the Tharsis team 100,000 ATOM, which made Evmos possible! Voting individual users will be eligible for this portion of the rewards.

ATOM Delegators: Staking is an important part of network security, and we want to thank those who participate. Delegators to centralized exchange validators will not be included in the snapshot. We will reward based on whether you are staking, not based on how much you have staked.

Osmosis Users

OSMO Staking Delegators: As the first decentralized exchange on Cosmos, Osmosis has played a key role in the development of the Cosmos ecosystem, so we want to thank those early contributors;

OSMO / ATOM LP: This LP pool is not only the largest on Osmosis but also the first pool created on Osmosis, so we believe it must be included;

OSMO / AKT, ATOM / AKT LP: There is a founder named Akash, and it feels wrong not to reward these LPs;

OSMO / UST, ATOM / UST LP: UST is not only one of the earliest stablecoins, but its holders are also early DeFi users of Terra, so they should be rewarded;

ION Holders: ION enhances the Cosmos ecosystem with its existence, and we want to encourage further development of ION's use cases and potential;

IBC Token Transfers: IBC is the core that makes Cosmos unique, and we want to reward users who utilize Cosmos capabilities. This part of the reward applies to all users transferring tokens between the Osmosis chain;

Ethereum Gasdrop

Ethereum sparked a crypto revolution by allowing developers and users broad access to smart contracts. As we prioritize expanding the capabilities of the Ethereum Virtual Machine (EVM), we want to thank early adopters and active experimenters who made it all possible. We have selected some decentralized applications on Ethereum based on activity (gas consumption) and TVL (total value locked). Users will be rewarded based on their usage of these applications (proportional to gas expenditure). To ensure that well-written, frequently used gas-optimized applications do not receive less than those with poorer gas optimization, we may set caps on allocations for each contract.

Here is the list of Ethereum applications:

1. AAVE
2. Uniswap
3. SushiSwap
4. Compound
5. Curve
6. OpenSea
7. Gnosis Safe
8. MetaMask Swaps
9. ENS
10. Dai
11. Perpetual Protocol
12. Yearn Vaults
13. OlympusDAO
14. Opyn
15. DyDx

EVM Cross-Chain Bridges

Cross-chain bridges are crucial for the flow of funds between blockchains that do not have IBC enabled. We have chosen to reward those who use the following cross-chain bridges, which support interesting other protocols in the ecosystem. These cross-chain bridges are heavy, so we sympathize with users who have had to use them and suffered.

1. Optics
2. Polygon
3. Avalanche
4. xDai
5. Arbitrum
6. Anyswap
7. Connext
8. Synapse
9. Hop Protocol

Users Who Experienced Getting Rekt

2021 was the year of getting rekt, and we hope to move forward by giving back to those affected by negative externalities, exploits, or fraudulent actions that may have cost them dearly. This includes a series of events on Ethereum, but we also include those affected by the THORChain exploit, as it was the first blockchain in the Cosmos ecosystem to get rekt.

1. MEV victims
2. Users affected by EIP 1559 gas burning
3. THORChain (1 and 2)
4. FEI/TRIBE founding IDO contributors
5. CREAM (1 and 2)
6. Poly Network
7. BZX (flash loan hack incident)
8. Iron Finance
9. Pickle Finance

Early Individual Contributors

Evmos is a massive undertaking that far exceeds the resources of the Tharsis team. These contributors have doubled down on the core work of the ecosystem, and we believe their valuable work deserves to be rewarded. The list includes teams dedicated to upstream dependencies such as Cosmos SDK, Tendermint, and IBC core, early contributors to the Ethermint library, Orijtech, and many others who have had a significant impact on our project along the way.

While we have not yet defined the exact number of tokens recipients are entitled to, there will be some restrictions that may disqualify them, such as:

1. Your account does not exist on-chain at the time of the snapshot;
2. You performed the above actions without reaching the minimum token threshold (e.g., staking less than 5 ATOM or less than 20 OSMO - specific values are yet to be finalized);
3. You have delegated most of your tokens to centralized exchanges or to validators with 0% commission;

As we get closer to the mainnet, we will release more details and tools about Rektdrop, allowing you to check airdrop information.