Shade Protocol Snapshot Details
Greetings Shade Protocol community! It has been one month since Shade Protocol on Secret Network was announced to the world. Since then, we have seen exponential growth of the community as excitement has built. Development from core contributors is moving along smoothly and is in alignment with the pre-planned snapshot and airdrop timeline.
Philosophically, we believe a core issue with airdrops is an inadequate amount of time for people to prepare for snapshots. While traditionally there is a lengthy period of time to claim airdrops, there are a large number of users ineligible to receive the airdrop in the first place due to lack of communication of snapshot requirements and deadlines in advance.
Because a set amount of Shade will be distributed across stakers in the airdrop, this means that the smaller the marketcap of the network the more Shade per staked token will be given. For example, Terra and Cosmos have the same amount of Shade airdropped, but users that stake ATOM will notice that they will be getting more Shade.
There will be an extra airdrop bonus (and perhaps delightful surprise) for those who meet the following criteria:
- Stake outside of the top 10 nodes of SCRT, ATOM, LUNA
- Do not stake with 0% commission based nodes inside of the top 25 validators on any network
As a general principle, we encourage decentralized communities to engage in sustainable staking practices which includes the following:
- Stake with smaller nodes
- Stake to multiple nodes
- Stake to meaningful community contributors
- Stake to nodes that are active in governance
To re-iterate: all nodes on SCRT/ATOM/LUNA networks are eligible for the Shade airdrop, barring exchange validators.
Shade Protocol is an ambitious array of application-layer products focused on a simple end user experience that involves the incorporation of privacy by default. These interconnected privacy-preserving DeFi products built on Secret Network will change DeFi as we know it — empowering the next generation of value creation and exchange. Shade Protocol is launching Silk: a privacy-preserving over-collateralized stablecoin pegged to a basket of global currencies and commodities, built on Secret Network.
Without privacy, DeFi is incomplete. Traditional financial markets offer a degree of privacy for users, and as a result offer up greater protections in some capacity than existing DeFi markets. Shade Protocol will be the world’s first truly cohesive decentralized and privacy-preserving financial applications — ushering in a golden era for Web3. Shade Protocol will always push for privacy by default, privacy as an expectation, and privacy as the key to unlocking the full value of a decentralized future.
But we can’t do this without community. We need you to join our community and help make Silk and Shade Protocol a reality.
The information provided in this Post pertaining to Shade Protocol, its crypto-assets, business assets, strategy, and operations, and is for general informational purposes only and is not a formal offer to sell or a solicitation of an offer to buy any securities, options, futures, or other derivatives related to securities in any jurisdiction and its content is not prescribed by securities laws. Information contained in this Post should not be relied upon as advice to buy or sell or hold such securities or as an offer to sell such securities. This Post does not take into account nor does it provide any tax, legal or investment advice or opinion regarding the specific investment objectives or financial situation of any person. Shade Protocol and its contributors and shareholders make no representation or warranties, expressed or implied, as to the accuracy of such information and Shade Protocol expressly disclaims any and all liability that may be based on such information or errors or omissions thereof. Shade Protocol core contributors reserve the right to amend or replace the information contained herein, in part or entirely, at any time, and undertakes no obligation to provide the recipient with access to the amended information or to notify the recipient thereof. The information contained in this Post supersedes any prior Post or conversation concerning the same, similar or related information. Any information, representations or statements not contained herein shall not be relied upon for any purpose. Neither Shade Protocol nor any of its core contributors shall have any liability whatsoever, under contract, tort, trust or otherwise, to you or any person resulting from the use of the information in this Post by you or any of your representatives or for omissions from the information in this Post. Additionally, Shade Protocol core contributors undertakes no obligation to comment on the expectations of, or statements made by, third parties in respect of the matters discussed in this Post.
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