Gasp Distributes Initial $3m GASP Allocation!

Gasp Distributes Initial $3m GASP Allocation!

GM Gasp Natives! 

Gasp recently moved into its Alpha Launch phase, where users could join our DEX ecosystem in a fuelling up phase, as we build liquidity, grow our TVL, make new L2 connections, and onboard users. 

During this phase, there are huge opportunities for users to generate real rewards and yield through our liquidity pools at launch, and we’re also deploying an ambitious program for our community to be recognized as early adopters of our protocol - trackable through our Dashboard

We’ve listened to our Alpha Phase users and we know that getting GASP is your number one priority to use our DEX. To let users explore our DEX and experience our cross-chain solution with the easiest onboarding, we’re pleased to announce that we’re now distributing the first initial allocation for our testnet users, Galxe participants, and MGX holders. This will enable allocation recipients to instantly use our DEX! 

Read that last line carefully! This is the FIRST allocation to our community designed to give our early adopters enough GASP to make the most of our Alpha Phase, and use the Gasp DEX for making gas-free swaps. There will be more opportunities to earn GASP rewards and further airdrops to come in the near future. 

This first GASP allocated will be distributed in the coming days. Read on to find out our eligibility criteria, distribution method, schedule, and the amount of GASP you’ll be eligible for.

Eligibility Criteria

1. MGX Holders 

We’ve approved MGX holders for distributions in a three-stage approach, through three snapshots designed to include first and foremost the early MGX community who have held and participated in the Mangata Kusama ecosystem for a long time, current MGX holders who may have entered our ecosystem more recently, and finally those who traded or held MGX in the lead up to the Gasp TGE. 

The snapshots have been taken as follows:

  • 1st snapshot: 14/12/2023 
  • 2nd snapshot: 16/04/2024 
  • 3rd snapshot: At TGE

You can read the full eligibility article for MGX holders here. The amount of GASP available for MGX holders is directly proportional to your holdings of MGX or liquidity provision during the Mangata phase. 

2. Testnet Participants

We’ve kept the criteria for testnet users simple. As no ‘real’ capital was deployed during the testnet, we have instead based our allocation on consistent activity with our testnet. We’ve also reduced the portion being allocated to airdrop hunting bots by prioritising those users who have deployed less wallets, but made the most visits. 

This means if you deployed just a couple of wallets but you visited our testnet multiple times and made transactions, you’ll be receiving an allocation whereas a bot that deployed hundreds of wallets but only visited our testnet once won’t be eligible. We believe this makes the maximum number of real, human Gasp Natives eligible for our first distribution! 

  • Tier 1 testnet recipients - These users have met the following criteria: First connection date before August 7th 2024, number of wallet connections <5, number of visits >5. You will receive 871 GASP tokens. 
  • Tier 2 testnet recipients - These users have met the following criteria: First connection date before September 30th 2024, number of wallet connections <5, number of visits >7. You will receive 463 GASP tokens.
  • Tier 3 testnet recipients - These users have met the following criteria: First connection date before October 29th 2024, number of wallet connections <5, number of visits >7. You will receive 284 GASP tokens. 

The snapshot date for our testnet was on the 6th of December 2024, which gave our Tier 3 testnet participants just over one month from the first wallet connection date to generate >7 visits to our testnet. 

The highest portion of community rewards goes to those community members who have been active since our testnet V1, participated in all our testnet phases, and also participated in our Galxe campaigns (see the section below). For these users, the total amount distributed over our two allocation phases totals over 3,469 GASP, purely for completing social quests and experimenting with our testnet, and this is before we’ve distributed Alpha Phase rewards - which is the first time users will deploy real capital to receive rewards! 

Read on to find out what you need to do next! 

3. Galxe Participants 

We love our Galxe community! We had over 400,000 participants in the Gasp Natives campaign, a huge success and milestone for our early growth! At each campaign stage, we made prizes available, but the ultimate goal was the Cling NFT - your key to unlocking a GASP token allocation. 

If you did all of the quests up to and including the Cling quest, and claimed the Cling NFT, congratulations! You’re in the 10% of users who made it all the way through our Gasp Natives campaign, and you’re eligible for a GASP allocation.

Hold on to your Cling NFT! Future utility is planned for the Cling. To maximize your chances, make sure you’re an active participant in our Alpha Phase. Read on to find out what the next steps are to get your GASP. 

I’m an MGX Holder, what do I need to do? 

If you haven’t already, go ahead and connect your MGX era wallet to our eligibility checker. If you’re eligible, you will be able to add your Ethereum wallet address where you’d like to receive your GASP. You can start that process here - there’s no time limit on this connection and future distributions will occur if you miss this first one.

Once you’ve paired your wallets, that’s all you need to do! The GASP token allocation will be automatically distributed to your nominated wallet address. Once you login to app.gasp.xyz and connect your wallet, you’ll see your balance reflected in our DEX. 

I’m a testnet user, what do I need to do?

Nothing! If you participated in our testnet and you meet the eligibility criteria shared above, you’ll automatically receive your GASP tokens directly to the first wallet you connected to the Gasp Testnet. 

The rewards for testnet participants are cumulative, which means if you qualified for tier 1 rewards, but you were also active during tier 2 and tier 3, you’ll get all three distribution allocations. For testnet users, this is just the first allocation - there’s another 1% for testnet users available at the end of the Alpha Phase. We’ll be giving the largest portion of rewards to those users who have been active on both our testnet and Alpha Phase with real funds, so this first distribution is your opportunity to actively use the Gasp DEX! 

Once you login to app.gasp.xyz and connect your wallet, you’ll see your balance reflected in our DEX. 

I’m a Galxe participant, what do I need to do? 

Nothing! If you participated in our Galxe campaigns and you gained the Cling NFT, you’ll automatically receive your GASP tokens directly to the wallet you connected to the Galxe platform. There’s over $1,000,000 worth of GASP set aside for Galxe users, so welcome to our community! 

Remember, like the testnet, we’ll be giving the largest portion of rewards to those users who have been during our Alpha Phase with real funds, so this allocation is your opportunity to actively use the Gasp DEX! 

Once you login to app.gasp.xyz and connect your wallet, you’ll see your balance reflected in our DEX. 

What Can I Do With My GASP Tokens?

So you’ve got GASP, now what? GASP is the utility token which makes the Gasp DEX tick. The GASP token unlocks gas-free swaps in the Gasp DEX, letting you make swaps from a huge number of assets with zero gas fees, from Arbitrum, Base, and Ethereum. GASP is temporarily locked, for up to 24 hours, to enable swaps on our DEX. This is to prevent spam transactions, as our DEX is completely gassless. This means you could deposit USDT on ARB, and instantly swap it for USDC on ETH, with zero gas fees to pay within our DEX - or any other combination of tokens for which there’s liquidity! 

You should also check out our liquidity pools, where there’s up to 233% APY rewards on promoted pools, and plenty of opportunities to put your funds to work. Likewise, GASP staking lets you generate passive rewards on your GASP while you stake.

This initial community allocation is just the beginning. Not only are there more distributions to come, but this allocation is your key to the Gasp DEX ecosystem. 

And remember, all of these actions will earn you points on our Dashboard! This is where we track user activity including active trading days, number of trades, and trading volume. This is the key to unlocking future distributions for Alpha Phase activity, so go get it!