AirDrop First Phase Diagnostic

On September 1st, the first phase of the $FISH airdrop to reward SOV stakers took place. From the first month of the Liquidity Mining fund, 0.42% of FISH supply was allocated to SOV stakers as of June 21st and 1% of FISH supply was allocated to SOV stakers as of August 25th. Half of each airdrop (0.71%) was to be distributed pro-rata to SOV stakers according to their voting weight on September 1st, and the other half would vest linearly over the next nine months. Most of the questions were answered on the $FISH Pre-Sale & Airdrop FAQ.

An error on the script for the first phase of the airdrop contract resulted in the miscalculation of the voting weights because it included staked SOV, vested SOV, and delegated stakes. As a result, most of the FISH from the first airdrop phase was initially misallocated. We shared the full list of addresses that received excess amounts of FISH with the community soon after and requested returns be transferred to the FISH Multisig. Many BabelFish community members reached out to us and kindly returned these funds and we are very grateful for their support and honesty.

Between September 9th and 12th, after multiple attempts to diagnose the issue and cross-referencing data on the amount of FISH dropped and owed to SOV stakers, the team decided to wait another week for potential FISH returns. The team communicated with people reporting airdrop concerns and checked everything thoroughly. We are happy to report that as of September 17th, over 87% of the misallocated FISH were returned and the remaining amount needed to be pulled from the DAO’s treasury to make everyone whole totals 81,064 FISH (0.019% of total supply).

The second script is now complete and has distributed the correct amounts to all SOV stakers by voting weight. Users who received more FISH than they should have in the first phase will have the second phase drops adjusted. For transparency, please find a breakdown of the airdrop process here.

We are still very early in DeFi, and projects still need human decisions, which can lead to mistakes. This is the whole purpose of the FISH token and initial airdrop: to commence building a Decentralised Autonomous Organisation. Thank you for your patience and support. This is a learning opportunity for future DAO2DAO partnerships, there are a lot of exciting developments going on at BabelFish and we are not stopping!