RBN Airdrop Distribution

External Option Protocols

A total of 4M RBN was distributed between users of existing options protocols on Ethereum: Hegic, Opyn, Charm, and Primitive. The 4M RBN was split equally between:

  • Current Hegic LPs (ETH & WBTC pools)
  • Opyn option sellers of options that expire some time in 2021
  • Charm option sellers of options that expire some time in 2021
  • Primitive LPs

Ribbon Strangle Buyers

A total of 500K RBN was distributed between users of Ribbon’s first product, the Option Strangles. Although Ribbon has currently put that product on pause due to gas constraints, we want to reward the early users.

Ribbon Theta Vault Users

A total of 10.5M RBN was distributed equally between users of Ribbon’s flagship product, the Option Vaults. Any user who has deposited at least $100 worth of assets into either of the 3 vaults (ETH Covered Calls, WBTC Covered Calls, ETH Puts) before 22nd May 2021 (12am UTC) is eligible for their share of RBN.

Ribbon Theta Vault Bonus

An additional 10M RBN was distributed pro-rata between users of Ribbon’s Option Vaults, based on the amount of assets they deposited into the vaults. These are extra rewards that are given to depositors who have contributed the most to the protocol’s growth so far, and are still in the vaults as of 22nd May 2021 (12am UTC).

Box Cox Transformation

Ribbon Discord Community Members

A total of 5M RBN was distributed between members of the Ribbon Discord who have sent >5 messages. These are people who have contributed to Ribbon through proposing new ideas, giving feedback on the products, fielding questions from other users, and making memes. We believe that many of these members will end up becoming the most active Ribbon governance members, and should be rewarded as such.

Over 60% of members picked Ribbon Hat!

Concluding Thoughts

We spent a lot of time thinking about the most effective way of distributing RBN to our community. We wanted to strike the perfect balance between rewarding Ribbon users, Ribbon Discord members, and incentivizing new people to join the community — we are confident that this distribution accomplishes that.

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