UP Token Swap Reward Airdrop Now Live!

The Unlock DAO migration to Base is complete, and the UP token bridge and swap reward airdrop totaling 1.061 million UP tokens is now live for all eligible participants! The tokens for this airdrop were provided by the Unlock Protocol Foundation.

With the migration from Ethereum mainnet to Base, the Unlock Protocol DAO has created a more efficient and scalable governance environment for Unlock DAO members.

To encourage Unlock Protocol DAO members to move their UDT governance tokens from mainnet to the UP governance token on Base, incentives were put in place to reward users who bridge and hold UP on Base.

The first airdrop reward goes live today. This reward benefits those who bridged UDT from mainnet and held UP on Base in the time period between when the migration began and now.

Rewards are based on how long UP tokens were held without transfer, with early adopters receiving the largest bonuses. For example, users who swapped to UP in mid-August earn rewards that are larger than those who swapped closer to the October deadline.

This strategy rewards loyal holders and incentivized others to join early and maximize their potential rewards.

Throughout the remainder of 2024 and possibly beyond, additional incentives may be announced, with timing and terms subject to change.

The Unlock community is committed to rewarding its members’ participation.

The Unlock Labs team created a script using the swap transactions during the reward period to calculate reward eligibility based on the rewards table shown above. The script is here.

The script outputs a file containing the eligible transactions and associated reward information for eligible wallets.

The output from that script is fed into tool called Merkl from Angle Money. The Merkl app is used to claim the reward. (The Merkl app creates campaigns to airdrop tokens to a wide range of users based on a JSON file or based on their token holdings at a given moment in time, among other capabilities.)

Here is a link to the UP reward campaign page in Merkl. It looks like this.

In the upper left corner of the page is a link to show all the eligible addresses for the UP airdrop, if you want to dig into the details.

You can click on the link to see all the eligible addresses, and see the swap transactions that qualified for an UP airdrop as calculated by the script.

The file behind that link is a JSON file, and you should be able to do a Ctrl-F search in your browser to find your wallet address and see the rewards-eligible swap transactions associated with your wallet. Here’s a snippet as an example, searching on the wallet address of 0x4846162806B025Dcd0759cACF9ec6F9474274282.

In this snippet, you can see the wallet at 0x4846162806B025Dcd0759cACF9ec6F9474274282 swapped in three transactions and is eligible for the corresponding reward for each transaction based on the amount swapped and the timing of the transaction. The number on the right side of each line is the eligible reward (in an “18 decimal place” format).

1. Go to the campaign page here and click into your Dashboard. Connect your wallet if it’s not connected yet.

2. If eligible, you will see your rewards on your dashboard in the “Unclaimed Rewards” section.

3. Click “Claim Selection” and the awards will be transferred to your wallet.

Governance participation is a cornerstone of the Unlock Protocol DAO's success and ongoing development. By actively engaging in governance processes, community members shape the future direction of the protocol, ensure its alignment with user needs, and contribute to its overall resilience and adaptability.

The Unlock Protocol DAO deeply appreciates the time, effort, and expertise that each community member brings as the DAO starts this new chapter on Base. Whether through voting on proposals, contributing ideas, or participating in discussions, every community member plays a vital role in the DAO's ecosystem.

This collective effort not only strengthens the protocol but also fosters a sense of shared ownership and responsibility. The community recognizes and values these contributions — the strength of the community is what drives Unlock Protocol forward.

Stay tuned for announcements on additional incentives and updates as the Unlock Protocol DAO continues to grow and evolve!