Shardeum SHM Airdrop: Phase 1 Update
Shardeum's Phase 1/3 SHM Airdrop update is a token of immense gratitude to our early contributors. Await more updates and exciting opportunities in our...
Shardeum's Phase 1/3 SHM Airdrop update is a token of immense gratitude to our early contributors. Await more updates and exciting opportunities in our...
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As we gear up for the monumental launch of Shardeum’s incentivized testnet, we’re thrilled to share updates about Phase 1 of our airdrop program, while offering a preview into the following airdrop phases. Our Phase 1 campaign is specifically designed to honor the early contributors/participants who have helped Shardeum emerge as one of the fastest-growing L1s. We have immense gratitude for your unwavering support.
Considering the factors and details listed below, we have identified as many early contributors as possible for inclusion in the Phase 1 airdrop. Aligned with Shardeum’s OCC principle, we invite you to share your feedback on this update in the section provided at the bottom of this blog post. Your insights are important to us as we continue to evolve.
Stay tuned for our upcoming (final) announcement regarding Phase 1 airdrop, which will provide comprehensive details on the beneficiaries and the precise eligibility criteria. We expect to share this important information a few weeks after the Phase 1 airdrop cut off date.
This blog post aims to communicate the following information to the community as part of the SHM Phase 1 airdrop.
Further, through this blog, we invite node validators to vote and help determine the number of eligible validators to receive airdrops in our Phase 1 plan. You will find a call-to-action button for the same in one of the upcoming sections✅
The native coin on Shardeum is Shard and has SHM as its ticker symbol. SHM is the foundational monetary unit of Shardeum and serves a wide range of functions. Each SHM is divisible to 18 digits, similar to ETH on the Ethereum network. We will also refer to it as the SHM token, since a tokenized version of the coin is also used by smart contracts and to be consistent with common terminology.
SHM is a utility token with various uses, including staking, governance, reward token, gas token and transaction fee burning. All transaction fees on Shardeum are burned, allowing the network to remove the SHM from the circulating supply to ensure its scarcity by design and support its long-term value. This approach, among others, are integral to Shardeum’s deflationary economic model. You can read more about the SHM coin and tokenomics in our Whitepaper.
SHM will have a maximum supply of 508 Million. Here is the breakdown of SHM token allocation.
| % of Supply | SHM Amount | Category | Notes |
| 51% | 259,080,000 | Community | Rewards for Validator and Archiver nodes |
| 18% | 91,440,000 | Sale | 3-month cliff then 2-year daily linear vesting |
| 15% | 76,200,000 | Team | 3-month cliff then 2-year daily linear vesting |
| 11% | 55,880,000 | Foundation | Unlocked at Token Generation Event (TGE) |
| 5% | 25,400,000 | Ecosystem | Unlocked at TGE |
| Total | 508,000,000 |
Shardeum Foundation plans to execute the SHM airdrop in three phases. The SHM allocation for respective phases are as below.
| Category | # of SHMs Allocated |
| Phase 1: Early Contributors | 3,661,600 |
| Phase 2: Incentivized Testnet | 3,296,500 |
| Phase 3: Mainnet Campaign | 18,441,900 |
| Total | 25,400,000 |
SHM airdrop rewards are evaluated based on these two core factors across the board:
Note: To ensure fairness and prevent potential misuse, the exact eligibility criteria (along with sybil & bot criteria) will be disclosed a few weeks after the Phase 1 cut-off date (June 22, 2024). We will use the ensuing time for a thorough analysis and an efficient airdrop implementation. And as mentioned previously, our final announcement on Phase 1 airdrop will also have the finer details of the selected contributors. We appreciate your understanding and patience as we work to maintain the integrity of the process.
– Total SHM Allocated: 3,661,600
– Eligible Wallet Addresses: 35,281 (or) 42,281
– Eligibility Period: Feb 2nd, 2022 – June 22nd, 2024
Early contributors are grouped under the following four categories to recognize their unique contributions to the project, along with their respective allocated amounts.
| # | Category | # of Eligible contributors | Total SHM Allocated | Min & Max SHM allocation |
| 1 | Off-chain Contributors | 2,200 | 336,500 | Min – 50 Max – 10,000 |
| 2 | On-chain Contributors | 26,000 | 1,569,000 | Min – 50 Max – 10,000 |
| 3 | Developers | 85 | 256,100 | Min – 100 Max – 10,000 |
| 4 | Node Validators | 7000 (or) 14,000 | 1,500,000 | Min – 100/200 Max – 10,000 |
| Total | 35,281 (or) 42,281 | 3,661,600 |
Let’s now take a detailed look of each contributor category and their selection process:
A) Shardeum logo design
Contributors here have played an instrumental role in conceptualizing and designing the final Shardeum logo.
B) Shardeum website design & development
Contributors here were pivotal in the website’s early design, development, and project management, significantly shaping our online presence.
C) Promoting awareness about Shardeum on Twitter
Contributors here have been instrumental in amplifying Shardeum’s presence on Twitter. We have selected the Top 25 Shardeum twitter influencers for the phase 1 airdrop.
D) Shardeum Discord contributors
Contributors here have helped in fostering a supportive and engaging community on the Shardeum Discord through their active and helpful interactions with other members. We have selected the Top 25 Shardeum Discord contributors for the phase 1 airdrop.
E) Contributors whitelisted for POAP distribution
These are individuals who have actively participated in Shardeum’s journey by attending in-person Proof of Community Meetups and joining our online monthly/quarterly Shardeum update sessions. Eligibility criteria:
F) Super Shardian Program Contributors
Twitter Thread Program: Contributors here crafted informative and engaging Twitter threads to showcase and discuss various aspects of Shardeum. Eligibility criteria:
Discord Invites: These are contributors who have onboarded Discord members through the Discord Invite Program. Eligibility criteria:
Telegram Invites: These are contributors who have onboarded Telegram users through the Telegram Invite Program. Eligibility criteria:
Shardeum is Borderless program: Contributors here have written/translated and published educational blogs about Shardeum on third party blogging platforms. Contributors also include those who published videos about Shardeum on social media and other video platforms. Eligibility criteria:
Early Translation Program Contributors: These are contributors who translated official litepaper, pitch deck, due diligence reports, blog posts in more than 10 languages during the early part of 2022. Eligibility criteria:
Proof of Community Program: Contributors here organized Shardeum’s Proof of Community meetups across the world in an effort to educate and create awareness about the project and the larger Web3 ecosystem. Eligibility criteria:
Shardeum Leagues: They are community-run groups who are actively spreading awareness about Shardeum among their conmunities across the world. Eligibility criteria:
Important note for Super Shardian program: In addition to the aforementioned eligibility criteria, we have also ranked contributions using our internal point system. This system evaluates various parameters such as Quantity, Quality, Originality, and Consistency. The weightage of these parameters varies depending on the nature of the activity, ensuring a fair and comprehensive assessment of each contribution.
These are contributors who played a crucial role in stress testing the Shardeum network, actively engaging in transactions, testing various Shardeum ecosystem dapps, and participating in other network-related activities. Their efforts were vital in ensuring the robustness of our platform.
We have implemented a meticulously tailored scoring mechanism to ensure a fair and effective evaluation of contributions. Please note, the details of this scoring mechanism will be disclosed a few weeks after the cut-off date (June 22, 2024) to maintain the integrity and impartiality of the process. Eligibility criteria:
A) Developed Shardeum Native Dapps: These early adopters have been trailblazers, deploying dapps on Shardeum Liberty and Sphinx. Their pioneering efforts have played a crucial role in shaping the future landscape of the Shardeum ecosystem. A reward pool of 250,000 SHM tokens is allocated for them. We will release the exact criteria a few weeks after the cut-off date (June 22, 2024).
B) Hackathon Participants: These are contributors who have actively engaged in the EthIndia hackathon, showcasing their technical prowess and innovation by deploying dapps on the Shardeum Testnet.
A) The leading 50 node validators, based on criteria to be announced a few weeks post cut-off date, will be rewarded with an amount ranging from 500 to 10,000 SHM.
B) A further selection of either 6,950 or 13,950 node validators, who have met a minimum number of hours (to be specified), will be chosen at random. These validators will receive a reward of either 200 or 100 SHM, respectively.
We call upon our node validators to participate in voting for one of the below options regarding the Phase 1 SHM airdrop. Your vote will determine the number of contributors eligible under the 4B category. The options are:
Please note: Only the votes of Node Validators will be considered in this poll. Upon completion, Node Validators’ wallet addresses will be filtered to ensure that only their selections are taken into account.
Despite our efforts to recognize as many contributors as possible, it is not feasible to extend SHM rewards to all node validators and other contributors in our phase 1 airdrop. However, we are excited to present you our Early Contributor Program (ECP) plan who met the minimum eligibility criteria during the phase 1 eligibility period. For example, operating a node for >50 standby node hours, top 50 Shardeum Leagues etc. (exact criteria will be disclosed a few weeks after the June 22, 2024 cut-off date).
Note: Stay tuned for the comprehensive details about ECP in our Airdrop Phase 1 final announcement.
Similar to Shardeum’s network architecture and tokenomics, our airdrop approach is unique and unparalleled. Here are some of its distinctive elements:
While others typically opt for unlimited or astronomically high token supply, Shardeum has strategically capped SHM supply at 508 Million. This fosters a sense of scarcity, protecting against hyperinflation and oversaturation, elevating SHM’s perceived value. Our commitment to a finite supply positions SHM as a store of value besides being a utility token.
Shardeum’s commitment to its community extends beyond our airdrop campaigns, reflecting deeply in our thoughtful tokenomics. With 51% of the supply allocated towards node rewards, the total SHM allocation for community effectively stands at 56%, ensuring a more decentralized and inclusive ecosystem.
In pursuit of our goal of achieving decentralization for all, we have democratized node validation. Since Shardeum scales linearly, an average user with low hardware requirements can run a node on the network in return for rewards for keeping the network secure. Our GUI feature will enable anyone – tech-savvy or not – to run nodes with a few clicks of a button. Further, our ecosystem partners have introduced a single-click node deployment, priced at an affordable $16-$18 per month removing barriers to node operation. Since node validators and archivers play a major role in operating the network (due to our linear scaling model), they are allocated the majority proportion of tokens (51%) in our tokenomics. This unique approach sets Shardeum apart, as none of the L1s or L2s have such a significant allocation for nodes thus far.
We kindly ask our community to await our final announcement regarding the Phase 1 airdrop directly from us. Please disregard information from any other sources to avoid confusion or misinformation. Meanwhile, we welcome your feedback and invite you to share your thoughts with us on this update by clicking the button below
The first phase of the airdrop is all about celebrating the early contributors, which perfectly positions us for Phase 2: Incentivized Testnet airdrop. So gear up to support and stress-test the network in full throttle in the upcoming weeks. We will announce the date of Incentivized Testnet launch soon. Stay tuned!
The final phase of our airdrop program is Mainnet campaign. This campaign is a series of initiatives scheduled to launch in stages following the mainnet debut. They are designed to boost on-chain activity and engagement, ensuring sustained interest and participation in the mainnet ecosystem.
Reflecting on the broader Web3 ecosystem, we understand that various projects have different approaches to airdrop allocations. However, Shardeum stands out by recognizing participants/contributors across every stage – from the very early days of Shardeum launch to the mainnet – emphasizing the profound value we hold for our entire community.
As mentioned, our Phase 1 airdrop is not just an allocation of tokens; it’s a token of deep gratitude for your role in shaping Shardeum’s journey. This is only the beginning. Stay tuned for more updates, announcements and prepare for more exciting rewards and opportunities in the future.
1. What is Shardeum or SHM airdrop?
The Shardeum airdrop constitutes a strategic distribution of SHM, the native tokens of the Shardeum blockchain platform, directly to the digital wallets of eligible community members. This underscores Shardeum’s commitment to offering a rewarding experience to its community members and contributors, highlighting the value and benefits of active participation and contribution in the network. The primary objectives of Shardeum Phase 1 airdrop are: rewarding as many early contributors as possible who are key in growing Shardeum, decentralizing the ownership of SHM, encouraging users to engage more deeply with the platform, fostering a sense of participation and investment in the Shardeum ecosystem’s growth and success especially with the mainnet aorund the corner.
2. Having recently joined the Shardeum community, have I missed the opportunity?
Welcome to Shardeum! You’re right on time. Shardeum is committed to long-term, widespread decentralization – growing horizontally or in other words, growing with, and driven by the people! Our journey includes several key phases, with upcoming airdrops for both our Incentivized Testnet and the Mainnet launch. To stay involved and contribute, join our Discord server and get started. Your participation now can play a vital role as we transition from testnet to mainnet. Beyond these initial airdrops, Shardeum and our ecosystem project will offer numerous future opportunities. These range from career openings, grants to build innovative projects/dapps, node operation, various campaigns & contests, NFTs among others. So, rest assured, there’s much more ahead — you’re still at the forefront of exciting developments!
3. Who is eligible for the airdrop in this phase? And how will I know if I’m eligible for the airdrop?
We will make an official announcement with all the necessary details of phase 1 airdrop campaign soon. It will also have details about how and by when you can expect to receive the airdrop tokens.
4. What measures are being taken to ensure a fair airdrop?
Even though it is not feasible to reward all contributors, we’ve devised a two-pronged approach at the core for distributing SHM rewards in our effort to conduct a fair airdrop:
Eligibility, sybil & bot criteria will be disclosed a few weeks after the cut-off date.
5. Considering the selection criteria and process for the Phase 1 airdrop as detailed in the article, is there a possibility that I might not be included?
Thank you for raising this important question. We’ve dedicated considerable effort to acknowledge as many early contributors as possible, conducting an unparalleled and thorough analysis of the data to determine eligibility. It’s true that not all early contributors will receive airdrops in this phase. However, that’s exactly why we are planning to introduce Shardeum Early Contributors Program or ECP to provide additional benefits, especially, to unrewarded contributors who met a minimum criteria during the phase 1 eligibility period. The criteria will be disclosed a few weeks after the cut-off date.
6. Are there any regional restrictions for receiving the airdrops?
Yes. Participants/contributors residing in countries or territories subject to comprehensive sanctions will face restrictions. A detailed list of these locations will be provided alongside our final airdrop announcement document.
7. How can I stay updated on the upcoming airdrop campaigns?
Make sure to join our Discord server, and other social channels of your choice to stay on top of upcoming campaigns. Additionally, to stay informed about the latest developments on Shardeum, we encourage you to subscribe to our newsletter. Our subscribers receive regular updates filled with essential details about our ongoing and upcoming activities.
8. What is the eligibility criteria for on-chain contributors?
We have implemented a scoring mechanism to measure the performance of on-chain contributors. It will be disclosed a few weeks after the June 22, 2024 cut-off date to prevent potential misuse.
9. What is the eligibility criteria for node validators?
The criteria for selection will be mainly based on standby hours. The actual criteria will be disclosed a few weeks after the July 22nd, 2024 cutoff date. You can expect all details to be released during the ensuing incentivized testnet campaign/closer to the mainnet launch. This allows for a thorough analysis and an efficient airdrop implementation.
10. When will the snapshot for eligibility be taken in relation to phase 1 airdrop?
Snapshot will be taken on the cut off date, which is June 22, 2024.
11. Are snapshots taken at all versions of Liberty and Sphinx testnets?
Yes, snapshots have been taken during all versions of Liberty and Sphinx.
12. How does the duration of operating a node affect my eligibility for rewards, especially considering some rewards are randomized? For example, is there a difference in rewards for someone who ran a node for 10 months versus just one month?
Our reward structure is designed to recognize and reward the commitment and contribution of our node operators fairly through data driven analysis and feedback received from community. As noted in the blog, it’s important to note the two main pre-requisites for any participant to qualify for rewards:
Eligibility, sybil & bot criteria will be disclosed a few weeks after the cut-off date.
13. Are early contributors before the launch of betanet on February 2, 2023, eligible for airdrops?
Eligibility period of Airdrop Phase 1 for early contributors is between February 2, 2022 to June 22, 2024.
14. When are you launching Incentivized Testnet?
The Incentivized Testnet will be launched following the completion of airdrop phase 1 period.
15. Can I run a node now?
Yes, you can run the node now, as the cut-off period for Airdrop Phase 1 extends up to June 22, 2024. We further encourage participants/contributors to stay engaged throughout all versions of Shardeum testnets and beyond into our mainnet launch. This is considering we have airdrops allocated for both the upcoming incentivized testnet and the mainnet.
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