Open source AMM protocol Saddle Finance plans to wind down and distribute its funds to investors.
According to Saddle's proposal, the protocol will airdrop its $ARB tokens to $SDL and veSDL holders and liquidate the remaining DAO treasury tokens to $ARB to be included in the airdrop. For those using contract wallets such as Gnosis Safe, the $ARB will be converted to $ETH and then bridged to Ethereum Mainnet using Across Protocol and distributed accordingly. All other holders will receive $ARB on the Arbitrum network.
The eligible SDL supply is ~500M and veSDL supply is ~43M, which implies an airdrop amount of ~$0.0026 in ARB per SDL and ~$0.01 in ARB per veSDL.
To calculate how many $ARB tokens holders receive is as follows:
- $SDL held in user's wallets, LP tokens, staked LP tokens, or held in vote escrow will receive a 1x multiplier
- veSDL will receive a 4x multiplier
Wallets that belong to Saddle or cannot be attributed to specific users (such as CEX's or bridges) will be excluded from the airdrop. The “RetroVesting” contract used to initially airdrop vesting $SDL is also excluded.
TokenInsight is dedicated to covering the most important and cutting-edge trends in the world of crypto. If you have information to share with us, please feel free to contact our email news@tokeninsight.com. Your trust will be well respected.
AMM
DeFi
