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SPK Overdrive Airdrop

Overdrive is the second phase of the Ignition airdrop series, where Ignition claimants have an option to qualify for a second airdrop. The Ignition airdrop phase lasts from the airdrop date to six weeks after the airdrop date. After this period, Ignition recipients will no longer be able to claim their airdrop. SPK which is unclaimed after that period will be allocated for distribution to participants in Overdrive as follows. For simplicity, the following dates will have the following IDs:

  • DATE_1: Airdrop date + 6 weeks
  • DATE_2: Airdrop date + 8 weeks

How do I qualify for the Overdrive airdrop?

To qualify for Overdrive, users simply have to stake their Ignition SPK during the Overdrive period as explained below.

Official Overdrive Qualification Rules:

  1. User must claim their Ignition airdrop before the claiming deadline.
  2. Users must stake at least their total allocation of SPK from the Ignition airdrop by DATE_1 using the same wallet that qualified for the corresponding Ignition airdrop.
  3. This staked SPK must remain staked until DATE_2.
  4. This staked SPK cannot be in cooldown at any point from DATE_1 to DATE_2.
  5. The above rules only apply to the amount of SPK that was earned from the Ignition airdrop for a given wallet. Unstaking SPK that was earned in another way will not impact Overdrive eligibility.
  6. Similarly, staking more SPK than was received in the Ignition airdrop does not translate to a higher Overdrive airdrop amount. The Overdrive amount is based on the user’s Ignition airdrop amount only.

What is Overdrive Boosting?

Users that qualify for Overdrive can boost their Overdrive airdrop amount by using Spark Savings during the Overdrive period.

Official Boost Qualification Rules:

  1. Users must have at least 1,000 USDS or USDC in Spark Savings associated with the same wallet they used to claim the Ignition airdrop by DATE_1.
  2. This minimum amount must remain in Spark Savings continuously from DATE_1 to DATE_2.
  3. Users that are already saving the minimum amount of USDS or USDC in Spark Savings before Overdrive begins do not have to take any action and can still qualify if they meet the two requirements above.

How is Overdrive SPK distributed?

Overdrive SPK is distributed from the pool of unclaimed SPK from the Ignition phase to all qualifying users in the Overdrive phase proportional to how many “Overdrive units” they have.

Overdrive units are calculated as follows:

  1. Base Units:
    • Users receive 1 "Overdrive unit" for each SPK token received in Ignition that is staked for the entire Overdrive period (DATE_1 to DATE_2).
  2. Boost Option:
    • Users can double their Overdrive units by boosting as described above.
  3. Max Amount:
    • As a contingency measure for low airdrop participation, the max amount of SPK that each user can receive from their Overdrive airdrop is 10x the amount that they received from their Ignition airdrop.
    • In this situation, any remaining SPK after the Overdrive airdrop is complete would go back to the Spark treasury.

Overdrive participants will receive SPK in an amount proportional to their Overdrive units relative to the Overdrive units of other participants, with a max of 10x their Ignition airdrop amount:

When is the Overdrive period?

The Overdrive period runs from DATE_1 15:00 UTC to DATE_2 15:00 UTC.

When can I claim my Overdrive SPK tokens?

The claim period for Overdrive SPK tokens will be from DATE_2 15:00 UTC to six months after the airdrop date. Any Overdrive SPK tokens which remain unclaimed after this period will be returned to the ecosystem treasury.