Long time & early Balancer user. Been following the crypto space since the 2016 BTC scaling debate and early iterations of MakerDAO. Always been interested in communtiy-driven protocol governance. Never started a proposal myself since I was in agreement with most proposals of various projects.
However, seeing DEXs like Uniswap & 1inch rewarding their early protocol users and realizing Balancer never did an airdrop to honor those who gave Balancer a chance in the first place, here we are.
I am proposing doing a retroactive airdrop to early protocol users, meaning rewarding anyone who interacted with Balancer up until December 31, 2020.
The to be airdropped amount is open for discussion - A few suggestions:
1.) X % of total BAL supply divided by eligible wallets
2.) Firm BAL amount (10, 20, 50, 100…)
Personally, recognizing Balancer never directly rewarded their early users is quite a shame. It’s long overdue. Every DeFi user before 2021 was key to the success of any still existing DeFi protocol in 2021.
I am aware Balancer had a liquidity mining program since 2020, however liquidity mining mostly favored those who already had a big crypto stack, not those who started from 0 or very little. Examples like Uniswap showed you had to have no money at all, as their airdrop is now worth roughly $16,600 (400 UNI). Those who received that airdrop most likely snowballed that balance already into a 6 or 7 figure mark, to be able to not only providing value to Uniswap, but to the whole DeFi ecosystem at large, supporting new projects with their newfound capital.
Currently it looks like various other protocols like Compound are considering doing a retroactive airdrop to their early adopters as well, indicating this is the way to navigate to, for any future & already existing DeFi project.
Please let me know what you think, I am more than open to any suggestions regarding this topic.
Thanks for reading!