Airdrops Incoming: How to Participate in SingularDTV’s June Events
As you may have already heard, SingularDTV has not one, not two, but THREE airdrops planned for June. And the launch of a DAO. (What can we say? We’re stuck at home, too, but we like to stay busy.) The goal for June is to grow our community of token holders and educate that community on the connection between our various tokenized ecosystems.
How Airdrops Work
First a note on some airdrop best practices. For those of you who might be newer to crypto, an airdrop refers to a giveaway of tokens to holders of another token. Generally, there are no active steps that a prospective participant needs to take, they simply have to be holding the specified token at a designated time, generally specified as a block height of the Ethereum blockchain. Once the block of the specified height is mined, we will take a snapshot, or a list of all Ethereum addresses holding the specified token (either SNGJ or SNGLS) and what amount of that token they are holding to determine how many of the airdropped tokens they will then receive.
You will be required to take an active step if you are currently holding your SNGJ or SNGLS on an exchange, though. Right now, we are not planning for exchanges to support any of these airdrops, though we will set aside tokens for exchange holders in case this changes.
Airdrop 1: Airdropping SNGLS to SNGJ Holders
Snapshot date: June 1 snapshot of all SNGJ holders, at a block height to be announced
Airdrop date: June 5
On June 1st, at a block height to be announced closer to the day of the airdrop, there will be a snapshot of all the SNGJ holders. Then on June 5th, we will airdrop 25 million SNGLS tokens. Every address that was holding SNGJ during the snapshot will get a 15% airdrop of SNGLS tokens, rounded down. This means, for example, if you are holding 1,003 SNGJ at the time of the snapshot, you will receive 150 SNGLS.
1003 SNGJ x 0.15 = 150 SNGLS
Currently, if you have your SNGJ tokens on an exchange you will not receive the SNGLS airdrop. To ensure you are able to participate in Airdrop 1, you should move your SNGJ tokens to a wallet you control before June 1. It’s possible that this may change, and our exchange partners will support the SNGJ airdrop, so follow @SNGJ_Official on Twitter for any additional announcements.
Airdrop 2: Airdropping SNGJ to SNGLS Holders
Snapshot date: June 8 snapshot of all SNGLS holders, at a block height to be announced
Airdrop date: June 12
On June 8th, at a block height to be announced closer to the day of the airdrop, there will be a snapshot of all the SNGLS holders. Then on June 12th, we will airdrop 100 million SNGJ tokens. Every address that was holding SNGLS during the snapshot will get a 15% airdrop of SNGJ tokens. This means, for example, if you are holding 1,000 SNGLS at the time of the snapshot, you will receive 150 SNGJ.
1000 SNGLS x 0.15 = 150 SNGJ
Currently, if you have your SNGLS tokens on an exchange you will not receive the SNGJ airdrop. To ensure you are able to participate in Airdrop 2, you should move your SNGLS tokens to a wallet that you control the private keys to before June 8. .
Airdrop 3: Airdropping SGT to SNGLS Holders
Snapshot date: June 15 snapshot of all SNGLS holders, at a block height to be announced
Airdrop date: June 19
On June 15th, at a block height to be announced later, there will be a snapshot of all the SNGLS address holders. Then on June 19th every address that was holding SNGLS during the snapshot will get a 1:1 airdrop of the snglsDAO Governace Token (SGT).
1 SNGLS = 1 SGT
The current plan is to blacklist exchange addresses and give the SGT tokens to the snglsDAO Foundation Hotwallet, the foundation will hold onto the SGT until the DAO treasury is available and it will be sent there. The DAO treasury will become available at the launch of the DAO. After that it will be up to the DAO to decide what to do with them. Our personal hope is that the DAO will supply enough funds to developers to create an application for one of the many DEXs out there so the DAO can create a liquidity pool for SGT. The foundation has reached out to Bitfinex and Binance to support the airdrop, but it’s up to them if they will. When an exchange supports an airdrop they allow users to extract their tokens from the platform after the airdrop, but do not create a market for the tokens. Currently, if you have your tokens on an exchange you will not receive the SGT airdrop and will have to buy them on a DEX, assuming the DAO decides to create a liquidity pool. This could change in the future if Bitfinex and/or Binance choose to support the airdrop, and if that happens there will be an official announcement from the @snglsDAO twitter.
The Launch of snglsDAO
Launch Date: June 26th (pending a security audit)
The DAO is tentatively slated for launch on June 26th. The native governance token of the DAO is SGT. We say tentatively because the code is currently going through a security audit from Hacken and if a security hole is found we will need to fix it. Security of the DAO is the snglsDAO Foundation’s number one priority at this time. The security audit will be posted under the “Consumer Protections” section of the snglsDAO website.
For more information about snglsDAO you can follow these links:
snglsDAO whitepaper
Wallets
If you are confused about which wallet you should use to hold your tokens so you can receive the airdrops and also easily acces the DAO we are providing a list of wallets based on your skill level in WEB3 private key handling.
Beginner
- Torus
- Fortmatic
- Trust Wallet (connect to the DAO using their Wallet Connect integration)
Advanced
