The gCOTI Airdrop Campaign is Right Around the Corner — Here’s How to Get Involved

· TLDR
· Introduction
· Eligibility Requirements
· How to get $COTI?
∘ gCOTI Airdrop Campaign Programs
· The Native $COTI Campaign:
∘ Stages
∘ How will it work? A step by step guide
∘ Withdrawals
· The ERC20 Based Tokens Campaign ($COTI + Stablecoins)
∘ How will it work? A step by step guide:
∘ Withdrawal
∘ Scenarios
· Native and ERC20 Based tokens — Campaigns Details
∘ Multiplier
∘ Locking periods
∘ Unlocking and drop times
∘ Fees
∘ Monitoring
· The ERC20 Exchange-Based Campaign
· gCOTI allocation
· Summary

TLDR

gCOTI is the governance token of COTI’s Treasury and provides holders with an APY boost, access to participate in Treasury liquidations, as well as voting rights when it comes to Treasury governance.
The gCOTI airdrop campaign for Native $COTI holders will be launched on the 3rd of April, 2023.
gCOTI Airdrop Campaigns will distribute up to 100,000,000 gCOTI (10% of total supply).
The campaign is split into three phases, with gCOTI rewards distributed as follows:

-First Phase — Native $COTI Campaign — 45M-55M gCOTI

-Second Phase — $COTI ERC20 and Stablecoins — 25M-30M gCOTI

-Final Phase — Exchange $COTI ERC20 — up to 10M gCOTI

-The remaining 5M gCOTI will be allocated to social campaigns.

The first phase will run for 14 days, starting on the 3rd of April. This part of the campaign will be open to Native $COTI holders who have a COTI VIPER Wallet. Users with existing Treasury deposits can migrate to the campaign fee-free, regardless of previous locking periods or multipliers.

-Users will be able to choose a new locking period of 180, 270 or 360 days with a X1 multiplier (no liquidation risk!). Once selected, this locking period will begin immediately without a possibility of an early redemption. Deposits in the Native campaign will attract both $COTI APY and amount of Native gCOTI received, as per the locking period.

-Users that are amongst the first to participate are also eligible for an early bird bonus.

The second phase will also run for 14 days, starting on the 17th of April. This part of the campaign will be open to $COTI ERC20, USDC and USDT token holders that have a COTI VIPER Wallet.

-Such users will be able to lock their $COTI ERC20, USDT, and USDC tokens in the Treasury by connecting their MetaMask wallet, under the same locking periods (180, 270 or 360 days, without a possibility of an early redemption) with x1 multiplier (no liquidation risk!). The longer the locking period, the higher the estimated Native gCOTI amount received.

On the 1st of June, 2023, participants of the first two phases of the campaign will be airdropped an amount of Native gCOTI relative to their deposit size and locking period. Shortly after, these users will be able to deposit their gCOTI to the Treasury and boost their $COTI APY.
The final phase of the campaign will be an exchange-based campaign that will allow holders to lock their $COTI ERC20 tokens on an exchange to be announced. Such users do not need a VIPER wallet. Participants of this campaign will be rewarded with gCOTI ERC20 rewards, once those will be available.

Introduction

We are extremely excited to announce the gCOTI Airdrop Campaign, a unique opportunity designed to reward participants of the COTI Network.

Beginning on the 3rd of April for Native $COTI holders, and the 17th of April for $COTI ERC20, USDC and USDT holders, participants will be able to lock their assets in the Treasury in return for Native gCOTI rewards. Early depositors will also receive special early bird bonuses!

As mentioned earlier today, we are also happy to share that we have allocated a portion of 2M Native gCOTI to distribute to ALL current Treasury users, based on a snapshot taken on March 26th.

Eligibility Requirements

In order to participate in the gCOTI Airdrop Campaign, users must have one or more of the following:

Native $COTI balance in a COTI VIPER Wallet.
Native $COTI stored on an Exchange (Kucoin or Huobi)
Native $COTI that has been deposited into the Treasury.
$COTI ERC20 stored on a MetaMask Wallet.
$COTI ERC20 stored on an Exchange.
ERC20 Stablecoins (USDC/USDT) stored on a MetaMask Wallet.

As specified later in the article, the requirements vary depending on the campaign.

How to get $COTI?

Native $COTI is available from two sources. Users can either purchase Native $COTI from within the COTI VIPER Wallet or they can buy from one of two exchanges (Kucoin or Huobi).
$COTI also exists as an ERC20 token on the Ethereum network and can be purchased from most of the major global exchanges (Binance, Kraken, Coinbase, and more).
If you still don’t have a COTI VIPER Wallet, here’s a step by step guide demonstrating how to create one.
If you wish to swap your $COTI ERC20 to Native $COTI or vice versa, you can use the COTI Bridge: https://bridge.coti.io/
Here is a tutorial video on how to use the COTI Bridge: https://www.youtube.com/watch?v=iOxSX1BKKZQ

gCOTI Airdrop Campaign Programs

*Please note that the dates are subject to change

The Native $COTI Campaign:

This first campaign is for holders of the Native $COTI coin.
Users must have a COTI VIPER Wallet to participate.
Users will be able to join the campaign at treasury.coti.io by selecting the Native program, or directly through their COTI VIPER Wallet.
To participate, users must first deposit $COTI into the Treasury or already have active deposits.
Users will then be able to migrate their deposits into the campaign with locking periods of their choice (180, 270 or 360 days).
Participants in the Native $COTI campaign will enjoy both APY on their deposit AND gCOTI rewards.
The longer the locking period, the higher the estimated APY and the amount of Native gCOTI received.
The gCOTI allocation ranges from 45M gCOTI to 55M gCOTI, depending on whether the soft cap has been reached.

Stages

Early birds:
The first participants to join the campaign will receive a special early bird’s bonus in gCOTI. This bonus is in addition to the gCOTI amount that they receive for participating in the campaign. There is a total allocation of 1M gCOTI set aside for the early bird’s bonus. A cap is set for the first 50M $COTI deposited in the Native campaign and will be divided into 3 virtual “buckets” containing the following:

- First bucket: 10M $COTI deposited for 333,333.3 gCOTI bonus
- Second bucket: 15M $COTI deposited for 333,333.3 gCOTI bonus
- Third bucket: 25M $COTI deposited for 333,333.3 gCOTI bonus

Users that manage to deposit into the first bucket will receive a bonus worth 2.5X more gCOTI than users that made their deposit to the third bucket, and users that made a deposit into the second bucket will receive a bonus worth 1.66X more gCOTI than users that made their deposit into the third bucket.

The calculation to determine how much gCOTI each user will receive is as follows: the bucket bonus divided by the $COTI in the bucket, multiplied by the $COTI deposited. For example, a deposit of 100,000 $COTI in the first bucket (10M $COTI) will result in a bonus of 3,333 gCOTI. A deposit of 100,000 $COTI in the second bucket (15M $COTI) will result in a bonus of 2,222 gCOTI, and a deposit of 100,000 $COTI in the third bucket (25M $COTI) will result in a bonus of 1,333 gCOTI.

Taking advantage of the early birds offering can yield up to 30% more gCOTI to the total tokens received in the campaign!

Soft cap:

The Native $COTI campaign includes a pre-defined soft cap of 100M $COTI that determines how much gCOTI is distributed. If the total amount deposited is less than 100M $COTI, 45M gCOTI will be available for distribution.

Once the 100M $COTI soft cap is reached, a maximum total of 55M gCOTI will be available for distribution, regardless of market price changes.

How will it work? A step by step guide

Users with active deposits in the Treasury:

Users with an active deposit will be able to transfer (migrate) their deposit to the campaign with a longer locking period, along with rewards they have accumulated.
After logging to their COTI VIPER Wallet, and navigating to the Treasury, users will be able to enroll their deposit into the campaign.

The above numbers are for demonstration purposes only

Users with multiple deposits will be able to migrate several deposits and merge them into one.

If a user would like to transfer their deposit to the campaign without transferring their accumulated rewards, they will have to withdraw their rewards prior to joining the campaign.
After selecting the deposits, the user will have to share a drop address where he will receive gCOTI to, and choose a locking period.

After choosing the deposit amount and the locking period, the user will be able to review the deposit details, including its estimated $COTI APY and the gCOTI drop date.
Once a deposit is migrated to the campaign, a multiplier of x1 is set (regardless of previous multipliers) as well as a new locking period of their choice.

2. Users without active deposits in the Treasury:

Users without an active deposit will have to initiate a new deposit in the Treasury and then migrate it to the campaign as explained above.

Withdrawals

Once the deposit is confirmed, users will not be able to early-withdraw their deposit before the end of the locking period.

After the locking period ends, the deposit will be just like any other deposit in the Treasury — users can choose to withdraw their deposit or re-lock it for another period. If the user wishes to withdraw the deposit, the standard withdrawal fee will be applied.

Scenarios

Below are a few hypothetical scenarios of COTI VIPER Wallet users interacting with the campaign.

Joel has 5,000 Native $COTI split into two Treasury deposits. 3,000 $COTI has a X2 multiplier and 25 days remaining in the lock period. The remaining 2,000 $COTI has 65 days left on its locking period with a X4 multiplier. Joel wants to migrate his entire $COTI balance to the gCOTI Airdrop Campaign. Joel selects all his deposits, nominates a drop address and chooses a locking period of 180 days. Joel is now able to merge his entire balance of 5000 $COTI plus the rewards he had previously accumulated into one single deposit with a x1 multiplier. This saves Joel from withdrawal fees and removes the relatively risky positions he had previously deposited.
Stephanie set up her COTI VIPER Wallet and had bought 1,000 Native $COTI over a year ago, but had never deposited it into the Treasury. After logging into her COTI VIPER Wallet, she must first deposit her balance into the Treasury by selecting a locking period and multiplier. She’s not too worried about her choices at this step because both locking periods and multipliers reset when joining the campaign. Stephanie can then migrate this deposit into the campaign after nominating a drop address and choosing a long, 360 day locking period. As Stephanie was amongst the first to enroll in the campaign, with only 20M $COTI deposited in the campaign at the time, she will be eligible for an early bird bonus.

The ERC20 Based Tokens Campaign ($COTI + Stablecoins)

This campaign will start on April 17th, after the Native campaign ends.
Only users with a verified COTI VIPER Wallet will be able to participate.
$COTI ERC20, USDT, and USDC holders will be able to lock their tokens in the Treasury by connecting their MetaMask wallet.
Users will be able to make deposits to the campaign with extended locking periods of their choice (180, 270 or 360 days). Similar to the native campaign, the longer the locking period, the higher the estimated Native gCOTI amount received.

Soft cap:

The ERC20 campaign includes a pre-defined soft cap of 5M USD (calculated based on the $COTI and stablecoins’ market price in USD). This soft cap will determine the amount of Native gCOTI rewards that will be distributed at the end of the campaign.

If the total amount deposited is less than 5M USD worth of $COTI ERC20, USDC and USDT, 25M gCOTI will be made available for distribution. Once the 5M USD soft cap is reached, a maximum total of 30M gCOTI will be available for distribution, regardless of market price changes.

How will it work? A step by step guide:

Users first have to visit treasury.coti.io, and choose the ERC20 Campaign

Then, they need to connect their MetaMask Wallet .
Afterwards, they need to verify their COTI VIPER Wallet.

After connecting their wallet, users can choose the asset they wish to deposit, the lock period and the amount they wish to deposit.

The drop address where Native gCOTI will be delivered to will be displayed at the bottom. This COTI address corresponds to the user’s COTI VIPER Wallet and cannot be changed.
The ERC20 campaign does not include APY rewards or early bird bonuses.
There are no depositing fees on COTI’s side, users only pay the relevant gas fee of the transaction.
Once the deposit is confirmed, users will not be able to early withdraw their deposit before the end of the locking period.

Withdrawal

After the locking period ends, the deposit will be automatically withdrawn to the MetaMask address that was used to connect to the application.
The relevant gas fees will be deducted from the deposit.

Scenarios

Below are scenarios of ERC20 token holders interacting with the campaign.

Mark bought 3,000 $COTI ERC20 on Binance and sent the tokens to his MetaMask wallet. Mark heard about the gCOTI airdrop campaign, and decided to participate. To participate in the campaign, Mark had to create a VIPER Wallet. After connecting with his MetaMask Wallet and verifying his VIPER Wallet, Mark chose 270 days, selected the full amount of 3,000 $COTI ERC20 and clicked Deposit. After signing the transaction and paying gas fees, Mark’s $COTI ERC20 was locked in the Treasury. Mark will receive Native gCOTI delivered to his VIPER Wallet.
Josh has 5,000 USDT on Binance and he sent the tokens to his MetaMask wallet. Josh also heard about the gCOTI airdrop campaign, and decided to participate. Josh already has a VIPER Wallet, so he connects it to MetaMask and selects the locking period of his choice. Josh chose 180 days, selected the full amount of 5,000 USDT and clicked Deposit. After signing the transaction and paying gas fees, Josh’s USDT was locked in the Treasury. Josh will receive Native gCOTI delivered to his VIPER Wallet.

Native and ERC20 Based tokens — Campaigns Details

Multiplier

All deposits will have a X1 multiplier, therefore there is no liquidation risk!

Locking periods

The longer the deposit is locked for, the higher the Native gCOTI rewards will be for every deposited $COTI. For example, a user that locked their $COTI for 270 days, will receive twice as much gCOTI than a user that locked the same amount of $COTI for 180 days. A user that locked their $COTI for 360 days will receive twice as much gCOTI than a user that locked the same amount of $COTI for 270 days, and 4 times more than a user that locked for 180 days.

In addition, for Native campaign participants, the longer a deposit is locked for, the higher the APY will be.

Unlocking and drop times

The lock starts immediately when the user confirms the deposit.
Deposits are unlocked according to the locking period selected (180/270/360 days).
The Native gCOTI airdrop will take place on June 1st (for both the Native campaign and the ERC20 campaign).
For Native campaign participants: the APY is accumulated during the campaign, and users can choose to withdraw their $COTI rewards whenever they want.
Shortly after the users will receive the native gCOTI, they will be able to deposit it to the Treasury and boost their APY, more details on this mechanism will follow.

Fees

Migrating deposits into the campaign will not attract any fees.
Native gCOTI will be airdropped to the address that the user shared when they enrolled to the campaign. Users will not pay any fees for receiving Native gCOTI.
For Native campaign participants: withdrawal of APY rewards is possible prior to the end of the locking period, however, just like in a standard Treasury deposit, users will have to pay network and full node fees when withdrawing.
For ERC20 campaign participants: After the locking period ends, the deposit will be automatically withdrawn to the MetaMask address that was used to connect to the application. The relevant gas fees will be deducted from the deposit.

Monitoring

Users will be able to monitor their deposits in a designated section in the Treasury.
Each deposit will show the deposit amount, drop amount, and the status of the deposit (Processing, pending confirmation, locked, unlocked).

The ERC20 Exchange-Based Campaign

The third phase of the gCOTI Airdrop campaign is for those that don’t have a VIPER Wallet. Users will be able to lock their $COTI ERC20 tokens with an exchange and receive gCOTI ERC20 tokens as a reward. Up to 10M gCOTI ERC20 will be allocated to this campaign. The distribution will take place at a later stage, after which users will be able to swap between their gCOTI ERC20 and Native gCOTI tokens through the COTI bridge.

All details including start date and the name of the partnered exchange will be announced closer to launch.

gCOTI allocation

*The native allocation includes both the early bird and snapshot bonuses.

Summary

COTI is rolling out its governance token in the biggest airdrop campaign ever undertaken by the company. 1 billion Native gCOTI tokens were minted on the 14th of February with up to 10% set aside for the airdrop campaign. Holders of $COTI are eligible to join the campaign, from users with a Native $COTI balance in their VIPER Wallets to those who hold the $COTI ERC20 tokens and have a MetaMask wallet. gCOTI brings further utility to the Treasury with additional benefits for holders including an APY booster, governance voting rights and the ability to participate in Treasury liquidations. The participants of the Native COTI and ERC20 based tokens campaigns will be the first to utilize the APY boost feature, which will be enabled in mid-June, giving them an added advantage in maximizing their rewards. Holders that don’t have a VIPER Wallet will be able to participate in an exchange-based campaign on a later stage.

We’re excited to embark on the next phase of COTI’s roadmap.