Connext Opens Its Airdrop for Claiming, with Rewards for Reporting to Prevent Witching

Connext has opened the native token $NEXT airdrop for claiming on September 5th, and users can now apply for it. The airdrop claiming period is open until March 6, 2024.

Connext is a modular cross-chain interoperability protocol that has raised a total of $23.2 million in funding to date, with a recent valuation of $250 million. In its token economics, it is mentioned that the total supply of $NEXT tokens is 1 billion, with 10% distributed through airdrops.

The official criteria for the airdrop standards are assessed based on several factors, including Connext bridging, total bridging transaction volume, liquidity provision, trading frequency, and time, among others. The specific scoring rules are as follows：

Before the airdrop, Connext invited the community to help the team screen for witch addresses between August 24th and September 1st. If Sybil hunters successfully reported Sybil attackers/addresses, they would receive 25% of the recovered NEXT tokens as a reward.

Connext reported receiving a total of 507 submissions, with 361 of them passing verification. They identified and removed 5,725 witch addresses from the eligibility list, resulting in the recovery of 5,932,065 tokens. Out of these, 1,438,016 NEXT tokens (25% recovered) will be reallocated to the witch hunters, with 50% of the tokens subject to a 2-year vesting schedule.

It's worth mentioning that 0x44Af5FcedFb77a2d9Cb973B404e30FC27e666708 is an unidentified witch bot. This bot sent a large volume of spam requests to the Tokensoft backend, causing its API to crash. This may also be a reason why the airdrop claiming interface couldn't be used.

Earlier blockchain data indicates that the address starting with 0x44Af collected the NEXT airdrop from 230 addresses and subsequently converted it all into ETH, USDT, and USDC, resulting in a profit of approximately $39,000

As of the time of this post, NEXT airdrop claiming has been reopened.