Qonstant’s deployment on the Moonriver network has followed the spirit of the Kusama ecosystem: move fast and experiment. This canary deployment and its accompanying QODEX token have been an eye-opening experience for our team. We learned how to run fully decentralized loan markets on an EVM-compatible platform while managing its tokenomics. We also learned that, in order to adapt to our ever-changing industry, the Qonstant protocol needed to move to a multichain model.
As a result, the lessons of our experience have required us to make the decision that the Qonstant deployment on Moonriver and the QODEX token are now deprecated. We have decided to launch a single token, QODA, that will represent ownership of the Qonstant protocol across all deployed networks.
To acknowledge the support of early community members that took part in our Moonriver deployment, we will be rewarding QODEX holders via a QODA token retrodrop after the QODA Token Genesis Event (“TGE,” exact date not yet announced).
The rest of this blog post dives into the details of the retrodrop and deprecation plan for the Moonriver deployment.
Retrodrop for QODEX holders
The retrodrop will be calculated based on a snapshot of QODEX ownership at Moonriver block 5015245 (Sep 1, 2023 00:00 UTC) at a rate of 1.5 QODA tokens per 1 QODEX token. Qoda-controlled contracts and treasury accounts are not included in the retrodrop.
Who is eligible? The retrodrop includes:
- QODEX tokens held by users in their wallets;
- Staked QODEX tokens;
- Unclaimed (but earned) staking and trading QODEX rewards;
- Unclaimed (but vested) QODEX community rewards;
- QODEX tokens deposited in the QODEX/WMOVR and SOLAR/QODEX liquidity pools on the Solarbeam DEX.
You can check your address and the number of tokens to be exchanged in this file. Please note that it shows the list of QODEX holders and their owned QODEX tokens at block 5015245. The owned QODEX tokens are shown in their raw format and are scaled up by 10¹⁸ per the norm of how decimals values are handled in smart contracts.
The QODA token will be the single token representing ownership of the Qonstant protocol across all deployed networks. There will be a total fixed supply of 1 billion QODA tokens.
The TGE has not yet been announced, and there will likely be a vesting schedule for airdropped QODA tokens. We will announce more details about the QODA token, its tokenomics, its staking mechanism, and how to claim airdropped tokens in subsequent blog posts.
What’s next for the QODEX token?
Please consider that QODEX no longer has any utility. All future development efforts will be focused on the QODA token.
All QODEX-related functionality will continue to remain as-is until the end of March 2024. Please note that there will be no future utility for the QODEX token, and there will not be any future airdrop for QODEX token holders.
The QODEX token will be delisted from Solarbeam at the end of March 2024. Liquidity will not be added to the pairs. Swaps will remain open as long as the existing liquidity is available or until delisting is done. We cannot control if the Solarbeam team chooses to delist the QODEX token before March 2024.
Disclaimer. Please note that we have not sold QODEX tokens to private investors or encouraged trading. All decisions to buy, sell, or hold tokens are not and were not financial advice and are not in any way encouraged by the Qoda team.
What’s next for the Moonriver deployment?
The Moonriver deployment is now deprecated with the closure of its September 2023 markets. Unfortunately, Qonstant’s markets on Moonriver did not receive enough volume to justify their continued operation. Qoda will continue to operate its fixed-rate lending and borrowing markets on Arbitrum One and Moonbeam (deprecated).
We will keep the Moonriver deployment online as-is until March 31, 2024. Users must redeem their loans and withdraw their collateral before March 31, 2024. After this date, the contracts will continue to exist on the Moonriver blockchain, and can be interacted with directly via a block explorer, but the Qonstant DApp on Moonriver will no longer be accessible.
Terms & Conditions
- The snapshot was taken at the Moonriver block 5015245 (Sep 1, 2023 00:00 UTC). Anyone who bought or accrued tokens from trading, staking, or farming after this block is not eligible for the retrodrop.
- The retrodrop includes: - QODEX tokens held by users in their wallets; - Staked QODEX tokens; - Unclaimed (but earned) staking and trading rewards; - Unclaimed (but vested) QODEX community rewards; - QODEX tokens deposited in the QODEX/WMOVR and SOLAR/QODEX liquidity pools on the Solarbeam DEX.
- The QODEX/QODA exchange ratio is 1:1.5, i.e. if you had 100 QODEX at the block 5015245, you will receive 150 QODA.
- The distribution mechanics, vesting terms, etc. will be announced later. Tokens distribution will take place after the TGE. The date and time will be announced separately soon.
- The Moonriver deployment won’t have new markets and continue to work as-is until March, 31, 2024.
- QODEX will be delisted from Solarbeam at the end of March, 2024.
- QODEX tokens no longer have any utility in the protocol. This retrodrop is the only one and there will be no new token distributions among QODEX token holders.
No action is currently required from retrodrop recipients. We will announce how to claim your QODA tokens and all related details before the QODA TGE.
Beware of scammers. Qoda’s team never uses private messages for communication, and never asks for your private keys or seed phrases. All links and further instructions will be published via official channels.
Links
Snapshot Block 5015245: https://moonriver.moonscan.io/block/5015245
List of QODEX holders eligible for the retrodrop: https://gist.github.com/dhruvio/e8abd79314937f14b97c748f64407b77
Qoda Moonriver DApp: https://moonriver.qoda.fi/