A quick read on Celestia token economics and airdrop details

7,579 developers and over 570,000 on-chain addresses are eligible for airdrops, and the airdrop targets include developers, ecological project contributors, ordinary users, pledgers, etc.

Source: Celestia

edited by: Karen, Foresight News

Today, the modular blockchain Celestia announced that it will release its native token TIA and launch the Genesis Drop. The genesis airdrop targets 7,579 developers and 576,653 on-chain addresses on Ethereum Rollups, Cosmos Hub and Osmosis. The airdrops are distributed among developers, ecological project contributors, ordinary users, stakers, etc.

Celestia is a proof-of-stake blockchain based on CometBFT and the Cosmos SDK. Celestia supports intra-protocol delegation and will start with an initial set of 100 validators. Staking TIA as a validator or delegator will be able to receive staking rewards from the network. The verifier can also charge a certain fee to the delegator to obtain a certain proportion of the staking reward.

So what is the use of Celestia’s native token TIA? What are the token economics and release rules? What are the airdrop standards?

What is the use of TIA?

For one, TIA is an important part of how developers build modular data availability networks. In order to achieve data availability (DA) with Celestia, Rollup developers submit PayForBlobs (PFB) transactions on the network, which requires payment of a fee in the form of TIA.

The second is that, similar to ETH on Ethereum-based Rollups, in addition to paying for data availability, developers can choose to use TIA as a gas token to quickly launch their chain. In this model, developers can focus on creating applications or execution layers without immediately issuing tokens.

Finally, there are staking and network governance features. As a permissionless network built using the Cosmos SDK, Celestia uses proof of stake to ensure consensus. As with the rest of the Cosmos network, any user can help secure the network by delegating their TIA to a Celestia validator to receive a portion of the validator's staking rewards. TIA also allows the community to play a key role in the decentralized governance of key parts of Celestia from day one, such as voting on network parameters and managing community pools.

Community Pool Celestia’s community pool will receive 2% of all Celestia block rewards starting from network launch. TIA holders can vote to spend TIA from the community pool and fund ecosystem initiatives.

TIA Token Economics

The total supply of TIA at creation is 1 billion, and the specific distribution method is:

• 20% is publicly allocated (7.4% is allocated for the genesis airdrop and incentivized testnet, and 12.6% is allocated for future incentives), which will be fully unlocked when released;
• 26.8% allocated to the Celestia Foundation and core developers for research, development and ecosystem initiatives (25% unlocked at launch, remaining 75% unlocked from years 1 to 4;
• 15.9% allocated to early seed investors (33% unlocked in year 1, remaining 67% unlocked from year 1 to year 2);
• 19.7% allocated to early stage investors in Series A and B (33% unlocked in Year 1, remaining 67% unlocked from Years 1 to 2);
• 17.6% allocated to initial core contributors (33% unlocked in year 1, remaining 67% unlocked from years 1 to 3).

The TIA inflation rate starts at 8% per year and decreases by 10% per year until it reaches the long-term issuance rate of 1.5%. The exact annual inflation rate is shown in the chart below.

In terms of token release and supply changes, Celestia's 1 billion TIA supply at creation will be subject to several different unlocking schedules. All locked or unlocked tokens can be staked, with staking rewards unlocked upon receipt.

Celestia Creation Airdrop

The Celestia Genesis Airdrop will be distributed to 7579 developers and 576,653 on-chain addresses on Ethereum, Rollups, Cosmos Hub and Osmosis. Airdrop claiming will end at 20:00 on October 17, 2023. At the end of the Genesis Airdrop, unclaimed tokens (up to 45 million TIA) will be distributed to developers and accounts that have submitted addresses.

It’s worth noting that airdrops cannot be claimed by users in the United States or other banned jurisdictions.

1. Research and public products (allocated 6 million TIA)

Among them, research and public products are divided into protocol public products and infrastructure (4.6 million coins) and the Eth Research community (1.4 million coins).

Eligibility criteria for protocol public goods and infrastructure are:

• Contributors to the protocol’s public goods and infrastructure;
• Celestia contributors and dependencies;
• Contributor to EIP and BIP.

Celestia will also distribute 1.4 million TIA to members of the Eth Research Forum. The specific eligibility criteria are:

• Eth Research forum users who created at least 1 topic or 1 post before July 5, 2023 (excluding Celestia Labs team members and advisors).

2. Early modular ecology (14 million pieces)

Celestia will distribute 8.35 million TIA to contributors from organizations in the Celestia ecosystem, public contributors from organizations participating in Modular Summits 1 and Modular Summits 2, and participants in Group 1 of the Celestia Modular Fellows Program (Also excluded are Celestia Labs team members and consultants).

An additional 5.65 million TIAs will be allocated to Github Super Contributors with a total of at least 4 commits across all eligible repositories, with additional TIAs allocated to a total of at least 23 in research and public products and early modular ecosystem standards. Contributors of commits.

3. Early adopters of Ethereum Rollups (20 million coins)

Early adopters of Ethereum Rollups will receive 20 million TIA rewards, which will be distributed to the top 50% active users of the top 10 Ethereum Rollups on L2Beat’s TVL ranking, with the snapshot time being January 1, 2023 (Ethereum block 16308181 ).

Eligible Ethereum rollups include OP Mainnet, Arbitrum One, Arbitrum Nova, Starknet, zkSync Lite, dYdX (StarkEx), Immutable (StarkEx), SoRare (StarkEx), Loopring, Metis Andromeda.

To determine a user's on-chain activity level, Genesis Drop assigns points for on-chain behavior on Ethereum and all eligible Rollups. Specific considerations include interacting with smart contracts and applications, holding ENS domain names, donating to Gitcoin, gas spent, and recent transactions.

This part of the airdrop objects excludes Hop's witch list, Hop's transaction/relay blacklist, OP airdrop #1 witch filter, and Ethereum and Ethereum that Trusta Labs determines are likely to be witches based on its identification of on-chain cluster behavior and asset transfer methods. Rollup address.

4. Cosmos Hub and Osmosis stakers and IBC relayers (20 million)

Celestia will distribute 18.5 million TIA to Cosmos Hub and Osmosis stakers and delegators (≥$75), inviting them to join Celestia and participate in protecting and managing the network. The snapshot occurred before January 1, 2023, that is, Cosmos Hub block 13482205 and Osmosis block 7592794.

Allocation metrics are evaluated based on the Cosmos/Osmosis scoring methodology adapted from Trusta Labs’ MEDIA scoring framework, with metrics including last transaction time, number of IBC transactions, total value of all transactions, account age, gas consumed, and more.

In addition, Celestia will allocate 1.5 million TIAs to IBC relayers, based on addresses that conduct MsgRecvPacket transactions before January 1, 2023.

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