Original | Odaily Planet Daily ( @OdailyChina)

Author | Golem ( @web3_golem )_

On the evening of September 6th, Fractal Bitcoin announced an airdrop of FB to eligible UniSat users and OKX wallet users. Users can check the amount of FB received by visiting the UniSat reward query page and the OKX reward query page. As long as they meet the conditions, an address can receive airdrops from both sides at the same time, and the airdrops will be automatically delivered to the user's address after the mainnet goes live.

This airdrop has a total of 1 million FB, accounting for 0.47% of the total token supply, with 500,000 FB allocated to eligible users of UniSat and OKX wallets respectively.

Fractal has been one of the most attention-grabbing projects in the Bitcoin ecosystem recently, so when the token query news came out, various Bitcoin ecosystem communities suddenly became lively. However, various FUD voices also permeated social media and communities:

• "The share of airdrops to the community is too small, accounting for only five thousandths of the total, the project party is too stingy"
• "The rewards for loyal addresses such as OG card, Prime card, and early BRC20 swap users are actually in the same category as the low-income rewards for holding assets in the mainnet testnet"
• "New addresses used in the testnet, no balance in the mainnet, this airdrop completely excludes me"
• "The threshold for mainnet and testnet balances has been raised, and the previous pure testnet players have even less chance to participate"
• ……

So, how exactly is the airdrop rule designed by Fractal before the mainnet goes live? Why is there so much negative reaction in the community? Odaily Planet Daily will explain in detail the token economics, airdrop rules, and off-market price situation in this article.

Project and Token Economics Analysis

Fractal Bitcoin is an extension of Bitcoin, designed to use the BTC core code to recursively create an infinite expansion layer on BTC to increase transaction processing capacity and speed, while maintaining full compatibility with the existing Bitcoin ecosystem. Fractal Bitcoin is developed by the Bitcoin ecosystem infrastructure UniSat, which has received multiple rounds of financing from investors such as Binance and OKX Ventures.

Fractal announced the token economics on August 27th, with a total of 210 million tokens, 80% allocated to the community, and 20% allocated to the team and contributors, with the specific allocation as follows:

• POW mining 50%: Half of the total token supply is allocated to Proof of Work (PoW) mining;
• Ecosystem Treasury (15%): 15% of the tokens are reserved for the ecosystem treasury, specifically for investing in the Fractal ecosystem. The treasury supports and funds initiatives to improve the ecosystem and provides funding for the continued core improvement of Fractal;
• Presale (5%): 5% of the tokens are allocated to the presale, targeting early investors and network participants. These funds are crucial for paying initial development and operating costs, as well as conducting security audits to ensure the robustness of the network. All tokens are locked for 6 months and will be released linearly over 12 months;
• Advisors (5%): An additional 5% of the tokens are currently reserved for advisors, who will provide strategic advice and support for the continued development of the Fractal network;
• Community Grants (10%): 10% of the tokens are used for community grants, which will be used to establish partnerships and liquidity plans;
• Core Contributors (15%): The remaining 15% of the tokens are allocated to core contributors who build and maintain the core software of Fractal.

From the perspective of token economics, Fractal did not specifically set aside a portion to promote the airdrop, and many communities also speculated that the airdrop of Fractal would come from the ecosystem treasury or community grants.

In terms of circulation, the current airdrop accounts for a negligible five thousandths, with the majority in the daily output of miners and in the hands of the team. If we calculate based on an average block time of 30 seconds and a block reward of 25 FB, approximately 72,000 FB can be produced per day, accounting for 0.3% of the total supply. Even if we include the 15% held by the team, the initial circulation is not high. Furthermore, the demand for FB to participate in the ecosystem after the mainnet goes live may lead to a situation of supply shortage and potential price increase in the early stage of the mainnet launch.

Airdrop Rule Analysis

The airdrop rules for UniSat and OKX wallet users are not the same.

The eligibility criteria for the airdrop for OKX wallet users are as follows, where meeting eligibility one will receive a basic reward of 6.6 FB, and meeting eligibility two will receive an additional 30 FB:

• Condition one: As of 00:00 on September 1st (UTC+8), hold more than 100 USD worth of BTC in the OKX wallet, and have traded Ordinals, Runes, and Atomicals assets at least 3 times in the past 6 months using the OKX Web3 market.
• Condition two: Ranked in the top 5,000 in BTC ecosystem activity in the OKX Web3 wallet.

The eligibility criteria for UniSat users' airdrop are as follows, with a snapshot range of the past 90 days:

• Meeting any of the following conditions will receive 5 FB: Trading more than 0.001 BTC on the UniSat market, earning more than 10 UniSat points.
• Meeting any of the following conditions will receive 10 FB: Holding UniSat OG card, holding UniSat Prime card, interacting in the early BRC20 swap on the mainnet, holding 0.001 BTC on the Bitcoin mainnet and 0.002 tFB on the Fractal testnet at the same time.
• Meeting any of the following conditions will receive 15 FB: Ranked in the top 5,000 on the UniSat market, ranked in the top 5,000 in UniSat points.

At the same time, after personal testing, it was found that a single address can simultaneously receive FB rewards on UniSat and OKX that mainly meet the above conditions.

It can be seen that the purpose of this airdrop by Fractal is to reward real users of UniSat and OKX wallets, on the one hand, to ensure that most real users can receive the minimum of 6.6 or 10 FB, and on the other hand, to please "big loyal players".

However, the airdrop for UniSat, targeting platform OG card, Prime card, BRC20 early experience users, and top-ranking addresses, has caused dissatisfaction among players, as they believe that as loyal and "high-value" users of the platform, the airdrop they receive is in the same category as the low-income rewards for holding assets in the mainnet testnet.

However, Fractal made changes to the eligibility for the 10 FB minimum reward last night, changing it from "just holding a balance in the mainnet and testnet" to "requiring 0.001 BTC in the mainnet and 0.002 tFB in the testnet", which actually further raises the airdrop threshold, and many people also complained that "yesterday there were 10, and today it's 0 when checked again".

Off-Market Price

Currently, in the community-organized OTC, the off-market price of FB is between 5-8u; based on this price, the total market value of FB has exceeded 1 billion US dollars. It can be seen that even though there is some dissatisfaction with the airdrop, the community's price expectations for FB after it goes live are still positive.

The majority of users' airdrop quantities are concentrated between 10-40 FB (assuming there are two accounts). If sold at $6 each (if someone is willing to buy in small quantities), one could earn $60-240 in "pig's foot meal" profits off-market. However, only 1 million FB are currently trading on the OTC market, and after the mainnet goes live, daily miner output will become dominant. Whether the price of FB can remain strong at that time will also require further observation of market sentiment.

Not a pig's foot meal but a universal faucet?

From the perspective of the quantity and eligibility criteria of this airdrop, it seems that Fractal may not intentionally distribute "pig's foot meals" to users, but rather it seems more like a proactive distribution of a universal faucet to real users for the mainnet, allowing everyone to participate in testing the Fractal mainnet ecosystem project.

Before this airdrop by Fractal, the community had extensive discussions about whether Fractal would airdrop and the airdrop rules. Some opinions indicated that from the perspective of ecosystem development, Fractal would conduct some airdrops; otherwise, users would not have FB tokens to experience the Fractal ecosystem project in the initial stages. If everyone had to buy from miners, the price volatility caused by supply and demand could also suppress user participation enthusiasm.

This airdrop is actually reminding us of how to continue participating in the Fractal ecosystem. It's time to pause the blind interaction behavior on the testnet, as something "big" may come after the mainnet goes live.

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