Harbor Protocol: Airdrop and Token Utility

Decentralised applications (dApps) are digital applications or programs that exist and run on a blockchain or peer-to-peer (P2P) network of computers instead of a single computer. DApps have a variety of purposes, but are very popular for their deployment in Finance.

Introducing Harbor Protocol

Having established what dApp is, let's look at the Harbor protocol. Harbor Protocol is a dApp on the Comdex chain that enables safelisted assets to be locked in vaults and which in turn are used to mint $CMST. The protocol also enables users to earn interest by depositing $CMST in its Locker module. Through the platform, market makers and users can capitalise on arbitrage opportunities with its StableMint feature, and ensures $CMST maintains its peg in secondary markets.

To get started on how to use the platform please refer to this article . It provides proper guide on how to interact with Harbor Protocol.

The Harbor Protocol had undergone its testing phase and with satisfactory feedback from the community, the Harbor protocol was ready to be deployed on mainnet and is live on its mainnet.

Harbor Airdrop

Now that $HARBOR is live on Mainnet, the Harbor Protocol team has planned to raise awareness amongst the community and public by introducing the $HARBOR airdrop campaign. Below are the available chains and pools that $HARBOR will be airdropped to:

• Akash Network ($AKT)
• Cosmos ($ATOM)
• Axelar ($AXL)
• Comdex ($CMDX)
• Crescent ($CRE)
• Juno ($JUNO)
• Osmosis ($OSMO)
• Regen Network ($REGEN)
• Sifchain ($ROWAN)
• Star gaze zone ($STARS)
• Kava ($KAVA)
• Umee ($Umee)
• Kujira ($KUJI)
• Agoric ($BLD)
• Ki Foundation ($XKI)
• Secret ($SCRT)
• Cronos ($CRO)
• Evmos ($EVMOS)
• Injective ($INJ)
• Asset Mantle ($MNTL)
• Persistence ($XPRT)
• Chihuahua ($HUAHUA)
• LP’s of CMDX/ATOM pool
• LP’s of CMDX/OSMO pool
• LP’s of stAtom/Atom pool

Airdrop Allocation Categories

Stakers

A snapshot was done on 24th October 2022. To qualify for the airdrop, eligible chain wallets must have held staked tokens worth $250.
However, for the Comdex users, the minimum criteria for staked tokens on the chain was set at $1.
Any wallet which met the listed criteria would have received the airdrop.
Vesting balances (i.e tokens that were locked for project members and early investors for a specific amount of time) to be released after, or unbonding balances at the time of the snapshot do not qualify for the airdrop. Only non-custodial wallets are eligible for the airdrop (i.e tokens that are considered eligible must be in wallets where the individuals own the private key and not in exchanges).

Liquidity Providers

A liquidity provider in crypto is an investor (individual or institution) who funds a liquidity pool with crypto assets he or she owns to facilitate trading on the platform and earn passive income on her deposit.
Liquidity providers play a major role in the Comdex chain and in rewarding their effort, the CEO of Comdex, Siddarth Patil, had announced that liquidity providers in the CMDXATOM and CMDX/OSMO pairs would be eligible for the airdrop.
Eligibility to get airdropped in this category was set at $1.
Those eligible are allocated $Harbor tokens based on the ratio of their LP tokens to the Total LP tokens in the pool. Liquidity providers of the pools listed above can get started with claiming their airdrop by visiting the airdrop page. There, they can also check the proportion of $HARBOR tokens they have been allocated.

Airdrop Distribution

Currently, 150M $HARBOR tokens have been distributed to eligible community members on the Comdex and other chains, which is 15% of the total supply of $HARBOR tokens. You can find Harbor tokenomics here.
The airdrop is divided into two parts:

• The first 20% is airdropped in the form of $HARBOR tokens to enable users to take part in the governance and working of the Harbor Protocol.
• The remaining 80% of the tokens are airdropped in the form of $veHARBOR, having a lock-in period of 4 months, which will start upon completing tasks.

For a few chains like Secret Network($SCRT), Agoric ($BLD), Persistence ($XPRT), and Cronos ($CRO), users would have to perform a special transaction (i.e magic transaction) to validate their address. More information on that can be found in this blog.

For all other pools and chains which are not listed under the Magic transaction, users will receive their $Harbor and $veHarbor airdrop in their Comdex wallets by completing the simple tasks below:

• Vote on any proposal on the Harbor Protocol.
• Mint CMST on Harbor using any collateral.
• Lend CMST on the Commodo platform.
• LP on Cswap dex in the ATOM/CMDX pool and Farm these LP tokens (min duration 1 epoch).
• Lend $CMST on the Commodo Finance platform to claim the final 20% of the airdrop (added on January 8th, 2023).

Use Cases of Airdropped Tokens

The airdropped $HARBOR and $veHarbor tokens are essential in the Harbor Protocol community. They have a number of uses, some of which are:

• Native Utility Token: $HARBOR serves as the native/governance token of the Harbor Protocol. The token can also be locked for a period of 4 months to get $veHARBOR.
• Recapitalization: $HARBOR token cannot be used for minting $CMST, but is intended to maintain the health of the system in case of exceeding debt in the system, and to be the final backstop to re-peg $CMST token in secondary markets during catastrophic events.
• Governance: veHARBOR token holders are the primary stakeholders of the protocol. Every unit of the veHARBOR token entitles its holder to 1 vote, which is cast in governance polls that any veHARBOR owner can initiate. A number of governance proposals have been live for voting, and can be found on the Comdex Twitter page.

About Comdex

Comdex develops possible solutions for the decentralization of finance (DeFi) and the democratization of commodities by handing investors the knowledge of a widened scope of asset classes with rewarding features.
For more information, and to stay connected with Comdex, you can use the links below:
Website | Twitter | Telegram | Medium