Thetanuts launched its incentivized testnet back in November 2023. 3% of the total supply was allocated for this Airdrop Season 1.

Their goals were to rewards early users, incentivize liquidity provisioning on the platform, and incentivize usage of the platform. According to these goals, they have split the airdrop allocation as follows:

• 1.0% of $NUTS were allocated to users who have interacted with Thetanuts Finance contracts since the inception and up until the v3 Incentivised Alpha. Users were measured based on their time-weighted TVL contribution from Nov 2021 to Dec 2023 in determining allocations in this tranche.
• 0.5% of $NUTS were allocated to users based on their Trading Volume contribution. Actions that had impact on trading volume contribution were Longs and Shorts.
• 1.3% of $NUTS were allocated to users based on their time-weighted TVL contribution.
  • Within the v3 Incentivized Alpha, actions that had impact on TVL contribution include Shorts, Boost, Add Liquidity, and Lend.
  • Within our Leveraged LRT Strategy Vaults, users with TVL contribution on Ethereum Mainnet and Arbitrum were also rewarded.
• 0.2% of $NUTS were allocated to users that have participated in Thetanuts Finance’s quests on Galxe, Layer3, and Zealy campaigns.

Over 57,500 addresses were eligible for the airdrop, and on the 30th May, 54% have been claimed. Addresses didn’t claim $NUTS directly, but $veNUTS that comes with a 3 month unbonding period. People who want to withdraw their assets faster suffer an exit penalty of 30% to 100%.

When looking at the holder list of $veNUTS, we can see that the top 50 received at least $826 with a $NUTS worth $0.016, and the top 100 received at least $250.