Distribution Logic

  • A snapshot was taken simultaneously on both L1 and L2 on Dec-15-2021 10:56:40 PM +UTC

  • Fetched all L1 & L2 Synthetix stakers with existing debt and a collateral amount > 1 SNX from the Synthetix Graph.

  • Compared the L1 list from the graph with the Etherscan top 5000 SNX holders. Because The Graph didn’t index some of the L1 wallets (wallets which are usually not very active). Added the missing wallets under the same rules (debt & SNX collateral amount > 1).

  • Computed the vAELIN allocation for each wallet

    • Wallet debt is capped to the target c-ratio, to avoid stakers with a bad c-ratio getting more vAELIN.

    • Calculated the % of the total system debt for each wallet, with total debt = L1 debt + re-scaled L2 debt. Since L1 and L2 don’t have the same c-ratio we followed the current formula:

      • Normalised c-ratio = L1 issuance ratio / L2 issuance ratio

      • Scaled debt for L2 = L2 debt x Normalised c-ratio

  • We made some changes for precision issues to make sure to distribute the exact amount of vAELIN tokens. So the treasury council will end up with +/- 0.000000000000010000 $AELIN or something close to that

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