Support for Everipedia IQ Airdrop - The Bitfinex Blog
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Support for EOS Everipedia (IQ) Airdrop

Bitfinex is pleased to announce support for the upcoming Everipedia (IQ) airdrop. The airdrop will be based on the June 2nd 21:59:59 UTC EOS Mainnet Snapshot as reported by Everipedia team.

Everipedia Inc. (IQ) is a technology company based in California, best known for building the first encyclopedia on the blockchain. With over 6 million articles published, it’s the world’s largest English encyclopedia by content. Everipedia is free from ads and free to use for everyone, under creative commons.

The IQ token will be used to vote on protocol upgrades whilst incentivising further submissions or modifications to the Everipedia’s database of articles. Editors may gain privileges as they accumulate IQ and rise through the Everipedia ranks.

Airdrop Distribution Policy

Everipedia (IQ) tokens will be distributed based on the settled EOS wallet balances as they were on June 2nd 21:59:59 UTC, the time the EOS Mainnet Snapshot was taken.

The methodology for determining a settled balance includes:

    • All calculations will use a database snapshot from June 2nd.

    • All net unhedged EOS wallet balances will receive IQ. For example, if at the instant of the airdrop in June a user had a wallet balance of 5.0 EOS and was short 2.0 EOS/XXX, their net unhedged balance at that moment was 3.0 EOS.

    • Margin longs in EOS/XXX and margin shorts in XXX/EOS will not receive IQ.

    • Margin shorts in EOS/XXX and margin longs in XXX/EOS will not pay IQ.

    • EOS lenders will receive IQ.

Due to the large positive net amount of EOS committed in margin positions at the time of the airdrop, the above methodology results in Bitfinex seeing a surplus of IQ. As such, we will be resolving this discrepancy in the form of a socialized distribution coefficient.

In this particular case, the IQ distribution coefficient is computed to be ~1.1. Please keep in mind that the final coefficient will be confirmed as the airdrop becomes effective on the EOS blockchain. Since the IQ airdrop is 5.1 IQ for each EOS, the resulting calculation yields ~5.61 IQ per EOS for qualifying balances. Please note that if there were more shorts than longs at the moment of the snapshot, the distribution coefficient would have been less than one.

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