AlphaDrop - Revolutionizing Airdrops with sponsored Defi positions

Project Name: AlphaDrop
Project Track: DeFi
Team Name: Maaz
Team Member(s): 1 @maaz
Devpost Project Link: https://devpost.com/software/alphadrop
Project Website: https://alphadrop-tron.netlify.app/
Project Demo : https://youtu.be/XjcpkxqZiKs
Project Github : GitHub - OxMaaz/AlphaDrop

Problem:

The problem with standard airdrops is that they often distribute tokens that users quickly sell off, leading to a lack of sustained engagement and involvement within the protocol. This rapid selling behavior undermines the long-term viability and community building potential of the protocol.

Project Goal:

The project aims to revolutionize airdrops in DeFi by introducing a novel approach distributing vested DeFi positions through personalized links . This innovative method is designed to cultivate sustained user engagement and commitment, fostering a dynamic and dedicated community within the protocol. The vision is to establish a more meaningful and enduring relationship between users and the DeFi ecosystem.

1. Enhanced Engagement: The primary goal of AlphaDrop is to increase user engagement and retention within protocols by offering vested positions as rewards instead of traditional tokens.
2. Community Building: AlphaDrop aims to strengthen the community around DeFi protocols by incentivizing users to actively participate and hold vested positions, fostering a sense of ownership and commitment.
3. Innovative Airdrop Model: The project seeks to establish a new standard for airdrops by introducing a more meaningful and sustainable reward mechanism that aligns with the decentralized finance ethos.

Project Value:

AlphaDrop introduces a groundbreaking solution to the challenge of token distribution in DeFi. By offering vested DeFi positions instead of traditional tokens, AlphaDrop aims to redefine user engagement and community building within decentralized finance protocols. The project values:

  1. Enhanced Engagement: AlphaDrop prioritizes increasing user engagement and retention within protocols. By rewarding vested positions, it encourages users to actively participate and commit to the protocol, fostering a deeper connection and sustained involvement.
  2. Community Building: AlphaDrop is dedicated to strengthening the community surrounding DeFi protocols. Through incentivizing users to hold vested positions, it promotes a sense of ownership and commitment among community members, fostering collaboration and collective growth.
  3. Innovative Airdrop Model: AlphaDrop sets out to establish a new standard for airdrops in the DeFi space. Its innovative approach introduces a more meaningful and sustainable reward mechanism, aligning with the ethos of decentralized finance and paving the way for a more inclusive and engaged ecosystem.

Project Applications:

AlphaDrop can serve as a powerful tool for rewarding existing users and attracting new participants to DeFi protocols. Imagine offering a warm welcome gift to new users, onboarding in your decentralized finance protocol. This approach not only incentivizes users to join but also encourages them to actively engage with the protocol.

Furthermore, picture a scenario where a DeFi protocol attends a conference and distributes QR codes to attendees. These QR codes allow individuals to claim a vested position within the protocol, instantly involving them in its ecosystem. This innovative use of airdrops transforms traditional engagement strategies, fostering immediate interaction and long-term commitment among participants.

AlphaDrop’s versatility extends beyond simple token giveaways, offering a unique opportunity to cultivate community involvement and loyalty within the rapidly evolving DeFi landscape.

Project Working : AlphaDrop is an innovative approach to airdrops in the realm of decentralized finance (DeFi), aiming to foster sustained engagement and commitment within DeFi protocols by distributing vested positions instead of tokens. The process begins with the creation of positions within a designated DeFi protocol like LendingFi, where specific lock-up periods are assigned and positions are funded with a chosen token such as USDT , Additionally, the protocol can implement eligibility criteria such as proof of personhood, token ownership requirements, or prior transaction history with the protocol to ensure that only genuine and committed users can claim positions. AlphaDrop then generates unique hashed passwords for each position, enabling the creation of personalized links containing these passwords. These links can be distributed via various channels like email, text messages, or QR codes to targeted users. To claim their vested position, users access their personalized link inputed with the corresponding hashed password, user then confirms the transaction to activate their position within the protocol. The claimed positions are reflected within the designated DeFi protocol, with ownership held by AlphaDrop until the lock-up period expires. Upon claiming their position, users receive a non-fungible token (NFT) representing their vested position, granting them the ability to withdraw their funds once the lock-up period concludes. This approach encourages ongoing participation and commitment within DeFi ecosystems by providing users with tangible, vested interests that enhance community engagement and sustainability.

Project Test Instructions:

  • Open the dapp and create your vested positions within the connected DeFi protocol (currently lending.fi for this demo).
  • Specify lock-up periods and allocate the amount and token (e.g. USDT) to each position.
  • Share the personalized link containing the hashed password.
  • Access the received link and follow the instructions to claim the vested position.
  • Verify successful activation of the position within the connected DeFi protocol.
  • Monitor the position’s status to observe the lock-up period.
  • Ensure that withdrawal of the position is restricted until the lock-up period expires.
  • After the lock-up period ends, you can withdraw the vested position holding your nft.

Project Images:

Smart Contract links:

Project Milestones:

1. Expanding AlphaDrop to support various types of DeFi positions and protocols (End of may):

  • For this hackathon, AlphaDrop is currently focused on facilitating depositing and withdrawing positions from our demo DeFi contract, LendingFi (created for testing purposes). However, we are planning to expand AlphaDrop’s capabilities to support a diverse range of DeFi protocol’s positions in the future , such as lending positions , liquidity providing , and yield farming positions
    *Allow any protocol to involve , airdrop and activate different types of their vested positions, providing users with more diverse engagement opportunities within the DeFi ecosystem.

2. Deploying on btt and Tron Mainnet (End of May):

  • Prepare for the official launch of AlphaDrop on the mainnet, ensuring all smart contracts and frontend interfaces are thoroughly tested and optimized for production.
  • Enable real-world usage of AlphaDrop by DeFi projects and community members, allowing for live airdrop campaigns and user interactions.

3. Implementing Zero-Knowledge Proof (zk-proof) Mechanism (Mid of June) :

  • Implementing zero-knowledge proof (zk-proof) mechanisms in AlphaDrop enhances security by verifying the proof of personhood, ensuring that individuals cannot claim multiple positions even with access to multiple links. This prevents fraudulent activity and maintains the integrity of airdrop activations.
  • Require users to provide on-chain identity proofs and previous transaction history on the protocol through secure zk-proof protocols, ensuring fair distribution and engagement.

4. Conducting Audits and Security Checks (End of June):

  • Perform comprehensive audits and rigorous security checks on AlphaDrop’s smart contracts, frontend components, and backend infrastructure.
  • Identify and address any potential vulnerabilities or security risks to safeguard user funds and ensure the integrity of the AlphaDrop platform.

Future Roadmap :

1. Protocol Agnostic Integration: Expand AlphaDrop’s compatibility to work seamlessly with a wide range of DeFi protocols beyond lending, including decentralized exchanges, yield farming platforms, and more.

2. Scalability and Security: Continuously improve scalability and security measures to support a growing user base and ensure the robustness of the AlphaDrop platform.

3. User Adoption: Gain traction and user adoption within the DeFi community by demonstrating the benefits of vested DeFi positions as rewards compared to traditional token airdrops.

4. Partnerships: Establish strategic partnerships with DeFi protocols to expand the reach and integration of AlphaDrop across multiple platforms and ecosystems.

11 Likes

Finally you have taken a decision lol, congrats and welcome.

Airdrop distribution not bad, a lot of projects are getting attention through it, all the best

3 Likes

Welcome to Grand hackathon season 6

Please are you still building on troncloak.com or abandoned project?

2 Likes

Welcome to Tron Hackathon season 6

It nice to see that your project is aimed at improving community engagement by regulating the sells of airdrops

2 Likes

Welcome to Hackathon Season 6, quite amazing to see your entry in the DeFi track, your name strikes me like you have been around for a while.

2 Likes

Welcome again to hackaTRON ! What are your plans to keep this project going unlike your previous project Troncloak?

1 Like

Welcome to the Season of Hackathon, lovely project, please tell me about the challenges that you face while building your project, thank you

1 Like

yeh ! I have explained every thing on my last post at cloak!

1 Like

Ah, we’ve just begun our development journey, diving into experimentation and validation. Our main challenge is refining and testing ideas, but we’re eager and prepared for future challenges as we progress. Updates are on the horizon—we’re committed to evolving and refining our project. Stay tuned!

1 Like

Indeed, I have already explained the reasons behind abandoning the previous project. Additionally, I don’t foresee any regulatory issues with this new project compared to the previous one. Moreover, I believe this idea is truly unique and exciting, and I’m looking forward to its development.

1 Like

haha yeh ! how are you friend? :slightly_smiling_face:

1 Like

Welcome to hackathon season 6
This DeFi airdrop concept is a breath of fresh air.

Welcome to hackathon season 6 buddy

We hear you loud and clear buddy
The dump and forget mentality surrounding airdrops is a real problem. We applaud your focus on fostering long-term engagement and community building, your concept of distributing vested DeFi positions through personalized links is intriguing.
This could incentivize users to become active participants,it can also develop a vested interest and finally create a loyal community.

1 Like

hey thanks i appreciate for taking time to read about the project stay tuned buddy!

1 Like

your project is awesome. cool.

1 Like

appreciate it bro stay tuned!

Haha I knew it, I’m doing pretty good, how about you?

1 Like

I see am sorry maybe I forgot or missed the post, please can you drop the link to the post so I can read through?

2 Likes

Yes this concept is completely new to me. When are you going to start testing?

2 Likes

I have already started stay tuned!

1 Like