Omniflix is a Cosmos eco-system project that has been building for years, and the FLIX token itself launched a few months ago. The airdrop has also been years in the making, with snapshots dating back to Jan 2022.
Source: Omniflix twitter (X) profile
So after more than 18 months of airdrop announcements, delays and who knows what else, claiming for the airdrop is finally available.
Eligibility
There were a number of snapshots over the time, and some categories required staking to Omniflix's validators. Overall, there are 33 different eligibility criteria, so I won't go into it in detail.
Here is the all important link to check your eligibility and claim
Suffice to say, that if you have been in or around the Comsos eco-system for a while, you may hit some categories. The way this drop is happening is interesting in a couple of ways.
NFT's. Omniflix is primarily an NFT platform (among other things) so it makes sense that they have incorporated NFT's in to their airdrop. For each of the 33 different criteria, those that qualify receive an NFT to their wallet automatically. To claim the drop, you have to burn that NFT, and then that portion of the drop is unlocked.
Streaming. Once you successfully claim your drops, the next step is a streaming feature. Basically, the drop is released to you over a 30 day period, I guess a little bit each block. To check on your stream, here is the link
Screenshot of my FLIX stream
So, is it worth the effort?
Personally, my drop total is a bit over 1600 FLIX, with a current value of approximately $90. Not bad, and it is significantly more FLIX than I currently own. The FLIX token itself launched with typically bad Cosmos eco-system tokenomics. Early massive inflation to stakers lead to the token being farmed and dumped, with the price already dropping massively.
Source: Osmosis info site
A very typical chart for Cosmos tokens. I'd expect the next month of two to see continued declines, as airdrop farmers and disillusioned cosmonauts dump their airdrops.
Staking APR currently is 145%, but will likely decline as those that are not dumping the drop stake it.
My plan is to claim, and stake and compound. I bought a little FLIX in the early days - not at the crazy prices up around $2, but my average buy was maybe $0.30. With yields so far, I have brought my average down to $0.18, and this airdrop will bring my average down much further. Stake and compound and see what happens over the next year or two.
The Omniflix platform itself is quite developed, and has a range of products and functions. I'm not hugely across the tokenomics of it all, but I do see some dust in my wallet from a few different Cosmos tokens (ATOM, OSMO, AKT, HUAHUA, JUNO) so I guess there is some kind of value capture from fee going on here, distributing to stakers.
In any regard, I probably wont be buying any more tokens, but I'll claim and stake the drop, compound rewards and see what happens.
Anyway, I'm off to claim a few FLIX from my stream, to stake...
Interested to here from my fellow Cosmonauts - are you getting the FLIX airdrop? What are you plans with it?
Let me know in the comments.
Cheers,
JK.
Posted Using LeoFinance Alpha
I think the price will just continue dropping through the streampay 30 day period. There is too much sell pressure. I am probably just going to harvest each day and sell into stAtom.
Yeah, I'd think it is highly likely that the price will fade over the next month or two. Add in that it's still a high staking APR and I think its a safe bet.
I like stATOM. Been shifting funds out of the Cosmos, but I'm holding Stride and receiving drips of all the stTOKENS.
Thanks for the heads up on this one... I was eligible! I will stake and forget after the 30 days and hope for the best.
Pretty much my thoughts. Free money is nice, and a stake and hope for the best approach is where I am at. Gotta have a couple moonshot bags in place for the next bull run.