Airdrop Eligibility & CRAB

Shell Points > CRAB > SHELL

As always, beware of scams. Bookmark the official app and use the app, the Discord announcements channel, and the Shell Protocol Twitter as your cross-referenced sources of truth. Of those three, always confirm across at least two that something is real. Pause and tag a skindiver on Discord when in doubt.

Overview

Users that provided liquidity in the early days of Shell v1, as well as users that earned Shell Points during Shell v2, are eligible to claim the intermediate placeholder token CRAB.

Upon the launch of the SHELL token, all CRAB became convertible to SHELL.

CRAB, the Placeholder Token

Crabs were an intermediate step in the transition from Shell Points to SHELL. In essence, CRAB is a fungible, on-chain, non-transferable placeholder for future SHELL allocation.

At the end of each season, users were able to claim CRAB based on the number of Shell Points earned that season. These Crab tokens are not buyable, sellable, or tradable. Upon release of the Shell governance token (SHELL), CRAB became 1:1 redeemable for SHELL tokens. Every crab needs a shell!

Why Crabs? In short, Shell Points were computed off-chain based on users’ on-chain activity on the protocol. This made them easier to calculate but also less "real" from a web3 perspective. With on-chain CRAB allocation, your Crabs are yours. No one can take them away from you.

In addition, having CRAB on-chain allowed us to practice more decentralized governance prior to the SHELL token generation event. Unlike Shell Points, we were able to use CRAB with web3 governance platforms like Snapshot. These votes helped determine aspects of the future Shell DAO.

More broadly, the release and allocation of CRAB served as a good intermediate step before the full launch of SHELL. Like going to college before entering the real world, giving everyone Crabs got us ready for the real deal.

Seasons and CRAB Distribution

As explained above, CRAB is redeemable for SHELL. It was only necessary pre-token launch. Therefore, a total of 40 million Crabs were created, split across seasons as follows:

• Season Zero (Shell v1): 13M CRAB

• Season One (Shell v2 Guarded Launch): 11M CRAB

• Season Two (May 22, 2023-October 19, 2023): 9M CRAB

• Season Three (October 19, 2023-January 15, 2024): 7M CRAB

How to Earn CRAB (Concluded)

For Seasons 1–3, CRAB was distributed proportionally based on Shell Points. At the close of each season, we tallied the total points accumulated by all users. Then, CRAB was evenly distributed based on the percentage of total points earned by each user. Note that it’s not a 1:1 conversion.

For example, say 1 billion Points were earned across all users in a season. If Alice earned 10 million Points, she holds one percent of that season's total Points, which means she will get one percent of that season's CRAB allocation. If the total CRAB allocation for the season is 10 million, Alice will thus earn 100,000 CRAB, which become 100,000 SHELL after the token launch.

As stated earlier, all Shell Points are reset at the end of each season. The compounding points feature was discontinued at the end of Season One.

CRAB is claimable through the Shell app.

The CRAB distribution for Season Zero was calculated based on a formula tracking liquidity provision over time in Shell v1, from its launch up until September 1, 2022. This allocation has already been finalized. If you were an LP in Shell v1, congratulations and please don’t forget to migrate your tokens (Shell v1 is now retired)!