The Flip
Posts
Whatcha gonna do with all that BONK?

Whatcha gonna do with all that BONK?

This issue covers the BONK airdrop and a post-mortem for how we helped the team identify failed airdrop transactions.

Flipside Crypto
January 10, 2023

Solana is back? BONK gives SOL its own DOGE coin

After a rough few weeks post-FTX collapse (a big backer of Solana and its projects), the BONK airdrop has gotten people excited about Solana again. Flipside SOL Intern has identified 127 Solana programs that are integrating BONK into their dapps. Check this thread for more details on that if you use SOL.

You’ve seen the memes
Now it’s time to see the data
$BONK is out in the wild, and there’s no stopping it
127 solana programs have already interacted with it, more than all other SPL tokens but USDC and native SOL
That’s right, more Solana programs are using $Bonk than Tether!
— Flipside SOL Intern (@FlipsideSolana)
Jan 6, 2023

Airdrops are hard!

The BONK Airdrop had 49,500,000,000,000 tokens to distribute. Unfortunately, due to some failed transactions (it happens with every blockchain sometimes) not everyone got their tokens.

The Flipside Crypto Data Science Team offered to help and together we did a full reconciliation: who was owed how much BONK; how much did they receive; and how much were they still owed?

The airdrop design included 39 major Solana NFT projects where 500 Billion tokens would be distributed proportionally to holders of each NFT (19.5 Trillion total). Another 30 Trillion would be dispersed to developers, art collectors, and contributors to Openbook.

We followed a 4 step process to identify failed airdrop transfers.

What are ALL the addresses that received BONK from the airdropper address?

2. Given the 42 snapshots (39 NFTs + 3 other categories) how much were addresses owed?

3. Aggregate these snapshots and allocations to the address-allocation level.

4. Merge this with (1) and identify any gaps; then categorize those gaps.

In the end we identified a gap of about 7.3T (~15%) BONK that didn't make it to their recipients. Fortunately, this was within the 9T BONK retained in case of these issues. A full detailed writeup with reproducible code is available in our bonk-post-mortem.