Crab Network Sunset: Final Report #47
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Governance Record: Procedural Distortion and Precedent Risk in Crab Network Sunset |
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Governance Record: Procedural Distortion and Precedent Risk in Crab Network Sunset |
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Executive Summary
We are pleased to announce the successful completion of the Crab Network sunset process. As of today, the network has been officially halted, and the value migration to the Ring Ecosystem (Darwinia) has been executed via a comprehensive RING airdrop.
This strategic transition marks a pivotal moment for the Ring Ecosystem. By consolidating our resources, we streamline operations, reduce fragmentation, and accelerate the development of our core infrastructure.
Sunset Execution & Snapshot
The Crab Network blockchain was officially stopped at block height #9759878. This block served as the definitive "point in time" for all state calculations.
Following the roadmap established by community governance, a complete snapshot of all token holders—including native assets, wrapped tokens, and staking derivatives—was taken at this final block. This data formed the immutable basis for the airdrop calculations.
Governance Mandate
This process was executed in strict accordance with the proposals ratified by the community:
Airdrop Distribution
The distribution of 37.43M RING to former Crab Network holders has been successfully completed. The process involved complex calculations to account for various asset states (liquid, staked, LP-bonded) and was executed in batched transactions to ensure accuracy and security.
Transaction Evidence
The airdrop was executed in the following on-chain transactions:
Key Statistics
39,403,588.18 RING37,433,408.77 RING1,970,179.40 RING(Held in Treasury)9,759,878Distribution by Allocation Group
23,642,152.907,880,717.635,910,538.221,970,179.400xC665...FFAa) for future ecosystem initiatives.Acknowledgments
The sunset of a network is a significant event. We extend our deepest gratitude to:
Your participation made Crab a vibrant canary network. Even as the chain stops, the value and community spirit live on within the broader Ring Ecosystem. We look forward to building the future of RingDAO with you.
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