Pika TGE Whitelist and Rules

Pika Protocol
4 min readMay 16


The Pika token generation event(TGE) is happening on May 23, 14:00 UTC. To show our appreciation for our community’s support, we’re offering Pika users & contributors a chance to be whitelisted for the TGE.

Please check this link for the whitelist addresses and the allocation amount. The addresses have been carefully selected from our historic vault depositors, traders, and contributors.

Whitelist Selection

LPs and Traders

The whitelist users have been selected from over 280k Pika user addresses based on the score of each address. Around 7% of total addresses are selected.

The score of each address is the sum of its trading score and LP score, calculated as follows.

Trading Score

The trading score is based on the trading fees paid by each address across all versions of Pika.

LP Score

The LP score is determined based on the weighted shares that each address has staked in the USDC vault across all versions of Pika. In Pika, staked shares are similar to GLP in GMX.

Staked shares amount = staked USDC amount / share price

Weighted shares = (staked shares amount * average staked time) / 30 days

In the case of Pika v1, staked shares are multiplied by 3 because one v1 share is equivalent to an average of 2.5 USDC. However, for v2 and v3, one share is close to 1 USDC.

For example, let’s say you stake 1 share in v1 for 15 days, 1 share in v2 for 60 days, and 1 share in v3 for 90 days. Your total weighted shares would be calculated as follows: 1 * 3 * 15 / 30 + 1 * 60 / 30 + 1 * 90 / 30 = 6.5.

Snapshots of LPs for each version of Pika Protocol were taken on specific dates:

  • Pika v1: January 26, 2022
  • Pika v2: July 17, 2022
  • Pika v3: April 1, 2023

To clarify, if you make a deposit on March 1, 2023, and then withdraw on April 30, 2023, your staked time would be 30 days. This is because the last valid date for the whitelist calculation is April 1, 2023.

Partner Protocol Users and Partner Communities

Several hundred additional whitelist addresses (with a 1 ETH allocation) have also been selected from users of Pika’s partners and supportive communities, including Overnight Finance, CryptoTester community and DeFi Dojo community.

Whitelist Phase Rules

During the first 24 hours of the TGE, 5 million PIKA tokens (5% of the total supply) will be available for whitelist participants at a fixed price of 0.0002 ETH(~$6.8m MCAP, ~$36m FDV). Given that some of the whitelisted addresses belong to previous Pika users from a year ago who are no longer active, it is expected that the majority of them will not participate. Additionally, Pika has gained a significant number of organic users over the past two years, and it is crucial not to overlook their potential involvement. Consequently, we have allocated a greater number of whitelist spaces than our actual capacity allows. Despite this, only 7% of users have been selected in this scenario.

To ensure a fair pariticipation and prevent frontrunning that could lead to the whitelisted users being unable to participate even if they are early, we have implemented the following rules:

  • During the first 30 minutes of the TGE, all whitelist participants are limited to a maximum deposit of 1 ETH. This mostly guarantees their participation during this period. (If the entire whitelist allocation is filled before the 30-minute mark, the whitelist allocation can be slightly increased to accommodate all users.)
  • After the initial 30 minutes, participants can join on a first-come-first-served basis using their remaining whitelist allocation with no guarantee of fufillment.

In the event of high traffic during the first 30 minutes, we recommend familiarizing yourself with alternative Optimism RPC endpoints that can serve as backups in case your current one encounters any issues. You can find a list of these endpoints here: https://community.optimism.io/docs/useful-tools/providers/#

Public Phase Rules

For the next 72 hours, 14 million PIKA tokens (14% of the supply) and the undistributed whitelist allocation are available for the public participation, at the starting price of 0.0002 ETH. All participants will acquire PIKA tokens at the same rate, calculated based on their contributions (Received Amount = Deposited ETH Amount / PIKA Final Price). The price will never go above 0.0004 ETH(~$13.6m MCAP, ~$72m FDV) and the phase will end early if that price is reached to protect depositors from getting an unexpected high price.

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Pika Protocol

The 1st perpetual swap exchange on Optimism, up to 50x leverage on any asset with deep liquidity