The Tangle Ecosystem Affiliation has unveiled a $1 million incentive program on layer-2 blockchain ShimmerEVM geared toward bootstrapping development and decentralize finance (DeFi) exercise. The rewards might be distributed in Shimmer’s SMR token to liquidity suppliers who direct exterior belongings into the ecosystem’s nascent DeFi platforms over its new cross-chain bridge.


TLDR

  • $1 million in Shimmer (SMR) tokens allotted to incentivize use of latest Shimmer Bridge
  • Administered by way of Web3 protocol Tide to trace TVL contributions throughout Shimmer dApps
  • Members should bridge over $1,000 in belongings and supply liquidity for ≥30 days
  • Rewards vest over 6 weeks after 45-day monitoring interval ends on March 16
  • Referral program offers 5% of associates’ rewards for profitable invitations

Dubbed the “Shimmer Liquidity Mining $1M Airdrop,” the marketing campaign was devised by the Shimmer Progress Committee, which incorporates Tangle Ecosystem representatives and neighborhood members. It allocates over 1.5% of the whole SMR token provide for incentives valued at over $1 million based mostly on the present SMR worth.

The rewards might be administered and tracked utilizing Web3 incentive protocol Tide Finance. Tide integrates with Shimmer dApps to observe contributor balances and reward liquidity suppliers and token holders. Its points-based system will tier rewards in keeping with the dimensions of members’ contributions.

Tips on how to Take part

To take part within the liquidity mining program, customers first must bridge over $1,000 price of belongings into ShimmerEVM utilizing the newly launched Shimmer Bridge powered by LayerZero. Eligible belongings embrace wrapped variations of cash like WETH, WBTC, USDC, and stablecoins from main Layer 1 chains.

After bridging in belongings, members should present liquidity to decentralized apps built-in with Tide Finance on ShimmerEVM. Offering liquidity – i.e. including funds to liquidity swimming pools on DEXs and lending platforms – is essential for bootstrapping adoption and development. Members may buy native SMR tokens or ecosystem tokens listed on Tide’s marketing campaign web page.

The belongings provided to those dApps and platforms want to stay locked for no less than 30 days. Nevertheless, the longer members lock their liquidity previous the primary month, the upper their rewards might be, with a 1% day by day enhance.

Following registration on Tide’s marketing campaign web page, members will obtain a non-fungible token (NFT) to confirm their eligibility standing. The NFT tracks their pockets’s exercise all through the 45-day competitors interval, which runs from January 31 to March 16, 2024.

As soon as the marketing campaign concludes, rewards might be claimable on Tide Finance and vest over a 6-week interval. Members obtain increased rewards based mostly on the tier stage achieved by their contribution quantity.

Extra Than Simply Rewards

Whereas the $1 million in prizes will probably entice members, Shimmer’s Progress Committee views this liquidity mining initiative as extra than simply an incentives marketing campaign. It signifies their dedication to collaborating with neighborhood members and ecosystem initiatives to proceed advancing the ShimmerEVM imaginative and prescient.

As a part of this collaborative effort, members who actively contribute to this system may generate a referral code on Tide Finance and invite associates to participate as effectively. Any associates onboarded by way of referrals who efficiently take part will internet the referrer a 5% portion of their earned rewards.

By jumpstarting growth exercise on ShimmerEVM, the Shimmer Progress Committee goals to showcase the potential of the ecosystem and Layer 2 blockchain know-how to supporters and observers throughout the broader crypto trade.

The main incentive program could also be simply the primary of many cross-community campaigns to come back as ShimmerEVM charts its roadmap for the 12 months forward.



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