Holiday Liquidity Provisioning Competition
Dec 24, 2022
We are excited to announce the Holiday Liquidity Provisioning Competition, in partnership with Milkomeda and Multichain, that will run on the Blueshift decentralized exchange (DEX)! This competition is a collaboration between Milkomeda, Multichain and Blueshift and aims to bring both fun and value to members of the Milkomeda ecosystem this holiday season.
Liquidity Providers (LPs) on the Blueshift DEX will earn $BLUES token rewards for their liquidity provisioning. There will also be the chance to win a share of 25,000 USD worth of milkADA on the Milkomeda C1 sidechain and 5,000 USD worth of milkALGO on the Milkomeda A1 rollup!
To unlock these prizes, LPs need to reach a total of 1,000,000 USD in liquidity on the Blueshift DEX across Milkomeda A1 and Milkomeda C1.
Users will receive these extra rewards in milkALGO and milkADA tokens on their corresponding chains.
The conditions of the competition are simple. LPs need to, collectively, provide at least 1,000,000 USD of additional liquidity to the Milkomeda interoperable solutions, Milkomeda C1 (Cardano) and Milkomeda A1 (Algorand). This liquidity has to come to the chains via the Multichain bridge and be placed in a Multichain branded portfolio on the Blueshift DEX. The liquidity must also remain within liquidity pools on the DEX until the end of the campaign.
Once this total has been achieved the LPs will receive extra rewards from the farms in the form of milkALGO or milkADA tokens. This is in addition to the already awarded $BLUES rewards.
If the goal of 1,000,000 USD in liquidity on the DEX is not achieved, the bonus will not be distributed to liquidity providers.
Multichain have provided an extra incentive for LPs, agreeing to waive all bridging fees for the period of the competition allowing LPs to take full advantage of this multi-chain Christmas Liquidity Provisioning Competition on the Blueshift DEX!
How to Participate
Between the dates 24th December 2022 at 0:00:00 UTC+8 and 6th January 2023 at 23:59:59 UTC+8, users will need to bridge assets to Milkomeda, add liquidity to the Blueshift DEX and start farming the LP tokens.
- Bridge via Multichain’s bridge, a minimum of 40 USD worth of assets from Ethereum or Binance Chain to either Mikomeda A1 or Milkomeda C1.
- Add a minimum of 40 USD in liquidity to one or many of the Multichain branded portfolios on the Blueshift DEX.
- Start farming by staking a minimum of 40 USD worth of LP tokens to one of the Multichain branded farms.
- Liquidity must stay on the DEX until the end of the competition period, 6th Jan 2023, at 23:59:59.
The Blueshift team will monitor wallet deposits over the competition period to determine eligibility for a share of the rewards.
The competition will officially start on the 24th Dec 2022 at 00:00:00 UTC+8 and end on the 6th Jan 2023 at 23:59:59 UTC+8.
If you have questions regarding the competition, please join the Blueshift Telegram channel or Discord server to engage with the team.
Learn More About Multichain
Born as Anyswap on July 20th, 2020; Multichain is a decentralised cross-chain router addressing the clear need for distinct and diverse blockchains to communicate with one another.
Multichain promotes interoperability across different networks and actualises smooth asset and value transfers through its cross-chain architecture. In addition, Multichain also powers the seamless transmission of data and messages across chains through anyCall, a cross-chain message router that enables the building of cross-chain Dapps.
Multichain is the leader in the cross-chain sector, with a growing family of EVM and non-EVM chains (currently 73) connected across 3,000+ bridges. Multichain, working hard to push the boundaries of multi-chain, aims to be the ultimate router for Web3.
You can start with Multichain by simply connecting your wallet, choosing the chain you wish to bridge assets to and from, performing conversions, and bridging your assets.
Find out more about Multichain on our website: https://multichain.xyz/
Learn More About Milkomeda
Milkomeda is the builder of layer 2 blockchain solutions that focus on bringing alternative smart contracting languages to the most promising blockchains and their communities. Milkomeda has already launched two of these solutions, the Milkomeda C1 sidechain for Cardano and the Milkomeda A1 rollup for Algorand.
These solutions bring EVM capabilities and the smart contracting language Solidity to these blockchain communities, allowing developers writing in Solidity to reach these communities with their DApps, and members of these communities to experience a greater variety of DApps.
Milkomeda envisions a multi-blockchain world, and they’re building it by building bespoke and novel solutions that help the blockchain space take large strides towards this goal. Learn more at milkomeda.com.
Learn More About Blueshift
Blueshift is a leading, cutting-edge decentralised exchange built on Milkomeda with multichain capabilities. It allows for the cross-chain movement of liquidity, efficient swaps, and single token liquidity provisioning and is also the host of unique portfolio pools. This is all facilitated through a simple and fast user experience.
The unique setup of portfolio pools allows Blueshift to create groups of tokens, rather than pairs of tokens, for its automated market maker. In addition, portfolio pools allow for high capital efficiency when performing swaps, and with more liquidity available for a swap there is less slippage. Low slippage and low impermanent loss are possible as the DEX uses virtual pairs, where an optimal amount of liquidity can be used to form the swap.
The portfolio itself acts as an indicator of the performance of that particular portfolio type across an ecosystem, with its total locked value going up and down with the market price fluctuations.
Single token liquidity provisioning is also possible with the portfolio pool configuration. Since portfolios aren’t tied to pairs, users can easily provide liquidity with the single token they may have.
Lastly, Blueshift’s ability to go cross-chain allows its users to move liquidity across different ecosystems and blockchains with the help of our bridging and cross-chain partners, like Multichain.
Find out more about Blueshift on our website: https://blueshift.fi
Legal Disclaimer for Holiday Liquidity Provisioning Competition
This legal disclaimer (the “Disclaimer”) applies to the Holiday Liquidity Provisioning Competition (the “Competition”) organized by Blueshift, Multichain and Milkomeda Foundation. By participating in the Competition, you acknowledge and agree to the following terms and conditions:
- Competition Period: The Competition will run from 24th Dec 2022 at 00:00:00 UTC+8 and end on the 6th Jan 2023 at 23:59:59 UTC+8.
- Requirements: If The Competition goal of $1,000,000 USD TVL increase is not reached, farms will not be further incentivized. The bonus liquidity rewards of $30,000 USD worth of milkADA and milkALGO will not be distributed to participants.
- Postponement: In case of any technical problem with one of the partners, the Competition may be postponed. The organizers will make every effort to resume the competition and extend its duration so that its total duration is in line with the period outlined in the rules section.
- Rewards after meeting The Conditions: Participants who have successfully completed all tasks specified in the Competition rules sections will be eligible to receive increased rewards pools in the event of the Competition’s success. Rewards will be distributed to the various liquidity providers in proportion to the liquidity provided by the participants.
- Daily Rewards: Users participating in daily activities may be eligible to receive a prize from a separate prize pool for completing these daily activities. The final result of the Competition will not affect the distribution of prizes from this pool.
- Date Changes: The Competition organizers reserve the right to change the Competition date for legitimate reasons, but will make every effort to conduct the Competition with the utmost conscientiousness.
- Outcome: The Competition organizers have no influence on the outcome of the Competition, and the success of the Competition depends on the liquidity provided by participants.
- Acceptance of Disclaimer: By participating in the Competition, you acknowledge and agree to the terms and conditions outlined in this Disclaimer. If you do not agree to these terms and conditions, you should not participate in the Competition.
This Disclaimer is subject to change at any time at the sole discretion of the Competition organizers. It is your responsibility to review this Disclaimer regularly to ensure that you are aware of any changes.