bitPoint is a token airdrop reward for user participation within the protocol. Users can earn points through various actions, with points tallied at the end of each season and automatically converted into rewards, resetting thereafter.
The pre-season is set to kick off on May 1, 2024, and will conclude on May 11, 2024. During this period, users can earn points by minting bitUSD on bitlayer, providing liquidity for specified trading pairs on bitCow (such as bitUSD-USDT/bitUSD-WBTC). At the end of the pre-season, 1% of the total bitSmiley token supply will be distributed among users based on their points.
Here are the specific rules for the Pre-Season:
Pre-Season Duration: May 1, 2024 — May 11, 2024
Pre-Season Reward: 1% of bitSmiley tokens
Supported Network: BitLayer
Points Settlement: User points will be calculated daily, with each day’s actions impacting daily points.
Methods for Earning Points and Calculation Formula:
(a) Minting bitUSD
- Point Mint = Minted bitUSD * 3
(b) Providing Liquidity on bitCow
- Point Add = Added liquidity in bitUSD * 4
Team Bonus: Users can form or join teams using invitation codes, with team points ranked accordingly. Joining a team with higher total points will significantly increase individual points, as shown in the table below:
*Any team bonus earned prior to joining a group will not contribute to your individual point bonus.
bit-Disc Staking Bonus: Users staking M-bitDisc on the bitSmiley website and associating their EVM wallet address will enjoy additional rewards, as outlined below:
In summary, individual bitDisc points bonus will be updated in the end of the pre-season, with user behaviors from the previous days to calculate points.
For AA wallet users, we highly recommend you to use your EVM wallet interacting with the bitPoint system during this pre-season. If you restaked M-bitDisc-Black with your AA wallet, please associate your AA wallet with your EVM wallet before the pre-season ends in order to acquire your restaking bonus points.
The formula for total points calculation is as listed below:
Point Per day = (Point Mint + Point Add ) * (1 + Individual bitDisc Points Bonus) * (1 + Individual Team Points Bonus)
For example, if a user mints 10,000 bitUSD, adds liquidity of 5,000 bitUSD, and stakes 3 bitDisc tokens, and their joined team is in the top 5% in terms of total points, their total points for the day would be calculated as follows:
Point Total = (10,000 * 3 + 5,000 * 4 ) * (1 + 5%) * (1 + 10%)
If a user’s team ranking drops to the 8% the next day, and the user additionally stakes 2 more bitDisc-Black, then the user’s total points will be:
Point Total= (10,000 * 3 + 5,000 * 4 ) * (1 + 5%) * (1 + 10%)+(10,000 * 3 + 5,000 * 4 + 5,000 * 1.5) * (1 + 8%) * (1 + 8%)
