The Trumeme Show — bitSmiley X bitCow Joint Public Testnet Event
Welcome to The Trumeme Show!
Our first Joint Public Testnet Event with bitCow is coming up! Users will gradually receive their test WBTC over the next few days. Airdrop quantity will vary according to different qualifications applied. Official starting date will be announced across our socials, please stay tuned.
WBTC Airdrops
Users will gradually receive their test WBTC over the next few days. Airdrop quantity will vary according to different qualifications applied.
Official starting date will be announced across our socials, please stay tuned. The amount of test WBTC you receive will be distributed as listed below:
If you are qualified for multiple reasons, all your airdrop qualifications will be applied. If you aren’t qualified this time, please stay tuned with bitSmiley’s and bitCow’s social media announcements for more opportunities to receive test WBTC airdrop.
* For a more comprehensive testing experience, each qualified user will receive WBTC on both Merlin testnet and bitLayer testnet separately. Please note that the test assets on Merlin testnet and bitLayer testnet are distinct and cannot be transferred between them.
* Please prepare the testnet gas token before testing:
Merlin Chain Testnet User Guide
Bitlayer Chain Testnet User Guide
Participants can make a suitable testing strategy based on your risk preference and WBTC holdings as different behaviors will result in different rewards!!!
HOW TO TEST?
* Please make sure you use the same address to participate in both bitSmiley and bitCow testnets.
(1) Mint bitUSD on bitSmiley
Users can use their WBTC to mint bitUSD on the bitSmiley testnet with parameters set close to the mainnet.
- Please carefully read the prompts and understand parameters on the website before minting. To protect your assets from being liquidated, it is recommended that the LTV does not exceed 40%.
- Testers will not earn minted bitUSD rewards if their positions are liquidated during the testing period.
- Each address can only select one vault. Please confirm that you have enough WBTC to meet the minimum minting amount for the vault. Below are the testnet vault settings:
(2) Swap on bitCow
After minting bitUSD, users are required to at least swap once on the bitUSD-WBTC trading pair, and add liquidity unilaterally at least once with no less than 500 bitUSD (users are asked to prepare an equivalent value of WBTC).
Additionally, users are not permitted to withdraw or transfer their LP until the end of the testing.
Reward Allocation
In response to the above tests, bitSmiley will allocate 1% of the total token supply, while bitCow will allocate 1.6% of the total token supply for support.
bitSmiley tokens, as well as 1% of bitCow tokens, will be evenly distributed among users who mint bitUSD and simultaneously add liquidity of no less than 500 bitUSD to the bitUSD-WBTC trading pair.
Users whose bitSmiley positions are liquidated during the testing period will not receive rewards.
The remaining 0.6% of bitCow tokens will be awarded as additional incentives to users who provide significant liquidity on both Merlin and bitLayer testnets. Users within the same tier will receive an equal share of these incentives. For example, if a user ranks 5th in liquidity provision on Merlin and 400th on bitLayer, they will receive additional incentives for both tiers accordingly.
(3) The Trumeme Show
End date: April 23rd
Throughout the testnet period, users can generate their own meme tokens on bitCow, gathering your believers in bitCow’s Discord, and establish a bitUSD trading pair for the meme token.
All users holding bitUSD can opt to engage in trading their preferred meme tokens, participate in community activities, and show support for their chosen meme token.
bitSmiley & bitCow will conduct a thorough evaluation to choose 6 meme tokens as our final winners. 3 tokens on Merlin testnet and 3 tokens on Bitlayer testnet. Tokens will be rated as 1st, 2nd and 3rd place to be rewarded accordingly. Here are some criteria that we are looking at:
1) Active marketing actions: marketing campaigns, community AMAs, social media presence, marketing collaborations to bring up social hypes, etc.
2) Social media works: twitter posts, community space set up, website, and new media promotions, etc.
3) Turnover Rate, trading volume, TVL, number of holders.
bitSmiley will issue the 6 winning meme tokens on the Merlin mainnet as well as the bitLayer mainnet (with the same Token Name and total token supply as the testnet). bitSmiley will fund the community to establish formal trading pairs on bitCow and add initial liquidity to these pairs.
Additionally, users holding the winning meme token at the end of the testing will receive airdrops based on their holdings. A total of 1.4% airdrops of bitCow tokens and the transaction fees collected on bitCow for three months will be distributed to the winning meme token holders according to the rank.
The Grand Finale
The Trumeme Show Reward Details and FAQ
There will be no official guidance during this Joint Public Beta Test, allowing users to maximize their test rewards by choosing the activities they prefer to participate in!
Our goal is to have fun and eventually create a meme token that belongs to our community through the testnet.
Finally, best of luck to everyone!
*Vesting terms of airdrops please refer to tokenomics.
*@bitsmiley_labs & @bitCow_AMM reserves the right to make the final interpretation of this activity.
