A. Mint bitUSD + Swap on bitCow + Provide liquidity for bitUSD-WBTC
Reward Amount: 1% bitSmiley tokens + 1.6% bitCow tokens
Reward Acquisition Networks: Merlin + bitLayer
Reward Distribution Details:
To qualify for the above rewards, users need to complete three tasks with the same address: (1) Mint bitUSD on bitSmiley, (2) Perform any amount of swap on the bitUSD-WBTC trading pair on bitCow, and (3) Provide liquidity for the bitUSD-WBTC trading pair with at least 500 bitUSD on one side, and cannot transfer or destroy LP before the end of the event.
After the event concludes, we will reward the addresses that completed all three tasks simultaneously and distribute rewards based on the amount of bitUSD minted by the user (users who participated in both Merlin and bitLayer will be counted together; the amount of bitUSD minted on both chains will be added). ***For example, if all participants who completed the above three tasks on both Merlin and bitLayer minted a total of 1000 bitUSD, and User Alice minted 50 bitUSD on Merlin and 150 bitUSD on bitLayer, then Alice will receive a total of ((50+150)/1000)*1% = 0.2% bitSmiley token reward and ((50+150)/1000)*1.6% = 0.32% bitCow token reward.
B. Ranking Rewards for Providing Liquidity for bitUSD-WBTC
Reward Amount: 0.6% bitCow tokens
Reward Acquisition Networks: Merlin + bitLayer
Reward Distribution Details:
To qualify for the above rewards, users need to provide liquidity for the bitUSD-WBTC trading pair, and the amount of bitUSD added to LP needs to rank among the top 500.
After the event concludes, we will rank users based on the amount of bitUSD added to LP for the bitUSD-WBTC trading pair on both Merlin and bitLayer (since Merlin testnet is unstable, we will not rank separately for Merlin and bitLayer; All Rankings will be calculated based on numbers on both chains). ***For example, if Alice provided liquidity of 20,000 bitUSD on Merlin and 10,000 bitUSD on bitLayer, and the top 500 users provided a total liquidity of 300,000 bitUSD, then Alice will receive ((20000+10000)/300000)*0.6% = 0.06% bitCow token reward.
C. The Trumeme Contest
a) MEME Contest Winning Tokens
Reward Acquisition Networks: Merlin + bitLayer
Reward Amount: Determined by respective winning token communities
Reward Distribution Details:
After the event concludes, we will select 3 winning meme tokens from both Merlin and bitLayer and create official trading pairs for these 6 tokens on bitCow (each trading pair will initially receive different amounts of WBTC or bitUSD rewards based on their rankings). Users will receive airdrops of winning tokens based on rules set by respective communities.
b) MEME Contest Champion Token Rewards
Reward Acquisition Networks: Merlin + bitLayer
Reward Amount: 1.6% bitCow token airdrop + 2x trading fee worth of bitSmiley token airdrop
Reward Distribution Details:
1.6% bitCow token airdrop: Winners of the meme tokens on Merlin and bitLayer will each receive 0.8% bitCow token airdrop. The amount of bitCow token airdrop received by users will be determined by the amount of meme held by the user after the event. ***For example, if the token “AAA” wins on Merlin with a total supply of 1000 and Alice holds 100 AAA tokens at the end of the event, then Alice will receive (100/1000)*0.8% = 0.08% bitCow token airdrop.
2x trading fee worth of bitSmiley token airdrop: 90 days after the champion meme token is issued, we will take a snapshot of the holdings of the champion token on both chains. Based on the snapshot results, users holding the token will receive airdrops of bitSmiley tokens according to the trading fees collected on both chains. ***For example, if Alice holds 100 AAA tokens on the snapshot date, and during the 90 days, the trading pair collected $5000 USD in fees on bitCow, then Alice will receive (100/1000)*5000*2 = $1000 USD worth of bitSmiley token airdrop.
D. bitLayer Exclusive Rewards
Reward Amount: bitLayer Lucky Helmet * 100 + bitLayer Token * ($ X,XXX,XXX)
Reward Acquisition Network: bitLayer
Reward Distribution Details:
bitLayer Lucky Helmet * 100: After the event concludes, we will hold a lottery among black card users who completed A tasks on bitLayer and bought/sold any meme on bitLayer (users need to successfully associate your AA wallet with your EVM wallet on bitSmiley). 70 users will be selected to receive bitLayer Lucky Helmets. 20 of them will be allocated to communities with winning meme tokens on bitLayer (Champion: 10, Runner-up: 5, Third Place: 5). The remaining 10 will be drawn by bitSmiley on the official channel.
bitLayer Token ($ X,XXX,XXX): After the event concludes, all users who completed the A tasks on bitLayer will receive a distribution of 40% of the total bitLayer Tokens based on the amount of minted bitUSD (users holding the bitLayer Lucky Helmet will receive an additional 10% allocation). Additionally, users holding winning meme tokens will receive the remaining 50% of bitLayer Tokens based on their holdings (Champion: 25%, Runner-up: 15%, Third Place: 10%).
Frequently Asked Questions:
Q1: What if my position on bitSmiley gets liquidated? Can I still receive rewards?
A: Unfortunately, you won’t be eligible for rewards from A tasks, but you can still qualify for other rewards. Try to avoid liquidation as it can lead to significant losses on the mainnet!
Q2: I’m having trouble using bitSmiley and bitCow on the Merlin testnet due to its instability. Is there a solution?
A: We’ve encountered various issues on the Merlin testnet, including throttling, timeout errors with view methods, failed transaction pool submissions leading to frontend data unavailability, and Oracle price quoting problems. Additionally, the AA wallet, tightly integrated with the Merlin wallet, has experienced transfer failures, affecting the user experience on bitSmiley. In response to user feedback, we’ve added AA wallet transfer functionality to bitSmiley, allowing users to transfer assets within the platform. While we’ve switched to paid node services provided by node service providers, these issues persist. However, node providers are increasing testnet machines, and bitcow is reducing on-chain requests. During this period, users can opt to interact with Bitlayer, where engaging solely in Bitlayer testnet interactions will qualify them for all Bitlayer rewards and most bitSmiley and bitCow rewards.
Q3: Can I earn rewards by creating meme trading pairs or providing liquidity for meme trading pairs?
A: No, creating meme trading pairs or adding liquidity to meme trading pairs does not qualify for official rewards. ONLY HOLDERS of the winning meme token get rewards.
If you are the creator of the meme, you need to provide liquidity to your meme tokens to improve its TVL, which is one of the criteira of winning.
If you are normal user, you don’t have to provide liquidity to meme tokens, and you only need to swap the meme token you want and hold them. * Except for one situation that you wanna help this meme to increase the TVL, you can provide liquidity to it, but you will get no more rewards from doing so.Q4: I’ve completed XXX steps. Will this affect my rewards positively or negatively?
A: Rewards are solely determined based on on-chain interactions. This is a test event without definitive answers, so each user needs to allocate their assets reasonably to maximize returns.
Q5: How can restaking users with M-bitDisc-Black acquire Bitlayer test WBTC?
A: Visit the official DC, complete the form before April 18th UTC 14:00, and we’ll airdrop WBTC to these users.
*Due to the extreme instability of the Merlin testnet, some users may find it challenging to participate. We have made modifications to certain rules accordingly to enhance user rewards. If there are any discrepancies, please refer to the rules outlined in this announcement.
