esBONK Upgrade
Introduction
BonkSwap, an independently owned AMM DeX built around BONK, is seeing an exciting upgrade this week: esBONK rewards.
esBONK began soft production testing for a little over a week now to ensure deposit safety before widespread usage. After testing successfully, the BonkSwap developers feel confident releasing it more broadly to the public. The BonkSwap team believes this is a great step towards their mission of enabling the growing DeFi ecosystem of BONK.
Inspired by Hxro Liquidity Provider rewards, esBONK is an escrow reward token earned by providing liquidity to incentivized pools in BonkSwap, improving your ability to yield farm. esBONK can be staked to unlock into $BONK rewards linearly over the course of 365 days, improving the alignment of liquidity providers with the health of the broader $BONK ecosystem.
When providing liquidity in incentivized pools, users will accrue esBONK rewards. These rewards can be claimed at the top of the Liquidity tab:
When users have esBONK in their wallet, they can then stake the esBONK in the “Stake” tab to begin unlocking rewards:
esBONK rewards unlock linearly into $BONK rewards over the course of 365 days, but remember: users need to stake their esBONK to begin the claiming process!
Note: The BonkSwap developers are aware of some users having issues with staking esBONK via a Ledger. If this issue arises, it can be fixed by transferring esBONK to another, non-Ledger wallet.
While this is a simple update, the BonkSwap team believes it’s the start of a powerful ecosystem that will reward active participants in the $BONK DeFi ecosystem in collaboration with integrations such as the Armada governance platform. Future esBONK rewards will be increased by fees from other $BONK ecosystem products like BonkBot.
Be on the lookout for more cool uses for your $BONK from the BonkSwap team and others in the $BONK ecosystem in the coming weeks and months as they continue their journey to make $BONK the most useful dog coin on Solana.
Staying Connected
To remain updated on $BONK’s progress and continued efforts, readers are encouraged to follow this Medium page and engage with the community via social media channels like Twitter, Discord, and Telegram. This engagement will ensure access to the latest information about the $BONK ecosystem as it further establishes itself as a core part of Solana’s story.
