Holiday Liquidity Provisioning Competition
This holiday season we’ve partnered with Multichain and Blueshift to bridge crypto community borders and bring the Milkomeda families on A1 and C1 together at this special time of year! Milkomeda brings a unique level of interoperability to the Cardano and Algorand ecosystems and communities, and this allows us to bring these strong blockchain communities together.
Cardano and Algorand users can access a wide range of Solidity smart contracts by using the Milkomeda C1 (a Cardano Sidechain) and Milkomeda A1 (an Algorand Rollup) interoperability protocols that have brought EVM capabilities into these ecosystems. These protocols allow developers to deploy new Solidity smart contracts, or migrate their existing Ethereum dApps, to the Cardano and Algorand ecosystems. They also support cross-chain compatibility by connecting to multiple blockchain bridges.
We are excited to announce the Christmas Liquidity Provisioning Competition being run on the BlueShift DEXes, where you have the chance to win a share of a 30,000 USD prize pool. This competition is all about bringing the DeFi community together to achieve a cross-chain goal of adding a combined 1,000,000 USD worth of liquidity to the Blueshift DEXes on the Milkomeda Cardano Sidechain (C1) and the Milkomeda Algorand Rollup (A1). Don’t miss out on this opportunity to participate in this festive and exciting event! All the necessary information can be found below.
Period: The competition will officially start December, 24, 2022 at 00:00 UTC+8 until January 6, 2023 at 23:59:59 UTC+8
- 25,000 USD in milkADA for LPs on Milkomeda C1
- 5,000 USD in milkALGO for LPs on Milkomeda A1
Prizes are provided by the Milkomeda Foundation and will be distributed by Blueshift, pro rata, amongst those who stake the LP tokens received from their eligible liquidity to one of the specified Blueshift Farms. These prizes will be in addition to the $BLUES rewards LPs receive for staking their LP tokens. Prizes will be distributed to the stakers’ addresses after the competition conditions are met and the competition period has finished.
- USDC, USDT, and BUSD on Milkomeda A1
- BLUES, AVAX, BNB, USDT, ETH, USDC, and DAI on Milkomeda C1
- To unlock the prizes above a combined 1,000,000 USD worth of liquidity needs to be added to the Multichain branded portfolios on the Blueshift DEXes on the Milkomeda A1 and C1 networks.
- This liquidity must come to Milkomeda C1 or A1 from Ethereum or Binance Smart Chain, and must travel via the Multichain bridge (which are reducing stablecoin bridging fees to $0 for the period of this competition) after the start time of the competition listed above.
- This bridged liquidity must be provided into a Multichain branded Portfolio and the LP tokens received from doing so must be staked to a Multichain branded Farm. Both the liquidity and LP tokens must remain in these locations until the end of the competition.
As an extra incentive for LPs to participate, Multichain will be waiving the bridging fees for stablecoins from Ethereum and Binance Smart Chain to Milkomeda C1 and A1 for the duration of the competition! Learn more about Multichain:
How to Participate: A Simple 3-Step Guide
Here is a foolproof guide to participating in the Christmas Liquidity Provisioning Competition once the gates have been opened for fee-less bridge transfers at 00:00 UTC+8 on December 24th, by Multichain.
- Bridge at least 40 USD worth of eligible assets from Ethereum or Binance to Milkomeda A1 or C1 via the Multichain bridge.
- Add at least 40 USD of assets to a Multichain branded Portfolio on the Blueshift DEX on A1 or C1.
- Add at least 40 USD worth of the LP tokens received for your liquidity to a Multichain branded Farm.
Now Once you’ve completed the steps above you can monitor the progress of the liquidity pools on the Blueshift DEX and wait for other DeFi users to add liquidity. Or, you can head over to the Blueshift Telegram and Discord and connect with your fellow LPs on both C1 and A1 to see how you can entice more people to join in this festive fun! If you want to get even more involved Blueshift is also going to be running “daily tasks” with 5,000 USD in prizes (1,000 USD for activity on the Milkomeda A1 branch of the DEX and 4,000 USD for activity on the Milkomeda C1 branch of the DEX) through their Twitter account. Learn more about Blueshift and join the Blueshift community:
A Firework of an LP Competition to End the Year!
Now that you’ve got all the details, and a handy, 3-step, foolproof guide, there’s not long to wait before you can start partaking in the Christmas Liquidity Provisioning Competition! Join the Blueshift Discord and Telegram to join the festivities and drum up more liquidity to help us reach, and surpass, that 1,000,000 USD marker! You can also come to the Milkomeda social channels, like our Discord, to have more discussions there with fellow DeFi users on Milkomeda!
Make sure to follow Milkomeda, Blueshift, and Multichain to stay up-to-date with the state of things, and, wherever you may be in the world, we hope you have a fantastic end to the year and a bright, LP reward-filled start to the New Year!
Learn more about Milkomeda:
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 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 [14 days] 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.