Milkomeda Algorand A1 Rollup Project Spotlight: BrightSide Finance
The Milkomeda A1 Rollup is now live on the Algorand mainnet and we want to highlight a couple of our partners who will be a part of the early Milkomeda ecosystem.
One of those is BrightSide Finance, who were incubated by AlgoDAO and are bringing DeFi with a gamified twist to the Milkomeda A1 Rollup and the Algorand blockchain. So let’s find out exactly who BrightSide Finance are, how the protocol works, and what they’re bringing to the Algorand ecosystem.
What is BrightSide Finance?
BrightSide Finance is a community-centric, Automated Market Maker (AMM) based decentralized exchange (DEX). At its core, the BrightSide DEX will allow users to provide liquidity for tokens in the Algorand ecosystem. By deploying on the Milkomeda A1 Rollup, users will be able to access liquidity for their favorite Algorand tokens through the widely popular Metamask wallet. Opening a gateway to mainstream access is one thing, but what will drive new users to the Algorand ecosystem? The BrightSide Trading Competitions!
BrightSide’s community focus shines through in the competitions that are launched each time a token is added to the DEX. These competitions are team based and focused around trading, with multiple prizes to be won in each competition — with individual traders also eligible for certain prizes!
Each competition runs for a set amount of time and prizes are awarded to the teams with the highest trading volume. Individual team members can win prizes for achieving one of the community selected, blockchain measurable KPIs e.g. being the person who bought the token at the lowest price.
There are a variety of prizes available in BrightSide’s competitions, including: meme NFT trophies (created and chosen by the community), $BRIGHT tokens, and the token that was being traded in the competition.
How Does BrightSide Work?
Key events on the BrightSide platform will trigger a trading competition. The primary trigger will be to celebrate the launch of a new token on the BrightSide DEX, however, BrightSide may also seek to hold competitions, from time-to-time, to celebrate other major events in the cryptosphere–such as the recent upgrade of the Algorand Layer 1 Protocol!
Once a competition is announced the 69 Ape Captains (the holders of BrightSide’s Ape NFTs) will be able to register a team that other users can sign up to. The trading competition then runs for a set amount of time and, at the end, the winners are calculated using blockchain data.
The initial launch of the BrightSide DEX will aim to solidify a firm foundation for trading competitions with their deployment being manually managed by the BrightSide team–who will inlove the community as much as possible through the use of polls on their social channels.
As the usage of the DEX grows, platform upgrades will allow the BrightSide DAO (Decentralized Autonomous Organization) to take over. The $BRIGHT token will be launched as an Algorand Standard Asset (ASA) and will have multiple uses in the BrightSide ecosystem, with its functionality increasing over time! Further details on the utility of the native $BRIGHT token can be found on the BrightSide Finance Medium.
A Zap feature has been integrated into the BrightSide DEX, allowing users to provide just one token as liquidity.
What is BrightSide Bringing to the Algorand Ecosystem?
BrightSide are introducing gamified DeFi to the Algorand ecosystem and, in doing so, are aiming to attract the attention of Ethereum users. In attracting their attention, BrightSide can draw them and their liquidity over to the Algorand ecosystem, where they can experience a faster and cheaper layer 1 blockchain and gain exposure to many of the projects building on Algorand.
To increase the exposure of Algorand based projects to the users of BrightSide DEX BrightSide have partnered with the AlgoDAO incubator and accelerator to list the tokens of the projects that AlgoDAO incubates. The BrightSide DEX will also hold trading competitions based around these tokens when they launch on the DEX.
Learn More About Milkomeda and BrightSide!
The Milkomeda A1 Rollup is now live on the A1 mainnet If you’re wanting to use dApps like BrightSide when they launch you might want to familiarize yourself with the process of wrapping and unwrapping tokens for the Milkomeda A1 Rollup. Also, follow our social channels so you can be one of the first to receive important announcements for Milkomeda!
The BrightSide DEX is nearing the end of its development — currently they’re live on the Milkomeda testnet — so make sure to keep up with them on social media and to keep your eyes peeled for the mainnet release!
BrightSide:
Website: brightside.finance
Twitter: @BrightSide_fi
Medium: /brightside-finance
Discord: Server
Telegram: /BrightSideNews
Milkomeda:
Website: milkomeda.com
Twitter: @Milkomeda_com
Medium: @milkomedafoundation
Disclaimer:
These materials have been prepared for informational purposes only and are not investment, legal or professional advice. Nothing should be interpreted as a solicitation to invest in any cryptocurrency or a recommendation to engage in any investment strategy or transaction. There are risks associated with using an Internet-based currency. Please consult your own investment, legal, tax or similar professionals regarding any prospective transaction decisions.
Neither Milkomeda Foundation nor any of its subsidiaries are registered with or licensed by the Cayman Islands Monetary Authority under the Securities Investment Business Act (as revised) of the Cayman Islands or otherwise, the BVI Financial Services Commission under the Securities Investment Business Act (as revised) of the Cayman Islands or otherwise, or by any other governmental authority in any jurisdiction in the world. No governmental authority has reviewed these materials or any related documents or communications or confirmed the accuracy, truthfulness, or completeness of these materials or any related documents or communications.
