FireProtocol Launches Uniswap Liquidity Reward Program
FireProtocol now officially launches $FIRE Uniswap Liquidity Reward Program to pay back our community members for their support in providing $FIRE liquidity on Uniswap!
FireProtocol will be offering a Prize Pool of $30,000 FIRE tokens MONTHLY as rewards for all participants. By incentivizing FIRE LPs with rewards, we aim to bootstrap the necessary liquidity to minimize costs/slippage and build long-term value for our ecosystem.
How to enter
In addition to the 0.3% trading fees earned via Uniswap, whitelisted LPs will also earn their share of the $30,000 $FIRE tokens, proportionate to how much you contribute to the pool.
How to qualify
- Before you provide the Liquidity, make sure to Whitelist your address here.
- Provide liquidity in the FIRE/ETH Uniswap V2 pool for a minimum period of 30 days.
Simple, right? 😎
Additional Information
- A tutorial on how to become an LP is available here.
- 1 ETH minimum.
- Start date: immediately
- We recommend reading this article if you’ve never participated as a LP before.
- The available rewards are divided throughout the entire pool. If someone is providing liquidity and does not whitelist their address, their share of the rewards will not be redistributed to the rest of the pool.
- The program will continue monthly unless we announce otherwise.
FAQ
Q: What are Liquidity Pools?
Liquidiy pools are needed in order to allow large trades on Uniswap. Liquidity providers can be anyone who is able to supply equal values of ETH and an ERC-20 token to a Uniswap exchange contract.
In return LPs are given tokens from the exchange contract which can be used to withdraw their proportion of the liquidity pool at any time. Whenever someone trades on the exchange, the trader pays a 0.3% fee which is added to the liquidity pool and split proportionally between all existing liquidity providers.
Q: Are There Any Risks?
To understand the risks associated with providing liquidity you should read this article to get an in-depth look at how to conceptualize a liquidity position.
Q: How is my pool share calculated?
A snapshot will be taken every 24 hours for the duration of the promotion. Rewards will be calculated on a daily basis according to the snapshots.
The more you stake and the larger share you have relative to others, the greater share of the rewards pool you receive.
$30,000 $FIRE/ number of days in reward period = amount of FIRE awarded each day. LPs who meet the 30 day minimum pooling requirement will earn a percentage of the daily reward pool based on their percentage of total liquidity at the time of the snapshot.
*The first reward period will last 36 days to allow time for LPs to accrue the 30 day minimum pooling requirement to be eligible for the first distribution. Subsequent reward periods will last 30 days.
Q: When will I Receive my Rewards?
Rewards will be paid out each month for any whitelisted addresses that met the 30 day minimum pooling requirement prior to the payout date.
The first rewards distribution will take place around April,15th.
If your 30 day requirement is met after that date, you will receive all earned rewards during the following month’s distribution.
Disclaimers
I. Please bear in mind that FireProtocol has no control over transactions, lost funds, or impermanent loss on Uniswap.
II. Daily ROI is constantly changing as more people participate and new liquidity is added.
III. We reserve the right to cancel or modify this campaign at any time.
About Fire Protocol
Fire Protocol is the first infrastructure to Huobi Eco Chain (HECO), the first batch member of developers invited to test HECO (an Ethereum compatible Public Chain for Blockchain Developers).
Key products are:
⁃ DEX/Swap: Fireswap is fast and secure trading service; Liquidity Mining
⁃ Cross Chain Wrapping solutions to bring non-Huobi Chain assets via into the Huobi Ecosystem from various chains; eg Ethereum, Tron, Polkadot (soon)
⁃ Money Market with Lending and Borrowing ; fully integrated with our DEX > Liquidity Providers’ token on our DEX serve at the same time as collaterals on borrowing/ lending protocol
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