HAKKA Reward Pools v1
Initiation of HAKKA Liquidity Mining
As we previously announced in the governance roadmap, to create a decentralized financial ecosystem, Governance would eventually replace our team as the administrator of Hakka Finance; HAKKA token-holders can debate, propose, and vote on all changes to Hakka Finance. Before that, it’s our duty to formulate a deliberate plan of distributing HAKKA token into the hands of users and the community.
Today, we’re excited to announce the initiation of HAKKA liquidity mining and its details of implementation, which begins around 13:37 September 3rd, 2020 (UTC).
Distributing HAKKA
At the very beginning, we will initiate liquidity mining with 2 reward pools.
Reward Pool #1
In the first week, 1,000,000 HAKKA will be distributed to Pool #1 to reward the liquidity provider of BlackHoleSwap.
To receive the HAKKA reward, follow the steps below:
1. Visit https://blackholeswap.com/ to check the immediate (DAI:USDC) proportion of BlackHoleSwap in the “DEPOSIT” tab.
2. Prepare the precise amount of DAI & USDC.
3. Deposit your DAI & USDC into BlackHoleSwap.
4. Receive the BHSc$ (Liquidity Provider Token of BlackHoleSwap)
5. Visit https://rewards.hakka.finance/
6. Enter the BlackHoleSwap Pool (Pool #1)
7. Stake your BHSc$ into the reward contract and receive your HAKKA reward
Note:
Due to the high gas price, there is an alternative way to get a small amount of BHSc$. Directly swapping your USDC or DAI to BHSc$ on https://balancer.exchange/#/swap might save you some gas fees. (BHSc$ Contract Address: 0x35101c731b1548B5e48bb23F99eDBc2f5c341935)
Please be aware of the exchange rate and check whether there is enough BHSc$ liquidity in the Balancer. (BHSc$ should be mostly equal to ~$1)
Reward Pool #2
In the first week, 6,000,000 HAKKA will be distributed in Pool #2 to reward the liquidity provider on our Balancer pool.
To receive the HAKKA reward, follow the steps below:
1. Visit the Balancer pool: https://pools.balancer.exchange/#/pool/0x1b8874baceaafba9ea194a625d12e8b270d77016/
2. Add Liquidity to the Balancer pool (90% BHSc$, 4% DAI, 4% USDC, 2% HAKKA)
Balancer supports single-side add liquidity, so you can simply add liquidity with BHSc$ (or DAI/USDC/HAKKA). However, there will be price slippage if you add a large amount of a single asset.
3. Receive the BPT (Balancer Pool Token, Liquidity Provider Token of Balancer)
4. Visit https://rewards.hakka.finance/
5. Enter the Balancer Pool (Pool #2)
6. Stake your BPT into the reward contract and receive your HAKKA reward
With the incentive program for pool #1 and pool #2, we expect to provide greater liquidity to both BlackHoleSwap and Balancer pool. At the same time, as HAKKA being distributed to the users and community of Hakka Finance, an increasingly large ecosystem will be incentivized to upgrade the protocol and collectively lead the protocol into the future under excellent governance.
FYI, (Pool #1: 1,000,000 HAKKA/Week; Pool #2: 6,000,000 HAKKA/Week) is the initial liquidity mining allocation in the first week, and it might be changed in the following weeks. New pools will be opened while new products of Hakka Finance are released. Stay tuned.
