#13 Referendum proposal | Integration of Zenlink DEX Module into Bifrost and providing 2.6 million ZLK incentives through IYO

Published in

Zenlink Foundation Ltd.

7 min readNov 2, 2021

Description

The proposal will enable the formal integration of the Zenlink DEX Module into Bifrost with Swap, Add/Remove Liquidity, Bootstrap, and Trading Mining, Liquidity Mining, Staking, Invite to Earn features and modules. Also minting ZLK Token on Bifrost.

References

Links to

Homepage: https://zenlink.pro 1
Dapp: https://dex.zenlink.pro/ 3
Whitepaper: https://zenlink.pro/en/whitePaper
Source code: Zenlink · GitHub
Audits: SlowMist
Communities: https://twitter.com/ZenlinkPro

Summary

Formal integration of Zenlink DEX Module into Bifrost at block height #XXXX (estimated time of XX on November 3, 2021, UTC).
Enable the Swap, Add/Remove Liquidity, Bootstrap, and other functional modules of Zenlink DEX and enable Bootstrap for vsKSM/KSM, ZLK/KSM, BNC/KSM, KSM/kUSD, KAR/KSM pairs (pairs will be available immediately after successful Bootstrap, note that KAR and kUSD support will require a cross-chain transfer between Bifrost and Karura parachains via HRMP) and mint ZLK Token on Bifrost at the same time.
Enable Trading Mining, Liquidity Mining, Staking, Invite to Earn functional modules, and provide ZLK incentives.
Enable the ZLK transfer function when the following objectives are reached at the same time during the IYO process, otherwise, ZLK cannot transfer:

Total Value Locked ≥ $100M
Total trading volume for 3 consecutive days ≥ $50M
ZLK Holder Address ≥ 50,000

If the referendum passes, Zenlink DEX will officially launch and enable Swap, Add/Remove Liquidity, Bootstrap and Trading Mining, Liquidity Mining, Staking, Invite to Earn features and modules on Bifrost.

The integration will be completed from block height #XXX until #XXX (approximately XXX hours).
During this period, users will not be able to access Zenlink DEX and use related functions.
You can choose to participate in any of the IYO campaigns at the same time, it includes Trading Mining, Liquidity Mining, Staking, Invite to Earn, ZLK incentives will not be transferred until the target set by the IYO is reached.

You should voluntarily choose to participate or not to participate after clearly understanding the rules. Please be aware of the various risks associated with liquidity providers.

Incentive Program

Zenlink Foundation will allocate 2,600,000 ZLK (total awards across Bifrost, Moonriver, and Shiden) to the IYO campaign for a period of 4 weeks. In addition, Bifrost Foundation will provide 50,000 BNC, 45,000 BNC, and 15,000 BNC to BNC/KSM, vsKSM/KSM, and KSM/kUSD liquidity providers respectively as an extra incentive. The incentive details for each yield campaign are as follows.

Trading Mining

The Trading Mining incentive period is November 3 — November 30, 2021, with a total incentive amount of 1,000,000 ZLK (total awards across Bifrost, Moonriver, and Shiden), all supported trading pairs are covered by the incentive, which will be calculated according to the following formula.

m _ indicates the total incentives in the period
tradingVolume _ indicates the amount of a single trade, denominated in stable coin

Note: tradingVolume does not count all transactions. Every 5 minutes will be a statistical period, for each address, only the one with the highest transaction volume within 5 minutes will be counted, the rest of the transactions will not be counted. If there are multiple transactions with the same maximum value at the same address within 5 minutes, only one transaction will be counted. For example: If address A has 3 transactions in 5 minutes, 100 USDT, 1,000 USDT, and 10,000 USDT respectively, then its tradingVolume is 10,000 USDT and tradingContributionValue is 100 in these 5 minutes. Similarly, if address B has 2 transactions in 5 minutes, 5,000 USDT, and 50,000 USDT respectively, then its tradingVolume is 50,000 USDT and tradingContributionValue is 223.61 in these 5 minutes.

Rewards Claim: Rewards can be claimed once every 2 weeks. Once a reward claim is available, users can manually claim the ZLK earned in the “Earn” section in Zenlink DEX.

Liquidity Mining & Staking

The first pairs or tokens that will be liquidity mined &Staking incentivized on Bifrost include: vsKSM/KSM, ZLK/KSM, BNC/KSM, KSM/kUSD, KAR/KSM

The Liquidity Mining & Staking incentive period is November 3 — November 30, 2021, with a total incentive amount of 1400,000 ZLK (total awards across Bifrost, Moonriver, and Shiden), which will be calculated based on the following formula.

n _ indicates the total incentives in the period

Rewards Claim: Users can manually claim earned ZLK at any time from the “Earn” section in Zenlink DEX, but ZLK cannot be transferred until the IYO reaches its target.

Invite to Earn

The Invite to Earn incentive period is November 3 — November 30, 2021, and the total incentives will be 10% of transaction fee revenue (regular rewards) + 200,000 ZLK (bonus rewards) for all users and will be calculated according to the following formula.

l _ indicates the total incentives in the period
myScore _ indicates invitation score. If an invitee enters the DEX through the invitation link (or invitation code) and successfully completes a transaction greater than $10, both the inviter and the invitee will each earn 1 score (up to a maximum of 1,000 points). Thereafter, the invitee must make a single transaction greater than $1,000 to contribute score to the inviter, and each $1,000 will earn 1 score, up to a maximum of 100 score in a day.

Rewards Claim: Rewards can be claimed once every 2 weeks. Once a reward claim is available, users can manually claim the ZLK earned in the “Earn” section in Zenlink DEX.

Note: The invitation mechanism is a long-term process, so the total score in the user’s account will not be cleared but will continue to accumulate, and at the end of each period only the accumulated score during the period will be used to calculate the reward. The total prize pool during the period will be an additional 200,000 ZLK tokens, and the regular reward pool will always be 10% of the transaction fee income.

FAQ

Q: Will Zenlink only launch on Bifrost and enable IYO?

A: No! Zenlink will be launched on Bifrost, Moonriver, and Shiden at the same time, and all chains will join the IYO activity. However, since each parachain is different, the launch process and IYO details will be adjusted.

For details on the launch of Zenlink on Bifrost, please refer to the above, while you can view the launch details of Zenlink on Moonriver here: https://medium.com/zenlinkpro/zenlink-launching-soon-on-moonriver-join-the-yield-season-and-share-2-600-000-zlk-47d70c2288c6 1

Q: Is the 2,600,000 ZLK refer to the total incentives of the Yield activities on Bifrost?

A: No, the total incentives of 2,600,000 ZLK mentioned above refers to the total incentives of all yield activities in Zenlink DEX, which includes all incentives of activities on Bifrost, Moonriver, and Shiden.

Q: Are the total incentives of 2,600,000 ZLK include the community airdrop (Community events, SlotVault rewards, Beta testing) component?

A: Not included, the incentive program is only for yield campaigns and invite to earn mentioned in the article, more details about the airdrop we will release later, stay tuned!

Q: What kind of address will be recognized as a ZLK holder address? Will the ZLK transfer be enabled as soon as the three targets are reached?

A: ZLK holder addresses are addresses that have ZLK balance. Due to the difference between Bifrost and the Moonriver network, you can claim your reward at any time when you are yielding activity on the Bifrost, but you cannot transfer until the IYO reaches its target.

On Moonriver, since the Yield Season will last 4 weeks and rewards are issued every 2 weeks, rewards for addresses participating in the Yield campaign will be issued 2 weeks after the IYO launch (the 14th day from the IYO launch date). This also means that the time to reach the IYO target will likely last at least 2 weeks, so the minimum time for ZLK to open a transfer is 2 weeks.

Q: Is the ZLK on Bifrost the same as the ZLK on Moonriver and Shiden? What is the difference between them?

A: As stated by Tokenomics 1, Zenlink will issue the same token (ZLK) on both Kusama and Polkadot networks with a total supply of 100 million. ZLK on Bifrost, Moonriver, and Shiden all belong to tokens issued in the Kusama network, and the token symbols will be the same, however, the contract address of ZLK in any of the parachains is different.

Q: Can I transfer any of my assets between Bifrost, Moonriver, and Shiden across chains?

A: Currently we are not able to implement cross-chain asset transfers between parachains. Depending on whether XCMP is ready and whether the channels between parachains are open, the implementation of the Zenlink DEX Protocol is based on this functionality. We will continue to follow the latest progress, and once the conditions are met Zenlink will allow cross-chain asset transfers between any parachains and shared liquidity between any parachains.

More details: https://forum.bifrost.finance/t/1500

If you have any questions about the launch of Zenlink, please join our Telegram group.

Learn more about Zenlink:

📚 — Whitepaper | Tokenomics