Zenlink is about to launch vETH/ETH Bootstrap and enable Farming v2 on Moonriver

Currently, vETH, the Bifrost ETH2.0 derivative, supports a bidirectional cross-chain between Ethereum and Moonriver, becoming the first ETH2.0 derivative to enter the Polkadot ecosystem.

As the first Polkadot native cross-chain DEX, Zenlink will support the vETH entry into the Polkadot ecosystem. vETH/ETH Bootstrap Pool will be launched on Zenlink DEX first, and users will be rewarded with ZLK for contributing to the Bootstrap Pool. Once the Bootstrap has successfully completed, the vETH/ETH liquidity pool will be created and opened for trading, followed by vETH/ETH LP Farming using Farming v2.

Launch vETH/ETH Bootstrap Pool

vETH (Voucher Ethereum) is a staking derivative issued by Bifrost for ETH 2.0 and is the first derivative to be landed in the Bifrost vToken series. To date, a total of 18,085.9735 vETH has been minted, surpassing a cumulative total of $70 million.

To support the smooth entry of vETH into the Polkadot ecosystem, Zenlink will launch the vETH/ETH Bootstrap Pool and offer ZLK rewards to Bootstrap contributors. It is worth noting that this is the first upgrade of Bootstrap and adds a new contributor incentive mechanism, with no threshold for everyone to contribute and get rewarded. In the future, we will make more optimizations and upgrades, such as adding new requirements for the ZLK positions, to provide more benefits for ZLK holders.

More details about vETH/ETH Bootstrap are as follows.

Minimum target provision（Minimum liquidity requirement to enable swap and staking）:

• vETH：20
• ETH：20

Maximum target provision:

• vETH：1000
• ETH：1000

Start & End Block:

• Start Block: When Bootstrap contract is deployed
• End Block: #1070409
• Time conversion: start time 2021–12–10 8:00 am UTC, end time 2021–12–12 8:00 am UTC, total duration 48h

Incentives

• Total Incentives: 10000 ZLK
• Rewards you can earn = Your LP Share * Total Rewards

Launching vETH/ETH LP farming with Farming v2

The popularity of Zenlink farming in the dotsama community since its launch, which has led to the rapid growth of Zenlink’s TVL to over $100 million (currently down due to low market sentiment). Nevertheless, we are still thinking about how to improve the farming contract, and today we are pleased to introduce Farming v2 on Moonriver.

Compared to Farming v1, Farming v2 has the following main changes and features:

• Farming v2 uses only one long-term contract to manage and run all farming pools, users no longer need to redeem staking tokens after a period of time and re-stake in new farming pools, once you have staked tokens you will continue to earn rewards until the rewards in the pool are fully released or you actively redeem your tokens.
• Stake tokens must be ERC20 tokens, which can be LP Tokens or single tokens (ZLK, WMOVR, etc.). For a given stake token, multiple farming pools can be created with one or more reward tokens and different “reward release rates” (the “reward release rate” is x rewards token per block).
• All farming pools will have a “minimum rewards claimable interval”, which is uniform for all, and each account can claim rewards only once in each interval, users can refer to the countdown displayed on the Zenlink DEX frontend to get the next claimable reward time.
• The release of rewards has been changed to release rewards by blocks, and the total amount of rewards contained in each block can be roughly calculated by the daily total of rewards displayed on the Zenlink DEX front-end page.

Note: The actual rewards users can earn in each block are related to their pledged token shares, i.e.:

actual rewards users can earn per block = (number of users staked tokens / total number of staked tokens) * reward release rate.

LP Farming for vETH/ETH this time will be done directly using Farming v2, with the following details.

Farming Period: December 12 — December 26, 2021 (estimated based on the total prize pool and rewards release rate, subject to block confirmation time)

Total Farming Incentive: 30000 ZLK

Rewards Claim: users can claim rewards once in each reward interval, please refer to the countdown displayed on the front end of Zenlink DEX for the specific time to claim rewards.

FAQ

Q: After adopting Farming v2, will the previous farming pools be affected?

A: No, previous farming pools with Farming v1 are not affected, you can still find them on the “Ended” page and claim or redeem your tokens after the activities are over.

Q: After adopting Farming v2, does it mean I will no longer need to manually migrate my LP Tokens or tokens?

A: The currently running farming pools have already defined a cycle, so you need to claim rewards and redeem LP Tokens or tokens normally at the end of the cycle.

Once you stake LP Tokens or tokens to the new farming pools created with Framing v2, you no longer need to migrate them manually because the new LP Farming does not have a cycling concept, so once you stake your tokens, you will continue to earn rewards until the rewards in the pool are fully released or you actively redeem your tokens.

Learn more about Zenlink:

📍 — DEX DAPP | Website | Twitter| Github | Telegram EN | Telegram CN | Announcements Channel

📚 — Whitepaper | Tokenomics