Zenlink Launching Soon on Moonriver! Join the Yield Season and Share 2,600,000 ZLK

Published in

Zenlink Foundation Ltd.

10 min readOct 31, 2021

We recently published the Zenlink launch process and IYO (Initial Yield Offering) introduction, and today we have more exciting news. Zenlink will launch on Moonriver on November 3rd, 2021, becoming the first Polkadot native cross-chain DEX on Moonriver. With the launch of the IYO activities, a yield season will also begin, with a total of 2,600,000 ZLK to be shared during the campaign (total supply of ZLK is 100 million).

Zenlink Growth Overview

Before announcing the launch details, let’s learn more about Zenlink’s background and growth path, which will help you have a better understanding of Zenlink.

Like its name, Zenlink has been a low-key project with steady progression since its inception in July 2020, working deeply in the Polkadot ecosystem and moving steadily towards its original vision of “building a new generation of cross-chain DEX network, enabling the Polkadot ecosystem to share liquidity, and making a more user-friendly DEX”.

We remain committed to this goal and have made good progress. Here are some of the milestones Zenlink has reached:

In July 2020, the Zenlink project was established and the initial team was formed.
In September 2020, the team released Zenlink White Paper v0.2 and received a $1.1 million angel round led by Hashkey and followed by Continue, IOSG, D1 Ventures, and Youbi.
In November 2020, the team completed the internal testing of Zenlink DEX Protocol v0.1 and the development of v0.2.
In December 2020, Zenlink received and delivered 2 rounds of Web3 Foundation Grant and completed the first cross-chain asset transaction between parachains on Polkadot. At the same time, the team also completed three implementations of Zenlink DEX Protocol: Module, EVM, and WASM.
In January-February 2021, Zenlink established partnerships with Bifrost, Astar (formerly Plasm), Phala, Darwinia, and other parachain projects.
In March 2021, Zenlink was successfully connected to Rococo, and integration testing of the Zenlink DEX Protocol on Rococo was conducted.
In April 2021, Zenlink completed its 1st public beta test and developed the Zenlink NFT launch plan.
In May 2021, the team completed the development of the Zenlink DEX Protocol v0.4 version and started the development of Zenlink SlotVault (PLO support application), and the Zenlink DAO bootstrap governance program was launched.
In June 2021, the team completed a preliminary version of the Zenlink Smart Order Routing design.
In July-August 2021, Zenlink started integration-related joint testing with Shiden and Bifrost and launched Zenlink SlotVault to support parachain auctions and update Roadmap announced to go live on the Kusama network (integration to Moonriver / Bifrost / Shiden).
In September 2021, Zenlink finished its Series A funding round led by Alameda Research and followed by IOSG Ventures, Hashkey Capital, OKEx Blockdream Ventures, Hypersphere Ventures, SNZ Holding, SevenX Ventures, DFG, TRG Capital, PAKA, and launched its 2nd beta testing.
In October 2021, Zenlink released Tokenomics and the launch process.

We are now approaching the official launch on the Kusama network, and the first step is the deployment on Moonbeam’s peer network, Moonriver.

IYO Launch on Moonriver

Zenlink is already deployed on Moonriver (but will not open until November 3rd), and according to the previously released launch process, Zenlink will complete the initial offering of ZLK tokens via IYO (Initial Yield Offering). To successfully complete the initial offering of ZLK, IYO has set three goals: TVL ≥ $100M, three consecutive days of daily trading volume ≥ $50M, and ZLK holder address ≥ 50,000. Once all three goals are met, ZLK transfers will be enabled.

The IYO will last for 4 weeks and the total incentive for the cycle is 2,600,000 ZLK (total rewards across Moonriver, Bifrost, and Shiden), which includes several components such as trading mining, liquidity mining, staking, and invite to earn. Note that the yield campaign will continue until the end of the cycle even after the set target has been reached and ZLK transfers have been enabled, so users can enjoy this activity to the fullest.

In addition, Zenlink also has an “Invite to Earn” campaign. Users can invite friends to use the Zenlink DEX and earn rewards!

Trading Mining

In order to incentivize more users to trade on the Zenlink DEX, part of the IYO is trading mining, and once the IYO is launched, users can participate in the campaign to earn ZLK tokens, as detailed below:

Trading Mining Incentive Scope: All Zenlink DEX supported trading pairs are covered by the trade mining incentive.

Trading Mining Incentive Period: November 3, 2021 — November 30, 2021.

Total Trading Mining Incentives: 1,000,000 ZLK (total rewards across Moonriver, Bifrost, and Shiden).

Reward Calculation: The trading mining rewards will be distributed according to the percentage of the user’s total trading contribution value during the above period, and the trading contribution value will be calculated as follows:

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

Liquidity is a key part of a DEX, so we will introduce Liquidity Mining & Staking for earning ZLK tokens. To participate in Liquidity Mining, users need to add liquidity to a specified Pool to get LP Tokens and add LP Tokens to the Staking program. Of course, Zenlink also offers Single Token Staking, where users can place specified Tokens into the Staking program to earn ZLK rewards. Here are more details:

The first pairs or tokens that will be incentivized for liquidity mining & staking on Moonriver include: ETH/USDC, WBTC/USDC, USDT/USDC, DAI/USDC, BNB/USDC, BUSD/USDC, BNB/BUSD, WMOVR, MOVR/USDC, ZLK/USDC, ZLK/MOVR

Liquidity Mining & Staking Incentive Period: November 3, 2021 — November 30, 2021.

Total Liquidity Mining & Staking Incentives: 1,400,000 ZLK (total rewards across Moonriver, Bifrost and Shiden).

Reward Calculation: Liquidity mining & staking rewards will be distributed according to the percentage of the user’s staking interest during the period, and the formula for calculating the staking interest is as follows:

n _ indicates the total incentives in the period

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: Until the IYO target is reached, ZLK will be unable to be transferred, but this will not affect the normal operation of programs such as Trading Mining, Liquidity Mining, Staking, and Bootstrap.

Again, the IYO campaign will enable ZLK transfers when the following targets are met simultaneously.

Total Value Locked ≥ $100M
Three Consecutive Days of Daily Trading volume ≥ $50M
ZLK Holder Address ≥ 50,000

Invite to Earn

In addition to the yield campaign mentioned above, you can also participate in the “Invite to Earn” campaign, which allows users to go to the Zenlink DEX DApp and generate their own invitation link. This link can be used to invite more users to Zenlink and earn bonuses.

Invite to Earn Incentive Period: November 3, 2021 — November 30, 2021.

Invite to Earn Incentives: 10% of transaction fee revenue (regular rewards) + 200,000 ZLK (bonus rewards)

Reward Calculation: The calculation of the invitation reward will follow 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.

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 Moonriver and enable IYO?

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

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

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

Q: Is the total incentives of 2,600,000 ZLK includes 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. 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 Moonriver the same as the ZLK on Bifrost and Shiden? What is the difference between them?

A: As stated by Tokenomics, Zenlink will issue the same token (ZLK) on both Kusama and Polkadot networks with a total supply of 100 million. ZLK on Moonriver, Bifrost, 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 Moonriver, Bifrost, 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.

Q: How do I get WBTC/ ETH/ DAI/ USDC/ USDT/ BNB/ BUSD assets that are eligible to participate in IYO campaigns? What are their local contract addresses on Moonriver?

A: Zenlink has partnered with AnySwap and integrated the AnySwap cross-chain bridge, so users can jump to AnySwap via the “Bridge” on Zenlink to bridge your assets to Moonriver and use them to participate in trading or yield activities at Zenlink.

The token contract address of the bridged assets to Moonriver via AnySwap is as follows:

WBTC: 0x6aB6d61428fde76768D7b45D8BFeec19c6eF91A8

ETH : 0x639A647fbe20b6c8ac19E48E2de44ea792c62c5C

DAI: 0x80A16016cC4A2E6a2CACA8a4a498b1699fF0f844

USDC: 0xE3F5a90F9cb311505cd691a46596599aA1A0AD7D

USDT: 0xB44a9B6905aF7c801311e8F4E76932ee959c663C

BNB: 0x2bF9b864cdc97b08B6D79ad4663e71B8aB65c45c

BUSD: 0x5D9ab5522c64E1F6ef5e3627ECCc093f56167818

About Zenlink

Zenlink is an underlying cross-chain DEX protocol based on Polkadot and is committed to becoming the DEX composable hub of Polkadot. By accessing the ultimate, open, and universal cross-chain DEX protocol based on Substrate, Zenlink DEX Protocol enables all parachains to build DEX and achieve liquidity sharing in one click. Zenlink DEX Protocol includes Module, WSAM, and EVM implementations, which are flexible and adaptable, allowing for customizable compositions and interoperability with different DeFi modules.

In addition, the Zenlink DEX Aggregator connects all DEX DApps on Polkadot and aggregates liquidity, providing a low slippage trading experience for users. Zenlink DEX Composable Hub enables developers to access the Zenlink DEX Module to build their own unique DEXs, forming a DEX composable hub for the Polkadot ecosystem. Currently, Zenlink has received 2 rounds of Web3 Foundation Grants and investments from well-known institutions such as Alameda Research, Hashkey, IOSG, Continue, and Hypersphere.

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

Learn more about Zenlink:

📚 — Whitepaper | Tokenomics