Zenlink Plans to Launch MOVR/ETH LP Farming and Boost MOVR/USDC Incentives
According to DefiLlama, Zenlink TVL is growing steadily and has become the №1 DEX in Moonriver ecosystem so far. There is no doubt that this milestone can not be achieved without the support of Zenlink community and Moonriver community, and the Zenlink team will work hard to build a better product and give back to the community.
As the underlying DEX protocol on Polkadot that focuses on cross-chain liquidity aggregation, Moonriver has been an important development position for Zenlink, and we will continue to expand the Zenlink network with Moonriver and Bifrost as the axis, allowing more parachains to connect to our liquidity network to ultimately serve the dotsama community.
Even though Zenlink is now the №1 DEX in the Moonriver ecosystem, there is still large space for improvement in the current liquidity composition of Zenlink.
As you can see from the above chart, most of the top trading pairs in the current Moonriver ecosystem are not stablecoin trading pairs, and the current Zenlink liquidity composition still has a large percentage of stablecoin trading pairs. Therefore, we want to work with the community to improve this situation, which will help increase the frequency of people trading with Zenlink DEX and thus help expand the Zenlink community. And obviously, MOVR is currently the most frequently traded token in the Moonriver ecosystem.
Therefore, the Zenlink team plans to launch a liquidity incentive program on Moonriver network to improve the liquidity structure and give back to the community, which provides users with another avenue to earn revenue and will also aim to help increase the competitive advantage of liquidity in DEX and expand its trading use cases in DEX (due to the low liquidity, the community currently still trades MOVR mainly in CEX). The liquidity program is divided into two main parts, launching the MOVR/ETH LP Farming and increasing the MOVR/USDC LP Farming incentives.
Launching the MOVR/ETH LP Farming
Currently, MOVR/ETH pair has been created by the community on Zenlink DEX, so we are launching MOVR/ETH LP Farming directly, where users can add liquidity to MOVR/ETH for LP tokens and stake LP tokens to the farming pool to earn ZLK rewards, details are as follows.
Farming Period: January 6, 10 a.m. — March 6, 2022 (UTC)
Note: LP Farming will last #407808 blocks, and this period is estimated based on the total prize pool and reward release rate, subject to block confirmation time
Farming Initial Incentive: 2200 ZLK/DAY ( 0.31 ZLK/Block, to be dynamically adjusted later based on actual locked value)
Rewards calculation formula: actual rewards users can earn per block = (number of users staked tokens / total number of staked tokens) * reward release rate
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.
Boosting MOVR/USDC LP Farming Incentives
Currently, MOVR/USDC LP Farming is ongoing at Zenlink DEX with up to 70% APR for now, but liquidity is still not optimistic, so we will boost MOVR/USDC incentives to increase liquidity.
We will create a new MOVR/USDC farming pool and offer higher rewards. Old LPs will need to manually migrate LP tokens to the new farming pool to earn more rewards. Details are as follows.
Farming Period: January 6, 10 a.m. — March 6, 2022 (UTC)
Note: LP Farming will last #407808 blocks, and this period is estimated based on the total prize pool and reward release rate, subject to block confirmation time
Farming Initial Incentive: 1500 ZLK/DAY ( twice the current incentive, 0.21 ZLK/Block, to be dynamically adjusted later based on actual locked value)
Rewards calculation formula: actual rewards users can earn per block = (number of users staked tokens / total number of staked tokens) * reward release rate
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.
This is certainly a great way to give back to the dotsama community, as on one hand, it will help the communities have a better user experience on Zenlink, and on the other hand, we hope to gather enough liquidity in the Zenlink DEX to provide the community with the best experience.
Learn more about Zenlink:
📍 — DEX DAPP | Website | Twitter| Github | Discord | Telegram EN | Telegram CN | Announcements Channel
📚 — Whitepaper | Tokenomics
