The Tangle Ecosystem Association Unveils $1 Million Incentive Program for ShimmerEVM
The Tangle Ecosystem Association has introduced a $1 million incentive program on ShimmerEVM’s layer-2 blockchain. This program aims to promote growth and decentralize finance (DeFi) activity within the ecosystem. Liquidity providers who direct external assets into the nascent DeFi platforms using the new cross-chain bridge will be rewarded with Shimmer’s SMR token.
Summary of the Incentive Program
- $1 million worth of Shimmer (SMR) tokens allocated for incentivizing the use of Shimmer Bridge
- Administered through Web3 protocol Tide to track Total Value Locked (TVL) contributions across Shimmer dApps
- Participants must bridge over $1,000 in assets and provide liquidity for at least 30 days
- Rewards vest over 6 weeks after a 45-day tracking period that ends on March 16
- Referral program offers a 5% share of friends’ rewards for successful invites
The campaign, known as the “Shimmer Liquidity Mining $1M Airdrop,” was developed by the Shimmer Growth Committee. It sets aside more than 1.5% of the total SMR token supply as incentives valued at over $1 million based on the current SMR price.
Participating in the Incentive Program
To participate, users need to bridge over $1,000 worth of assets into ShimmerEVM using the newly launched Shimmer Bridge powered by LayerZero. Eligible assets include wrapped versions of coins like WETH, WBTC, USDC, and stablecoins from major Layer 1 chains.
After bridging assets, participants must provide liquidity to decentralized apps integrated with Tide Finance on ShimmerEVM. Adding funds to liquidity pools on DEXs and lending platforms is crucial for bootstrapping adoption and growth. Participants can also purchase native SMR tokens or ecosystem tokens listed on Tide’s campaign page.
The supplied assets must remain locked for a minimum of 30 days. Participants can increase their rewards by keeping their liquidity locked for a longer period, with a daily increase of 1%.
Upon registration on Tide’s campaign page, participants will receive a non-fungible token (NFT) to verify their eligibility status. The NFT tracks their wallet’s activity throughout the 45-day competition period, from January 31 to March 16, 2024.
Once the campaign concludes, rewards can be claimed on Tide Finance and will vest over a 6-week period. The level of rewards received depends on the tier achieved through the contribution amount.
More Than Just Rewards
The Shimmer Growth Committee considers this liquidity mining initiative as more than just an incentives campaign. It represents their commitment to collaborating with community members and ecosystem projects to advance the vision of ShimmerEVM.
Participants who actively contribute to the program can generate a referral code on Tide Finance and invite friends to participate. Referrers will earn a 5% share of their friends’ earned rewards.
By kickstarting development activity on ShimmerEVM, the Shimmer Growth Committee aims to showcase the potential of the ecosystem and Layer 2 blockchain technology to supporters and observers in the crypto industry.
This major incentive program may be the first of many cross-community campaigns planned for ShimmerEVM’s roadmap in the coming year.
Hot Take: ShimmerEVM’s $1 Million Incentive Program Boosts DeFi Growth
The Tangle Ecosystem Association has introduced a $1 million incentive program on ShimmerEVM to stimulate growth and decentralize finance (DeFi) activity. By incentivizing liquidity providers with SMR tokens, the program aims to attract users to direct external assets into the ecosystem’s DeFi platforms through the new cross-chain bridge. Participants must bridge over $1,000 in assets and provide liquidity for at least 30 days to be eligible for rewards. The rewards will vest over a 6-week period after a 45-day tracking period. The program also includes a referral system that allows participants to earn a 5% share of their friends’ rewards. This initiative demonstrates the Shimmer Growth Committee’s dedication to collaboration and highlights the potential of ShimmerEVM and Layer 2 blockchain technology.
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