- wSTRAX protocol has announced a liquidity competition that would go live on UniSwap.
- The competition will mainly start on August 17 and end in September this year.
Blockchain-based protocol wSTRAX has announced a liquidity competition on the UniSwap exchange. The competition is scheduled to begin on August 17 and end in September 2021. This means that the competition will last only for a month.
Notably, wSTRAX has allocated a 50,000 USD prize pool to specifically celebrate its first-ever liquidity pool. Furthermore, wSTRAX has pledged to reward anyone who adds liquidity to the wSTRAX/ETH pair pool during the event period.
To be eligible to participate in the competition successfully, liquidity providers must add their liquidity before 00:01 BST Tuesday. According to the same announcement, participants are obliged to give at least 1000 wSTRAX liquidity to be able to participate.
On another note, wSTRAX emphasized that participants should remain within the pool until 23:59 BST Friday 17th September 2021.
wSTRAX elaborated that its Stratis’s interoperability solution and Stratis InterFlux is now their first project in the Stratis Blockchain Technologies framework. In turn, these features are readily available working to incorporate Stratis’ Oracles.
The company also elaborate how the prize Pool will be distributed:
Rewards will be gained on a weighted basis. A total amount of qualifying liquidity will be obtained, enabling us to ascertain the prize pool fund per wSTRAX provided in the liquidity pool. The below example presents the logic that will be used to distribute rewards:
4 x 75,000 wSTRAX qualified liquidity providers
USD 50,000 (Prize Pool) / 300,000 (Qualified wSTRAX) = USD 0.16666666 per wSTRAX
Reward distribution = USD 12,500 per liquidity provider
Lastly, wSTRAX advised that participants should do their due research to know all the ins and outs of the UniSwap terms and conditions. Doing this will help participants to be aware of the risk associated with being a liquidity provider.