November 30th, 2022, has a special place in every Jedis’ heart. That’s when our mainnet was launched at StarkNet CC India, and integration with Argent-X was announced. Since then, we have steadily been growing in TVL, active users, and trading volume. On April 13th, 2023, we crossed $2.5M in total value locked.
There has been consistent growth in trading volume, and users have already traded more than $30M on JediSwap. It has resulted in consistently high APYs to LPs. For pairs like ETH/USDC, ETH/USDT, and ETH/DAI, LPs have been earning over 50% APY.
About five months after our mainnet launch, we are ready for our first-ever liquidity contest, “Rise of the First LPs.”
With this initiative, we want to recognize and reward the most loyal liquidity providers of JediSwap with some special NFTs.
We wanted to recognize LPs for their dollar amount and loyalty to JediSwap by keeping liquidity for longer periods. We also wanted to ensure this contest is inclusive and gives a chance to all types of users in a fair and transparent way. It should be attractive to users with smaller deposits and a long time horizon as well as to institutions or whales depositing large amounts. Check out the below section to learn about the contest’s eligibility rules and different types of NFT rewards.
The contest will run for 100 days starting from 17/04/23 with block number 41080. The contest ends on 25/07/23.
The minimum requirement to be eligible for any rewards is to provide at least $25 worth of liquidity for at least 30 days.
Note: Due to volatility and impermanent loss, LP positions can fluctuate and be worth less than the original provided value. In order to be eligible, the LP position must be equal to or above $25 for at least 30 days.
Users should provide liquidity to allowed pools only. This is to avoid earning points by adding liquidity to fake pools. The allowed pools include any pools from ETH, BTC, USDC, USDT, and DAI. We will announce any new additions to the allowed pools on JediSwap Discord and Twitter.
Users can provide liquidity to multiple pools simultaneously, and the total value of all the LP positions will be considered for the contest score.
Users already providing liquidity to JediSwap will be automatically added to the contest. They don’t have to do anything to participate in the contest if they already satisfy the above conditions.
The contest score is measured by multiplying the value of the LP token with the time period for which the user added liquidity.
All participants who fulfill the minimum requirements described above will be eligible for contest rewards. Although each NFT will uniquely represent the rank and score of the user, there will be six different categories of NFTs based on the contest score.
The six different NFT categories are:
L1PW - Top 10 scorers
L1P1 - top 2 percent scorers(excluding Top 10 scorers)
L1P2 - Scorers in the top 3 to 10 percentile range
L1P3 - Scorers in the top 11 to 25 percentile range
L1P4 - Scorers in the top 26 to 55 percentile range
L1P5 - Scorers in the top 56 to 100 percentile range
Users can track their rank and score throughout the contest at https://info.jediswap.xyz/lp-contest. The dashboard will be updated every few hours.
It is the task of the First LPs to help us win over the centralized financial systems so that civilization may be returned to an era of harmony once unimaginable amid the corruption and chaos of the centralized systems. Future historians will look upon this as the time when a strong hand brought freedom back to civilization.
It's time to start over. This is the “Rise of First LPs. To begin again. And to get it right, this time.
May the force be with you!
JediSwap is a 100% community-led, fully permissionless, and composable AMM on Starknet to enable lightning-fast, near-gasless exchange of assets in a trustless manner.
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For any immediate questions or requests, feel free to reach out on JediSwap Discord.