A USD 50,000 prize pool has been made available to celebrate the launch of the first wSTRAX liquidity pool, rewarding those who add liquidity to wSTRAX/ETH pair pool. As detailed in our recent InterFlux v2 post, Stratis’s interoperability solution, Stratis InterFlux, has become the first product under the Stratis Blockchain Technologies framework to incorporate Stratis’ Oracles feature, resulting in drastically lower fees for the end-user. More information regarding the InterFlux v2 implementation can be found here.
What do I need to do?
To participate, liquidity providers must meet the following criteria:
- Add liquidity before 00:01 BST Tuesday 17th August 2021
- Provide at least 1000 wSTRAX Liquidity
- Remain within the pool until 23:59 BST Friday 17th September 2021
Adding liquidity is simple and can be achieved by following the below guide: https://coinmarketcap.com/headlines/news/uniswap-liquidity-pool/
Please familiarise yourself with the uniswap terms and conditions and understand the risks associated with being a liquidity provider, such as impermanent loss, prior to your participation.
How can I get wSTRAX?
wSTRAX can be simply obtained through the existing pairing on Uniswap, located here: https://info.uniswap.org/#/pools/0x9ca37e40aef2686a6f44cb4e2708849231ef3878
Alternatively, STRAX Tokens (available on multiple major cryptocurrency exchanges) can be trustlessly exchanged for wSTRAX using the STRAX Wallet 1.3.2, as seen below.
How will the Prize Pool 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
The integration of Ethereum into the Stratis InterFlux solution and the subsequent issuance of the wSTRAX token ushers in a new era for Stratis – Laying the blueprint for Stratis’ to integrate other public and private blockchains facilitates further utility of the STRAX token and creates new business opportunities as the power of Stratis Technologies is demonstrated.