SINGAPORE, May 22, 2024
/PRNewswire/ -- Bitlayer, the first Bitcoin Layer 2 solution based
on the BitVM paradigm, announced today that the first dapp
leaderboard competition will be officially launched on May 23rd, and will distribute $20 million worth of token airdrops to all
projects deployed on the Bitlayer mainnet, according to their
ecosystem contributions. Projects can elect to reward 100% of
airdropped tokens to their users.
This leaderboard competition is part of Bitlayer's $50 million token developer incentive program,
namely, Ready Player One. Upon completion of the competition, the
remaining token rewards will be distributed through subsequent
leaderboard competitions and the Bitlayer Most Valuable Player
(MVP) program.
Time Schedule
The schedule for the two epoch of competitions is as
follows:
- Epoch 1: Expected to last 4 weeks, from May 23rd to June 23rd.
- Epoch 2: Expected to last 8 weeks, from June to August
(estimated).
Distribution Rules
The dapp leaderboard competition will airdrop
$20 million tokens to all projects
deployed on the Bitlayer mainnet based on their contribution
levels.
What is the contribution level?
The assessment indicators of ecological contribution include
TVL, effective transaction number, effective user number, and
leaderboard popularity. Bitlayer tracks the above data daily and
allocates corresponding Bitlayer Gems to projects.
The definitions for each index are as follows:
- TVL: The total value of effective assets locked on the Bitlayer
mainnet.
- Effective Transaction Number: The number of effective
transactions made by users calling the dapp
contract.
- Effective User Number: The number of effective addresses
interacting with the dapp contract on the
Bitlayer mainnet.
- Leaderboard Popularity: The accumulated popularity votes of the
project during the preparation period.
Projects can optimize the corresponding indicator values
according to its own track and product characteristics, such as
increasing TVL, increasing user interaction, increasing the number
of effective users, and improving the popularity leaderboard to
enhance Bitlayer's ecological contribution and obtain more Bitlayer
Gems.
What determines the number of Bitlayer Gems obtained by a
project?
During the competition, any chain interaction within the
ecological application by users will accumulate Bitlayer Gems for
the project. The more user interactions, the more Gems the project
gets. Data is counted and distributed daily.
When will the airdrop be distributed?
Airdrops during this competition will be distributed daily in
the form of Bitlayer Gems and will be converted into Bitlayer
Tokens (BTR) according to the rules after the Token Generation
Event (TGE).
From the first day of the competition, projects can choose
whether to distribute 100% of the incentives to users. If fully
distributed, Bitlayer Gems obtained by these projects will be
automatically distributed to interact users after the
competition.
In addition to Bitlayer Gems, what support can projects
receive?
Bitlayer will set up three leaderboards on the official website
for TVL, protocol transaction count, and leaderboard popularity to
provide extra exposure for outstanding performance and top-ranked
projects. In addition, Bitlayer has also set up a $2 million listing fund and $100 million in liquidity support for all
projects.
If you have any questions about this dapp
leaderboard competition, please contact us through our official
channels. We are glad that you can join this exciting journey, keep
building!
How Can Users Participate in the Bitlayer Ecosystem?
With the launch of Bitlayer dapp leaderboard
competition, the opportunity for users lies in participating in
Bitlayer ecosystem projects, such as staking assets and increasing
interactions through on-chain operations to boost activity. While
adding Bitlayer Gem rewards for projects, users also have a high
probability of obtaining Bitlayer Gem rewards provided by the
projects, which can be exchanged for Bitlayer Tokens (BTR) after
the Token Generation Event (TGE).
To engage in Bitlayer on-chain interactions, users can
cross-chain BTC to Bitlayer via the official bridge. For detailed
instructions, please check here.
If your assets are on the Ethereum chain, you can
also cross-chain assets like USDT, USDC, and ETH into
Bitlayer through the third-party bridge, Meson. For more details,
please refer to this tutorial. If you don't have Gas in your
wallet, you can quickly exchange ERC20 or TRC20 USDT for Gas using
the official "Get Gas" feature. For detailed instructions, please
refer to this link.
About Bitlayer
Bitlayer is the first Bitcoin Layer 2 solution
based on the BitVM paradigm. Bitlayer's core objective is to
address the trade-off between security (trustlessness) and Turing
completeness in BTC layer 2 through cryptographic innovations and
blockchain protocol engineering.
Bitlayer is committed to becoming the computation layer for
Bitcoin, aiming to introduce ultra-scalability to
Bitcoin while inheriting its security, providing users
with a high-throughput, low-cost transaction experience.
Follow Bitlayer to stay updated on everything:
Website | Twitter |
Discord | Medium | Github |Youtube
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SOURCE Bitlayer Labs