KIP-10: Kwenta Sovereignty Phase
| Author | |
|---|---|
| Status | Approved |
| Created | 2022-01-11 |
Summary
Modeled after the success of the Lyra Ignition Campaign, Kwenta will host a 8 week-long campaign to facilitate the launch of futures, V2, and the Kwenta token.
Abstract
The Kwenta Sovereignty Phase will include L2 SNX Staking and liquidity mining rewards, a futures competition, and other opportunities to obtain KWENTA.
Motivation
The purpose of this campaign is to amplify the launch of futures, V2, and the Kwenta token, resulting in DAO growth and increased product usage.
Specification
The Sovereignty Phase will take place over the course of 8 weeks:
Week 1-2 (Feb 14th - Feb 27th)
The Kwenta Sovereignty Phase will begin February 14th with the launch of the KWENTA Aelin raise as per KIP-9.
Week 3-4 (Dates Pending)*
Staking rewards will be available for SNX stakers on L2, encouraging L1 users to make the transition to Optimism, boosting Synth liquidity in preparation for futures. 696.38 KWENTA will be rewarded to stakers that participate in this two-week opportunity.
Week 5 (Dates Pending)*
Another round of staking rewards will be available for those that stake SNX continually for the next 4 weeks. This guarantees ample liquidity for the Kwenta mainnet futures competition. 2785.53 KWENTA will be available for this opportunity.
LP rewards will be available for those that contribute to the Optimism Curve Stablecoin pool for the next four weeks. This guarantees ample liquidity for users bridging funds to L2 sUSD with the intent to participate in the futures competition. 2785.53 KWENTA will be available for this opportunity.
On Tuesday, March 15 Round 1 of the futures competition will commence. The week-long competition will be held where participants will compete to generate the most amount of profit with Kwenta’s futures product, working their way as high up the leaderboard as possible.
The round one prize pool will include 144 KWENTA:
- 1st place: 15 KWENTA + Rare Kwenta NFT
- 2nd place: 10 KWENTA + Rare Kwenta NFT
- 3rd place: 5 KWENTA+ Rare Kwenta NFT
- 4th-20th place: 2 KWENTA
- 21st-100th place: 1 KWENTA
All active participants will be eligible for a POAP as well.
Week 6 (Dates Pending)*
On Tuesday, a second round of the futures competition will be held where everyone starts on equal footing. By hosting a second round the following week, people who found out about the futures competition late will be able to still participate without being at a disadvantage. The week-long competition will be held where participants will compete to generate the most amount of profit with Kwenta’s futures product, working their way as high up the leader as possible.
The round two prize pool will include 1595 KWENTA:
- 1st place: 250 KWENTA + Rare Kwenta NFT
- 2nd place: 125 KWENTA + Rare Kwenta NFT
- 3rd place: 75 KWENTA+ Rare Kwenta NFT
- 4th-20th place: 5 KWENTA
- 21st - 100th place: 2 KWENTA
- 101st - 1000th place: 1 KWENTA
All active participants will be eligible for a POAP as well.
Week 7 (Dates Pending)*
Kwenta V2 will launch on mainnet with trading rewards. The mechanism in which trading rewards are outlined will take place in a future KIP prior to this stage.
Week 8 (Arpil/May)
The Kwenta token will launch and be claimable on L2 for SNX stakers and Synth traders. Pool contributors that participated in the Aelin raise and received $vKWENTA as outlined in KIP-9, will be able to redeem their $vKWENTA for $KWENTA now. All rewards earned during the Sovereignty Phase will be distributed to participants on April 4th when the token officially launches.
Note that these dates are not fixed, delays may occur.
- Dates were adjusted to accommodate for the open interest caps Synthetix has imposed on futures for launch. Once these caps are expanded upon or removed, new dates for incentives will be set.
Copyright
Copyright and related rights waived via CC0.