Bifrost will be joining the DODO Booster Program and kicking off a 4-week vETH/ETH liquidity mining campaign, where the pool’s liquidity providers will be rewarded with DODO tokens.
The details are as follows:
Campaign Start Block Number: 12288489 (approximately April 22, 2021 at 2:30PM UTC+8 (Singapore Time))
Campaign End Block Number: 12476088 (approximately May 20, 2021 at 2:30PM UTC+8 (Singapore Time))
How to Participate
During the campaign, users who add funds to the vETH/ETH liquidity pool on the DODO ETH platform will receive DLP tokens, and by staking these DLP tokens users will receive DODO tokens as liquidity mining rewards.
Note: Market making and liquidity provision involve risk of loss and are not suitable for every user. The valuation and prices of token assets may fluctuate substantially, and, as a result, users may see profits that are below expectations, or even sustain losses.
A how-to guide to liquidity mining on DODO:
Normally, the mining rewards for the first week is $7,500 worth of DODO tokens. However, thanks to Super Booster, the total value of the mining rewards during the first week of the campaign will be three times the normal amount, meaning that 6,081 DODO tokens (0.1296 DODO per block) will be up for grabs from April 22 to April 29, 2021 UTC+8.
After the first week, DODO will continue to re-adjust the weekly reward value on every Monday based on the total trading volume from the previous week, and the maximum value for a week’s mining rewards could be as high as $45,000 worth of DODO tokens.
Determination of Weekly Rewards
As mentioned previously, the total reward value starting from the second week of the campaign could vary based on the trading volume from the previous week. The weekly reward value is determined by the following rules:
If the total trading volume of the current week is no greater than $5,000,000, the reward value for the next week will be capped at $7,500 worth of DODO tokens.
If the total trading volume of the current week is between $5,000,000 and $10,000,000, the reward value for the next week will be capped at $15,000 worth of DODO tokens.
If the total trading volume of the current week is between $10,000,000 and $15,000,000, the reward value for the next week will be capped at $30,000 worth of DODO tokens.
If the total trading volume of the current week is greater than or equal to $15,000,000, the reward cap for the next week will be capped at $45,000 worth of DODO tokens.
Brief introduction of Bifrost:
vETH Token Contract Address: 0xc3d088842dcf02c13699f936bb83dfbbc6f721ab
Bifrost is the Polkadot Ecological DeFi basic protocol. It is committed to becoming an infrastructure for pledged assets to provide liquidity. Bifrost launched derivatives vToken for Staking and Polkadot Parachain Slot (Crowdloan). It has obtained $2.15M in fund-raising from NGC, SNZ, DFG, CMS and other institutions and Web3 Foundation Grant. It is also a member of Substrate Builders Program and Web3 Bootcamp.
vToken can optimize transactions in multiple scenarios such as DeFi, DApp, DEX, CEX, and realize the transfer channel of pledge rights such as staking and Crowdloan through vToken, realize the risk hedging of pledge assets, and expand scenarios such as vToken as collateral for lending, its staking reward part of the interest can be offset to achieve low-interest loans.