As the 1st cycle (14 days) of the Zenlink IYO draws to a close, we are approaching the 2nd cycle of the IYO. Before then, we have a few things and adjustments to announce to the community, so let’s get right to the point.
About IYO’s 1st cycle end time statement
As previously announced, IYO will last 4 weeks and be divided into two cycles (14 days = 1 cycle), however, there are some differences in the end-time calculations for trading mining, liquidity mining, staking, and invite to earn activities in the 1st cycle, so there will be some differences in the end times for several activities.
- Trading Mining
Trading mining is calculated in cycles of 14 natural days, so you can refer to the countdown displayed on the https://dex.zenlink.pro/#/earn/trading page for the end of the activity, which will end as soon as the countdown ends after that users will be able to claim their rewards (there may be several hours of settlement time).
- Liquidity Mining&Staking
Since both liquidity mining and staking contracts are deployed on the blockchain, the end block height was estimated and determined at the beginning of the 1st cycle based on the block output speed of Moonriver and Bifrost at that time, and the final end time of the activity will be determined by the end block countdown shown on the https://dex.zenlink.pro/#/earn/stake page. It depends on the block output speed of the blockchain. Once the set block height is reached, the 1st cycle of activity will end and users will be able to claim their rewards (there may be several hours of settlement time).
It is important to note that based on the current block output speed of Moonriver, the 1st cycle of these two activities may be extended by 50–60 hours. As compensation for the LPs, we will increase the rewards in the same proportion of the increased hours and distribute the increased rewards to all users who participate in the liquidity mining and staking activities.
- Invite to Earn
As previously announced, the invite to earn activity rewards settlement cycle is aligned with the entire IYO cycle, and users will not be able to claim their invite rewards until the end of the cycle on November 30.
Instructions for the 2nd cycle of IYO rule adjustments
Although we were not able to achieve all of our initial targets in the 1st cycle, we still achieved good results with the concerted efforts of all community members, but some potential problems were revealed and sparked extensive discussions in the Dotsama community, such as a large number of trading bots in our trading mining activities, the low threshold for binding relationships in the Invite to earn activity, etc.
After the team has considered the comments from the community we have had to make some adjustments. In this session, we will explain a few important adjustments, and you can view our originally announced rules below, which will remain the same except for a few adjustments explained below.
Adjustment 1: Reduce the trading mining weight value of stablecoin pairs
In response to community feedback about a large number of trading bots in trading mining activities, our first step is to reduce the weight value of stablecoin pairs in trading mining.
In the 2nd cycle of the IYO campaign, all pairs included in the scope of the trading mining activity will have a weight value, while the weight value of stablecoin pairs will be a smaller value to encourage users to make real trading.
The adjusted formula for the trading mining calculation is as below.
d_weight value of the ZLK holdings, see the table below for details
r_trading pair weight value, stablecoin pairs (both two coins are stablecoins) are 0.15, other pairs are 1
m_indicates the total incentives in the period
tradingVolume_indicates the amount of a single trade, denominated in stablecoins
Note: tradingVolume does not count all transactions. Every 5 minutes will be a statistical period, for each address, only the one with the highest transaction volume within 5 minutes will be counted, the rest of the transactions will not be counted. If there are multiple transactions with the same maximum value at the same address within 5 minutes, only one transaction will be counted. For example: If address A has 3 transactions in 5 minutes, 100 USDT, 1,000 USDT, and 10,000 USDT respectively, then its tradingVolume is 10,000 USDT and tradingContributionValue is 100 in these 5 minutes. Similarly, if address B has 2 transactions in 5 minutes, 5,000 USDT, and 50,000 USDT respectively, then its tradingVolume is 50,000 USDT and tradingContributionValue is 223.61 in these 5 minutes.
Adjustment 2: Add a new trading mining minimum transaction amount (200 USD) threshold
Although we will reduce the weight of stablecoin transactions to trading bots, we may not be able to limit trading bots from sending a large number of small stablecoin transactions, so as a supplement we will add a new minimum transaction amount threshold to participate in trading mining, which is currently set at 200 USD. This also means that all transactions below 200 USD will not be counted for trading mining and will not be eligible for ZLK rewards.
Adjustment 3: Reduce the total incentive for trading mining
We are also reducing the total incentive for trading mining in IYO 2nd cycle and will increase the total incentive for liquidity mining and staking activities accordingly to keep the total incentive the same throughout the IYO period. The reason we made this adjustment is that we believe trading should be a natural occurrence that is encouraged but not heavily misguided, and the overall team’s intention was to allow users to earn some rewards along the way when trading on Zenlink DEX. So reducing the total reward for trading mining will prevent more people from increasing the number of non-genuine transactions in pursuit of rewards.
Of course, IYO’s total rewards will not be reduced, and the reduction from trading mining will be added to the liquidity mining and staking activities, as liquidity is a key part of DEX and will encourage more people to add liquidity to Zenlink DEX, thus further enhancing the trading experience for more users.
Adjustment 4: Change the rights of transaction fee discount for ZLK holders to the rights of increasing the weight of trading mining
After the 2nd cycle of IYO starts, ZLK will also be available for transfer soon, so it will also involve the rights of ZLK holders. In the original design, users with different amounts of ZLK tokens will be able to enjoy different levels of discounted transaction fees. This process is implemented by Zenlink DEX charging the normal 0.3% transaction fee when a user completes a transaction and then returning the corresponding fee discount to the user in the form of a cashback based on the number of tokens held by the user.
Due to the cashback process, which will actually affect the executability of implementing the program, we are changing the ZLK rights from a transaction fee discount to an increased trading mining weight value. Since the trading mining will be permanent, users with different numbers of ZLKs will have different trading weights value, the more ZLKs they have, the higher the trading weight value will be so that they can get better earnings/rewards when trading with Zenlink DEX.
You can get more details on this page: https://dex.zenlink.pro/#/zlk
Overall, we believe this is a more reasonable utility for ZLK, so we will implement the above changes and update Tokenomics to v0.1.2.
Adjustment 5: Increase the relationship binding threshold for the invite to earn activity and change the relationship binding score rule
In addition, we also found that there are also a large number of trading bots invading the invite to earn activity, so we will also make some adjustments to the rules of the invite to earn activity, specifically as follows.
If the invitee enters DEX through the invitation link (or invitation code) and successfully completes a transaction greater than 500 USD, the invitation relationship between the invitee and the inviter will take effect, and the inviter will receive 1 score (single day maximum 200 scores), and the invitee will not receive any score; after that, the invitee must make a single transaction greater than 1000 USD to contribute scores to the inviter, and will receive 1 score for every 1000 USD, single-day maximum 100 scores.
With these adjustments, we believe that the real value of IYO activity will be greatly enhanced while reducing the burden on the Moonriver and Bifrost networks. All in all, Zenlink DEX always encourages users to make real transactions and benefit from them.
(ⅰ) All of the above rule adjustments will only apply to the second or subsequent cycles of IYO, and will not affect users participating in the first cycle. If any other behavior is found during the event that seriously affects the fairness and stability of the network, we will adjust the rules according to the actual situation and announce them to the community.
(ⅱ) If after the above rules are adjusted there is still a large number of trading bots activities affecting the fairness and network stability of the entire campaign, the Zenlink team reserves the right to revoke and withdraw the rewards generated by the relevant offending accounts, judged by criteria including but not limited to the following dimensions.
- Transaction behavior between related addresses
- A large number of suspicious transactions sent from new or zero balance addresses
- Other suspicious transaction behavior
Explanation of ZLK transfer enablement
As previously announced, we need to meet the following three targets during the IYO before the ZLK transfer will be enabled.
Total Value Locked ≥ $100M
Total trading volume for 3 consecutive days ≥ $50M
ZLK Holder Address ≥ 50,000
In fact, if we include accounts that have participated in the IYO campaign and are about to claim their ZLK rewards, we have already accomplished two of the three targets in the first cycle, which are Total Value Locked ≥ $100M and ZLK Holder Address ≥ 50,000. So for the last target adjustment, we will consult with the community after the start of 2nd cycle of IYO and re-evaluate the setting of that target, and once it has been determined, we will move forward with the new target until it is reached and ZLK transfers and listings are enabled.
Q: The article mentions that there may be a reward settlement time before claim rewards, how long does it usually take?
The settlement time exists because we need to ensure that all rewards are distributed without errors to maximize the protection of investors’ interests. Due to the large number of data involved in the review, it usually lasts for several hours and we will announce the results on Zenlink Twitter ASAP.
Q: How to claim the rewards for the participants of the first IYO event?
Since the mechanics of Moonriver and Bifrost are different, the way you claim your rewards is also different.
On Moonriver, you will need to claim your rewards manually regardless of which activity you are participating in (you can claim your rewards once the reward settlement time is over).
On Bifrost, liquidity mining rewards and staking rewards are claimed in real-time, while trading mining rewards do not need to be claimed manually, they will be automatically airdropped to your account ( it will be sent to your account at the end of the reward settlement time).
Q: Will the 2nd cycle starts immediately after the 1st cycle of IYO ends?
No. The start of 2nd cycle may be delayed by a few hours due to the need to settle the first cycle’s trading rewards, please refer to the announcement in the Zenlink DEX DApp or the official Twitter feed for details.
Q: Will the rule changes for the 2nd cycle of IYO affect the participants of the 1st cycle?
No, the above rule changes will only apply to activities related to the 2nd or subsequent cycles of IYO, and will not affect 1st cycle participants.
Q: Can I give my opinion on the target adjustment for enabling ZLK transfers?
We will be conducting a community vote on how we should adjust our targets to enable ZLK transfers once the 2nd cycle of IYO starts.
If you have any questions about this please join the Zenlink community for answers: https://t.me/ZenlinkPro_EN
For more information:
Announcement of rule adjustments for the 2nd cycle of Zenlink IYO was originally published in Zenlink Foundation Ltd. on Medium, where people are continuing the conversation by highlighting and responding to this story.