Tonic Launch $USN Liquidity Program
Tonic is thrilled to announce that they are launching a $USN Liquidity Program in partnership with DecentralBank throughout the month of September with a $50,000 USN incentive pool.
The program rewards are different from yield farms many users are familiar with. Their goal is to incentivize traders to actively provide liquidity on the orderbook while promoting USN. Furthermore, the Tonic SDK makes it easy for developers to create their own automated market making strategies to trade with.
- The Tonic team believes in the vision for the decentralized stablecoin $USN and also, they want to help in any way possible.
- Orderbooks are more capital efficient than AMMs, and liquidity incentives on Tonic will allow them to provide the deepest liquidity for USN/USDC across any DEX on NEAR.
- USN/USDC is an easy pair to start with for traders unfamiliar with providing liquidity on orderbooks.
How To Participate
- To be eligible, you must be a Greedy Goblin NFT holder. If you do not hold one, stay tuned 🙂
- This program rewards maker orders on the orderbook. To learn more about maker vs taker orders, see this helpful guide from Binance.
- Each qualifier splits the rewards among all qualifiers evenly by percentage of liquidity provided. The payment also will be a multiple of the normal maker rebate that is determined daily by the Tonic team.
- Liquidity closer to mid-market price ($1) offers a better user experience for their traders and will be rewarded accordingly. Orders within 2 bps (0.02%) of $1.00 will be rewarded with incentives.
- Buy side liquidity is more crucial at this stage for the USN project, since it helps maintain the peg. They will reward buy side liquidity at twice the rate of sell side.
- Only orders that are filled (including partial fills) will count toward the incentive program.
Leaderboard and Reward Distribution
A leaderboard will go live on 9/12 with information about previous and upcoming reward payments. And also, the program will start with $250 in rewards daily and ramp up to $1000+. The rewards will be paid out once daily.
$USN rewards distribution as follows:
- Total Liquidity incentives: $50,000 USN
- Daily Liquidity incentives: $250–1000 USN
- Liquidity Program duration: 30 days
How to whitelist for $USN Liquidity Program on Tonic DEX
- Fill in your details in this form.
- Ensure that the address you trade with has a Tonic Greedy Goblin while you are trading.
The $USN Liquidity Program starts on September 12th, 2022.
The rewards pool is $50,000 USN but they reserve the right to change the amount that is given as liquidity rewards at any time.
Rewards earned in this program may vary due to the number of other participants in the pool.
If a qualified address did not submit the whitelisting form, it will not be eligible for the reward and its proportional reward will be allocated to other whitelisted addresses.
The $USN is distributed every 24 hours after 00:00 UTC. Make sure you have added liquidity to $USN/$USDC pair before the next rewards cycle.
Lastly, Tonic DEX reserves the right to modify or cancel this Rewards Program at any time, for any reason, and without notice.
Tonic is a fast, permissionless decentralized exchange built on NEAR. Tonic aims to bring the speed and convenience of centralized exchanges to NEAR while being fully decentralized. Their mission is to build an open protocol for trading on NEAR, owned and operated by the community.
Decentral Bank is the DAO developing and supporting $USN, the NEAR-native stablecoins. Decentral Bank DAO manages the smart contracts of $USN and its Reserve Fund. The DAO votes on the different aspects and decisions around $USN.