Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesCopyBotsEarn

The first Bitlayer Dapp leaderboard competition will be launched on May 23, with projects able to distribute 100% airdrop rewards to users

View original
ChaincatcherChaincatcher2024/05/21 12:34
By:Chaincatcher

This issue's Dapp ranking competition will allocate a token airdrop worth $20 million to all project parties deployed on the Bitlayer mainnet based on their ecological contribution.

On May 21, Bitlayer announced the first Dapp leaderboard competition will officially start on May 23, distributing $20 million worth of token airdrops to projects deployed on the Bitlayer mainnet. All rewards will be allocated based on the contribution to the Bitlayer ecosystem. Project teams can choose to distribute all airdrop rewards to users.

This leaderboard competition is part of Bitlayer's $50 million token developer incentive airdrop plan, Ready Player One. After this competition ends, the remaining token rewards will be distributed through subsequent leaderboard competitions and the Bitlayer Most Valuable Player (MVP) program.

Dapp Leaderboard Competition Schedule

The Dapp leaderboard competition consists of two phases, with the following schedule:

  • Epoch 1: 4 weeks, expected from May 23 to June 23
  • Epoch 2: 8 weeks, expected from June to August

Airdrop Allocation Rules

This Dapp leaderboard competition will allocate $20 million worth of token airdrops to all projects deployed on the Bitlayer mainnet based on their ecosystem contribution.

What is Bitlayer contribution?

The evaluation metrics for ecosystem contribution include TVL, effective transaction count, effective user count, and performance on the Bitlayer popularity leaderboard. Bitlayer will track these data daily and allocate corresponding Bitlayer Gems to participating projects.

The specific definitions of the four metrics are as follows:

  • TVL: Total effective assets locked on the Bitlayer mainnet
  • Effective transaction count: The number of effective transactions where users call the project's Dapp contract
  • Effective user count: The number of effective addresses interacting with the project's Dapp contract on-chain
  • Bitlayer popularity leaderboard performance: The cumulative number of popularity votes the project receives during the competition period

Project teams can optimize the corresponding metric values based on their track and product characteristics, such as increasing TVL, enhancing user interaction, increasing the number of effective users, and improving popularity leaderboard performance to increase their Bitlayer ecosystem contribution and earn more Bitlayer Gems.

What determines the number of Bitlayer Gems a project team receives?

During the competition, any on-chain interaction behavior by users within the ecosystem applications will accumulate Bitlayer Gems for the project. The more user interactions, the more Gems the project will receive. The corresponding rewards are calculated and distributed daily.

When will the airdrop be distributed?

During this competition, the airdrop will be distributed daily in the form of Bitlayer Gems and will be converted into Bitlayer Tokens (BTR) according to the rules after the TGE.

From the first day of the competition, projects can choose whether to distribute 100% of the token incentives to users. If fully distributed, the Bitlayer Gems obtained by the project will be automatically allocated to interacting users after the competition ends.

What other support can project teams receive besides Bitlayer Gems?

Bitlayer will set up three leaderboards on its official website: TVL, protocol transaction count, and popularity leaderboard, providing additional exposure for outstanding and top-ranking projects. Additionally, Bitlayer has set up a $2 million listing fund and $100 million liquidity support for projects.

How can users participate in the Bitlayer ecosystem?

With the launch of the Bitlayer Dapp leaderboard competition, crypto users have the opportunity to participate in Bitlayer ecosystem projects, such as staking assets and increasing interactions to boost activity. This not only increases the Bitlayer Gems rewards for project teams but also gives users a high probability of receiving Bitlayer Gems rewards provided by the projects, which can be converted into Bitlayer Tokens (BTR) after the TGE.

To participate in Bitlayer on-chain interactions, users can cross-chain BTC to Bitlayer through the official bridge. For detailed instructions, see this link .

If your assets are on the Ethereum chain, you can cross-chain assets like USDT, USDC, and ETH to Bitlayer through the third-party bridge Meson. For detailed instructions, see this link . If you don't have Gas in your wallet, you can quickly convert ERC20 or TRC20 USDT to Gas through the official "Get Gas" feature. For detailed instructions, see this link .

About Bitlayer

Bitlayer is the first Bitcoin security-equivalent Layer 2 based on BitVM. Bitlayer's core goal is to solve the trade-off between security and Turing completeness in Bitcoin Layer 2 through cryptographic innovation and blockchain engineering implementation.

Bitlayer aims to become the computing layer of Bitcoin, introducing hyper-scalability to Bitcoin while inheriting its security, providing users with a high-throughput, low-cost transaction experience.

Follow Bitlayer updates through the following channels:

Website | Twitter | Discord | Medium | Github | Youtube

Associated Tags
Bitlayer Leaderboard Competition Token Airdrop BTR
ChainCatcher reminds readers to rationally view blockchain, raise risk awareness, and be wary of various virtual token issuances and speculations. All content on the site is only market information or related party views and does not constitute any form of investment advice. If you find any sensitive information in the content on the site, you can click "Report," and we will handle it promptly.
0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Stake to earn
APR up to 10%. Always on, always earning.
Stake now!