Announcing Chakra Campaign: Season 1
KriyaDEX's first on-chain rewards program 🧘♂️
‘Kriya’ is a Sanskrit word that means to take action. Often Kriya is used to refer to actions that are meant to instill good habits in us and improve our physical, spiritual, and financial well-being. As we know all actions have consequences, good deeds often reward their doers
As a group of lifelong builders, our core guiding principles are based on patience and having a long-term view of life. Despite being one of the earliest audited protocols launching on Sui, KriyaDEX did not rush to conduct an IDO sale as we did not see it to be the best thing for our community and ecosystem. Neither did we release a front-loaded incentive system with high APYs that inevitably gets diluted and dumped due to the mercenary nature of our industry during periods of low liquidity.
Instead, we wanted to take our time and create a transparent and sustainable reward program with gamified elements to maximize engagement of our community regardless of the market conditions, ensuring the best long-term outcomes for our community members, users, and overall liquidity on the protocol. We are excited to share with you, our first-ever rewards campaign through which users can qualify for WL allocations, airdrops, and more, and this is on top of the rewards user get for their on-chain activity
Summary
Add sustained liquidity and swap on KriyaDEX to build and increase your score
The more your score, the more your est. $KRIYA rewards.
Your score’ relative ranking determines your Chakra tier. Unlock Chakras and boost your score. Higher Chakra tiers are eligible for airdrops, WL & more
Unlock all the Chakras to become eligible for a unique NFT offering tangible utility on our whole product suite
Chakra Campaign: Season 1 🧘♂️
We are delighted to announce KriyaDEX’s first liquidity mining program known as the ‘Chakra’ campaign. Through this campaign, we will be distributing 500,000 $KRIYA tokens to our users, which will be unlocked at the time of our token launch (TGE). Read on to learn how to participate and earn these token rewards.
Start with building your Kriya score
A user’s score is computed based on the size and timeframe of their LP position and the trading volume they generate on KriyaDEX. At the end of the campaign, the score will be used to calculate the individual’s actual token reward, airdrop, WL allocations and to unlock ‘Chakras’ (a tier-based system to reward the outperformers)
Score calculation
campaign_score = lp_score + swap_score
lp_score = avg_lp_value / 10
this is the avg. USD value of the user's total LP position since campaign start computed at 10 min snapshots
swap_score = total_swap_volume_correlated / 500 + total_swap_volume_uncorrelated / 150
total swap volumes are since camapign start date, computed in USD prices of tokens at the time of swapOur goal with this was to create a system that reward our liquidity providers as well as traders. However, the best way to build your score is going to be by adding liquidity.
eg. User A deposits $10,000 in our pools for 1 month, User B on the other hand maintains a $10,000 LP position for 15 days and trades $20,000 worth of tokens and $10,000 worth of stablecoin swaps
user_a_lp = 10,000 / 10
user_a_score = 1000
user_b_lp = (10,000 / 2) / 10 = 500
user_b_swap_uncorr = 20,000 / 150 = 133.33
user_b_swap_corr = 10,000 / 500 = 20
user_b_score = 500 + 133.3 + 20 = 653.33As you can see user A was still able to earn slightly more rewards than user B. User A had deposited the same amount for a longer duration and even though they had 0 swap volume, they still earned more rewards for loyal liquidity.
Est. Token rewards calculation
Final $KRIYA rewards = user_score/ sum(score, all users) x 500,000Simply put, your share of the scoring pool = your share of the $KRIYA rewards pool
The total rewards pool is 500,000 $KRIYA tokens for this campaign
Unlock your ‘Chakras’ to compound rewards 🧘♂️
‘According to ancient Indian yogic traditions, the human body has seven Chakras, which are considered to be centers of deep-seated psychic energies. It is believed that with the right Kriyas (actions) one can unlock the energies in these Chakra and begin to journey towards a path of enlightenment
Based on their campaign score, users can unlock Chakras and compete for the highest tier of rewards. The Chakra system is built with the goal of rewarding our most committed users with special rewards including a commemorative NFT with special utility.
The Chakra System
Based on the scores, users will be assigned a rank. Chakras unlock based on the rank requirement below (ie top 5% of users get Chakra 7, the next 5% get Chakra 6 and so on)
The multiplier boosts a user’s final score. This means a user in Chakra 6 will get a significantly higher share of the $KRIYA pool than a user with only 5 Chakras unlocked
final_score = user_score * multiplier
multiplier is based on the user's unlocked Chakra tier, which is determined by their user_score's ranking
Finally, Chakra 7 users who attain peak enlightenment will be minting a special commemorative NFT that will come with its special set of perks and utility. NFT reveal will be coming soon.
Users can track their campaign performance on our portfolio page.
Campaign Score (boosted based on user Chakra
Approximate share of $KRIYA reward pool
On-chain activity
Cumulative Volume since 1st June 2023
The current USD value of Total Liquidity provided
Points away from unlocking the next Chakra
Note: The Chakra system is based on all users’ real-time performance and a Chakra once unlocked is not guaranteed to stay unlocked. Hence, users are expected to continue to trade and maintain decent LP positions throughout the campaign period to maintain their tier. The campaign start date used for score calculation is 1st June 2023 and the final snapshot date (campaign end date) will be announced in the coming days depending upon the participation.
KriyaDEX was launched with the goal of building an alternative to the blackbox of centralized exchanges. Since the launch of our first product on Sui Devnet in October 22, we have seen an immense wave of support and feedback from our community. The Chakra Campaign is the first in a series of community reward programs that will be launched in the coming weeks.
Soon you will also be able to trade perpetual futures on our order-book-based derivatives exchange along with a host of other institutional-grade products. For feedback, discussion, and early access please join our Discord community
Follow us on the bird app to stay updated on more such campaigns: link
Try out KriyaDEX today at https://app.kriya.finance 🧘♂️ 🚀
Very cool
good project