Chakra Season 2 : Volume Sprint

200,000 $KRIYA in rewards to be distributed over 20 days

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 Chakras and begin one’s journey towards a path of enlightenment 🧘‍♂️

Inspired by this philosophy, we started a tier-based points system called the Chakra Campaign. We launched this campaign in June 2023 only a month after Sui mainnet, points were not even cool back then. Our goal behind starting early was -

1. To reward users who trust and test a product this early in it’s lifecycle

2. To Incentivize usage of the right protocol features, at the right time (bootstrapping maker and taker liquidity)

3. Habituate users to a gamified incentive mechanism and prepare them better for post TGE farming / yield maximization

Chakra Campaign’s Season 1 lasted for almost 7 months and 1.17 million $KRIYA were rewarded to more than 50,000 wallets (More details on Season 1 here)

Season 1 was more focused towards attracting persistent liquidity providers. It helped us bootstrap from an initial TVL of 50k USD to >25M USD TVL today. Now the next step of growth for our spot AMM is to increase capital efficiency for these Liquidity Providers. This means increasing the APY generated from trading fee.

Today, we’re pleased to announce the start of Chakra Campaign Season 2 : Volume Sprint 🏃

• As the name suggests, this season is aimed towards incentivizing volume from traders. There are no $KRIYA rewards for LPs in Season 2, Suinami Campaign emissions will continue though.

• Season 2 will last for 20 days. A major feedback we received from the community in season 1 was the end date not being clear initially makes it tiring for users. Hence we’ve kept this season more like a sprint than a marathon

• In total 200,000 $KRIYA will be distributed in Season 2 over 20 days. Rewards will be emitted epoch wise on a rolling basis (1 Epoch = 1 Day)

• Every Epoch, 10,000 $KRIYA will be split among traders based on their volume score in that epoch. Past epoch’s volume won’t impact current epoch’s score. This prevents skewing of the total reward pool towards whales with less transactions and gives an equal incentive to daily engagement, micro arbitrage volume.

• We’re primarily incentivizing swaps on our AMM, Deepbook trade volume will not be considered for Season 2

• There are 5x more points for swaps in uncorrelated pairs (SUI/wUSDCe, SUI/cUSDCe, SUI/BUCK etc.) compared to swaps in stable pairs (wUSDCe/wUSDTe, vSUI/SUI etc.) user’s can check type of each pool here

• We always want to brings in new traders, but never at the cost of old users. So early LPs and traders on Kriya with a Chakra Season 1 rank of under 1000 will get 2x point on every swap

Keeping these points in mind, the exact volume score formula comes out to be:

epoch_score = (v1 * w1 + v2 * w2 ) * s1_boost
kriya_reward_epoch = 10,000 * (epoch_score / sum_epoch_score_all_users)
kriya_reward_total = sum(kriya_reward_epoch)

v1 = total volume generated in current epoch in uncorrelated pairs
v2 = total volume generated in current epoch in stable pairs
w1 = 1
w2 = 0.2

if (chakra_s1_rank < 1000)
s1_boost = 2
else
s1_boost = 1

Below is the Season 2 dashboard you can access at : app.kriya.finance/rewards

Users can track their estimated current epoch rewards and rewards already earned in previous epochs. The Top 5 leaderboard is also per epoch and resets at every snapshot.

Users with Season 1 boost will see a Golden Yogi on their Season 2 dashboard even after wallet login. A purple halo will surround your yogi once some finite swap volume is generated in the ongoing epoch.

For those new here, these links might help:

• DApp link: app.kriya.finance/spot/swap

• How to swap on Kriya? Tutorial1 ; Tutorial2 (video)

• $KRIYA total supply: 100M tokens, tentative tokenomics

• For those looking to contribute and earn $KRIYA via social / community effort: Try our Zealy Quests

• Drop in for doubts / farming alpha on our discord server

• Follow us on the bird app for more such announcements: twitter.com/KriyaDEX

Happy trading! 🧘‍♂️