SpartaDEX Lockdrop
Last updated
Last updated
Please keep in mind that the lockdrop was an event that concluded on August 3rd. While some liquidity remains locked until August 3rd, 2024, the token rewards ($SPARTA) for liquidity locking completed their vesting on January 29th. Approximately ~$13 million was locked in the event, impacting not only the development of the DEX but also ensuring broad token distribution to over 5000 participants. Lockdrop is a decentralized exchange launch strategy, aimed at building deep liquidity from the very beginning of operation, by rewarding users who provide and lock liquidity for a certain period of time, and at the same time a very attractive token distribution model. The reward for those who participate are the native dex tokens.
Value of the drop depends on the value of locked assets, and the duration of the lock.
Lockdrop is a token distribution model that is as attractive to early exchange users as regular airdrop, but it supports the DEX much more effectively at the start of its operation on the market.
Benefits for the projects that will take part in it:
access to stable, deep liquidity available from the very beginning of the protocol operation;
onboarding of key partners related to the Arbitrum;
building community engagement focused on the real success of the project;
decentralized token distribution since the very beginning
Benefits for users:
access to a lion’s share of $SPARTA initial circulating supply,
early exposure to ecosystem rewards for providing LP;
SpartaDEX lockdrop is divided into two phases:
In this phase, liquidity of selected pairs (e.g. $ETH - $USDC.e) can be migrated from one of the thwo selected dexs (Sushiswap and Camelot) and locked in SpartaDEX. Also, if a user is not providing liquidity on any dex, he can add it in an easy way and lock in Sparta.
Each user is free to decide whether to take part in the lockdrop, the size of the locked position and the duration of the lock, which may vary between 2 and 52 weeks. The value of the drop depends on the duration of the lock and the value of locked assets;
Each LP pool has its own, separate allocation of $SPARTA tokens, which will be distributed as rewards among lockdrop participants.
The first phase consists of two periods:
24.07 (4 PM UTC) - 28.07 (3:59 PM UTC): providing and withdrawing liquidity is available without any limits;
28.07 (4 PM UTC) - 30.07(3:59 PM UTC): providing liquidity is still available, however withdrawing is not possible;
Pairs available at lockdrop and % of the $SPARTA token supply allocated to them as a prize:
WETH/ARB - 1.5% of total supply
USDC.e/USDT - 1.5% of total supply
ARB/USDC.e - 1.5% of total supply
GSWIFT/USDC.e - 0.75% of total supply
WBTC/WETH - 0.75% of total supply
In the second phase of the lockdrop users will lock $SPARTA tokens (acquired in the Phase 1 and through the Airdrop), and/or $USDC.e to the pool, for the fixed duration of 26 weeks.
$USDC.e can be locked by anyone without the need to lock $SPARTA and vice versa. In this phase $SPARTA once locked can't be withdrawn, but $USDC.e is subject to withdrawals until the last two days of this phase.
The final ratio of the $SPARTA/$USDC.e pool will determine the initial price of the token.
It’s important to note that by adding only $SPARTA or only $USDC.e, your tokens are being exchanged for LP proportionally to the $SPARTA-$USDC.e ratio. That means that despite adding only one token of the pair you’ll get $SPARTA-$USDC.e LP.
The second phase consists of two periods:
30.07 (4 PM UTC) - 01.08(3:59 PM UTC): - providing $SPARTA liquidity is available without any limits, but withdrawing is not possible; - providing and withdrawing $USDC.e liquidity is available without any limits;
01.08 (4 PM UTC) - 03.08 (3:59 PM UTC): - providing liquidity for both $SPARTA and $USDC.e is still available, however withdrawing is not possible;
The reward in the first phase is 6% of the $SPARTA supply. As much as 50% of it will be available during the TGE, and the remaining part will be distributed linearly over the next 6 months. This amounts to nearly 57% of initial circulating supply!
Additionally, supporters locking LP at the very beginning of this phase will get a boost in rewards of up to 15%. Boost will be decreasing linearly till the end of the phase one.
The reward in the second phase is 1% of $SPARTA supply, of which 100% is available at TGE. Both sides of the $SPARTA-$USDC.e pool will be equally incentivized with 0.5% of the supply.
All assets locked in the SpartaDEX lockdrop also count as LP locked in the mainnet version of the game. This means that they allow you to develop your Polis (if their value exceeds $100) and affect the experience gained in the game.
During the lock-up period your LP is working and earning also $SPARTA from the Ecosystem Rewards pool.
Each dex has it’s own number of LP tokens, so the final number of them may differ from what you had on other dexs. Of course, in terms of value and tokens ratio will be exactly the same, you are not losing anything.
Lock period starts with the moment of LP migration and creation of liquidity pools on SpartaDEX (at TGE - 3.08.2023)
