Community Coin Contest: 100,000 ALGO in Rewards
Algorand’s biggest DeFi projects join forces to support the network’s trading scene with a massive prize pool.
2024 is going to be Algorand’s best year yet.
Algorand is an ideal network for traders thanks to its high speed and low fees. It’s easy to create a token and establish a liquidity pool, which has led to thousands of Community Coins being available across the primary DEXs — Tinyman, Pact, and Humble.
To start 2024 right, Folks Finance is teaming up with its partner DEXs for our biggest-ever DeFi initiative. 100,000 ALGO will be awarded to the Community Coins which can create the largest liquidity pools using their token and gALGO! Folks will lead by committing 50k ALGO to the loot, matched with 20k from Tinyman, 20k from Pact, and 10k from Humble.
Details:
100k ALGO will be divided as incentives for Community Coin liquidity pools. The contest will be split into two rounds during Q1 2024, which will give two chances to compete.
Round 1: 50k ALGO (CLOSED)
Registration: Ends January 16th, 00:01 CET
Incentive Distributions: January 16th — February 14th
Round 1 Token Registration Form
Round 2: 50k ALGO (OPEN)
Registration: Ends February 27th, 00:01 CET
Incentive Distributions: February 27th — March 26th
Round 2 Token Registration Form
Structure:
Community Coins will have to create the largest liquidity pool of their token on each DEX, measured by TVL. Liquidity Pools must be a TOKEN/gALGO pair.
When the registration period ends, a snapshot will be taken of all liquidity pools.
The top 3 largest TOKEN/gALGO pools on each DEX will be granted 4 weeks of LP incentives, meaning 9 pools will win per-round.
Note: The same pairs can win on different DEXs. ExampleCoin/gALGO could have the largest pool on each DEX, winning more than one 1st-place spot.
50k ALGO will be distributed in each round.
- 20k ALGO on Tinyman
- 20k ALGO on Pact
- 10k ALGO on Humble
Reward Distribution:
- 🥇1st place: 50%
- 🥈2nd place: 35%
- 🥉3rd place: 15%
Rules of Entry:
- Stablecoins are ineligible.
- Tokens with a FDMC above $5 Million are ineligible.
- Tokens and projects which have received grants or funding are ineligible. Opportunity to appeal is given in the application form.
- The creators of the competition hold the right to disqualify tokens if the integrity of the competition is broken with any sort of manipulation tactic, and we suggest communities engage with us in order to identify manipulations.
- Tokens are encouraged to compete across all three DEXs by creating multiple pools. Winning on more than one DEX per Round is allowed.
We at Folks, alongside our partners at Tinyman, Pact, and Humble, are excited to see how the Algorand Community responds to the Community Coin Contest. We’ve designed this initiative to give opportunities to projects which may not have previously been able to secure incentives. A rising tide lifts all boats, and the Community Coin Contest is built to be a conduit for growth and camaraderie in the ecosystem!
How to get started:
If you need a refresher on how you can contribute to your favorite Community Coin pool, we’ll walk you through it:
Step 1. Mint gALGO
- Minting gALGO is a simple and easy process on app.folks.finance. Click here for a video tutorial.
Step 2. Acquire some of the Community Coin of your choosing
- Swap for your favorite token using Folks Swaps, or directly on Tinyman, Pact, or Humble!
Step 3. Provide Liquidity to the Liquidity Pool.
- Here are some tutorials for how to add your assets to Liquidity Pools on each of the three DEXs:
- Tinyman Tutorial
- Pact Tutorial
- Humble Tutorial
Step 4. Hodl!
- Keep your deposit in the Liquidity Pool until the end of the round.
If your favorite Community Coin wins rewards, the APR for Liquidity Providers will be significantly boosted, which invites more depositors, facilitates larger trades, and encourages price discovery. Let’s pool!
