Konomi Launches LP Mining Via DODO’s Booster Program
As a way to reward our active community members and continue to expand our partnership capabilities and token use case, we are excited to announce that we will be officially joining the DODO Booster Program to offer a new liquidity mining campaign. This four-week-long endeavor will allow liquidity miners to provide liquidity in the forms of KONO and ETH, where they will then be rewarded with KONO and DODO tokens. This is a great way to put idle tokens to work if you are a hodler, or a way to generate passive income while supporting projects you are already involved with.
Our Booster Program mining event will start on April 22, 2021, at 02:00pm UTC+8 (Singapore time) and continue until May 20, 2021, at 02:00pm UTC+8 (Singapore time), giving our users ample time to get involved. It’s super easy for anyone to get involved, as we wanted to make this opportunity as accessible as possible.
To participate, all you have to do is start adding funds to the KONO/ETH liquidity pool on the DODO ETH platform. Once you begin providing liquidity, you will earn DLP tokens, which you can then stake to receive DODO tokens and KONO tokens as rewards. Please note that this doesn’t guarantee that you will make money however, as market-making and liquidity providing comes with many inherent risks, such as impermanent loss, which can result in the loss of funds. The valuation of the tokens may fluctuate, which can affect users’ profits and could even potentially cause material losses.
For a more in-depth guide on liquidity mining through DODO, check out their how-to guide:
Determining the Distribution of Rewards
DODO will determine the size and value of rewards based on trading volume, but we have worked with DODO to provide maximum reward potential for our contributing users. Usually, DODO caps the first week of potential mining rewards at $7500 worth of DODO tokens, but we are Super Boosting it to three times the average amount. After completing the first week of liquidity provisions, DODO will continue to re-adjust the weekly reward output based on the trading volume from the previous week.
The maximum weekly reward value in DODO tokens is $45,000 worth. Additionally, we are planning to release 2,840.75 KONO each week of the event, for a total of 11,363 KONO up for grabs throughout this campaign.
As mentioned above, the distributed reward value starting from the second week of the campaign can vary based on the trading volume from the previous week. DODO determines the weekly reward schedule through the following rules:
If the total trading volume of the current week is no greater than $5,000,000, the reward value for the next week will be capped at $7,500 worth of DODO tokens.
If the total trading volume of the current week is between $5,000,000 and $10,000,000, the reward value for the next week will be capped at $15,000 worth of DODO tokens.
If the total trading volume of the current week is between $10,000,000 and $15,000,000, the reward value for the next week will be capped at $30,000 worth of DODO tokens.
If the total trading volume of the current week is greater than or equal to $15,000,000, the reward cap for the next week will be capped at $45,000 worth of DODO tokens.
Konomi is an open platform for cross-chain financial applications. Using Substrate as the development framework, the network aims to provide money markets for assets in the Polkadot ecosystem. Users could borrow and lend assets, trade and access liquidity products for DOTs through the protocol. Konomi also issues its native network token in order to kick start liquidity and decentralized governance for its chain.
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