DING LP Drive (ended)
Update #2 (December, 2022) The $DING LP Drive programme has come to an end. All eligible airdrops have been sent to the corresponding wallets and users can now claim their LP Tokens.
Update #1 (September, 2022) Following a successful accumulation phase of the DING LP Drive programme, the DEADPXLZ community has managed to raise a 1.6M ADA TVL. These funds have since been added to the DING/ADA liquidity pool on Minswap. A ADA/MIN/DING triple yield farm has also been set up for those who wish to stake their Minswap LP tokens.
The $DING LP Drive is an incentivised liquidity provision programme dedicated exclusively to $DING holders which is set to happen in late August 2022.
By this point in the project timeline, the vast majority of $DING circulating supply will be held by Genesis or metaPXL holders who participated in the PXL Staking event.
Problem statement
In order to kickstart the $DING trading economy, liquidity pools supplying the ADA/DING pair need to provide sufficient depth in order for traders to avoid unreasonable slippage rates aka get the best possible deal for their trades at a given time by incurring as little as possible losses.
Resolution
Raising enough liquidity in the form of the DING / ADA pair so as to provide a good trading user (and wallet) experience in the form of an incentivised event via the Get $DING platform, https://getding.gg.
In addition to classic liquidity provision in DeFi, where users just go onto a decentralised exchange and just order a liquidity provision, the $DING LP Drive event aims to incentivise brave, early $DING holders (ie. PXL holders) by offering exclusive benefits to all those who dare venture forth and participate in this limited programme.
The $DING LP Drive programme will be developed completely in-house, in that sweet, unique DEADPXLZ style!
Let's take a closer look at how the programme's going to unfold!
The 1st phase of the $DING LP Drive will consist of a 10 day period of time in which $DING holders will be able to provide DING / ADA liquidity via the Get $DING platform.
Based on how much liquidity was raised during the 1st stage, the entirety of the funds will be transferred to one or multiple Cardano DEXes (ie. minswap, wingriders.com etc) via liquidity provision operations.
The resulting LP tokens will then be distributed towards everyone who participated in the programme relative to the amount they provided. This liquidity will be then locked for 30 days at the end of which participants will be eligible to claim part of their Rewards (see below) as well as the full corresponding amount of LP tokens. The goal is for the DEX liquidity pools to provide sufficient depth and as such allow a seamless $DING trading experience and avoid sudden price dumps (historically known to happen) due to liquidity withdrawal.
Unlocking all the rewards will require a full 90-day LP staking period. Additionally, the project will liaise with the DEXes on which the LPs have been set up with the goal of setting up special farming activities for those who provided liquidity. (ie. Minswap's triple yield farms).
Full specs on locks, vesting, rewards & penalties will also be made available once the LP Drive's landing page goes live on the Get $DING platform.
Now for the incentives!
Based on the amount of ADA and DING a user provided in the 1st 10 days of the programme, they will be assigned to one of seven LP Drive categories:
| Category | ADA Required | DING Required | Rewards |
|---|---|---|---|
NGMI | 50.00 - 249.99 | 1,500.00 - 7,499.99 |
|
DEAD | 250.00 - 499.99 | 7,500.00 - 14,999.99 |
|
REPTILE | 500.00 - 999.99 | 15,000.00 - 29,999.99 |
|
VAMPIRE | 1,000.00 - 1999.99 | 30,000.00 - 59,999.99 |
|
WEREWOLF | 2,000.00 - 3999.99 | 60,000.00 - 119,999.99 |
|
ALIEN | 4,000.00 - 9999.99 | 120,000.00 - 299,999.99 |
|
LEGENDARY | 10,000.00 and beyond | 300,000.00 and beyond |
|
*The 15% bonus is subject to vesting over a 90 day period. All necessary $DING will be provided by the Project Treasury.
Information regarding the $DING LP Drive programme is also made available via the PXLZ social channels as well as within this space and the Get $DING platform.
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