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Rules for Turbocharging Rootstock's Stablecoin Liquidity Pilot Campaign

Rootstock.io is generously providing a grant for the Turbocharging Rootstock's Stablecoin Liquidity Campaign to enhance liquidity within the ecosystem. Campaign Period: December 6th, 2023 - December 15th, 2023

Incentives

A total of 5000 XUSD will be offered as incentives for users participating in the campaign. These incentives will be granted to users who bridge and deposit stablecoins (USDT, USDC, and DAI) from Ethereum or BNB Smart Chain blockchains using the BabelFish aggregator. Participants will receive XUSD stablecoin on the Rootstock Blockchain, accompanied by a bonus of up to 2.5%, distributed by the Balancing Curves Reward Manager. Bonus details can be viewed on the BabelFish web app.

Reward Manager Details

A total of 4000 XUSD will be allocated to the BabelFish Balancing Curves Reward Manager, ensuring coverage for rewards on deposits totaling at least $160,000 worth of stablecoins. The availability of Reward Manager incentives throughout the campaign is not guaranteed and operates on a first-come, first-served basis. If all allocated funds are not utilized during the campaign, they will be used to reward additional deposits of stablecoins according to the Balancing Curves mechanism.

Random Users Rewards

We're reserving 1000 XUSD out of the total incentives to reward 10 random users with 100 XUSD each. Even if the funds allocated in the Reward Manager (4000 XUSD) run out early, you can still qualify for the random draw by depositing stablecoins and submitting transactions through the form for a chance to win. While submitting multiple transactions is allowed to enhance your chances, remember that individuals can only win once. This part of the campaign lasts until December 13th, 23:59 UTC. To qualify, ensure you meet these criteria:
  1. 2.
    Swap a minimum of $100 worth of BSC (USDT, USDC, DAI) or ETH (USDT, USDC, DAI) stablecoins for XUSD and get up to 2.5% bonus.
  2. 3.
    Like and Repost the campaign on X (Twitter).
  3. 4.
    Join the Babelfish Telegram channel https://t.me/BabelFishTalk
  4. 5.
    Submit the following information to the provided form: - Transaction hash - Wallet address - X (Twitter) handle - Repost link - Pseudonym - Telegram or Discord handle (for contacting purposes).

Important Submission Notes

  1. 1.
    Users are permitted to submit multiple transactions using the same Twitter handle, repost link, and contact data.
  2. 2.
    All data collected in the submission form will be exclusively used for the purpose of this campaign and analytics. It will not be shared with any parties other than those already involved. The collected data will be securely deleted no later than three months after the conclusion of the campaign.

Winner announcement

The winners of the random user rewards will be announced on our channels on December 20th, 2023.

Where to Utilize XUSD

As participants deposit stablecoins into the BabelFish aggregator, they receive an equivalent amount of XUSD (Rootstock native stablecoins issued by BabelFish) along with earning a 2.5% bonus from the Reward Manager. While Bitcoin prices on Rootstock remain stable, this incentive effectively provides participants with a discount, allowing them to acquire more Bitcoin or other assets with their XUSD holdings. Participants can utilize their XUSD on https://alpha.sovryn.app for various purposes, including lending and liquidity provision at attractive rates.

Important Note

To move funds on the Rootstock Blockchain, participants will need a small amount of rBTC for network fees. Please be aware of this requirement to ensure a smooth utilization of XUSD on the Rootstock Blockchain

Compliance

Participants are expected to adhere to the specified eligibility criteria. Any attempts at fraudulent or unethical practices will result in disqualification.

Contact Information

For any inquiries or assistance, participants can reach out to the campaign organizers through the official channels.

Note

These rules are subject to change or modification based on unforeseen circumstances or updates deemed necessary by the campaign organizers. Participants are advised to stay informed and check for any updates during the campaign period

Useful materials