DOT Fest Event #2 — Double the Rewards, Double the Fun!
06/09/2022 — We are continuing the DOT Festival with twice the rewards of the first event! 2,000,000 ASTR bonus rewards will be directed to both AstridDAO DOT deposits and ArthSwap WASTR/DOT or USDC/DOT staking!
AstridDAO, a decentralized global reserve bank, is introducing DOT as a new collateral for minting of BAI — a USD-pegged stablecoin that uses a collateralized model, which is generally regarded as safer than algorithmic models. This is a new opportunity for DOT holders looking for passive income + Bonus ASTR rewards + an increase their exposure to high APY defi!
Participating in Event 2 is easy. To receive ASTR bonus rewards, you can choose either project, or maximize your rewards by using both!
AstridDAO
- Visit AstridDAO website and click on “Launch App”
- Choose DOT asset
- Enable DOT “Allowance”
- Open a vault to deposit DOT and borrow BAI stablecoin (Please, maintain a healthy collateral ratio around 150%-250% to avoid being liquidated)
- Get you AstarPass ← This is Important!
ArthSwap
The process is the same as Event #1. However, ArthSwap has opened a new USDC/DOT pool–which will also be counted for ASTR bonus rewards. Choose whichever pool works best for you!
That’s it! We have a detailed guide for Event 2 HERE.
NOTE: If you have not registered for AstarPass before the end of Event 2, you will not be eligible for ASTR bonus rewards. Our detailed guide register is HERE.
Through AstridDAO you can mint BAI at 0% interest. BAI is a powerful stable asset that allows you to interact with Astar Defi and generate more income through high APY rewards — just maintain your vault above the minimum collateral ratio. With BAI you have the option to earn more rewards by farming in the BAI-USDC pool on ArthSwap, the 4BAI pool on Sirius Finance, or the stability pool on AstridDAO–there are many opportunities on Astar.
Details of Event 2
Dates: 6/9 1:00 PM UTC — 6/16 1:00 PM UTC
Projects:
AstridDAO: 1,200,000 ASTR for depositing DOT + Option to mint BAI at 0% interest
ArthSwap: 800,000 ASTR rewards for staking + ARSW
So, how will 2M ASTR be distributed? Your rewards are proportional to Your Score against the Total Score of Event 2 participants (i.e. Your Score is part of the Total Score). This means the more you deposit to AstridDAO and stake on ArthSwap, the higher your score for bonus rewards, and starting early earns you more.
Your scores are defined as:
Your AstridDAO Score = Amount of DOT deposited × Number of blocks created while depositing
Your ArthSwap Score = Amount of LP staked × Number of blocks created while staking
Your reward is calculated as:
Your Reward = ((Your ArthSwap Score/Total ArthSwap Score) x 800 000 ASTR) + ((Your AstridDAO Score/Total AstridDAO Score) x 1 200 000 ASTR)
TLDR: Bring DOT to both AstridDAO and Arthswap and Start Early to maximize your rewards.
Note that all ASTR rewards earned during the three events will be vested for 3 months — only claimable after DOT Fest ends. This is to avoid sudden selling pressure that will hurt our community. To make claiming rewards easy, Astar token rewards for all events will be distributed at the same time after DOT Festival.
This material is not investment or financial advice. Using decentralized peer-to-peer protocols carries risks, including, but not limited to, smart contract risks, liquidations, and impermanent loss. We encourage you to do your own research and meet with an investment advisor before making any investments.
About Astar
Astar Network is the Smart Contract Hub for WASM + EVM built on Polkadot and is one of the top Parachains in the Polkadot ecosystem in Total Value Locked and most Ethereum assets transferred over. Astar Network is the leading smart contract hub that connects the Polkadot ecosystem to Ethereum, Cosmos, and all major Layer 1 Blockchains. Astar Network supports dApps using multiple virtual machines — namely WASM and EVM — and offers the best technology solutions and financial incentives via its Build2Earn and Astar Incubation Program for Web3 developers to build on top of a secure, scalable, and interoperable blockchain.
Website | Twitter | Discord | Telegram | GitHub | Reddit
DOT Fest Event #2 — Double the Rewards, Double the Fun! was originally published in Astar Network on Medium, where people are continuing the conversation by highlighting and responding to this story.
