What is happening Across the Bridge: Episode 1 - Token Launch Proposal
It is no debate that Across Protocol is the fastest, cheapest and most secure Ethereum bridge! Across integrated bridging from and to Optimism Arbitrum, Boba and Ethereum. The innovation and success never stops ... this is why a token launch proposal was created! Across Token ($ACX) is becoming reality!
The idea was first hinted during the Across AMA, and then the Token Launch Proposal was published. The Across Token main goal will be to grow and unite the Across community by incentivizing the liquidity providers and increasing the awareness of Across bridging.
The fastest and cheapest L2 Bridge deserves a token and the proposal outlines the roadmap, separated in three main parts:
Initial Distribution - Diversified Across Token Airdrop and Treasury token swap.
Reward Locking Mechanism - Novel rewards program created to incentivize all the general support for Across protocol
Future Actions - Fundraising plan using UMA success tokens and a staking mechanism
All terms are part of a proposal and are not official! The proposal can change based on the community feedback!
The Across Referral Program will transform the community into sales ninjas. The Across supporters will be able to use the wallet address to generate a unique referral link that can be share to friends, family or people across the bridge. When the user will make L2 to L1 transfer, or L1 to L2, the referee will receive $ACX tokens. Once that link is clicked and a bridge transfer is completed, the rewards will be allocated to the person that recommended the user.
$ACX Initial Distribution - Only 100,000,000 Across Tokens will ever be minted, and 85% of the $ACX token supply will remain in the Across DAO Treasury. The remaining 15,000,000 $ACS will be distributed through airdrop and swapped for $UMA. The Airdrop will distribute 10 million $ACX tokens to Co-Founders that joined Discord before the 18th of March (20%), Liquidity Providers and referees (50%), early protocol users that bridged ETH before the 11th of March (10%) and significant early contributors (20%).
The above categories will not receive $ACX to their wallet but will be able to claim the "Co-Founder" NFT that can be burned for the $ACX reward. The “Co-Founder” NFT will be the first NFT that interacts with the Reward Locking Mechanism (see below), resulting a big motivation to keep the NFT instead of burning it. I am a HODLer by definition so guess what I will do with the Across NFT?
Across Reward Locking Mechanism - The UMA Optimistic Rewarder (OR) contract is a new DAO primitive that enables the creation of a customized rewards program that can direct token rewards to a wallet for any verifiable action that supports the protocol. The Optimistic Rewarder will be used to build the Across Reward Locking Mechanism and will set the rate at which rewards will be paid into wallets. This unique system will boost unclaimed rewards, because the longer a wallet keeps accumulated rewards unclaimed the faster the wallet earns extra rewards
Reward Locked NFT and the Reward Locked Multiplier - The community members that completed the actions to earn $ACX will be able to mint a single Reward Locked NFT (reNFT). The choice will come after minting ... burn and cash the reward or .... leave the $ACX locked and earn rewards.
Reward Locked Multiplier for holding $ACX - This is sweet! Another way to earn $ACX is to hold $ACX! Every bridge pools and $ACX/ETH LP block and will generate a set amount of $ACX, which will be used to reward the holders. The LP’s share of token rewards is determined not only by the amount of assets added in the pool, but also by the LP’s unique multiplier. This could be the beginning of top tier GameFi as the multiplier chart will contain levels and titles. The parameters, titles, and other possible privileges are only for informational purpose and the final set-up may be different. The only thing that we know is that trolls are trolls ... and trolls can't claim!
Reward Locking Mechanism = Gamification of DeFi - The Reward Locking Mechanism makes it clear that is better to farm and keep the reward unclaimed, generating even bigger rewards. This system will reduce farm and dump and will help the protocol grow. The mechanism can (or will) be gamified to make it look like a game dashboard. Community members could have the freedom to build an actual game that uses the Across stats and do 1v1 battles with other LP providers.
Success Token Sale and Staked $ACX - The growth Across will lead to further decentralization and the Across DAO $ACX success token sale is a valid point on the roadmap. UMA's Success Tokens incentivize the investors to engage with the protocol, and reward them with a higher value when the target is achieved. In a similar way, the staked $ACX will grant participation in governance and a share in Across Protocol revenue.
Speaking about Across and success ... I realized I didn't claimed the 300 uBA KPI options for Bootstrapping Across! uBA incentivized the Co-Founders to attract new members to Discord and each KPI was redeemed for 1 UMA as the target was quickly achieved. I claimed 300 $UMA and now am ready for $ACX NFTs!
Amazon author page: PV Mihalache