THE FIRST AUTOMATED MARKET MAKER FOR STABLECOINS
Battle for rewards in AshSwap’s Battle of Yields event
- David Schweiger and Edward Leavy
- 26.04.2022
- Blockchain, DeFi, Elrond, Funding, Smart Contract, Success Stories
Inspired by Elrond’s highly successful Battle of Yields competition, AshSwap is hosting their own Battle event where users can earn rewards for farming yields, finding bugs, and more. Sign up by May 1 for your chance to help out and win prizes!
AshSwap is launching Elrond’s first stable-swap exchange
The AshSwap team has been hard at work building Elrond’s first automated market maker (AMM) that is focused on efficient stablecoin trading. Improving on previous generations of AMM exchanges, AshSwap’s innovative design lets users trade similarly-priced tokens with minimal fees and slippage.
Stablecoins: hedging against price fluctuations
Stablecoins are a rapidly-growing type of cryptocurrency that are protected against volatility through links to a reserve asset such as the US Dollar or gold. Since stablecoins are digitally traded on the blockchain, there is no need for traditional custodial accounts or the storage of real money. Additionally, stablecoins can be combined with smart contracts so hedging is easy.
With the growth of the Elrond Network and the rising demand for stablecoins, a specialized exchange like AshSwap fills an important need in the community. In developing their platform, AshSwap relies on technology from Curve Finance. Curve’s AMM is a key player in the space with over US$ 20 billion in committed capital.
What is a Battle of Yields?
You may remember the Maiar Exchange’s Battle of Yields last year, where Elrond distributed US$ 100,000 in prizes to users who helped stress-test the Maiar DEX. With AshSwap’s core features near completion, they are hosting their own Battle of Yields to celebrate and incentivize further testing before their Mainnet launch.
For this event, AshSwap will host a testing environment where users can practice their yield farming strategies and help AshSwap collect data to optimize the exchange and improve the security of the smart contracts.
Screenshot: AshSwap Battle of Yields: https://battleofyields.ashswap.io/
How to benefit from the Battle of Yields
Rewards for participants of the battle will be distributed in EGLD and USDT. More details will follow shortly. The total value of the rewards is US$ 20,000, divided into:
- US$ 7,000 for yield farming section
- US$ 3,000 for contribution section
- US$ 10,000 for security section
Option 1: demonstrate your investment skills
In the Yield Farming Competition, all participants start with the same amount of test tokens. The goal is to maximize your total value during the contest period— in other words, to show off your investment skills.
To increase the number of test tokens, participants can perform the following actions on AshSwap:
- Swaps
- Provision of liquidity
- Staking of LP tokens
- Staking of ASH (AshSwap tokens).
When the contest ends on May 19, 2022, AshSwap will calculate results and rewards based on the final assets of each participant in USDC. Make sure that you do not transfer test tokens to another wallet or use other assets in the contest.
Option 2: help unlock AshSwap’s potential
Another way to earn rewards is to identify issues and/or improve platform features. For example:
- Identifying user interface (usability) bugs.
- Creating tools (e.g. trading bots)
- Creating complementary smart contracts
Are you more comfortable with user guides than with coding? Then you can also earn rewards by assisting with documentation for the AshSwap Exchange or creating articles, videos, and infographics that help explain platform features. The submission form and more information can be found here …
Option 3: find security gaps
Robust security measures are crucial for any crypto platform. That’s why AshSwap is hosting a Bug Bounty Contest after the yield farming is completed. Developers and security experts are encouraged to identify security issues and report vulnerabilities in smart contracts that could affect users’ operations or investments.
"While on their mission of bringing the first stable-swap DEX to Elrond, the AshSwap builders have already helped expand the available Elrond developer tools. This kind of ethos will help our developer community stand out and accelerate the innovations coming live in our ecosystem."
— Lucian Mincu, CIO Elrond Network
Screenshot: AshSwap DEX
AshSwap and Elrond: a perfect match
AshSwap has chosen to build on the Elrond blockchain due to its unique combination of scalability, security, and extremely low transaction fees. Elrond is also a sustainable DeFi solution since it is Europe’s first carbon-negative blockchain.
Overall, Elrond and AshSwap share the common vision of driving mass adoption by putting the user experience first. And what better way to show appreciation for their users than giving out Battle of Yields prizes?
Join the Battle
For more information, click here to visit the official contest page.
AshSwap Screencast/ Tutorial
Related Links
AshSwap on Social Media
To learn more about AshSwap and/or ask questions of the AshSwap community, we invite you to follow AshSwap’s social media channels:
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