- 2.75% of $WARP supply will be distributed as part of the Team Explorer Campaign.
- At launch, users will be able to create and join teams.
- During the first phase teams compete for exclusive NFTs that boost TVL in Phase 2.
- The winners of Phase 2 will divide the prize pool as outlined in the Phase 2 section.
Recently, we announced our “Solo Explorers Campaign”, which rewards participation in Warp’s social media channels. Building a community and rewarding participation is important, but obviously such a campaign does not support the core functionality of a product. For that reason, we have created a second campaign which combines social engagement with value provided to Warp Finance.
The Team Explorer Campaign will be conducted in two phases.
Phase 1 — NFT Rewards
During the course of this competition, users will be able to register for a team on Warp. Any user can create a team to become a team leader and there is no maximum number of teams on Warp.
The goal of this competition is for each team to achieve the highest value locked (TVL), in forms of deposited stablecoins and LP tokens. The stablecoin and LP token deposits generated from these links will count towards the referring team’s total deposits. Thus, each team’s TVL is equivalent to the sum of deposits by every member. The teams with the highest time-weighted TVL one week after deposit and withdrawal opens will be deemed the winners.
In fact, in the spirit of inclusivity, multiple teams will win. The winners receive different Warp NFTs, based on their ranking in the competition. The top 25 TVL contributors to each team will receive a NFT. These NFTs will then act as a personal “TVL booster” during phase 2 of the Team Campaign*.
Unannounced regular snapshots will check the amount of TVL associated with each team.
To create a team users can simply click on the “Create team referral code” button. Afterwards, they need to enter a team name and confirm the team creation with a transaction from their Ethereum wallet. As the final step, the team creator will receive a unique referral code mirroring the address they registered the team with. If privacy is a concern, it is recommended that the team leader generate the team with a fresh wallet address. A team creator can now share this referral code with others who want to join the newly created team.
Join a Team
To join a team users need to click on the “Join a team” button and enter the team’s referral code. Teams cannot be joined without receiving the team creator’s referral code, this will ensure a personal connection between team leader and members. After a user has joined a team all future deposits will count towards the team’s TVL. There are no subsequent actions required.
Teams cannot be changed: once you join a team you’ll be part of that team for the rest of the campaign.
For the participating teams: the top 25 TVL contributors to each team will receive a NFT. The NFTs will be distributed as follows:
Top 1–3 Teams: Legendary 150% booster.
Top 4–10 Teams: Epic 75% booster.
Remaining participating Teams: Rare 15% booster.
Phase 2 — Token Rewards
After the conclusion of Phase 1, Phase 2 will begin and last until the yet-to-be-announced Token Generation Event (TGE) in January. During this phase the NFTs will serve as personal TVL boosters. Teams do not need to be created again, they will continue to exist and teams will automatically participate in this second phase of the competition, no additional action required.
This time, teams will earn actual token rewards!
The teams continue to battle for reaching the highest TVL, but now the NFTs can additionally be used as a TVL booster. For example: if a user deposits $2,000 USDT into Warp Finance they will receive the normal rewards on this amount, whereas for the sake of the second phase of the competition his deposit will be counted as $2,000 + NFT booster percentage. This booster mechanism further creates secondary market value for the NFTs. A booster will be much more valuable to a person who deposited $200,000 and therefore they could be willing to pay more for this boost. From the total supply of $WARP, 2.75% will be allocated to this competition. Of this allotment, the winners will receive 1/6th of rewards immediately upon TGE while the remainder will be vested for an additional 5 months. The amount of tokens each team will receive will depend on how much TVL they achieved in comparison to all other participating teams over the length of the competition. Each team leader will receive 15% of the rewards for their efforts. The remaining 85% of the rewards will be distributed according to the percentage of the TVL that each group member contributed to his team’s total TVL. Until TGE all the rewards earned will be retroactively airdropped subject to a vesting schedule, starting on TGE date. The amount dropped is subject to the approximately 1.06% distributed monthly according to the litepaper.
This campaign creates a fair launch structure, rewards early adopters of Warp Finance, incentivizes depositing stablecoins to kickstart borrowing activities, and fosters the creation of a Warp community.
1st Place: 30% of rewards
2nd Place: 20% of rewards
3rd Place: 10% of rewards
4th-10th Place: 5% of rewards each. 35% of rewards in total
Remainder of teams: 5% of rewards
* Please note that this will NOT impact your baseline rewards earned for lending stablecoins or borrowing on Warp Finance. This will only impact how your contributed TVL is counted for Phase 2 of the competition.
We’re recruiting early supporters to join our movement. Follow the social channels below for the coming updates over the next two weeks.