Boba to Begin Reward Distribution to OolongSwap’s Lending Network via WAGMI Program
Through inclusion in Boba’s WAGMI v1 Incentive Program, lenders and borrowers participating in the OolongSwap lending network can earn WAGMI Options via the Rainmaker program.
The WAGMI Program supports the growth of the Boba Network by allowing builders to attract additional users through incentives known as ‘WAGMI Options’. Each WAGMI option entitles holders to a certain number of BOBA tokens — the chain’s native asset — depending on the performance of the Boba Network over a one-month period.
When: Starting at 7:30 UTC, March 23th, 2022 —7:30 UTC, April 1st, 2022
What: 5,000 WAGMI options will be distributed to lenders/borrowers
How to Earn: Borrow and/or Lend tokens that are incentivized with a Distribution APY (You can view the APYs for each asset by clicking the asset on the homepage of the lending network)
How to Redeem: WAGMI options can be redeemed for BOBA tokens after May 1st, 2022 on the Boba Gateway
The 5,000 WAGMI options that shall be distributed, are going to be allocated in the following way:
The exact redemption ratio of WAGMI options for BOBA tokens is calculated according to the following metrics:
Boba Network TVL (Measured April 30th)
- April TVL < $70,000: 1 WAGMI option = 0.5 BOBA Tokens
- April TVL Between $70,000 — $375,000: 1 WAGMI option = 1–10 BOBA tokens, scaled linearly
- April TVL > $375,000: 1 WAGMI option = 10 BOBA tokens
OolongSwap’s Lending Network was included in the WAGMI v1 Cohort. For more information regarding the program and other members of the v1 Cohort, see here: WAGMI Incentive Program