CSWAP and Migration Incentive Update #1
With the launch of SundaeSwap, CardStarter is now one of only four assets with priority status in the SundaeSwap ecosystem! This affords members of the CSWAP and LP migration community priority access to yield farming Sundae tokens via CNT Cards-ADA liquidity staking on the Sundae DEX. This outcome is due to loyalty of the CSWAP mining community and the commitment from the LP migrators.
We are today announcing the following:
- 10% of the total CardStarter supply will be provided to CSWAP miners and LP migrators as rewards in the form of CNT (Cardano Native Token) CARDS. This equates to a total of 1 million CNT CARDS tokens. See below for more information on how to claim your rewards.
- CSWAP miners and CARDS LP holders will also enjoy priority status to receive the FIRST Cardano-native CARDS tokens. This will position holders to stake CARDS-ADA LP to priority access to yield farming on the SundaeSwap platform. This will provide CARDS-ADA LP stakers among the earliest opportunities to begin accumulating Sundae tokens through the SundaeSwap platform.
- For CardStarter IDO participants, an additional 6% of the total supply of CARDS tokens will now be reserved for loyalty and staking rewards programs for future IDO participants.)
There will be further clarification and information, including around the CSWAP rewards program in the near future.
Claiming your Rewards
CSWAP holders — There will be a bridge contract that will allow you to both deposit your CSWAP and input the destination Cardano wallet address. In the coming days we will announce the dates for the deposit window, as well as the date upon which your CNT CARDS rewards tokens will be distributed to the inputted Cardano wallet address. These CNT CARDS will be vested as per the terms outlined in our previous CSWAP Migration article.
CARDS LP migration providers — We will soon announce the window for LP migration providers to input or alter their destination Cardano wallet addresses. We will also announce the date upon which you can expect the distribution of CNT (Cardano Native Token) CARDS rewards tokens. This same mechanism will also facilitate the distribution of CARDS-ADA LP tokens, which will be converted from CARDS-ETH LP.
C3 & Gero LP migration providers — The same wallet update window will apply for C3 and Gero LP migration providers. Your CNT CARDS rewards tokens will be distributed on the same date. Your converted C3-ADA and GERO-ADA LP will be distributed on a date determined by the projects themselves.
Members of all three communities will be informed of all relevant dates and deadlines via announcements posted to the CardStarter Medium, as well as the Telegram announcement channel.
Migration Rewards Calculation Period Closed
The rewards calculation period for those who have locked LP on migrate.cardstarter.io has now closed. The snapshot for migration contributors occurred on January 20th at 12:00 AM PST. While this migration contract will be available for future use, LP deposited after the above mentioned date will not be eligible to receive a share of the rewards pool tokens.
We are looking forward to the DeFi ecosystem on Cardano continuing to take shape.