SINGAPORE, May 22, 2024 /PRNewswire/ — Bitlayer, the first Bitcoin Layer 2 solution based on the BitVM paradigm, announced today that the first dapp leaderboard competition will be officially launched on May 23rd, and will distribute $20 million worth of token airdrops to all projects deployed on the Bitlayer mainnet, according to their ecosystem contributions. Projects can elect to reward 100% of airdropped tokens to their users.

This leaderboard competition is part of Bitlayer’s $50 million token developer incentive program, namely, Ready Player One. Upon completion of the competition, the remaining token rewards will be distributed through subsequent leaderboard competitions and the Bitlayer Most Valuable Player (MVP) program.

Time Schedule

The schedule for the two epoch of competitions is as follows:

• Epoch 1: Expected to last 4 weeks, from May 23rd to June 23rd.
• Epoch 2: Expected to last 8 weeks, from June to August (estimated).

Distribution Rules

The dapp leaderboard competition will airdrop $20 million tokens to all projects deployed on the Bitlayer mainnet based on their contribution levels.

What is the contribution level?

The assessment indicators of ecological contribution include TVL, effective transaction number, effective user number, and leaderboard popularity. Bitlayer tracks the above data daily and allocates corresponding Bitlayer Gems to projects.

The definitions for each index are as follows:

• TVL: The total value of effective assets locked on the Bitlayer mainnet.
• Effective Transaction Number: The number of effective transactions made by users calling the dapp contract.
• Effective User Number: The number of effective addresses interacting with the dapp contract on the Bitlayer mainnet.
• Leaderboard Popularity: The accumulated popularity votes of the project during the preparation period.

Projects can optimize the corresponding indicator values according to its own track and product characteristics, such as increasing TVL, increasing user interaction, increasing the number of effective users, and improving the popularity leaderboard to enhance Bitlayer’s ecological contribution and obtain more Bitlayer Gems.

What determines the number of Bitlayer Gems obtained by a project?

During the competition, any chain interaction within the ecological application by users will accumulate Bitlayer Gems for the project. The more user interactions, the more Gems the project gets. Data is counted and distributed daily.

When will the airdrop be distributed?

Airdrops during this competition will be distributed daily in the form of Bitlayer Gems and will be converted into Bitlayer Tokens (BTR) according to the rules after the Token Generation Event (TGE).

From the first day of the competition, projects can choose whether to distribute 100% of the incentives to users. If fully distributed, Bitlayer Gems obtained by these projects will be automatically distributed to interact users after the competition.

In addition to Bitlayer Gems, what support can projects receive?

Bitlayer will set up three leaderboards on the official website for TVL, protocol transaction count, and leaderboard popularity to provide extra exposure for outstanding performance and top-ranked projects. In addition, Bitlayer has also set up a $2 million listing fund and  $100 million in liquidity support for all projects.

If you have any questions about this dapp leaderboard competition, please contact us through our official channels. We are glad that you can join this exciting journey, keep building!

How Can Users Participate in the Bitlayer Ecosystem?

With the launch of Bitlayer dapp leaderboard competition, the opportunity for users lies in participating in Bitlayer ecosystem projects, such as staking assets and increasing interactions through on-chain operations to boost activity. While adding Bitlayer Gem rewards for projects, users also have a high probability of obtaining Bitlayer Gem rewards provided by the projects, which can be exchanged for Bitlayer Tokens (BTR) after the Token Generation Event (TGE).

To engage in Bitlayer on-chain interactions, users can cross-chain BTC to Bitlayer via the official bridge. For detailed instructions, please check here.

If your assets are on the Ethereum chain, you can also cross-chain assets like USDT, USDC, and ETH into Bitlayer through the third-party bridge, Meson. For more details, please refer to this tutorial. If you don’t have Gas in your wallet, you can quickly exchange ERC20 or TRC20 USDT for Gas using the official “Get Gas” feature. For detailed instructions, please refer to this link.

About Bitlayer

Bitlayer is the first Bitcoin Layer 2 solution based on the BitVM paradigm. Bitlayer’s core objective is to address the trade-off between security (trustlessness) and Turing completeness in BTC layer 2 through cryptographic innovations and blockchain protocol engineering.

Bitlayer is committed to becoming the computation layer for Bitcoin, aiming to introduce ultra-scalability to Bitcoin while inheriting its security, providing users with a high-throughput, low-cost transaction experience.

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SOURCE Bitlayer Labs