RMRK/KSM Bootstrap and Liquidity Incentive Program to be launched on Zenlink DEX
With the opening of the HRMP channel between Statemine and Bifrost, RMRK can now migrate from Statemine to Bifrost and perform more DeFi activities.
RMRK protocol is a scalable NFT protocol on Kusama that is very popular with the Dotsama community. The RMRK team has currently initiated a full migration of RMRK tokens from Statemine to other parachains and is urging token holders to migrate their tokens by the end of Q3 2022, at which point the #8 asset on Statemine will be destroyed by force, resulting in a loss and reclaim of unmigrated tokens.
As the first native cross-chain DEX on Polkadot, Zenlink will provide support for the migration of RMRK to the Bifrost network and will launch the RMRK Bootstrap and RMRK Liquidity Incentive Program to provide additional sources of DeFi gains for RMRK community. In this article we will cover more details about RMRK Bootstrap and Farming and how users can migrate RMRK from Statemine to Bifrost.
RMRK/KSM Bootstrap Pool
In order for RMRK/KSM to have better liquidity before trading, we will create a RMRK/KSM liquidity pool through Bootstrap and we will offer ZLK + BNC rewards to all Bootstrap Pool contributors, more details about RMRK/KSM Bootstrap are as follows.
- Minimum target provision（Minimum liquidity requirement to enable swap and staking）
2. Maximum target provision
3. Start & End Block
- Start Block: When Bootstrap contract is deployed
- End Block: 1236858
- Time conversion: start time 2022–1–24 12:00 pm UTC, end time 2022–1–25 12:00 pm UTC, total duration 24h
- Total Incentives: 1000 ZLK + 1000 BNC
- Rewards you can earn = Your LP Share * Total Rewards
RMRK/KSM LP Farming
Once the Bootstrap is successfully completed, we will initiate RMRK/KSM LP Farming to provide benefits to RMRK holders as more details are below.
Farming Period: January 25 — February 25, 2022 (LP Farming will last #201210 blocks, and this period is estimated based on the total prize pool and reward release rate, subject to block confirmation time)
Total Farming Incentive: 30000 ZLK + 24000 BNC
Rewards calculation formula: actual rewards users can earn per block = (number of users staked tokens / total number of staked tokens) * reward release rate
Rewards Claim: Users can claim/redeem earned ZLK and BNC at any time from the Earn screen in Zenlink DEX
How to Transfer RMRK Tokens to Bifrost via X-Transfer
Before migration, please make sure you have enough RMRK balance on Statemine for cross-chain transfer and a small amount of KSM for cross-chain network fee.
Note: Currently, you can only transfer RMRK from Statemine to Bifrost, you cannot transfer RMRK on Bifrost back to RMRK on Statemine at this time.
Step 1: Visit https://dex.zenlink.pro/ and find X-Transfer in the Swap page, and keep the default cross-chain option.
Step 2: Select the RMRK token and select “Statemine” and “Bifrost” in the “Source chain” and “Destination chain” respectively.
Step 3: Input the amount of tokens to be transferred, then click “+Recipient” to fill in the Bifrost address for receiving RMRK (if you don’t fill in the address, the Bifrost address of the current Zenlink DEX connection will be selected by default), then click Transfer below.
Step 4: After confirming that the information is correct on the pop-up page, click Transfer again and sign in PolkadotJS to submit the transaction.
After a few moments you will be able to see your RMRK balance on Bifrost in Zenlink DEX by clicking on the wallet icon in the top right corner. You can then participate in the RMRK/KSM Bootstrap or wait for the farming pool to open and participate in farming to earn ZLK and BNC rewards.
Enjoy Substrate’s native interoperability and generous DeFi gains!