The Hercules Alchemix Campaign Wraps Up!
With the rocky sentiment plaguing the crypto markets over the past few weeks, it can be easy to lose hope in projects that lack activity in the times it counts the most. That is why we put the same amount of effort into developing during the good times as the bad. With that said, we’re happy to announce that the Hercules x Alchemix ignition campaign was a huge success!
What is the Hercules x Alchemix Ignition Campaign?
The Hercules ignition campaign is a new initiative created to supercharge project liquidity, drive increased exposure, and educate users on your platform.
The Hercules x Alchemix ignition campaign was the first rendition of our new program aimed at increasing liquidity, creating additional exposure, and educating users on the Alchemix platform. This initiative was done by utilizing a specialized incentive program for LPers combined with a module that rewards points for on and off-chain activities while also educating users about the platform.
What We Accomplished — Alchemix Liquidity Surges Over 100%
From every aspect, our campaign with Alchemix was a success! Despite rocky market conditions, Alchemix’s liquidity more than doubled on both its alETH/WETH and ALUSD/m.USDC pairs!
While we accomplished our primary goal of boosting liquidity for Alchemix, we also garnered 45,000+ views across our Alchemix campaign X posts!
Reward Distribution
The ignition campaign incentivizes users who add liquidity to the Alchemix pools on HerculesDEX via a specialized yield-earning LP position, which is an interest-bearing token.
*A Yield-Earning LP position is a stake position NFT (spNFT) that is farming both TORCH and xTORCH. Due to Hercules’ unique design, the LP position can yield further rewards through Nitro pool. In the case of Alchemix, users earned the LP position and could stake it alETH-alUSD Nitro Pool to earn ALCX and more xTORCH.
The Yield-Earning LP was given with a locker of 15 days, allowing the user to earn an APR from both the farming and nitro pool. At the end of the locking period, the user can unlock the position to claim extra rewards (TORCH, xTORCH, and ALCX).
By opting to incentivize users through a yield-earning LP position when running campaigns, we’re able to offer a lucrative rewards scheme with sustainability in mind. This enables us to maintain the value distribution within the Metis ecosystem while getting users experienced with the DEX.
Conclusion
Despite facing uncertain market conditions, Hercules has shown its prowess in supercharging liquidity for projects in the Metis ecosystem. Stay tuned for more liquidity campaigns as we’re just barely heating things up!
