Abracadabra Proposes Rewards for Users via LayerZero Airdrop

Bittime - Abracadabra, a DeFi protocol, has submitted SAIP #50, a proposal seeking DAO approval for their Reward for Participation (RPF) standard. This standard will allow Abracadabra to distribute rewards to users via LayerZero airdrops.

LayerZero's New Token Distribution Initiative

LayerZero, a blockchain interoperability protocol, recently introduced an innovative token distribution program. This program, which functions through an RFP (Request for Proposal) process, gives projects the flexibility to design their own token distribution models. Abracadabra's proposal leverages this program to encourage user actions related to LayerZero technology.

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Abracadabra's Proposed Reward Distribution Plan

SAIP Proposal #50 outlines a comprehensive distribution plan for allocated tokens:

• Retroactive Rewards for mSPELL and sSPELL Holders (40%)

Most (40%) of the tokens are allocated to mSPELL and sSPELL holders. This allocation serves as a retroactive reward for previous use of their LayerZero products. mSPELL and sSPELL are interest-bearing tokens related to Abracadabra's Magic Internet Money ( MIM ) stablecoin.

• Giving MIM Liquidity Providers a Boost (25%)

Abracadabra plans to distribute 25% of tokens to MIM liquidity providers across three blockchain networks: Arbitrum, Blast, and Ethereum mainnet. This distribution will occur over a 3 month period, aimed at encouraging users to provide liquidity for MIM on the network.

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• Funding Protocol Infrastructure (15%)

An allocation of 15% is set aside for the protocol library. This allocation will be used to cover audit costs associated with the protocol and generate revenue to support its ongoing development.

• Giving Rewards to MIM Transmitters (10%)

Another 10% of tokens will be distributed to MIM transmitters. Distribution will be proportional to the number of transmissions each user makes, rewarding active participation in the LayerZero ecosystem.

• Allocation to Development Team (10%)

The final allocation of 10% is intended for the Abracadabra development team, as determined by the LayerZero team. This allocation recognizes the team's efforts in integrating LayerZero technology and driving adoption in the Abracadabra protocol.

Conclusion

By outlining this comprehensive reward structure, Abracadabra aims to encourage user participation in LayerZero technology and improve the overall health of the Abracadabra ecosystem. DAO approval of SAIP #50 will determine the implementation of this proposed reward distribution plan.

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How to Buy Crypto on Bittime

You can buy and sell crypto assets in an easy and safe way via  Bittime .  Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti. 

To be able to buy crypto assets on Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application.

Monitor price chart movements  of Bitcoin (BTC) ,  Ethereum (ETH) ,  Solana (SOL)  and other cryptos to find out today's crypto market trends in real-time on Bittime.

Also read:

LayerZero Launches Protocol RFP for Token Distribution

LayerZero Employees Are Prohibited from Participating in Airdrops, They May Be Fired!

LayerZero Successfully Cleans Sybil on Its Network, Gets More than 800 Thousand Fake Users!

DISCLAIMER:  This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.