Win $6000 in ADX on Loopring
Posted by AdEx Network on September 24th, 2020adx
Good news for $ADX traders these days just keep coming! On September 23rd DeFi exchange Loopring announced ADX/USDT trading pair and on September 24th a liquidity mining competition took off with $6000 ADX reward pool - the current biggest liquidity mining reward pool on Loopring at the moment.
Loopring Exchange is Ethereum’s first zkRollup DEX. zkRollup is a type of layer 2 scaling solution, allowing for high throughput, low settlement cost (no gas), while maintaining complete Ethereum self-custodial security guarantees. This makes it a great solution for high performance orderbook trading, and that is exactly what Loopring is incentivizing with its liquidity mining program.
About the Liquidity Mining Program
Liquidity mining on Loopring.io is the program of giving liquidity providers on the venue rewards for their service (adding liquidity to the orderbooks). Liquidity mining campaigns on Loopring are for specific trading pairs, typically last 30 days each, and each campaign has its own spread requirement and associated reward pool (described by a dollar amount and reward token).
But what does liquidity mining actually do?
Quote from Loopring’s Medium blogpost:
Given all the liquidity mining/yield farming that takes place on Ethereum these days, it’s worth noting that ours can be considered the ‘old school’ way. This is primarily a function of Loopring.io being a high-performance orderbook-based exchange: liquidity is not provided passively as is done on AMMs. On Loopring Exchange, truly, providing liquidity means a user running a trading bot, and actively providing bid-ask quotes on an orderbook. As the price moves, the bot adjusts, and orders are placed/cancelled very frequently (and for free). In this way, providing liquidity to Loopring is similar to providing liquidity to legacy financial exchanges, or to centralized crypto exchanges. And indeed, as an Ethereum zkRollup, trades do not cost gas, so even small trades can be profitable.
How to get started?
Other ways to win $ADX?
You bet there are! Now is the best time to increase your $ADX positions with awesome opportunities waiting. You can: