Collection bidders, we have officially rolled out the liquidity incentive program. This program has been developed to reward active contributors to the SNS ecosystem. Specifically, to reward those that provide quality bids on certain .sol categories and in that sense improve liquidity for domains in general. Not only do we hope to see improved liquidity but to see certain sticky categories get a more even owner distribution.
A word you may have heard by now, “cAirdrop”, is one slowly becoming popular amongst community members. cAirdrop is the term used for rewards airdropped to collection/category bidders, because we cAir. Over the last month, we have done some test runs and cAirdropped more than 20K FIDA. We are pleased to announce that the liquidity incentive program has in fact stimulated better liquidity. Over and above liquidity, we’ve observed our community take advantage of some great arbitrage opportunities between Magic Eden’s marketplace and Bonfida’s. You can look forward to community-built arbitrage tools to help you up your arbing game - coming soon, stay tuned.
We are optimistic that the official launch of the liquidity incentive program and even bigger and better rewards to come will continue the momentum we have seen so far.
Ok, so how do I partake in the liquidity incentive program? The short answer is, to place “quality” bids on SNS categories. Our best advice on how to interpret “quality” would be to think from the perspective of a seller; what would be the best bid to tempt someone to sell? We have, however, revealed some tips along the way; bid size and the bid duration matter. Part of the fun is to strategize and try to outcompete your fellow collection bidders. Slowly but surely we are seeing some scoring higher on the ranking as they figure it out.
You can read all about collection bidding and how to place one here: https://bonfida.org/blog/collection-bidding
Please note, for now, only certain categories are eligible for cAirdrops. Most of the details for a cAirdrop can be found on our rewards page. For convenience;
During our test runs, we cAirdropped users every week. Now with the official launch, we have changed the system up a bit. All collection bidders will accrue points over a period until the next cAirdrop. The higher your score the higher your cAirdrop. Rewards will be sent on a bi-monthly basis (2 times a month), which gives users enough time to accumulate their points. Soon we’ll have a leaderboard for you all to track.
Lastly, do expect us to change up the game regularly. Throughout the program, we’ll add fun quirks to ensure that the most involved users are rewarded adequately. We’d say knowing and using your domain would set you up nicely for rewards.
Collection biddooors, may the odds be ever in your favor.