Double is designed to create a virtuous cycle for the whole Celo community benefiting token holders, Celo Foundation treasury, projects, AMMs, etc. As a permissionless protocol, any member of the Celo community can use and benefit from Double. The very first thing we want to do, as we are launching Double on Celo mainnet, is to give back to the whole Celo community.
Today, we are launching a giving back to the community program — Double Down to Genesis on Celo. Via this program, up to 100,000 wallets held by Celo community members will be selected to receive 100 DDJ (Double Dip Joy, ERC-20) tokens per wallet, and up to 100 wallets will be selected to receive 1 DDC (Double Down Club, NFT/ERC-721) per wallet. The program will run from June 21 to August 31. At Double’s genesis on Celo on September 1, users will be able to claim their DDJ and/or DDJ.
Any holder of any token issued natively on or bridged onto the Celo blockchain can participate in this program. To participate, token holders must deposit tokens into Double via app.double2win.xyz following the user guide.
A score will be calculated for each wallet participating in the program. All wallets are ranked based on the score. Top 100,000 wallets will receive the reward of 100 DDJ per wallet and top 100 wallets will receive the reward of 1 DDC per wallet. The score is a time-based accumulated value of all tokens which a wallet deposits into Double. For live ranking status, please visit genesis.double2win.xyz (the ranking will be updated daily).
To compute the value of a token, there must be a pool on Ubeswap v2 between the token and CELO or cUSD, which are configured as capital types on Double for Celo blockchain , e.g. <token, CELO> or <token, cUSD> (users can deposit CELO or cUSD to participate in the program since the <CELO, cUSD> pair will be a valid pair). And the corresponding Ubeswap v2 pool must have at least $1000 in value. The price of a token will be the 30 days TWAP from Ubeswap v2. For <token, CELO> pools, the 30 days TWAP of <CELO, cUSD> will be used to compute the USD price for the token. The value of each token position is calculated using (token amount * token price) daily. The daily value of a token position will be added up daily and the last 31 days value will be used in the ranking.
A wallet can deposit as many tokens (e.g. token A, token B ) as they like. The score of each wallet is the sum of the value of each token position created by the wallet. A wallet can deposit tokens at any time during the program. However, only the token balance from August 1 (8/1) to August 31 (8/31) will be used to compute the final score and the final ranking. If a wallet withdraws any token from August 1 (8/1) to August 31 (8/31) , it will be disqualified from the program.
On September 1, each of the top 100 wallets can start claiming 1 DDC which will be minted immediately into the wallet so users can use these DDC to supply capital into Double. Each of the top 100,000 wallets can start claiming 100 DDJ which will be credited inside the smart contract that stores DDJ balances according to DDJ incentive program design. Please note the DDJ withdrawal threshold will be set higher than 100 initially. Hence users need to continue using Double to earn additional DDJ and when the balance is above the threshold, DDJ can be withdrawn.
Onboarding True Web3 Crypto Users
Different from many other similar programs, tokens will only be given to community members who interact with Double’s smart contracts. To be clear, community members who only follow Double’s twitter account or join Double’s discord will NOT receive any tokens. This is by design. However, community members should take the right actions since the updates, news, developments and program changes will be announced via twitter, and in-depth discussions will happen in discord.
Even though users who own crypto have grown a lot in the last few years, the number of true web3 crypto users who have ever interacted with smart contracts directly, which is required to use DeFi and web3 dApps, is still small. Double truly believes that DeFi and web3 are the future, and hence designs the program in a way to incentivize many crypto users to take the very 1st baby step to become true web3 crypto users!
We could not be more excited to partner with Celo as our very first blockchain to launch Double and introduce 7 innovations to the DeFi/crypto community! Besides its stellar founders and team, Celo has been focusing on solving real problems. As a result, while speculators have mostly left crypto and many dApps solving no real problems have faded away, Celo has been gaining strong momentum, for example in ReFi. We absolutely want to be part of the Celo community and we are honored to give back to all loyal Celo community members.
What DeFi needs to move to the next level is true innovations and products that solve real problems either in crypto or outside crypto. Double + Celo = Innovations + Solving Real Problems, on Summer Solstice, will kick-off another DeFi summer - DeFi‼️