IOTA’s TangleSwap Set to Launch Next Week with Major Trading and Liquidity Provider Competition – Crypto News Flash

IOTA’s TangleSwap Set to Launch Next Week with Major Trading and Liquidity Provider Competition

Bhushan AkolkarBy No CommentsJohn Kiguru edited by John Kiguru
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  • TangleSwap will go live for a period of two weeks and will hold a competition for different projects to participate in the two-week period.
  • TangleSwap has announced exciting rewards for competitors based on their gas usage.

After working with the IOTA and the Shimmer community closely for quite a while, the IOTA TangleSwap is finally going live this week. As per the recent announcement, the public launch of IOTA Tangleswap shall happen tomorrow, May 3, at 3:00 PM CET.

Interestingly, the TangleSwap shall go live with Battles of Shimmer, a Shimmer-based gaming experience from IOTAHeroes. In order to participate, users just need to test2conquer any dApps from the ecosystem such as TangleSwap during the two-week period from May 3rd to May 17th.

Here, all the projects will be competing to grab a larger share of the SMR prize pool. This means that the more one uses TangleSwap, the more rewards will be airdropped in the community. Each participating project within the Shimmer and the IOTA ecosystem gets the freedom to decide on the distribution of rewards for their community. The TangleSwap project has decided to distribute 100% of the SMR rewards to the users.

Also, in the two-week period from May 3rd to May 17th, TangleSwap will be hosting a trading + liquidity provider competition. TangleSwap noted that this competition will be a fun and instructive experience, allowing users to maximize their potential SMR bounty tied to their activity on TangleSwap.

About the TangleSwap Competition

The trading + liquidity provider competition hosted by TangleSwap will be straightforward where users just need to aim to spend the highest amount of gas in combination with the following two categories:

  1. Gas used while Trading – i.e. swapping – any tokens on TangleSwap.
  2. Gas used while creating or modifying any Liquidity Pool (LP) —This grouping comprises the following activities: establishing a new liquidity position or initializing it, modifying the liquidity of an already existing position by increasing or decreasing it and gathering fees earned by any of your TangleSwap positions.

Note that the token holding is not a determining factor in this competition. Rather it’s the gas usage that will help the project climb up the leaderboard. A Google Sheet has been crafted by the team to enable users to track and compare their complete gas consumption, be it through trading or managing their liquidity positions. The sheet will be refreshed on a daily basis, giving users the opportunity to check their ranking on the leaderboard anytime they wish.

Along with the trading + liquidity providing competition, the crew has created a way for explorers to earn additional rewards.

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This article is for informational purposes only and does not constitute investment advice. Read full disclaimer

Bhushan Akolkar

Bhushan Akolkar

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Bhushan is a FinTech enthusiast and possesses a strong aptitude for understanding financial markets. His interest in economics and finance has drawn his attention to the emerging Blockchain Technology and Cryptocurrency markets. He holds a Bachelor of Technology in Electrical, Electronics, and Communications Engineering. He is continually engaged in a learning process, keeping himself motivated by sharing his acquired knowledge. In his free time, he enjoys reading thriller fiction novels and occasionally explores his culinary skills.
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