Netswap: Metis Layer 2 DEX & Your Key to Staking, Farming, and Early Access to IDOs(!) on Andromeda!

This is a guest post from Netswap, the first ever native Layer 2 DEX, which launched December 6 on the Metis Andromeda network. Netswap has started an airdrop campaign of $NETT tokens. These tokens will give the Metis community numerous benefits, including: the ability to stake $NETT for $METIS token rewards, farming opportunities starting January 7, and most exciting at all, access to IDOs of Metis partner projects via the launchpad that Netswap will introduce on its platform starting at the end of January.

Read on to learn more about Netswap’s Scoring Plan, and how you can contribute to liquidity pools at Netswap.io, fostering the growth of the Metis ecosystem and making yourself eligible for big $NETT airdrop rewards!

Scoring Plan Details

  • 1%, or 1 million NETT tokens will be airdropped during the 1st month of Netswap launch, this 1% airdrop is the only way to get $NETT at the early stage.
  • Scoring Plan accounts for 90% of the 1 million NETT token airdrop.

Preparation

  1. Internet connection to either a laptop or desktop. Currently mobile phones are not supported.
  2. Go to bridge.metis.io and bridge your assets to the Metis Andromeda network. When third-party bridges go live on Andromeda, you’ll be able to use those bridges to move your tokens onto Andromeda, including directly from BSC.
  3. Make sure you hold a small amount of $METIS tokens (about 0.1–0.2 at a minimum) to cover gas fees.

Scoring Plan Timeline

1. Scoring Plan opened on Wednesday, Dec 8

  • Use Metis Bridge (and coming soon, third-party bridges) to transfer your tokens from Ethereum mainnet/your ERC20 wallet, as well as BSC, to Metis Andromeda.
  • Swap the supported tokens on Netswap to get user scores.
  • Add liquidity to supported pairs on Netswap to get user scores.

2. December 23–25: First round of Airdrop

  • 400K NETT token airdrop for Scoring Plan.
  • 100K NETT token airdrop for the early Twitter campaign and other promotion plans.
  • Stake function release: You can stake $NETT to gain $METIS token rewards.
  • Add NETT liquidity pools.

3. January 7, 2022: final round of Airdrop

  • 500,000 $NETT token airdrop for Scoring Plan
  • Farm function release

Airdrop Allocation for Swap Scores and Liquidity Provider Scores

Swap Scores: 180,000 $NETT Tokens

Liquidity Provider Scores: 720,000 $NETT Tokens

Notes: There are no correlations between Swap Score and Liquidity Provider Score during the airdrop, they will be airdropped separately according to the share of each score.

How to calculate my scores

User scores will be generated automatically, you’ll get scores when you swap or provide liquidity for the following Token Pairs (more pairs/pools available soon):

Mathematical formulas

Swap Score = ∑(Swap Fees * Pair Rate)

Liquidity Provider Score = ∑(USD value of LP Token when minted * Pool Rate * Duration)

*Notes: Impermanent loss is not considered

Examples for the calculation of User Scores

Swap Scores — Take Metis/USDT for example (Pair/Pool Rate = 10)

Swap Score = ∑(Swap Fees * Pair Rate)

If 1 $METIS ≈ 60.5305 m.USDT, and you made a Swap transaction of 10 $METIS to 605.304 m.USDT.

During the transaction, Swap Fees = amount * transaction fee ratio * exchange rate

I.e. Swap Fees ≈ 10*0.3%*60.5305 = 18.15915

Then your Swap Score ≈ 18.15915*10 = 181.5915

Add up all the scores you get in each swap transaction to get your total Swap Score.

Calculation of Airdrop amount for your Swap Scores:

Share of Swap Score = Your Swap Scores/Total Swap Scores

Airdrop amount = Share of Swap Score*Total airdrop amount for Swap Score

If you’ve got 1,000 Swap Scores, your Share of Swap Score is 1%, and Total airdrop amount for Swap Score is 180,000, then you’ll get 180,000*1% = 1,800 $NETT tokens.

Liquidity Provider Scores — Take $METIS/$USDT for example (Pair/Pool Rate = 10)

Liquidity Score = ∑(USD value of LP Token when minted * Pool Rate * Duration)

If 1 $METIS ≈ 50 m.USDT and you added some liquidity: (Metis = 10)*(m.USDT = 500), the USD value of LP Token when minted ≈ 10*50+500 = 1,000

If you keep those LP Token for 24 hours, Scores = USD value of LP Token when minted*Pool Rate*Duration ≈ 1,000*10*24 = 240,000

Add up all the scores you get in Liquidity Mining to get your total Liquidity Provider Score.

Calculation of Airdrop amount for your Liquidity Provider Scores:

Share of Liquidity Provider Score = Your Liquidity Scores/Total Liquidity Scores

Airdrop amount = Share of Liquidity Provider Score*Total airdrop amount for Liquidity Provider Score

If you’ve got 300,000 Liquidity Provider Scores, your Share of Liquidity Provider Score is 2%, and Total airdrop amount for Liquidity Provider Score is 720,000, then you’ll get 720,000*2% = 14,400 $NETT Tokens.

Notes: There are no correlations between Swap Score and Liquidity Provider Score during the airdrop, they will be airdropped separately according to the share of each score.

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