DeversiFi, a decentralized exchange (DEX) on the Ethereum blockchain, has launched trading rewards for users who swap tokens on its platform and announced a retroactive airdrop for early adopters.
As many as 25,000 DVF tokens, currently valued at $300,000 will be distributed weekly to program participants who trade the following tokens on DeversiFi.
On Dec. 2, DeversiFi announced an airdrop for active users.
Up to 7.2M DVF tokens may be claimed by eligible users until 2 March 2022, at which time any unclaimed tokens will be returned to the DAO treasury.
The project identified active users through a series of snapshots and has released a blog post detailing the method used.
Eligible users can claim DVF tokens based on their activity.
The protocol combines traditional order books with an automated market maker (AMM), in an effort to obtain the best prices for users. The project currently has $74M in Total Value Locked.
DeversiFi has built its trading infrastructure using a Layer 2 (L2) scaling solution powered by StarkWare. After an initial deposit on Ethereum mainnet, all subsequent trades are executed on layer 2, resulting in vastly reduced fees.
As a rollup network, DeversiFi’s L2 inherits Ethereum’s security. And so, if the L2 was to suffer an outage for any reason, users are able to “simply redeem their LP tokens on the main Ethereum blockchain,” according to the project.
“For months now Ethereum has been close to unusable due to gas fees. However, despite several Layer 2 solutions coming online they still haven’t reached critical mass. This rewards programme combined with AMMs is designed to tip the scales and trigger a mass migration to a purpose built DeFi haven on layer 2,” DeversiFi founder Will Harborne told The Defiant.
A DVF liquidity mining program is expected to follow in the coming weeks.