Acala Network Mandala Festival Event - DropsEarn
Acala Network Mandala Festival Event

Acala Network Mandala Festival Event

    It’s perhaps time to reiterate Acala’s main mission: enable an interconnected, autonomous, efficient and sophisticated cross-blockchain finance ecosystem. Mandala Fest then becomes a celebration of this growing community and the wealth of possibility that awaits in building web3. Acala also believe that web3 should be for everyone and want Acala to be open to all builders: from crypto enthusiasts to node runners, developers, bloggers, economists, marketers, deep thinkers and the curious.

    Reward pool
    41,000 ACA & KAR
    Expected profit
    from 20 ACA & KAR
    Max participants
    DropsEarn score
    High

  • Activity Type: Trading Competition Bug bounty Social networks
  • Date: 27 Jul 2020 12:00(UTC+3) - 17 Aug 2020 12:00(UTC+3)
  • Registration: Closed
  • Event status: You can't participate (Event ended)
  • Links: Official Announcement
Go to event page

Image for post

 

The most recent updates in making cross chain DeFi a reality are as follows:

  • Acala’s full-fledged DeFi suite is now open: multi-collateralized stablecoin supporting DOT, LDOT, renBTC as collaterals, staking derivative and decentralized exchange
  • Laminar trading: aUSD can now be transferred to the Laminar Chain to create synthetic assets like synthetic fiat (e.g. EUR, USD), and for margin trading a variety of instruments e.g. forex, gold, stocks and synthetic crypto pairs
  • Ren x Acala collaboration is live: Reputable inter-blockchain asset bridge Ren built with Acala by deploying its RenVM bridge module on the Acala Network. The BTC gateway is provided by RenVM, while the minting and burning renBTC on Acala is provided by the gateway module.


Two upfront benefits that Ren users can instantly enjoy:

  1. A brand new account only holding freshly minted renBTC can perform any transaction on Acala without needing a fee token. Thanks to Acala’s FlexiFee feature, tokens like renBTC are integrated natively as one of the default fee tokens alongside with ACA, aUSD and DOT.
  2. Fees for minting renBTC can be waived without compromising security. Acala see this as essential to boost the usage of renBTC on Acala and within the wider Polkadot ecosystem.

 

Image for post


Full Schedule and Rules

Week 1. User Participation

Duration: 27 July 2020 to 03 August 2020 
Award Pool: 20,000 ACA + 20,000 KAR

  • All qualified users will share the reward pool
  • All rewards will be recorded and published

 

Image for post


Participation Rules:

  • Get test aUSD from the faucet, fees are payable in aUSD
  • Users completing three meaningful transactions will be rewarded


Meaningful transactions include:

  • Use DeX to swap tokens
  • Use DeX to provide liquidity
  • Use Honzon stablecoin to collateralize for aUSD
  • Use Homa protocol to get staking derivative LDOT
  • Transfer aUSD to Laminar Chain, and use it either for synthetic asset, or margin trading
  • Mint renBTC and use it in above activities
  • Participate in auctions of system

 

Week 2. Trading Competition

Duration: 03 August 2020 to 10 August 2020 
Award Pool: 5,000 ACA + 5,000 KAR

  • Top 10 qualified traders will share the reward pool
  • All rewards will be recorded and published


Participation Rules:

  • Use the balance of USD as the unit of account
  • Profit calculated as ending balance — beginning balance


The rules for ranking of trading competition :

  • Snapshots will be taken for both Acala and Laminar networks at the beginning of the trading competition; the total net value of various assets (including debts) will be calculated based on the price feed at the time as the initial balance.
  • Another snapshot will be taken at the end of the competition, using the feed price at that time as the final balance. Cross-chain transfers (e.g. transfers between Acala and Laminar) are not counted, while transfers between addresses are counted as capital.
  • Profit margin = total value of final balance / (total value of initial balance + capital sum correction) — 100%, all accounts are ranked according to this function


The following are included in the balance calculation:

Balances of all assets:
— Acala : aUSD, ACA, renBTC, XBTC, DOT, LDOT
— Laminar : aUSD, LAMI, synthetic assets


Balances of all DeFi positions:
— Acala : CDP (net value of collateral value minus debt value), share value in Deposit & Earn
— Laminar : margin position value


Week 3. Black Thursday Simulation

Duration: 10 August 2020 to 17 August 2020 
Award Pool: 4,000 ACA + 4,000 KAR

  • A draw of 200 qualified users will share the reward pool
  • All rewards will be recorded and published


Participation Rules:

  • Day 1 — Day 3 liquidation events: users participate by closing CDP or increasing collateral
  • Day 4: emergency shutdown will be triggered, participants will use aUSD to buy back collaterals
  • Users who took part in the above activity will benefit from rewards


Blog Bounty (Throughout Festival)

Duration: 27 July-2020 to 17 August 2020
Award Pool: 2,000 ACA + 2,000 KAR

  • 10 awards will be awarded in total
  • Awards will be published one week after the event ends


Participation Rules:

  • Submit a blog to either MediumBihu, or YouTube regarding the Acala Network.
  • The article must include your Acala Mandala Address to receive prizes.
  • Submit the link to your piece of content to Acala TelegramDiscord or Riot channel using the hashtag #MandalaFest3
  • The content must be original
  • The team will judge both the quality (how appealing is the story, idea, perspective, insights, analysis, etc) and social reactions (number of comments, likes, twitter or other social sharing, etc).


Bug Bounty (Throughout Festival)

Duration: 27 July 2020 to 17 August 2020 
Award Pool: 10,000 ACA + 10,000 KAR

  • Please allow one week from your submission for review.


Participation Rules: