Earn Fenix Rings Rewards
Fenix launched in Open Beta on May 1st 2024. To reward the community for helping us to build liquidity before the full launch we started the Fenix Rings rewards campaign. LPs will be able to convert Rings into an airdrop of 50% FNX and 50% veFNX at our token generation event (TGE).
How to Earn Fenix Rings?
We distribute Rings weekly to users who deposit liquidity into incentivised pools. You can see if the pool is receiving Rings by hovering over the “APR” tab and below the pool name which will show “🔥 Rings Boost”.
Rings will be given to LPs based on three parameters:
50% will be based on total liquidity provided.
50% to the most productive LPs who generate fees.
Your position must be in range.
As a liquidity provider (LP) this means:
The more liquidity you provide the more Rings you will receive.
The more concentrated your liquidity is, the more Rings you will earn.
You must ensure that the range your liquidity is in includes the current token price. Note: If you are in Classic pools then concentration and range doesn’t apply.
In concentrated liquidity pools you can choose the range that your liquidity sits on either side of the current token price. The tighter the range you select, the more concentrated it is and the more fees you will generate.
By incentivising LPs to provide liquidity in tighter ranges, this creates an effective alignment between LPs and Fenix who are improving swap prices for traders and in return are earning a higher swap fee APR and points for the Blast and Fenix airdrops.
Deposit Concentrated Liquidity Easily: To reduce the need for users to actively manage their concentrated liquidity positions, we are launching with concentrated liquidity management providers like Ichi, Steer Protocol & Gamma Strategies who will allow you to easily deposit, auto compound fees back into your LP and sit back and earn.
How to track my Rings balance?
To see how many Rings will be distributed to your wallet, the UI will update every 24 hours to display the number of Rings distributed to your wallet, along with your accumulated total and leaderboard ranking.
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