$CU Liquidity Bootstrapping Event
$CU Liquidity Bootstrapping Event is happening this May 7th! Know more about this upcoming event on this article.
Hey Unifam!
We are excited to announce the $CU Liquidity Bootstrapping Event! This event will go live on May 7th, 2024, 8:00 PM UTC to celebrate the release of the Rainbow Bridge and Staking Website. This event’s goal is to create ample liquidity for the new $CU token and establish its presence on Arbitrum!
For those unfamiliar with the Crypto Unicorns Migration, let’s take a look at the steps. The following will be happening on May 7th:
Rainbow Bridge is officially opened allowing players to migrate $RBW from Polygon in exchange for $CU on Arbitrum! $RBW will be exchanged for $CU at a 10:1 basis.
CULP - The liquidity pool for the CU-ETH pair is established for players to join. $RBW liquidity will be migrated over after the initial CU-ETH pool is established.
Staking Portal is released allowing participants to stake their $CU or $CULP tokens for rewards. The longer you choose to stake your tokens, the MORE rewards you will receive!
Liquidity Bootstrapping Event goes live with a leaderboard to provide additional $XAI & $CU tokens to $CULP stakers, with a partial snapshot and lockdrop program!
Is this the end of Migration? Of course not! This is just the tip of the iceberg. Coming up next we have the following key milestones:
Shadowcorn Migration
Unicorn Party Event
Core Game Migration
Play to Airdrop Campaign
Tribes Season 2 Leaderboard
$RBW > $CU Migration Details
As many of you know, our plan has always been to migrate our governance token, $RBW (aka Rainbow Token), to Arbitrum and then shortly after, migrate our core game directly to XAI for fast and free transactions.
Upon migrating $RBW tokens to Arbitrum through the Rainbow Bridge, they will automatically be converted to the new $CU token, at a 10:1 basis. $CU will be the new governance token for the Crypto Unicorns ecosystem and will replace $RBW entirely.
This Liquidity Bootstrapping Event presents the perfect time to enter the Crypto Unicorns ecosystem and get exposure to our core token. $CU (currently $RBW until the migration is complete) plays a key role in our governance process, as 46 proposals have been passed and executed to date.
$CU tokens are also used as part of the Crypto Unicorns game economy, both fueling the in-game marketplace and serving as a reward for deeper aspects of the gameplay like Questing & Jousting.
Migration will be possible by accessing the Rainbow Bridge, which will be available via Crypto Unicorns website on May 7th.
PLEASE NOTE: Once $RBW tokens are migrated to Arbitrum, they cannot be migrated back to Polygon!
New Staking Website Site
After migrating $RBW and securing $CU tokens on Arbitrum, you will be able to stake your $CU tokens on our new staking website which will be available on May 7th through the Crypto Unicorns website.
Our staking portal will have two primary options: single-token staking and dual-token staking.
Single-token staking should be familiar to previous $RBW holders and allows you to stake your $CU tokens without any pairing for a modest APR exclusively in $CU tokens. You can select a duration from 1 to 12 months, with increased rewards for longer staking commitments.
Dual-token staking is via a Camelot DEX-based liquidity pool on Arbitrum, where you can LP $CU and $ETH as a pair to get $CULP tokens and earn fees on swaps from the pool. You will also be able to stake your $CULP tokens for additional rewards ($CU, $XAI, & $GRAIL) through our staking portal, as well as compete for leaderboard rewards in our Liquidity Bootstrapping Event explained below.
Our team has made it easy to add liquidity and stake $CULP tokens directly through the Staking Portal! Participants will only need to visit Camelot to acquire $CU tokens.
Note that you will be able to provide liquidity through Camelot, but you will need to stake your CULP tokens via the Staking Portal to receive rewards and leaderboard points!
The $CULP reward pools will be quite enticing, with 1,117 $CU tokens and 5,750 $XAI tokens distributed per day. $GRAIL tokens will also be added to the pool for daily rewards, however, the exact amount is dependent on how much volume the pool generates. Stakers can choose to commit their $CULP tokens for 1 - 12 months, with higher rewards being given for longer staking durations.
Our projections show that staking $CULP for 12 months may generate over 100% APR and up to $3 million in organic liquidity!
*The above numbers are for illustration purposes only.
Participants who have played Crypto Unicorns and secured badges from in-game progress will have a Badge Boost that will increase their $sCULP according to the multiplier.
Liquidity Bootstrapping Leaderboard
Beyond the juicy base APR we’re taking the LBE rewards one step further and giving out even more through a leaderboard to celebrate this momentous occasion! This leaderboard will span from May 7th, 2024 to June 21st, 2024.
Participants who stake their $CULP tokens through our Staking Website will gain leaderboard points daily depending on their amount of sCULP and if they received a multiplier for staking for 12 months.
Modifiers:
6x: received for staking a CULP deposit for 12 months prior to May 27th.
4x: received for staking a CULP deposit for 12 months prior to June 21st.
Participants will be able to choose how long to lock up their $CULP, ranging between 1 month and 12 months. The longer you stake your $CULP tokens, the more points you’ll get as well.
Leaderboard points will be calculated daily on a per-deposit basis as follows:
Total daily points = (Deposit 1 Daily Points * multiplier, + (Deposit 2 Daily Points * multiplier), etc.
NOTE: The LBE Leaderboard is only available for dual-token stakers! I.e. staking CULP tokens will generate daily reward points but staking CU single-side will not provide leaderboard points.
Leaderboard Rewards
We hope you’re ready to participate — this leaderboard event will grant participants with multiple rewards types!
This leaderboard will provide rewards both at the conclusion of the event (like usual) as well as a snapshot in the middle.
Initial Snapshot: May 27th
A snapshot of the leaderboard will be taken on May 27th, the last day of the 6x multiplier. Participants will receive rewards equal to the rank they possess on that date.
Final Snapshot: Season-Long Leaderboard
At the end of the leaderboard, participants will be entitled to $CU and $XAI token rewards based on placement, as well as a 12-month lockdrop.
Lockdrop Rewards
Lockdrops are essentially predetermined airdrops that will happen in regular, monthly intervals after the leaderboard ends.
For example, participants who earn a 12-month lockdrop will receive an airdrop of $XAI tokens, Mythic Lootboxes, and in-game bundles every month for 12 months after the leaderboard ends!
Progression Bundles will include useful in-game items so players can accelerate their progression and power up their Unicorns.
One small step…
The Liquidity Bootstrapping Event is just the beginning of all the excitement we have in store for this migration to XAI! We couldn’t be more excited to have our core governance token reside on Arbitrum, right next door to our core game on XAI. Once the game migration is complete, players will be able to easily bridge their tokens between XAI and Arbitrum to benefit from liquidity on both chains.
We will also do a massive, targeted airdrop of Land and Unicorns to XAI stakers and node key holders to jumpstart their entry into Crypto Unicorns. This migration presents us with a massive opportunity to connect with a new audience of blockchain gamers, and we’re excited to utilize XAI’s bleeding-edge blockchain tech to deliver the best experience possible.
There’s more to come after this staking event, but until then—we hope your $RBW bags are packed.
Initial Snapshot Results
Here are the results of the initial snapshot taken on May 27 UTC. The rewards will be sent soon after the migration is complete! (Read more: Initial Snapshot: May 27th)
The public Google Sheet of the initial snapshot results can be viewed here.
For transparency, here is the breakdown of points that is available for a limited time. Check it out on this sheet!
Changelog
18 Jun 2024, 9:22 PM - The results of the initial snapshot have been added to the article.
22 Jun 2024, 01:01 AM - The results of the initial snapshot have been corrected.