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The program runs in one-week periods called epochs, starting and ending at random times to ensure fairness. Users are able to accumulate $VIX rewards effortlessly by just exercising patience. Users can track their gains each epoch in the reward box.

IT'S TIME TO MINE!

0VIX Launches Pre-Mining of Native Token

0VIX, the first veTokenomics lending market with dynamic interest rates on Polygon, recently released news of the launch of pre-mining of their $VIX token. This is the latest big announcement for the platform, which has already established itself as a major player in the DeFi world.

In a YouTube video short, 0VIX spokesman Josh spoke enthusiastically about the latest news drop from the nascent protocol. “I am so excited to be helping announce that $VIX pre-mining is now live, meaning DeFi strategies using 0VIX just got juicier. If you’re not familiar with pre-mining, it’s basically just yield farming tokens before they’re available to trade on the market. An amazing way to get in early and acquire some serious gains! This is not traditional finance; this is DeFi lending 2.0.”

Since its inception earlier this year, 0VIX has focusedon providing stable and sustainable yields for Polygon users through its native token $VIX. The people behind a project are always of utmost importance, and the company was founded by an experienced DeFi and FinTech team who bring a wealth of expertise to the table. The 0VIX protocol has a twofold objective, seeking to bring billions of dollars of liquidity to Polygon while becoming the primary lending market on Polygon, capable ofsupporting the 39,000+ Dapp ecosystem and Polygon Edge (Blockchain-as-a-service).

The goal of the $VIX pre-mining incentive program is to enhance user growth, increase total value locked (TVL), and promote TVL “stickiness”, helping ensure that capital is retained as a result of the campaign.

Mining for the Masses

0VIX avoided the temptation to make this feature an exclusive feature available only to the few; instead, they have opened the door wide for multitudes to benefit. All 0VIX users who supply or borrow to/from any market listed on 0VIX are now eligible for pre-mined $VIX rewards and incentives

The process is simple. Visit 0VIX.com and get a competitive APY by supplying any asset hosted by the protocol or earn rewards when you borrow one of the listed assets. The more you lend or borrow, the greater your $VIX rewards.  Currently, the platform lists assets such as BTC, ETH, USDC, USDT, DAI, MAI, MATIC, and MaticX.

An Epic Program Divided into Epochs

The program runs in one-week periods called epochs, starting and ending at random times to ensure fairness. Users are able to accumulate $VIX rewards effortlessly by just exercising patience. Users can track their gains each epoch in the reward box.

A Rewarding Experience

The more assets that a user supplies or borrows, the more rewards that will be earned. The total epoch rewards are divided by the number of markets. There are 8 markets currently, with each market receiving the same amount of rewards per epoch.

To incentivize users to interact with markets with low TVL (TVS + TVB), higher APRs are offered for these assets than for other markets. This incentivizes users to supply/borrow to those markets with high APR, which is healthy for the protocol.

Rewards are calculated using a system that gives each user a TotalUserScore. Users receive this score based on contributions to every market to which they supply assets to or borrow assets from. The score for each market is then added together for a totalUserScore. To calculate a user’s share of the total $VIX reward, their totalUserScore is divided by the sum of all scores from all accounts on the protocol.

Users will be able to claim their pre-mined $VIX rewards after the $VIX token launch, subject to vesting. Rewards are calculated and updated every epoch (1 week) based on the user’s activity during the previous epoch.

Early Returns

If early results of the launch are any indication, pre-mining on 0VIX is a harbinger of exciting times for the protocol. Jonny Brinchmann, Head of Marketing at 0VIX Protocol, commented on the progress thus far. “We are delighted to see the dramatic increase in TVL from $VIX Pre-mining and very pleased to reward our early supporters. Thanks to our community and the 0VIX Chads, we got to #1 on DeFi Llama for monthly TVL increase on Polygon!”

Written By

The Matic Man

Sep 23, 2022