Lynex has announced that it will launch its DEX, which is a decentralized exchange platform, on Linea Mainnet. The launch will be conducted in a strategic partnership with Algebra and Gamma Strategies. Days to come are packed with promotional campaigns and the launch of its DEX. Participants can surely look forward to rewards that will largely constitute LYNX and vsLYNX tokens. Lynex’s DEX is scheduled to launch on August 16, 2023, which will be a Wednesday.
Lynex is launching its DEX to fulfill two key objectives. These are:-
- Introducing advanced DEX capabilities
- Redefining liquidity provision & trading
Once launched, the DEX platform will enable users to swap while providing liquidity. Early providers will have access to a larger reward pool during the predefined time window.
The app will roll out pre-mining rewards for liquidity providers. However, only select pools are going live after its launch. These are:-
- WETH – USDT
- WETH – USDC
- WETH – WBTC
- BUSD – USDT
- BUSD – USDC
- USDT – USDC
- MATIC – WETH
Lynex has assured the community that launching DEX brings a new era of decentralized finance. It has even announced organizing two different campaigns to acknowledge the efforts of those who start participating in the early phase. The first one is the Pre-Mining Campaign. It begins on August 18, 2023, and is set to run for three weeks till September 08, 2023.
Early liquidity providers will be rewarded with 2% of the total supply. The goal of the campaign is to incentivize specific pools. Rewards will be distributed within 3-5 days after the conclusion of the Pre-Mining Campaign. All the tokens will be released together. Here is how Lynex will distribute the tokens:
50% of each – LYNX tokens and veLYNX. Except that veLYNX will come with a condition of a 2-year lock period.
Another campaign announced by Lynex is the Incentivized Testnet Campaign. The 2-week campaign begins on August 21, 2023, with the sole motive of validating the strength of its Ve (3,3) Model. It is being organized before the commencement of TGE, that is Token Generation Event. The Incentivized Testnet Campaign comes with a similar prize distribution as that of the Pre-Mining Campaign, except there is a pool worth $10,000 here at stake.
Rewards in the second campaign will be distributed once the TGE has concluded. The community can expect Lynex to make more details public about the testnet in the days to come. These will encompass tasks involved, mechanics, deployed, and guides to ensure seamless participation.
Token Generation Event has been scheduled for September 04, 2023. The event is crucial as it reminds the community that that is the date when Lynex was established. It simultaneously triggers the commencement of Epoch 1. Distribution of tokens during this time will happen in the form of community airdrop, protocol airdrop, and victors of marketing campaigns.
Moving forward, Lynex aims to introduce cross-chain swaps, on-chain limit-orders & TWAP, fiat on-ramp, CEX listing, enhanced governance, and curve of Linea.