BitVM-Based Bitlayer's $50M Developer Incentive Airdrop Program Brings in Over 800 Projects

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May 07, 2024, 01:53 ET

SINGAPORE, May 7, 2024 /PRNewswire/ -- Bitlayer, the first Bitcoin Layer 2 based on the BitVM paradigm, is currently working on building the largest Bitcoin Layer 2 ecosystem.

According to official data, the $50 million developer incentive airdrop program launched by Bitlayer has already attracted more than 800 projects to sign up. These projects encompass a variety of categories, including infrastructure, DeFi, NFTs, memes, SocialFi, cross-chain bridges, and wallets.

Additionally, Bitlayer has launched a popularity ranking list for projects during the preparatory phase in order to visualize the community activity of the project parties. Before voting ends on May 10th, users can actively participate in voting to earn Ready Player One Campaign Points. Concurrently, the project team can build up popularity points, which will contribute to an advantageous position in the official Bitlayer leaderboard rankings. As of now, the event has attracted over 5 million votes.

What is Ready Player One?

Ready Player One is an open incentive program designed to distribute token rewards valued at over $50M to protocols and teams that stand out for their deployment on the Bitlayer mainnet, helping them gain industry exposure, funding, and acceleration of community and business growth.

The Ready Player One developer incentive airdrop program is divided into four phases:

Registration Epoch: March 29th to May 10th.

Projects will complete their event registration and join the Bitlayer builder group.

Preparation Epoch: April 23rd to May 10th.

Community members can accumulate Ready Player One points and have a chance to gain a Bitlayer Lucky Helmet NFT. Project teams are encouraged to gather community resources through voting to increase their awareness and support.

Competition Epoch: Estimated Duration from May 11th to July 11th

Project teams will participate in leaderboard competitions as well as an accelerator program to compete for developer airdrop rewards and grants.

Reward Settlement and Issuance Epoch: Starting May 11th

Based on the competition's outcome, Bitlayer will tally points and distribute rewards following the end of the competition.

In addition to generous token rewards, Bitlayer commits to providing comprehensive ecosystem support for all projects, offering the following resources to builders:

Potential investment from the foundation and institutions
Initial liquidity support
Comprehensive product development resources
Mentorship and pitch opportunities from top-tier incubators
Support from the Bitcoin community and OGs
Ecosystem collaboration and co-creation

All teams participating in Ready Player One are eligible to apply for these resources. Bitlayer will regularly announce a list of projects receiving Bitlayer's support, ensuring that their innovations receive the growth and resources they deserve.

How are Airdrop Rewards Distributed?

Bitlayer developer airdrop rewards will be distributed through a combination of leaderboard competitions and an accelerator program.

Leaderboard competition

Based on the principles of fairness, openness, and transparency, Bitlayer will establish a leaderboard for all successfully registered projects. Bitlayer Dapp Points will be calculated and updated daily based on a variety of metrics, including Total Value Locked (TVL), trading volume, number of transactions, product strength, number of active users, retention rate, activity level, and popularity.

The more Bitlayer Dapp Points a project accumulates, the higher its ranking will be. Bitlayer will distribute the rewards uniformly at the end of the competition.

Accelerator program

To provide more targeted support for crypto entrepreneurs, we will launch the Bitlayer Accelerator Program concurrently with the start of the Bitlayer Ecosystem Leaderboard Competition. This program is open to all participants of the developer incentive airdrop program, and successful registration will automatically place you on the shortlist for the accelerator, eliminating the need for a separate application.

To ensure a higher level of transparency and fairness in the selection process, Bitlayer plans to establish a jury comprising organizations such as the Bitlayer Foundation team and many leading web3 VCs such as ABCDE Capital. The jury will professionally assess and vote based on various dimensions including project category, team background, and community engagement.

Bitlayer intends to hold monthly selections, with projects that secure the most votes receiving token airdrop rewards of up to $3 million. The distribution of all rewards will cease once they have been fully disbursed.

The Leaderboard Competition and Accelerator Program will not only bring outstanding teams to the forefront but also provide a differentiated incentive mechanism to help startups achieve a successful launch and secure growth within the Bitlayer ecosystem.

About Bitlayer

Bitlayer is the first Bitcoin Layer 2 solution based on the BitVM paradigm. Bitlayer's core objective is to address the trade-off between security (trustlessness) and Turing-completeness in BTC layer 2 through cryptographic innovations and blockchain protocol engineering.

Bitlayer is committed to becoming the computation layer for Bitcoin, aiming to introduce ultra-scalability to Bitcoin while inheriting its security, providing users with a high-throughput, low-cost transaction experience.

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SOURCE Bitlayer