SpartaDEX Launches Gamified DEX with Lockdrop to Boost User Engagement

• SpartaDEX is one of the early platforms to experiment with gamified DEX for increased user engagement.
• The platform has its lockdrop scheduled from July 24th to August 3rd. 

The crypto space is booming with innovations and development, with new platforms continuously launching with the promise to provide a better user experience and features. Thus, several platforms need more user engagement, especially decentralized exchanges (DEXs), where loyal users are needed to maintain enough liquidity. 

To overcome this challenge, platforms are creating creative solutions to engage users for a long period of time. One such strategy is GamifiedDex and SpartaDEX is already unleashing its potential. The DEX is set in the times of Ancient Greece, with Spartans in the world. The users need to play the strategic game along with using the DEX. This has given users a new form of interacting with the platform, which has turned, what earlier was thought to be boring and for the tech-savvy, into fun. 

The SpartaDEX platform recently announced the launch of its lockdrop, which is scheduled from July 24th to August 3rd. The initiative was taken to build early loyal users for the platform and reward them for believing in the project by locking their tokens. The strategy will, in turn, help the platform to have deep liquidity from the beginning and perform well. 

Lockdrop, a popular strategy used by DEX, was first used in 2018 by Edgeware and is also popular with projects like Astroport. The model helps DEXs to build early liquidity and have an efficient token distribution model. The use of lockdrop by SpartaDEX will help the platform to onboard key Arbitrum partners, access stable liquidity from the beginning, build a strong community, and distribute the platform tokens in a decentralised manner. 

The Phases of Lockdrop

The lockdrop process is scheduled in two phases and stretched over 11 days. Phase I runs from July 24 to July 30 and Phase II runs from July 30 to August 3. SPARTA, the native token of the platform, will have its token generation event (TGE) scheduled for August 3. 

Phase I

This phase required users to migrate some selected pairs of tokens from the DEXs and lock them in SpartaDex. The accepted pairs at present are WBTC/WETH, GSWIFT/USDC.e, WETH/ARB, WETH/USDC.e, and USDC.e/USDT, and the supported DEXs are Sushiswap and Camelot. 

The users have a choice of participating in the lockdrop and if affirmative, then the size of the lock and duration of the locking period (from 2 weeks to 52 weeks). Phase 1 has two periods of 1-5 days and 6-7 days. Although providing and withdrawing liquidity are possible in the first period, the latter allows providing but restricts the withdrawal of liquidity. 

Phase II

In this phase, users are required to lock their SPARTA tokens (from Phase 1 or airdrop) and/or USDC tokens into liquidity pools. The lock duration is set for 26 weeks. Users can lock only SPARTA tokens without locking USDC tokens and vice-versa. Although the locked USDC can be withdrawn until the last two days, SPARTA, once locked, can’t be withdrawn. 

The ratio of SPARTA and USDC, after the phase ends, will determine the initial price of the token. 

Conclusion

The rewards in the two phases are 6% and 1% of the SPARTA supply, which amounts to 57% and 19% of the initial circulating supply, respectively. SpartaDEX has become one of the early adopters of the lock drop strategy, which has proven to be a win-win for both the platform and the users. The users benefit from the lucrative rewards and shaping the platform as they wish in the early stages and the platform benefits from a loyal community and deep liquidity.