Dear CELO holders,
We are thrilled to present you a new opportunity to deploy your unused CELO to earn yields and get rewards via Double. The yield comes from AMM trading fee - 1 of the 2 long-term sustainable yields in crypto. The reward is from Double’s incentive program, distributed using Liquidity Mining 2.0 (LM2) - 1 of 7 innovations Double introduces to crypto.
More importantly, your actions to deploy your unused CELO via Double will solve the liquidity challenges faced by all Celo projects that have, or plan to issue tokens; including impactMarket, EthicHub, GoodDollar, Plastiks, Toucan, CarbonPath, Flowcarbon, etc.
Introduction to Double
Double is an AMM LP-side only innovation that adapts the widely used market making model in CEX to AMM, and as a result, it doubles ROI and significantly reduces impermanent loss for capital providers, while at the same time solving the liquidity challenge for token projects. Here is the brief introduction of Double.
From a technical implementation point of view, Double is a smart contract based permissionless, trustless DeFi primitive. CELO holders will have custody of their tokens and are in the driver seat in any decision related to deploying CELO into Double smart contracts, including which AMM, which project to supply liquidity to, when to open a position, when to close a position, and how much CELO to deploy. Double smart contracts have been audited by top auditor 0xMacro.
Virtuous circle (win-win-win) in the whole Celo ecosystem
Double can solve a big pain point of Celo - the liquidity challenge faced by all token projects. Double’s solution will create a win-win-win virtuous circle in the whole Celo ecosystem as shown in the chart below:
Value propositions to CELO holders
As holders of CELO tokens, you can deploy unused CELO into Double from the capital provider side, same as Celo Treasury in the above chart. By doing so, you can earn yield from AMM trading fees, a long-term sustainable yield in crypto, for your unused asset. In addition to earning AMM trading fees, you will double-dip to earn Double’s incentives - Double Dip Joy (DDJ), an ERC20 token that has no premine but strong protocol native demands!
Liquidity challenge is faced by projects in the Celo ecosystem that have already launched or plan to launch a token including impactMarket, EthicHub, GoodDollar, Plastiks, Toucan, CarbonPath, Flowcarbon, etc. A few projects have already expressed sincere interests in bridging their tokens onto Celo if their tokens can get liquidity support from CELO holders. By deploying your unused CELO, you will also drive the growth of the Celo ecosystem, which in turn will drive up the value of CELO!
Double Down to Genesis on Celo
As an appreciation to the entire Celo community, Double is launching the Double Down to Genesis on Celo program to give back to Celo community members. Any member can deposit any token, especially those unused tokens, into Double. Up to 100,000 top wallets will receive 100 DDJ per wallet and top 100 wallets will receive 1 Double Down Club (DDC) per wallet.
Double Down Club (DDC) is an utility NFT inside Double. To deploy capital into Double, capital providers must hold DDC or have delegation from other DDC holders. DDC has no cap but 20,000 initial allocation. 100 out of 10,000 community allocation will be distributed via the above program. This is an opportunity for you to get 1 of 100 DDC for FREE! Right now, if you deposit assets worth about $1000 in value, you should be on track to win. To deposit, go here: https://app.double2win.xyz/; to check your ranking, go here: http://genesis.double2win.xyz. The program ends on August 31, 2023!
Conclusion and next steps
To all CELO holders, Double offers you a new opportunity to deploy unused CELO to earn yields & get rewards, and to drive the growth of the whole Celo ecosystem. We encourage you to deposit any asset to win 1 of 100 DDC, and to reach out & encourage any community member to participate in the Double Down to Genesis on Celo program. After the program, we encourage you to deploy your unused CELO token into Double as capital, and actively recruit other projects to launch or bridge tokens onto Celo.
Please feel free to reach out to us in the forum, on twitter, in discord, or DM via telegram @hhe17.
Best Regards,
Henry and the Double team