Unveiling on zkSync, Genesis Orb Rankings and More!
Community Newsletter #29: March 2024
March was an exhilarating month for the Increment community, to say the least! The deployment of the Increment protocol on zkSync Era and the launch of the inaugural ETHUSD market marked significant milestones. Let’s delve into the key highlights:
ETHUSD market listing
Genesis Orb rankings
Other integrations (e.g. DeFiLama)
ETHUSD Market Listing
On March 18, 2024, the Increment protocol made its debut on zkSync Era, bringing forth the establishment of the first perpetual market, ETHUSD, through an on-chain governance proposal.
Users can engage with the protocol in various capacities:
- Traders can leverage long or short positions on listed perpetual markets.
- Liquidity providers have the opportunity to deposit funds into each market, becoming passive market makers in return for trading fees.
- Liquidators can operate liquidation bots to liquidate underwater positions, receiving a percentage of the position as compensation.
- Participants can actively contribute to governance decisions, shaping the future of the protocol.
All operations on Increment occur in a peer-to-peer manner through on-chain AMM smart contracts, eliminating the need for intermediaries. Thus far, Increment has witnessed 89 users interacting with the protocol, generating over $86,000 in trading volume and locking in $75,000 in TVL.
Genesis Orb Rankings
In celebration of the Increment protocol's launch on zkSync Era, the Genesis Orb event was initiated on March 18 and will continue until April 29, 2024. To qualify for the exclusive Genesis Orb, users must accumulate enough points to secure a position within the Top 500 point holders by the end of the event.
Points can be earned through various activities, such as trading volume, liquidity provision, liquidation bot operation, and participation in governance proposals. See the event description here: https://medium.com/increment-newsletter/increment-on-zksync-era-genesis-orb-39df77207a33
Following recent discussions in the proposal forum regarding Community Distribution Phase II, there is a proposition to allocate 80% of the forthcoming distribution to Genesis Orb NFT holders. See the proposal: https://discourse.increment.finance/t/iep-2-community-distribution-phase-ii/986
Other Integrations
Increment protocol integration is now live on DeFiLama, where it currently ranks among the Top 10 Derivatives platforms on zkSync Era based on TVL, see: https://defillama.com/protocol/increment-protocol. Future integrations with platforms like DeBank, DappRadar, and Dune Analytics are in progress.
Should you have any suggestions or feedback to enhance Increment further, don’t hesitate to share them on Discord!
Increment is a decentralized, algorithmic perpetual swaps protocol building on zkSync Era, featuring automatically concentrated liquidity, dynamic fees and parametrizable pools.
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