Core Foundation has just updated the Core Ignition Incentive Program by introducing Sparks, a new metric designed to fuel engagement and participation within the Core Chain ecosystem. Sparks represent a dynamic way to measure users’ contributions to the growth and vitality of the Core community while earning rewards for their active involvement.
What are Sparks?
Sparks serve as a measure of user activity and engagement within the Core Chain ecosystem. They are awarded based on the interactions and contributions made by users and their team, reflecting their level of involvement and commitment to the Core community. In this phase, Sparks will be awarded daily (updated at 00:00 UTC) based on the amount of assets on Core Chain being held in a wallet.
How Sparks Work
- Activity-Based Rewards: Sparks are awarded to users based on their activity within the Core ecosystem. This includes actions such as holding eligible tokens, contributing to eligible liquidity pools (LPs), and a share of the team's balance. In the near future, interactions with eligible Core Ecosystem dApps will also be awarded with Sparks - and some might have multipliers!
- Daily Allocation: Users receive a daily allocation of Sparks, determined by their level of engagement and participation in the Core ecosystem. The more active and involved a user is, the greater their daily allocation of Sparks will be.
- Token/Asset Multiplier: This first rollout of Sparks uses a token/asset multiplier system to adjust the conversion rate based on the type of eligible tokens held by the user. This ensures that different tokens contribute to Sparks accumulation at varying rates, providing flexibility and adaptability.
E.g.: If you hold an asset with a 1.5x multiplier and earn 100 base Sparks a day, you'll receive an additional 50 Sparks through the asset multiplier, totalling 150 Sparks for the day.
Early Adopter One-Time Multiplier
Users with Core Ignition Balance receive a proportional allocation of Sparks, ensuring that their contributions to the Core ecosystem so far are recognized and rewarded accordingly.
On the first day of this new phase, all users with Core Ignition Balance will have the Early Adopter One-Time Multiplier awarded - a 10x multiplier that boosts your Sparks. This multiplier is already awarded the moment users login into the Core Ignition Dashboard.
E.g.: If you earn 100 base Sparks for that day based on your Core Ignition Balance, you'll have an additional 900 Sparks through the asset multiplier, totalling 1,000 Sparks.
Spark Multipliers
Depending on the assets that a user is holding in a wallet / interacting with in DeFi protocols on Core Chain, a Spark multiplier can be given for a period of time.
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As you can see in the image above, holding $aBTC has a 5x multiplier while coreBTC has a 1.5x multiplier and USDT or USDC a 1.2x multiplier.
This means that if you hold aBTC and earn 100 base Sparks a day, you'll receive an additional 400 Sparks through the asset multiplier, totalling 500 Sparks for the day. On the other hand, if you hold coreBTC and earn 100 base Sparks a day, you'll receive an additional 50 Sparks through the asset multiplier, totalling 150 Sparks for the day. Lastly, if you hold USDT or USDC and earn 100 base Sparks a day, you'll receive an additional 20 Sparks through the asset multiplier, totalling 120 Sparks for the day.
Getting Started with Sparks
Here's how you can start earning Sparks and contributing to the Core Chain ecosystem:
- Connect: Go to ignition.coredao.org and start getting ignited. Engage with the Core Chain ecosystem by participating in multiple activities and interacting with it.
- Monitor Your Sparks: Keep track of your Sparks allocation through your Core Ignition Dashboard, where you can monitor your progress and track your contributions. Pay attention to asset multipliers that boost your Sparks!
- Increase Your Engagement: Assets in the DeFi protocols on Core Chain shown on your Core Ignition Dashboard also count for your daily Sparks allocation. Explore the different assets, the dApps, tools, and protocols within the Core Ignition Dashboard and increase your Sparks allocation. From providing liquidity in DeFi protocols to liquid stake, every on-chain interaction can count.
Note: Staked CORE does not count to earn Sparks. Liquid staking (stCORE) counts!
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Ignite Your Journey with Sparks
A new era of engagement and participation within the Core Chain ecosystem has just started, and that's Sparks. Whether you're already a Core Ignition Drop participant or completely new to the incentive program, Sparks provide an equal opportunity for all to contribute, earn rewards, and be an integral part of the Core community.
Join and ignite the Core Chain ecosystem - now with Sparks. Together, let's fuel the growth of the Core community and embark on an exciting journey of innovation and collaboration.
Ready, set, Core Ignition!
About Core Chain
Core is a Bitcoin-powered blockchain unlocking EMV-Compatible BTCfi beginning with the first ever implementation of Non-Custodial BTC Staking and the world’s first yield bearing BTC ETP. Core is the most Bitcoin-aligned EVM blockchain with ~55% of Bitcoin mining hash power contributing to the network’s security and over 4,800 BTC natively staked in exchange for unlocking Bitcoin utility and rewards. This breakthrough has amassed millions of Core adopters - over 19M unique addresses and 260M transactions since its mainnet launch in January 2023.
Disclaimer
The terms and details contained herein are subject to change at any time, with or without notice. There can be no assurance that any of the items related to the Core network will occur as described or will occur at all. Similarly, there can be no assurance that the network or any of the items related to the Core network will operate as described, operate without significant downtimes or without adverse consequences, or operate at all. Core and all related parties and affiliates disclaim any and all potential liability from any such failures, adverse events or any other related events.
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