To celebrate the launch of the easy-to-use autocompounding dashboard from Yieldbay, our team at OAK Network has airdropped over 330,000 $TUR tokens across wallets that are currently holding liquidity pool tokens on the MangataX exchange — this way anyone holding LP tokens for any pair can easily setup autocompounding to maximize their rewards.
The TUR Airdrop
If you have been holding liquidity pool tokens on MangataX at the time of the snap-shot time-stamp(10th of May 8am UTC) you will have automatically received 500 $TUR tokens to your MangataX wallet which will cover approximately two years worth of autocompounding fees! Users that are holding more than one LP token will receive twice the amount of $TUR tokens to their wallet. The current LP tokens that are supported are listed below.
- TUR:MGX
- KSM:MGX
- BNC:MGX
- IMBU:MGX
- RMRK:MGX
- ZLK:MGX
To confirm and check to see if you have received your $TUR airdrop rewards we recommend heading to Subscan and searching for your wallet on the MGX chain. A link can be found below.
https://mangatax.subscan.io/
Our team at OAK Network is excited to be enabling cross-chain autocompounding rewards for our parachain and Dotsama ecosystem partners Bifrost, Imbue, RMRK and any other projects that list tokens on MangataX in the future.
How does LP Rewards Autocompounding Work?
The autocompounding functionality utilizes OAK Network’s innovative remote execution mechanism to schedule future transactions across multiple parachains. This allows liquidity pool token holders to use XCM and cross-chain functionality to provide liquidity through one chain, and schedule future transactions to claim rewards and re add them to the liquidity pool on another chain.
This offers much greater flexibility for managing LP rewards across a variety of tokens and benefits from Polkadot and Kusama’s shared security and is completey non-custodial.
Setting Up Autocompounding
To visit the Yieldbay dashboard head to the link below.
https://mangata.yieldbay.io/
To use your $TUR to setup liquidity pool autocompounding we have a variety of resources available to help out. You can check out our Medium article in the link below for a comprehensive breakdown.
Or you can head to our Youtube to watch our video demonstration guide which walks you through the adding/removing of liquidity to a pool and the setup of the rewards autocompounding.
To learn more about OAK Network and our automation functionality you can check out our Website or follow us on Twitter and be sure to join our community Discord.
About Ava Protocol
Ava Protocol is an intent-based Eigenlayer AVS that seamlessly enables private autonomous transactions for numerous use cases, such as DeFi, NFTs, and games. We're enhancing decentralized applications with scheduled and recurring payments, stop-loss orders, streaming rewards, and more. Ava Protocol’s event-driven execution model triggers cross-chain transactions based on signals such as time, price changes, and smart contract updates. Developers can easily schedule and automate functions across different blockchains, including Ethereum, ensuring efficient and reliable execution without compromising privacy.
