Syscoin 20 Million NEVM Incentive Program
The NEVM Incentive Program is here to kick-start the adoption of Syscoin's NEVM smart contract layer! To help foster a robust ecosystem, Syscoin Foundation is announcing it has allocated 20,000,000 SYS towards projects that deploy on NEVM, in the form of TVL incentives.
The program is open to any qualifying DeFi and GameFi projects that will build on, or move to, Syscoin. Incentives are tiered and depend on Total Locked Value (TVL) or Userbase.
In an additional measure to ramp-up, the foundation is rewarding people who put Syscoin in contact with the right project leaders. Business development management (BDM) incentives include two levels: a flat fee for getting Syscoin in touch with the head of a project (BDM Contact), and a payment amounting to 5% of whatever TVL incentive the project receives if the BDM helps in closing the deal (BDM Close).
Protocols will be rewarded based on their time-weighted average TVL or Userbase.
There are four tiers for DeFi and GameFi as seen below:
How to Apply
- Fill out this form to provide information about your protocol, including a publicly verifiable (preferably multi-sig) team wallet address on Syscoin NEVM for rewards distribution.
- The Syscoin Foundation will then process your application. If you are successful, you will be contacted via email for an introductory call and to discuss your application.
- The Syscoin Foundation will then go over your application as well as discussions had. If approved for the Incentive program, you will be once again contacted to move to the reward distribution phase.
Once the Syscoin Foundation has approved an application, a two-month cliff begins.
- Awards are vested monthly over 12 months.
- If the protocol TVL falls below $5M during the vesting period, vesting is paused until minimum TVL is regained.
- If the TVL of a protocol that applied for a lower award rises above the required average TVL of a higher tier — for example, from (avg. TVL > $5,000,000) to (avg. TVL > $50,000,000) — that project will receive higher rewards over the remaining vesting period. For TVLs that dip from one tier to a lower tier, the inverse will apply.
- Each quarter the rewards will be reevaluated dependent on Syscoin Price. This will not affect existing users of our program.
Use of rewards
Whilst there are no restrictions on how the grant incentives are to be used, the Syscoin Foundation, after thorough screening of projects, believes the projects' teams will best know how to allocate their funds to help build more awareness of Syscoin and grow the ecosystem further.
Supporting long-term development
Syscoin has been around since 2014, and is always looking towards the future and the longevity of the platform. The foundation believes that by providing this support, the incentives will power-up the initial growth of the NEVM ecosystem. Users on DeFi platforms will naturally follow the money and gravitate to protocols offering incentives.
The rationale behind our incentive program is simple: we want projects to have resources to innovate, retain users, and build TVL. The more users that stay, the higher the TVL. The higher the TVL, the higher the rewards.
Questions? Please use our Contact Us form.
Syscoin.org | Twitter | Discord | Telegram | News | Github
Syscoin is a decentralized and open-source project founded in 2014 that recently introduced NEVM to mainnet, combining the best of Bitcoin and Ethereum into a single coordinated modular platform with a rollup-centric roadmap.
Syscoin uses the security and hash-rate of Bitcoin merged-mining and the finality of quorum-based chainlocks on every block to secure NEVM, Syscoin's EVM chain designed to elevate smart contracts to true L2 scalability via ZK-Rollups. Syscoin is the ideal coordinated blockchain platform for DeFi, GameFi, metaverse, smart cities, and a growing world population of people seeking to benefit from the best fintech advancements.
Learn more about Syscoin NEVM
Some resources for you.
"Syscoin NEVM Launched to Mainnet!"
About the recent deployment of NEVM, and some protocols deploying on it.
"Network-Enhanced Virtual Machine (NEVM) and Related Changes to the Syscoin platform
A boil-down of what NEVM is, and what it means for Syscoin and blockchain technology
"A Design for an Efficient Coordinated Financial Computing Platform"
An in-depth article providing a technical overview of the design and the philosophy behind Syscoin NEVM