KEY TAKEAWAYS
- The Omni Foundation launches a $10 million rewards program to boost the adoption of the Symbiotic restaking protocol.
- SolverNet aims to simplify cryptocurrency use by removing bridging and reducing transaction delays.
- Users can earn rewards by participating in Symbiotic’s SolverNet-powered wstETH vault on the testnet.
- The initiative highlights the importance of enhancing the crypto user experience through simplified processes.
The Omni Foundation has announced a $10 million rewards program aimed at accelerating the adoption of Symbiotic, a rapidly growing restaking protocol with over $1 billion in total value locked (TVL). This initiative is part of the “Hello, New World” campaign, celebrating the first integration of SolverNet with Symbiotic.
SolverNet is designed to simplify the use of cryptocurrency applications by eliminating the need for bridging, reducing delays, and minimizing friction. The rewards program is intended to demonstrate how intuitive the on-chain experience can be when complexity is removed. Users who transact through SolverNet-enabled applications, starting with Symbiotic, will be eligible to earn a share of the $10 million in rewards.
Participants can begin earning rewards by using Symbiotic’s SolverNet-powered wstETH vault on the testnet. To get started, users need to add Base Sepolia as a custom network in their wallets. All users are eligible for rewards, whether they deposit on Symbiotic’s testnet or after SolverNet’s upcoming launch on the Symbiotic mainnet. Those who have already deposited from Base with SolverNet since its launch on April 15 automatically qualify for these rewards, with past transactions considered in the incentive program.
When Symbiotic and other SolverNet-integrated applications launch on the mainnet, detailed instructions will be provided to help users earn additional rewards. The Omni Foundation emphasizes the importance of simplifying the crypto user experience, stating that the $10 million investment is a small price to pay for encouraging users to experience this new paradigm shift.
For more information, the full announcement can be found here.
Why This Matters: Impact, Industry Trends & Expert Insights
The Omni Foundation’s launch of a $10 million rewards program for SolverNet users aims to accelerate the adoption of the Symbiotic restaking protocol by simplifying the user experience and reducing transaction friction.
A recent industry report highlights the growing focus on crypto presales and staking opportunities, reflecting a broader trend in the market. This aligns with the Omni Foundation’s initiative to enhance user engagement through its rewards program.
As per insights from a recent analysis, simplifying the crypto user experience is crucial for industry growth. This supports the significance of Omni Foundation’s efforts to make cryptocurrency applications more accessible, which could enhance user retention and accelerate adoption.
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