Building Bridges: How Token Wars is Pioneering Cross-Chain Community Growth
Communities operating in Silos.
In the vast expanse of the web3 universe, token communities often find themselves confined within the silos of their native landscapes. This isolation limits their growth potential, leaving many hesitant to venture beyond familiar territories.
At Messina, we challenge this status quo. We envision a web3 ecosystem where barriers are dismantled and communities are not just neighbours but collaborators in innovation. It’s time to expand horizons, forge alliances, and collectively push boundaries.
Token Wars emerges as a beacon for this transformative journey, offering a competitive yet collaborative campaign where communities can thrive across chains. This blog delves into how Token Wars is not just a contest, but a crucial tool in bridging isolated ecosystems, enhancing community engagement, and fostering a truly interconnected web3 environment.
“Web3 communities are buzzing with enthusiasm and passionate people, and with Token Wars we aim to bring these communities together to share stories, experiences, and ideas for more innovation, and create opportunity for everybody involved.”
— Kevin Vernooij (Communication & Partnership Manager, Messina.one)
Bridging Worlds, Winning Big.
With Token Wars, we aim to foster cross chain community growth and encourage projects to break out of the tribal mindset that so often restricts the potential of otherwise great communities. By introducing these communities to a new audience the goal is to build alliances that help rise the tide for all parties involved.
Thanks to the potential benefits on both sides of Token Wars it is encouraging participants to explore new ventures and open their eyes to opportunities they may otherwise have missed.
“Building a cross-chain DeFi community is crucial for Web3 success. Interoperability boosts liquidity, drives innovation, and enables seamless value transfer. By fostering collaboration, we unlock new opportunities, accelerate growth, and create a more resilient and inclusive digital economy.”
— Daniel Oon (Head of DeFi, Algorand Foundation)
Token Wars: Step-by-Step
The event is divided into 3 DeFi competitions that happen simultaneously on both Algorand and Avalanche for 4 consecutive weeks. Each competition follows the same principle of measuring DeFi activity for every participating token on a weekly basis, and allocating rewards proportionally to that activity relative to the other tokens.
Let’s outline each mechanic for you to understand!
DeFi Metrics and Leaderboards.
To determine the performance of each token, we track the following measures in USD on a weekly basis for a 4 week period.
- Bridge Volume on Messina.one
The bridge volume is critical for the success of a new token because liquidity needs to be moved to the new ecosystem to grow the footprint and community. - Liquidity (TVL) on the respective DEXs (PACT and Trader Joe)
Deep liquidity is important for stable trading of an asset and keeping volatility to a minimum. Strong liquidity on a new ecosystem also encourages arbitrage trading and yield opportunities between the ecosystems. - Trading Volume on the respective DEXs (PACT and Trader Joe)
Trading volume is a great indicator of the popularity of a token and its community and whether it’s able to generate enthusiasm and attract new traders and holders.
In all of the above measures, participating tokens earn points that form a weekly leaderboard based on which the rewards are distributed.
1st token, 3 points
2nd token, 2 points
3rd token, 1 point
Reward Distribution and Farms.
Rewards are distributed through LP token Farms set up on CompX, a smart DeFi app on Algorand, where users can stake their Liquidity Pool tokens and receive a yield proportional to their share in the farm.
The winner of the weekly leaderboard is allocated the most rewards, followed by the runner up, and then the number 3.
Upon creation of the initial trading pairs on PACT (Algorand) and Trader Joe (Avalanche), start-up rewards are added to farms evenly between all participating tokens to appeal to the first users.
Each of the 3 competitions happen in parallel and have a dedicated rewards pool allocated from the total prize pool of 320,000 ALGO made available by Messina, PACT, CompX, Meld Gold, and generated through the Algorand Foundation DeFi Rewards program.
The exact weekly rewards breakdown is yet to be calculated and communicated.
The 3 Competitions and Tokens.
Competition 1: AVAX/TOKEN*
4 tokens are introduced from Algorand to Avalanche with AVAX trading pairs created on Trader Joe.
$NIKO: Native token of the Rxelms ecosystem, a cross chain metaverse space.
$COOP: Community token, distributed decentralised across the community.
$ORA: TPS-to-earn feature based on John Woods 4Oranges meme.
$A200: Community token, created in the vision of ALGO reaching 200$ per coin.
The TOKEN*/AVAX Liquidity Pool Tokens of each of these tokens is bridged back to Algorand to create the farms on PACT through CompX to optimise the farming experience.
Competition 2: ALGO/TOKEN*
3 tokens are introduced from Avalanche to Algorand with ALGO trading pairs created on PACT.
$COQ: Deeply rooted in memetics and humour, a rooster inspired community coin.
$TD: Big Red’s mission is to empower crypto innovation and community engagement.
$KIMBO: A movement driven by a vibrant community known as the Kimbros.
The TOKEN*/ALGO Liquidity Pools Tokens can be staked in farms on PACT through CompX to optimise the farming experience.
Competition 3: GOLD/TOKEN*
The same 3 tokens from competition 2 (COQ, TD, KIMBO), get $GOLD trading pairs created on PACT, in collaboration with Meld Gold.
The GOLD/TOKEN* LP Tokens can be staked in farms through CompX to optimise the farming experience. Rewards for this competition 3 are unique with special Year of the Dragon inspired Gold & Silver Redeemable award coins.
*TOKEN refers to the respective participating tokens.
Friends and Partners of Token Wars
Token Wars is a collaborative effort between DeFi and Ecosystem stakeholders on Algorand with the aim to break barriers and cultivate cross chain enthusiasm for DeFi, community, and blockchain. Our thanks to all partners for their contribution and support in various domains!
Messina.One: Web3 reimagined, supported by the ultimate omnichain toolkit to enable mass adoption of digital assets across the web3 universe.
PACT: The decentralised Automated Market Maker with a difference.
Provide liquidity, earn rewards and swap assets with the most trusted AMM.
CompX: Our mission is to consistently innovate and create products that will help you achieve the best yields.
Meld Gold: Meld supports the entire gold supply chain, offering a safe, secure, and stable platform on which investors and industry partners can rely on.
PERA Wallet: Pera Wallet is the easiest and safest way to store, buy and swap on the Algorand blockchain.
Trader Joe: Trade a wide variety of tokens, earn rewards, and engage in secure, peer-to-peer transactions. Trader Joe makes DeFi easy and accessible.
Algorand Foundation: Fulfilling the global promise of blockchain technology by leveraging the Algorand protocol and open source software for an inclusive ecosystem.
“Creating cross chain collaboration helps users discover different technologies, opportunities and communities. Knowledge = power! A great example is users discovering how easy it is to hold and utilise an RWA such Gold opens up users to understanding of what is possible and inevitable.”
— Michael Cotton (Founder, Meld Gold)
Disclaimer
The rewards allocated to Token Wars are currently under governance vote (due 14 June) as part of the Algorand Foundation Governance Program and delivery of the program still depends on the outcome of this vote. You can track the progress of the vote on this link.
Post completion of the vote, distribution of the program funding is expected early July. After receiving the funding, a final timeline will be shared for Token Wars.
Messina reserves the right to make a decision or change in cases of doubts or queries.
About Messina
We dream of a future where information and value can be easily accessed anywhere. Messina uses the latest advancements in blockchain so Web3 users can get the best out of every ecosystem without compromise and navigate them seamlessly. Through a protocol that is simple and intuitive, we enable interoperability.
