The call of war drums precedes the Linea expansion. As the pivotal moment in our kingdom’s history draws near, tension escalates. The growing curiosity has prompted us to compile a comprehensive overview of the forthcoming events.
The Spartans embark on an epic expansion into the Linea chain
In a daring venture, the Spartan community is about to embark on a revolutionary expansion strategy, paving the way for a new epoch in decentralized finance. Our migration from the Arbitrum to Linea will fortify our ecosystem and transform the methods of community engagement and rewards. Our ecosystem will henceforth be accessible on both Arbitrum and Linea, broadening our horizon.
Our decision to migrate to Linea stems from a blend of ambition and strategic planning, seeking to capitalize on Linea’s financial resources and technological sophistication. With a robust backing of $725 million, Linea presents a fertile terrain for Spartan’s growth. This strategic shift is aimed at enhancing liquidity, market presence, and access to Linea’s airdrop, positioning us as a leading protocol and a top DEX with a potential TVL of $4 million.
The Mechanics of Migration
This expansion is anchored by a meticulously planned liquidity migration from Arbitrum to Linea, scheduled to start at 6 pm UTC on March 27 and conclude on April 3 at 6 pm UTC. Participants who have locked their funds for 40 and 52 weeks, during Lockdrop Phase 1, can opt to migrate their assets to Linea without altering their lockup duration.
The calculation of rewards and LP values for the migration will be fixed in the protocol before the migration commences, disregarding any subsequent price fluctuations until the migration concludes.
Participants will be generously rewarded with points on the Leaderboard, which will be converted into prizes. The prize pool also includes half of the airdrop we qualify for. While other activities will also yield points, migration efforts will receive particularly substantial rewards. To maintain liquidity on Arbitrum, limits will be set, and migration will follow a FCFS basis.
Concurrently, there will be an opportunity to convert existing pairs to $SPARTA/$USDC, enhancing the benefits for participants. Those who engage in the conversion process will receive a staked $SPARTA reward of 15% for 40-week locks and 20% for 52-week locks, in addition to further points on the Leaderboard.
The conversion of your LP to $SPARTA/$USDC will be finalized within 24 hours following the migration. The conversion rates for LP and $SPARTA will be determined at the time of the swap post-migration.
An additional 5% bonus in staked $SPARTA will be granted to those who participate in the conversion within the first 24 hours, resulting in total rewards of 20% for 40-week locks and 25% for 52-week locks. Leaderboard points will be doubled as well. However, remember, this bonus is only available for the first 24 hours, and participation is limited by a predefined hardcap.
The following pairs have been designated for migration and conversion, subject to these hardcaps:
- GSWIFT: $500,000 (migration only)
- WETH/USDC: $900,000 (both migration and conversion)
- WETH/ARB: $1,200,000 (conversion only)
- WBTC/WETH: $900,000 (both migration and conversion)
- USDT/USDC: $700,000 (both migration and conversion)
This strategy is designed to bolster the strength of the $SPARTA token, enhancing the ecosystem’s stability and the token’s value proposition. The $SPARTA tokens will come from the Reward Pool, thus avoiding inflation.
The funds raised through the conversion will be allocated into three segments, with details on their use to be disclosed in due time. We can already share that a portion of these funds will be allocated for the buyback and burning of $SPARTA tokens.
Tutorial: Navigating the migration and conversion process
Upon the migration’s initiation, you will find an “Explore Linea” tab at https://app.spartadex.io/dex.
Upon accessing the tab, you’ll be presented with pairs eligible for migration and conversion. Adjacent to each pair, a progress bar indicates the completion of hardcap requirements. Migration commences once these are fully met.
- Navigate to the “Explore Linea” tab, where you’ll find pairs eligible for migration and conversion. A progress bar beside each pair shows how close they are to meeting the hardcap. If it’s not yet at 100%, you still have the opportunity to participate.
- Scroll to your specific pair. Below, panels corresponding to your lock period are available. Choose the appropriate panel for your situation.
3. Adjust the slider to specify the amount of LP tokens you wish to migrate, then click the “Migrate” button. A new window will open, allowing you to use the slider to determine the portion of the migrated amount you wish to convert. If you prefer not to convert during migration, leave the slider at 0%.
4. Once you’ve set the desired conversion ratio using the slider, click “Confirm conversion ratio” and proceed to confirm the transaction in your wallet.
Exceptions apply to two pairs:
- For GSWIFT/USDC.e, only migration is possible; conversion is not an option.
- For WETH/ARB, migrating will automatically convert your entire pair into a SPARTA/USDC pair. It’s crucial to confirm your understanding and agreement before proceeding with this process.
For illustration, let’s consider a scenario involving a WETH/USDC.e pair. If you decide to migrate half of its value and convert half of the migrated amount, your shares will be divided as follows:
- 50% WETH/USDC.e on Arbitrum.
- 25% WETH/USDC on Linea.
- 25% SPARTA/USDC on Linea.
A New Era of Engagement
The Spartan Tribe is revolutionizing how community engagement and reward mechanisms are structured. Through active participation in the migration and conversion processes, members can enhance the vibrancy of our ecosystem and secure substantial rewards. These incentives range from airdrop to bonus $SPARTA tokens, all designed to optimize participant returns while preserving the token’s integrity and value.
Furthermore, the introduction of a competitive Leaderboard injects an additional element of excitement and competition, rewarding actions that contribute positively to the ecosystem. This strategy not only promotes active participation but also cultivates a sense of unity and shared objectives among community members.
We are also instituting a new tradition that aims to strengthen our collective bond, address your inquiries, and shape a unified vision for our realm. Every Tuesday at 5:00 pm UTC, our leader Leonidas will engage with you, addressing questions, gathering suggestions, and disclosing plans for the expansion of our kingdom.
As the Spartan Tribe gears up for this monumental expansion, the enthusiasm within the community is tangible. With well-laid plans and strategies ready, we stand on the brink of a new chapter that promises not only immediate glory for today’s warriors but enduring legacy for future generations.
