Objective: Provide an overview of the requirements for new blockchains to be formally supported by RenVM.
Scope: Requirements, prerequisites, and guidelines for blockchains (Source or Destination) that are looking to be added to RenVM.
Outcome: Ensure all stakeholders have incentives aligned for a successful and sustained relationship, along with bootstrapping proper liquidity within the DeFi Ecosystem.
The chain must use a standard account model, or UTXO model.
The chain must support the secp256k1 ECDSA scheme (either explicitly, or through smart contracts).
Node infrastructure must be open-sourced, well-documented, and be stable when running in a Docker container.
A stable Testnet environment and a provision of testnet tokens for testing.
The blockchain project has been in existence for over one (1) year, and has been on Mainnet for at least two (2) to three (3) Months.
At time of application, the blockchain project must be in the top 200 of coinmarketcap.com.
The blockchain project has never been attacked (double spend, etc.) and is not at risk of such.
These are mandatory requirements and incumbent upon the applying project.
Complete the Multichain PR: https://github.com/renproject/multichain
Agree to a binding liquidy mining subsidy of 50K USD to ensure proper liquidity bootstrapping within DeFi. Applicable to source and destination chains. More information in the Liquidity Mining Requirements section.
Provide a node infrastructure grant to support blockchain up-time for two (2) years, while volume is bootstrapped. Exact grant amount to be dependent on node infrastructure requirements and costs.
Liquidity Mining Campaign
Choose an AMM of your choice (Uniswap, Sushiswap, Balancer, Linkswap, Bancor, 1Inch, etc.) if your asset is a Source Chain being bridged with Ethereum, creating a base pair of your wrapped assets ($renXXX) with $ETH. If your chain is a Destination Chain being bridged with other RenVM-supported chains, choose an AMM and create a base pair with $renBTC and the main liquid asset on your chain.
Incentivize AMM pool with a liquidity mining campaign (subsidy).
Specific USD subsidy is a minimum of 50K USD in the ren-wrapped token.
This is necessary to seed liquidity that is deep enough for gas-less transactions.
Further, the greater the subsidy, the greater the liquidity bootstrapping and attention the asset will receive. The Ren team will not match your subsidy, this is a mandatory requirement and is incumbent on the blockchain project.
LP Staking UI | Once an AMM and subsidy have been finalized, the Ren team will work with you as needed to help design a staking UI for the LP token. This ensures the public has an easy way to participate and capture rewards.
Commit to and design a co-marketing campaign to ensure proper dissemination.
Along with the Ren team, design and disseminate a robust co-marketing campaign to ensure all communities are properly informed of the opportunity at hand.
Each team must write a blog and disseminate via Social Media channels when the program is live.
Each team to pursue public relations and community efforts to ensure wider public dissemination.
This campaign will be released in unison with the asset being added to RenBridge (or similar) along with the liquidity mining campaign.
Node Infrastructure Remuneration | First two tears of support
Remuneration for blockchain node infrastructure as noted in General Requirements.
Annual RenVM Volume Reqs | After year two
Maintain 10 Million USD Total Volume Transacted on an annual basis. If the project fails to maintain relevant volume on an annual basis for two consecutive years, the community can vote to remove support via governance.
Critical Blockchain Updates & Forks | Multichain PR Modification
Assist the Ren team in updating relevant libraries to ensure uptime and uninterrupted support fo the asset or blockchain.
To initiate the consideration for RenVM addition, the first step is to:
1) Complete the Ren Multichain Github PR. 2) Once complete, contact the team and each party will come to an agreement on the above dynamics. 3) Once requirements 1 & 2 are complete, the blockchain will be added to the queue.