About Reya Network
Reya Network aims to solve real problems in DeFi scaling.
The most serious limitation of DeFi scaling is the mass liquidity fragmentation that has appeared with new exchanges built on a generalizable rollup competing for a limited liquidity supply.
This results in shallower markets across all exchanges, affecting traders and market participants. Generalizable designs also inherit issues such as front-running, and harmful MEV and have performance limitations due to the inability to parallelize execution.
Reya Network believes networks need to be optimized for a single use case. By focusing on a single use case, the network moves beyond technical improvements and also focuses on financial logic and liquidity. Hence Reya Network focuses on DeFi trading by optimising for the three pillars of Liquidity, Capital Efficiency, and Performance.
Reya Network liberates the application layer of DeFi by creating an autonomous, specialized, and optimized infrastructure that solves the following 3 core pillars:
Key Features
So, what makes Reya Network interesting? Here are some of its unique features:
- Strategic Distribution: Reya Network has a well-planned strategy for token distribution, ensuring fair access for all participants. This tiered approach helps in maintaining balance and equity within the network.
- Seasonal Events: With each season, Reya Network introduces new opportunities for users to engage with the platform, including exclusive events and promotions.
- Farming Option: The network supports various farming strategies, enabling users to maximize their returns.
- Comprehensive Data: Reya Network provides clear and transparent information about all aspects of its operations, including conditions and requirements for participation.
How to Get Rewards?
The incentive program rewards those who contribute to the Reya Network and supports it. To become eligible for this, there are three main concepts to pay attention to — Seasons, Ranks, and XP.
Seasons last several weeks:
- The first Season, Season OG, Delos — started at the LGE and will conclude at the end of June 2024. The next Season starts on 1st July 2024.
- Rewards are determined at the end of the season based on a user’s finishing Rank and XP. Within a Season there might be additional perks per Rank.
Ranks are adjusted based on earned XP compared to other users. There are two main ranking events to be aware of:
- Rank Reveal Event (RRE): This is simply used to determine your starting rank within a Season. The date of the RRE will typically occur after a few weeks of XP accumulation. Whilst this event determines your starting rank, your rank can then go up or down week-on-week until the end of the season. For Season OG, the RRE will take place on the 27th of May.
- Weekly Ranking Event: Following the RRE, this event takes place weekly where users can be leveled up, leveled down, or maintain their Rank based on weekly XP accumulation relative to others in their Rank. For example, if you were in Rank 3 and ended the week in the top 10% of Rank 3, you’d be promoted to Rank 2.
Conversely, if you were in Rank 3 and ended the week in the bottom 10% of Rank 3, you’d be demoted to Rank 4. What’s nice about this mechanism is week-on-week you don’t compete against whales to come top, but instead compete against people of similar Rank.
Earn XP through the following activities:
- Trading — create a position on any DEX deployed on Reya Network to earn XP proportional to your Open Interest per minute. Traders earn 1 XP for every $10,000 of Open Interest per minute (assuming 1x Boost).
- Network Staking — stake capital into Reya Network, which is passed into the passive LP pool to earn XP proportional to your staked capital per minute. Stakers earn 1 XP for every $1,000 staked per minute (assuming 1x Boost).
- Referrals — get 10% of the XP by those you refer will be added to your XP value. If 3 wallets use your referral link and each gain 100 XP, you will be credited an additional 3x100x10% = 30 XP.
Boosts are earned through different activities emerging for a particular time and expiring. The boost for liquidity providers will be given randomly once per 48 hours. To renew your boost you need to go to the website and do several steps.
Reya Airdrop Guide
Notum implemented Reya’s tab to track all your points and learn more about possible earning strategies.
Source: Notum App
How to Get the Airdrop?
The team has not announced any details about the airdrop, only the point campaign is active now. Reya has a Ranking system: each user gets a Rank depending on their weekly XP amount. After a week finishes, users can claim their rank. The whole list of ranks can be found here.
USDC Supply
Reya Network supports only deposits in USDC to provide liquidity for traders. Deposits can be made on Ethereum, Optimism, Polygon, Arbitrum, and Base. If you don’t own USDC, swap your assets here with 1-click.
Visit the Reya Network webpage;
Select any statue, and the platform will randomly grant you an additional XP boost ranging from 1x to 10x;
Stay on the “Deposit” section and select the network to bridge USDC from;
Select the amount and click “Deposit.”
Earn 1 XP for every $1,000 staked per minute (plus the boost);
Visit Reya LP Pool every 2 days to update your boost.
- Difficulty: Easy
- URL link: https://reya.network/lp-pool
ETH Hedging
Users, who lock their ETH (LST, LRT) in other protocols and do not want to take price risk, can hedge their tokens using Reya ETH/rUSD contract.
Visit Reya DEX and click the “Deposit” in the right corner near the "Balance.”;
Select the network to bridge USDC. The money bridged as liquidity to the Reya Network cannot be used here;
Choose the amount of USDC to bridge using the formula: dollar value of your ETH position/leverage size (e.g., $3800 / 5x = $760 if you invested 1 ETH);
Approve and click “Deposit”;
Choose the “SELL” option and pick the chosen leverage size (e.g., 5x);
Enter the chosen amount of rUSD and click “Deposit”;
- Get 1 XP for every $1,000 of Open Interest (OI) per minute. You are not required to do additional actions; points will be accrued automatically. In this case, IO = your position size.
- Difficulty: Medium
- URL link: https://app.reya.xyz/
Reya & KiloEx ETH Hedging
- To harvest Reya points and try luck in KiloEx airdrop at the same time. Users can run a delta-neutral ETH strategy using perpetual contracts from both exchanges.
- Open a BUY (Long) position on KiloEx using our guide considering leverage size;
- Depending on the chosen amount, open a SELL (Short) position on Reya DEX.
- Ensure that you have the same amount on both exchanges and positions are opened simultaneously;
- Get 1 XP for every $1,000 of Open Interest (OI) per minute on Reya. Get 1 Point for every $29 traded on KiloEX.
- Difficulty: Hard
- URL link: https://app.reya.xyz/
Pros & Cons
- Very low bridging fees (<$0.01);
- Free transactions;
- Successful audits by ABDK;
- Major investors such as Coinbase Ventures and Framework;
- Advantages of being an early participant;
- Investments from $10;
- Early stages of the airdrop program.
Cons:
- High trading threshold (~$100);
- No specific airdrop information;
- No extra rewards except airdrop.
Final Thoughts
Reya Network is particularly interesting thanks to its rather unique features such as a shared liquidity pool providing deeper liquidity compared to separate pools in traditional L2s. Another point is fast transactions and high transaction throughput, making it one of the fastest EVM rollups currently available.
Reya Network enhances liquidity, capital efficiency, and performance in DeFi.
Although the Reya Protocol is fairly new on the market, it has its bullish markers such as being the first Layer 2 optimized for trading and unlocking performance similar to CEX, providing gas-free experience, and being lightning fast with 100ms block times with throughput up to 30,000 TPS for near-instant settlement.
Follow Reya Network on Socials
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Disclaimer: Notum does not provide any investment, tax, legal, or accounting advice. This article is written for informational purposes only. Cryptocurrency is subject to market risk. Please do your own research and trade with caution.