New Project Live On Our Launchpad! Welcome The Bitlayer Mining Gala

People of Web3,

It's now time for another fantastic opportunity on The People's Launchpad. This time, in collaboration with Bitlayer, we bring you not one, but FOUR projects at once, each one rewarding you with 1% of their Total Supply!

This launchpad event is an opportunity to participate in the launch and distribution of four these projects’ tokens, all in the Bitlayer ecosystem, as a part of the Bitlayer Mining Gala event. The projects are:

• Lorenzo ($LRZ), the world’s first-ever Bitcoin liquid staking protocol.
• bitCow ($BCOW), an Automated Market Maker (AMM) DEX built by bitSmiley Labs.
• Avalon Finance ($AVAF), a BTC lending protocol.
• Pell ($PELL), a BTC staking and restaking protocol.

Starting from now, and until June 10th, The People’s Launchpad will enable you to earn rewards by performing various tasks across these dApps. Here’s everything you should know to take part in this event, as well as our participation guide. 

First of all, what is Bitlayer?

Bitlayer is the first Layer-2 solution offering Bitcoin-equivalent security and Turing completeness. It’s also the first Layer-2 built on BitVM, aiming to be Bitcoin's high-throughput computation layer. Bitlayer's primary goal is to find a balance between security (without intermediaries) and Turing completeness in Bitcoin's Layer-2 solutions through the use of innovative blockchain protocol design and cryptography innovations.

Why should you participate in the Mining Gala Event?

Bitlayer’s ecosystem growth has been accelerating since its Mainnet launch on April 15th. Last week, Bitlayer kicked off the first phase of their Ready Player One ecosystem development program. This is the network's first dApp leaderboard competition, in which they will distribute $20M+ in token airdrops to leading protocols deployed on their Mainnet.

The Bitlayer Mining Gala Event—launched in partnership between Bitlayer, several DeFi protocols from its ecosystem, and The People’s Alliance—complements this drive for ecosystem growth by rewarding the Bitlayer community. Total rewards amounting to $23.24M will be distributed to active community members who participate and interact with these protocols by performing various tasks, of which 1% of the total supply of tokens for the four projects above will be distributed exclusively to The People’s Launchpad users.

All four projects featured on the People’s Launchpad in this event are innovative DeFi protocols filling important gaps within the Bitcoin DeFi ecosystem. As Bitlayer continues to build out its infrastructure and attract new projects, its unique approach to Layer-2 solutions on Bitcoin cements it as a key player in the evolving landscape of Bitcoin DeFi.

Having covered all the basics, let’s go right into our participation guide. Since there are four simultaneous projects, we’ll start by explaining how to set yourself up for participating within the Launchpad, and then go into the specific information for each project.

Using The People’s Launchpad

1/ Go to https://launchpad.ally.build and connect a wallet. You can connect a Bitcoin wallet (Unisat, BitGet, OKX, Xverse), MetaMask/Wallet Connect or other EVM wallets, or create a Particle Wallet using a Web 2.0 login. After completing this step, you’ll be redirected to the Launchpad’s homepage.

2/ Next, click on the banner for the Bitlayer Mining Gala. This will take you to the joint interface for the event, where you will be able to navigate to each of the four simultaneous rewards programs.

3/ Enter an invite code or use an invite link. If you haven't received an invite code yet, try searching X (look for $ALLY or #PeoplesLaunchpad) or our Discord. If you got your code from someone you don't know, we recommend entering it directly into the Launchpad instead of clicking on any links.

4/ You now have access to the Launchpad page for your selected program. This page details your Power ranking (which determines your token allocation) and tasks to increase your Power. You'll also find important information such as your expected token allocation per project given your Power, rules on unclaimed purchases, and when to make your purchase to secure your current allocation.

For some activities, you'll need to connect additional wallets to perform some tasks. You can do this by clicking the  "LINK ADDITIONAL WALLETS" button. After clicking the button, you will receive the option to connect different types of wallets, associating them to your account in the Launchpad. The displayed options will vary depending on how you connected to the Launchpad (e.g. someone who used a BTC wallet will only need to link one additional wallet).

All your linked wallets will be taken into account to add up your Power and calculate your token allocations.

5/ Create a Universal Account on Particle’s Testnet. Use the shortcut in the interface to go straight to Particle Pioneer, Particle’s Testnet program, where you will click “JOIN NOW” and sign in using the exact same method you used to connect to the People’s Launchpad to create a Universal Account. This will also allow you to obtain additional benefits down the road, which we’ll cover shortly.

Let’s now explore a few tasks that enabling you to accrue Power across all four rewards programs:

Acquiring gas and bridging tokens to the Bitlayer ecosystem

Most of the tasks in this event are focused on interacting with the Bitlayer ecosystem, either by holding tokens or using dApps on it.

There are several ways of bridging assets to BitLayer:

1. Using the official bridge. This one allows you to bridge Bitcoin from a native Bitcoin wallet (UniSat) into BitLayer. BitLayer has a comprehensive tutorial on how to use its bridge here.
2. If you already have stablecoins on BitLayer, you can also trade them for BTC using the chain’s native converter. This only works for small amounts of stablecoins (USDC/USDT, up to 0.005 BTC at a time).
3. You may also use third-party bridges such as Orbiter Finance, Meson, and Owlto. These offer a wider variety of options in terms of origin chains and assets to deposit.

Staking $ALLY

The People’s Alliance’s badge of honor, $ALLY, is a Linea Inscription. As such, staking it will entitle you to benefits. To do this, you will need to hold some amount of $ALLY in either your Particle or another connected Web3 wallet to do this. In case you don’t have it, you can purchase $ALLY at The People’s Marketplace using $ETH on the Linea Mainnet.

For more information on using the marketplace, go to this blog post.

Once you start the $ALLY staking process, you’ll be shown your total balance. To stake, select the desired amount and confirm. You’ll be asked to allow the transaction and pay gas fees (in Linea $ETH). You’ll be able to earn up to 200,000 Power from this activity.

8. Inviting friends. Bringing your friends to the People’s Alliance is a sure way to reap rewards in the People’s Launchpad. You’ll receive 200 extra Power for every user you refer through your unique invite code provided in the dashboard. The system is designed to give you a higher reward if your invitees earn at least 200 Power by staking $ALLY.

Special bonuses

You can also easily multiply your Power by simultaneously participating in the Particle Pioneer program. 

Particle Pioneer was envisioned to reward users testing Particle Network's modular L1. Within this platform, you can accumulate additional bonuses on your Power accrual and minting special bonuses for holding community assets like $ALLY and CAPYBARA NFTs. You can access these rewards through Pioneer’s BOOSTER page, in addition to the mentioned rewards for using wallets from select providers and checking in daily on the opBNB chain.

There is also an option to multiply your points by checking in daily, so make sure to always keep a tab open! 

9/ Once the time is up, claim your allocations. At the bottom of your dashboard, you’ll see a button displaying a countdown.

Once the counter runs out, you will be able to lock your allocation and guarantee your eventual redemption by clicking the button located where the counter was showing “Lock your allocation”. This will take you to a simple transaction confirmation page, where you will pay for the tokens you earned at the agreed 99% discount. We’ll announce the specific dates for you to receive the tokens, but by paying for them you’ll be guaranteed to receive them.

Now, let’s dive into the specifics of each of the four available reward programs:

Reward programs

Lorenzo

Lorenzo is leading the way in creating the first protocol for liquid restaking on the Bitcoin network. Their aim is to become the top platform for issuing, trading, and settling yield-bearing tokens through Babylon.

Liquid Principal Tokens (LPTs) represent a claim to the Bitcoin principal after staking has concluded. Lorenzo issues $stBTC—a BTC-pegged token—for low-risk staking projects to avoid liquidity fragmentation. Lorenzo’s stBTC is deeply integrated into Bitlayer’s DeFi ecosystem.

The platform enables Bitcoin holders of all sizes to connect with high-quality projects that need liquidity and security. It provides streamlined Bitcoin management and protects users with features like staking insurance, credit scores for node operators, anti-slashing mechanisms, and validator permits.

Lorenzo is distributing a considerable portion of its native token, $LRZ, to its community. These are the specifics of the deal to allocate these tokens to loyal, active community members through The People’s Alliance:

• Total Supply: 21,000,000 $LRZ.
• Amount offered on the Launchpad: 1% of their total supply (210,000 $LRZ), with a total value of $100,000.
• Discounted rate for Alliance members: 1% of the original value.

Within the Launchpad page for Lorenzo, you’ll see the following tasks:

The most important task related to Lorenzo involves you staking assets to receive stBTC and then bridging them to Bitlayer. For this:

1. Go to https://app.lorenzo-protocol.xyz/home.
2. If you don't yet have the OKX wallet extension, you'll need to install it. Connect it. You also need to connect this wallet to the Launchpad.
3. Go to the Staking page, and select "Babylon pre-launch staking".
4. Deposit your desired amount of BTC to receive the corresponding stBTC.
5. To bridge, go back to https://app.lorenzo-protocol.xyz/home, and this time select the bridging option.
6. Enter the amount you'd like to bridge, select Bitlayer, and the address you'd like to receive them on. The receiving address should be an address connected to the Launchpad.

bitCow

bitCOW is a Bitcoin-native decentralized exchange offering stable swaps and automated concentrated liquidity. In addition to Bitlayer, bitCow is also present in Merlin Chain.

Through the use of an oracle-based pricing system, bitCow eliminates impermanent loss, ensuring market prices are accurately reflected. Another innovation spearheaded by the project is the use of a unique dual-LP token structure. It makes it easier for the liquidity provider to track performance and allows positions that guarantee fixed exposure to the appreciation of one of the assets in the pool.

bitCow is also distributing a considerable portion of its native token, $BCOW, to its community. These are the specifics of the deal:

• Total Supply: 210,000,000 $BCOW.
• Amount offered to the Launchpad: 1% of their total supply (2,100,000 $BCOW), with a total value of $100,000.
• Discounted rate for Alliance members: 1% of the original value.

Within the Launchpad page for bitCow, you’ll see the following tasks:

The most important task related to bitCow involves you depositing liquidity to a stablecoin/Bitcoin pool within their decentralized application. For this:

1. Visit https://bitcow.xyz/pools.
2. Connect the same wallet you’ve linked to The People’s Launchpad.
3. Make sure you have the necessary assets for the pool you select. You’ll need to add either BITUSD and USDT or WBTC and BITUSD (depending on your selected pool) in equal parts, so make sure you have enough assets to fulfill your target Power goal. If you have never deposited liquidity to AMMs, we advise you to read this article to better understand how these systems work, as well as their associated volatility risks.

Avalon Finance

Avalon Finance aims to be the top decentralized lending platform on BTC Layer 2 networks. It is currently present in Bitlayer, Merlin Chain, Arbitrum, and BNB Chain, amassing a TVL of over $350M.

Their platform is composed by:

• Overcollateralized lending: A core lending system that uses an isolation pool mechanism to accept a variety of assets, with varying levels of liquidity, as collateral.
• Algorithmic Stablecoin: An overcollateralized stablecoin leveraging the lending protocol to maximize capital efficiency for lenders.
• Real-world asset (RWA) lending: A new lending system designed for Real-World Assets (RWA), both permissioned or permissionless, to boost capital efficiency and yield farming opportunities.

These are the specifics of the deal with Avalon Finance to distribute a portion of the supply of its native token, $AVAF, to its community:

• Total Supply: 1,000,000,000 $AVAF.
• Amount offered to the Launchpad: 1% of their total supply (10,000,000 $AVAF), with a total value of $100,000.
• Discounted rate for Alliance members: 1% of the original value.

Within the Launchpad page for Avalon, you’ll see the following tasks:

The most important tasks for Avalon involve both lending capital and taking a loan against it within Avalon’s platform. To do so:

1. Make sure you fully understand how DeFi loans work. In short, these require you to deposit capital to permissionlessly take a loan against your assets. At the time of paying back your loan, you can withdraw your assets. Should your loan become uncollateralized (your assets become lower in price compared to your loan), they will be automatically claimed by the lending platform to pay itself back. If you’re unfamiliar with this process, we advise you to read this guide (which talks about Aave, another lending project, but applies universally for all lending platforms).
2. Go to https://app.avalonfinance.xyz/?marketName=proto_bitlayer_v3.
3. Connect a wallet linked to The People’s Launchpad.
4. Deposit assets. This will award you Lending Points within the platform, through which you can calculate your corresponding Power earnings.
5. Once you’re satisfied with the amount you’ve deposited, take out a loan against it. We advise you to leave plenty of room and borrow a comparatively small amount against the tokens you provided to avoid any potential negative surprises via liquidations. This will award you Borrowing Points within the platform, through which you can calculate your Power earnings.

Pell

Pell is a decentralized trust marketplace that diversifies BTC and LSD (Liquid Staking Derivatives) yield. It aims to enhance Bitcoin's security and utility by enabling stakers to validate a wide variety of new software modules, such as consensus protocols and data availability layers. This allows innovators to easily create secure, decentralized applications without needing to build their own trust networks from scratch. 

By aggregating Bitcoin's security across all these modules, Pell Network strengthens the overall security of the Bitcoin ecosystem while also offering new staking opportunities and promoting economic activity.

These are the specifics of Pell’s distribution of its native token, $PELL, through our Launchpad:

• Total Supply: 2,100,000,000 $PELL.
• Amount offered to the Launchpad: 1% of their total supply (21,000,000 $PELL), with a total value of $100,000.
• Discounted rate for Alliance members: 1% of the original value.

Within the Launchpad page for Pell, you’ll see the following tasks:

The most important task for Pell involves staking BTC or BTC derivatives within Pell. To do this:

1. Go to https://app.pell.network/. 
2. Connect a wallet linked to The People’s Launchpad.
3. Deposit any of the mentioned assets. This should be a straightforward process, and you can withdraw your assets back at any time.

Good luck in your adventure!

As always, we recommend that you stay tuned to this and the other Particle Network channels for new announcements of this kind.

To wrap up, we’d like to remind you that everything you see here is made possible by the joint collaboration of multiple projects in an Alliance to reward all Web3 community OGs.

Enjoy the gala, everyone!

About Particle Network

Particle Network is addressing Web3's fragmentation of users and liquidity through Universal Accounts. Particle's chain abstraction is powered by a Cosmos SDK L1 blockchain enabling the experience of a single account, balance, and address that can be used across all chains, allowing users to interact with any dApp and pay gas with any token.

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