Merge branch 'main' into dev

pages/knowledge-hub/airdrops/azuro-waves/_meta.json

@@ -1,4 +1,5 @@
 {
   "overview": "Overview",
-  "wave1": "Wave #1"
+  "wave1": "Wave #1",
+  "wave2": "Wave #2"
 }

pages/knowledge-hub/airdrops/azuro-waves/overview.mdx

@@ -1,15 +1,15 @@
-import { PageHeadline, Formula, Callout } from 'components'
+import { Formula, Callout } from 'components'
 
-# The Azuro Waves
+# Azuro Waves
 
 <Callout type="feature">
-Also referred to as “Community Airdrop 2”
+The Azuro Waves program is the successor to [Azuro Score](/knowledge-hub/airdrops/azuro-score/overview).
 </Callout>
 
-## About the Azuro Waves
+## Overview
 
 - The distribution of $AZUR will come in Waves and will be 100% linear towards the points accrued by each address.
 - The Waves program introduces “Levels” which give point multipliers. This means that all points earned by the eligible activities (which will be 100% transparent), will be multiplied by the level in the Wave which you have.
 - Conditions for next waves may change but changes will never be retroactive. There will always be clarity about how points work and how $AZUR will be distributed from the beginning of each Wave.
 
-**For information about Wave 1, go to [Wave 1](/knowledge-hub/airdrops/azuro-waves/wave1)**
+**Wave 2 is currently ongoing. Click [here](/knowledge-hub/airdrops/azuro-waves/wave2) for more information on the program.**

pages/knowledge-hub/airdrops/azuro-waves/wave1.mdx

@@ -1,36 +1,36 @@
-import { PageHeadline, Formula, Callout } from 'components'
+import { Formula, Callout } from 'components'
 
 # Wave #1
 
-<Callout type="feature">
-Start of Wave 1: 11:00:00 UTC June, 26th, 2024
-</Callout>
+- Start of Wave 1 → 11:00:00 UTC June 26th, 2024
+- End of Wave 1 → 23:59:00 UTC November 13th, 2024
+- **Total airdrop reward → 10 million AZUR**
 
 <Callout type="info">
-User airdrop reward for Wave 1 = 
+Airdrop reward per user = 
 \{Total airdrop reward\} * ( \{User wave points\}  / \{Total wave points\} )
 </Callout>
 
 ## Points rules
 
 | Activity | Formula |
 | --- | --- |
-| [Predictions/betting](https://azuro.org/ecosystem) | Х points =  \{Bet sum\} * min( \{Odds\}; 10) / 5<br />e.g. 1 point = \$2.5 bet at odds of 2 (European odds format) |
+| [Placing Bets](https://azuro.org/ecosystem) | Х points =  \{Bet sum\} * min( \{Odds\}; 10) / 5<br />e.g. 1 point = \$2.5 bet at odds of 2 (European odds format) |
 | [Liquidity Provision](https://azuro.org/app/liquidity) | 1 point = \$400 in LP/day |
-| [DEX pair LP](https://azuro.org/app/dex-farming) | 1 point = 400 AZUR in DEX pair/day<br />1 point = 0.2272 WETH in DEX pair/day<br />1 point = 80 USDT in DEX pair/day |
+| [DEX LP'ing](https://azuro.org/app/dex-farming) | 1 point = 400 AZUR in DEX pair/day<br />1 point = 0.2272 WETH in DEX pair/day<br />1 point = 80 USDT in DEX pair/day |
 | [\$AZUR Staking](https://azuro.org/app/staking)<br />(excl. unbonding) | 1 point = 400 AZUR staked/day |
 | Ecosystem support activities | Ad-hoc. To be announced separately whenever such rewards are to become available. |
 
-The points for LP, AZUR staking, and DEX pair LP are awarded once a day. A minimum holding period of 24 hours is required for the deposits to qualify for the points.
-The points for predictions/betting are awarded after 100-300 blocks from the time the bet was placed. All bets placed during the Wave are included, regardless of their outcome and resolve date.
+All points are credited once a day. A minimum holding period of 24 hours is required for the deposits to qualify for the points.
+
+Points awarded for betting activity will be credited after 100-300 blocks from the time the bet was placed. All bets placed during the Wave period will be included, even if their outcome and resolve date occurs after the end of the Wave period.
 
 ## Points multipliers
 
 ### Levels multiplier
 
 | Level ID | Level name | Level multiplier | Points needed |
 | --- | --- | --- | --- |
-| 0 | Grey |  | 0 |
 | 0 | Mist |  | 0 |
 | 1 | Sky | x1.1 | 50 |
 | 2 | Blue | x1.2 | 5 000 |
@@ -39,9 +39,9 @@ The points for predictions/betting are awarded after 100-300 blocks from the tim
 | 5 | Brilliant | x1.6 | 200 000 |
 | 6 | Royal | x2 | 500 000 |
 
-Your points are multiplied by the multiplier associated with the Level you have, for as long as you have it.
+Levels multiplier offer an additional incentive for Azuro's most loyal and active users. Your weekly points will be multiplied by the multiplier associated with your acquired level at that week. The higher your acquired level, the higher your multiplier!
 
-After the completion of the Wave you will keep your Level minus 1 for the next wave. I.e. if your level at the end of the Wave was for example Ultramarine, you will have the Blue level for the next Wave.
+Upon the conclusion of each Wave period, your acquired level will move down one tier for the next Wave. For example, if you have the Ultramarine level at the end of Wave 1, then you will start from the Blue level for Wave 2.
 
 <Callout type="warning">
 If you do not see your level in the Waves tab in the Azuro App, make sure to click the ENHANCE button. You can do this at any stage within the Wave.

pages/knowledge-hub/airdrops/azuro-waves/wave2.mdx

@@ -0,0 +1,66 @@
+import { Formula, Callout } from 'components'
+
+# Wave #2
+
+- Start of Wave 2 → 00:00:00 UTC November 18th, 2024
+- End of Wave 2 → 23:59:00 UTC December 25th, 2024
+- **Total airdrop reward → TBC**
+
+<Callout type="info">
+Airdrop reward per user = 
+\{Total airdrop reward\} * ( \{User wave points\}  / \{Total wave points\} )
+</Callout>
+
+## Points rules
+
+| Activity | Formula |
+| --- | --- |
+| [Placing Bets](https://azuro.org/ecosystem) | Х points =  \{Bet sum\} * min( \{Odds\}; 10) / 5<br />e.g. 1 point = \$2.5 bet at odds of 2 (European odds format) |
+| [Liquidity Provision](https://azuro.org/app/liquidity) | Discontinued |
+| [DEX LP'ing](https://azuro.org/app/dex-farming) | Discontinued |
+| [\$AZUR Staking](https://azuro.org/app/staking)<br />(excl. unbonding) | 1 point = 1 000 AZUR staked/day |
+| Ecosystem support activities | Ad-hoc. To be announced separately whenever such rewards are to become available. |
+
+All points are credited once a day. A minimum holding period of 24 hours is required for the deposits to qualify for the points.
+
+Points awarded for betting activity will be credited after 100-300 blocks from the time the bet was placed. All bets placed during the Wave period will be included, even if their outcome and resolve date occurs after the end of the Wave period.
+
+## Points multipliers
+
+### Levels multiplier
+
+| Level ID | Level name | Level multiplier | Points needed |
+| --- | --- | --- | --- |
+| 0 | Mist |  | 0 |
+| 1 | Sky | x1.1 | 100 |
+| 2 | Blue | x1.2 | 200 |
+| 3 | Ultramarine | x1.3 | 500 |
+| 4 | Bright | x1.4 | 1 200 |
+| 5 | Brilliant | x1.6 | 2 500 |
+| 6 | Royal | x2 | 6 000 |
+
+In Wave #2, points that count towards levels multiplier can only be earned from AZUR staking. To illustrate, if you have 650 points from AZUR staking and 5 000 points from betting activities, your levels multiplier will be Ultramarine (x1.3).
+
+Your weekly points will be multiplied by the multiplier associated with your acquired level at that week. The higher your acquired level, the higher your multiplier!
+
+Upon the conclusion of each Wave period, your acquired level will move down one tier for the next Wave. For example, if you have the Ultramarine level at the end of Wave 1, then you will start from the Blue level for Wave 2.
+
+<Callout type="warning">
+If you do not see your level in the Waves tab in the Azuro App, make sure to click the ENHANCE button. You can do this at any stage within the Wave.
+However, if you never do it and the Wave ends - you will not have any Level Multiplier points.
+</Callout>
+
+### Leaderboard multiplier
+
+Making it into the weekly leaderboard gives you point multipliers (applicable to the points you generate in that particular week).
+
+| Weekly leaderboard position | Multiplier |
+| --- | --- |
+| 1-10 | 2x |
+| 11-50 | 1.7x |
+| 51-500 | 1.4x |
+| 501-1000 | 1.2x |
+
+<Callout type="feature">
+You can [implement Azuro Waves Leaderboard into your UI](https://gem.azuro.org/hub/apps/guides/azuro-waves)
+</Callout>

pages/knowledge-hub/azur/azuro-dao.mdx

@@ -4,14 +4,10 @@ import { Image, Callout } from 'components'
 
 AzuroDAO is the protocol’s decentralized autonomous organization, with the mandate of safeguarding smart contract functions and ensuring the protocol’s continual going-concern. In contracts infrastructure, AzuroDAO is the owner of the Factory contract to which a part of the profit share is credited by LP after the completion of each Condition.
 
-In the context of Azuro prediction markets, AzuroDAO plays a critical role of being the arbiter of last resort for disputed event resolutions, as well as to elect qualified data providers into the set. Decisions are congregated and made via onchain voting, where voting power corresponds the amount of staked AZUR and staking duration, specified under [redacted].
+In the context of Azuro prediction markets, AzuroDAO plays a critical role of being the arbiter of last resort for disputed event resolutions, as well as to elect qualified data providers into the set. Decisions are congregated and made via onchain voting, where voting power corresponds the amount of staked AZUR and staking duration, specified under the [redacted] mechanism.
 
 As the project scales to steady-state, expect more features to be enshrined into the protocol. AzuroDAO will form the governance backbone of all these features — exact specifications to be disclosed closer to each feature’s release.
 
-<Callout type="info">
-The Schelling point token of AzuroDAO will always be AZUR. There will not be another token for the protocol — in the past, present, or future.
-</Callout>
-
 ## Become a contributor
 
-We are excited to welcome new contributors to Azuro. You can submit your application via this link → https://azuro.typeform.com/contribute
+We are excited to welcome new contributors to Azuro. Please submit your application via this link → https://azuro.typeform.com/contribute

pages/knowledge-hub/background/a-primer-on-prediction-markets.mdx

@@ -1,3 +1,5 @@
+import { Image } from 'components'
+
 # A Primer on Prediction Markets
 
 Prediction markets are fundamentally a simple premise: it is a bidirectional trading market for bettors to express a view over an outcome.

pages/knowledge-hub/background/the-bettor-viewer-flywheel.mdx

@@ -1,17 +1,13 @@
+import { Image } from 'components'
+
 # The Bettor-Viewer Flywheel
 
 Betting and prediction markets are not mutually exclusive. Betting volumes contribute to the liquidity stock of a well-functioning prediction market, and the more liquidity is involved in a prediction market, the more accurate its odds will be perceived, since there are more people with skin-in-the-game and more monetary resources at-stake in that said prediction market.
 
 An efficient prediction market is the result of two thriving yet distinct user groups feeding off each other: profit-seeking bettors who form the “money base” of the market, and information-curious viewers who form the “attention base” of the market.
-
 - Increased attention helps get prediction markets to the eyes of profit-seeking bettors;
-
 - Bettors place bets against what they deem to be mispriced odds on a prediction market, contributing to that market’s volume and repricing of odds;
-
 - Interested viewers put greater weight on the accuracy of the prediction market due to the increased volumes, increasing attention and attracting more bettors into the mix;
-
 - Bettors place increasingly sized bets against the prediction market’s odds as open interest (OI) grows and the market becomes able to take in top-dollar bets;
-
 - Volumes boom, and viewers increasingly regard the prediction market as the source of truth for that event, further increasing its popularity which attracts more bettor eyeballs;
-
-- ad infinitum.
+- ad infinitum.

pages/knowledge-hub/background/the-liquidity-bottleneck.mdx

@@ -1,4 +1,4 @@
-import { Image, Button, Callout } from 'components'
+import { Image } from 'components'
 
 # The Liquidity Bottleneck
 

pages/knowledge-hub/go-defi/sophon-farm.mdx

@@ -1,9 +1,7 @@
-import { PageHeadline, Image, Callout } from 'components'
+import { Image, Callout } from 'components'
 
 # Sophon Farm
 
-Liquid staking with Sophon farming program
-
 Starting 22nd of August, 2024, AZUR stakers can utilize their stAZUR tokens on Sophon's platform to farm Sophon Points (SP). These points will be converted to SOPH tokens once the Sophon Mainnet goes live and they launch the SOPH token. 
 
 Staking stAZUR with Sophon allows you to earn double rewards, since staking stAZUR with Sophon is equivalent to holding stAZUR in your wallet.

pages/knowledge-hub/go-defi/uniswap-dex-lp.mdx

@@ -1,7 +1,11 @@
-import { PageHeadline, Image, Callout } from 'components'
+import { Image, Callout } from 'components'
 
 ## Uniswap DEX LP
 
+<Callout type="warning">
+This program has been discontinued.
+</Callout>
+
 By participating in the DEX LP Incentives program, you can earn rewards distributed over a 90-day period.
 
 **Starting at TGE**: 6,000,000 tokens will be allocated over 90 days.

pages/knowledge-hub/how-azuro-works/components/virtual-funds.mdx

@@ -26,7 +26,7 @@ $$
 <Formula className="text-md">
 $$
 \text{ where }
-\\R \text{ is the Reinfrocement of a Condition, }
+\\R \text{ is the Reinforcement of a Condition, }
 \\sum(bets) \text{ is the sum of bets on all outcomes of a Conidition, }
 \\max(payout) \text{ is the maximum potential payout to players for a Condition. }
 $$

pages/knowledge-hub/how-azuro-works/tl-dr.mdx

@@ -44,12 +44,19 @@ $$
 
 Initially, Conditions “book” liquidity from the LP via its Reinforcement (as it represents the Condition’s max potential loss). Assuming \$5M LP TVL (and implied \$200k Reinforcement on this active Condition), Azuro LP’s available capacity now stands at \$4.8M.
 
-Let’s say this Condition (\$200k Reinforcement) accumulates \$500k total bets with a \$150k potential loss. In this case, the Condition’s Virtual Fund is -\$450k (\$200k - \$500k - \$150k).
-
-Let’s assume that the LP capacity is down to \$1M (the Condition’s \$200k Reinforcement is already part of the “booked” \$4M liquidity). The Condition’s Virtual Fund of -\$450k will now push the capacity further down to \$550k (\$1M - \$450k).
+Let’s say this Condition (\$200k Reinforcement) accumulates \$100k total bets with a \$50k max loss. In this case, the Condition’s Virtual Fund is \$50k (\$200k - \$50k - \$100k), which frees up LP capacity from \$4.8M (\$5M-\$200k) to \$4.95M (\$5M-\$50k).
 
 Once the LP’s capacity runs out, it is no longer able to service further bets, that is until capacity frees up (from settled Conditions, LP profits from previously settled bets, new LP deposits, etc.).
 
+<Callout type="info">
+In rare cases, Virtual Fund balance may turn negative. This could happen when the Data Provider severely underestimates a market's betting demand and sets the Reinforcement amount too low relative to the market's actual sum of bets.
+
+For example:
+- Assume a Condition has \$200k Reinforcement, \$300k total bets, and \$500k max loss;
+- Its resulting Virtual Fund balance will be -\$600k, freeing up LP capacity from \$4.8M (\$5M-\$200k) to \$5.6M (\$5M+\$600k).
+</Callout>
+
+
 ## Event resolution and rewards distribution
 
 The Data Provider resolves the set of Conditions making up a prediction market, depending on its associated real-world results. Where necessary, [AzuroDAO](/knowledge-hub/azur/azuro-dao) may act as the arbiter of last resort.

pages/knowledge-hub/introduction/event-resolution-azuro-dao.mdx

@@ -1,7 +1,11 @@
+import { Image } from 'components'
+
 # Event Resolution: AzuroDAO
 
 Unlike first-generation prediction markets which burdens the tokenholder base for all event resolutions, Azuro prediction markets operate under a tiered resolution process.
 
-In Azuro, the [Data Provider](/knowledge-hub/how-azuro-works/protocol-actors/data-providers) retains the right to resolve the event in good-faith. The [AzuroDAO](/knowledge-hub/azur/azuro-dao) views data provider resolutions under the “innocent until proven guilty” principle: only when a resolution is disputed, then AzuroDAO may step in as the arbiter of last resort. AZUR will be the Schelling point token in presiding over dispute resolutions, whereby voting power is assigned based on the [redacted] mechanism.
+In Azuro, the [Data Provider](/knowledge-hub/how-azuro-works/protocol-actors/data-providers) retains the right to resolve the event in good-faith. The [AzuroDAO](/knowledge-hub/azur/azuro-dao) views data provider resolutions under the “innocent until proven guilty” principle: only when a resolution is disputed, then AzuroDAO may step in as the arbiter of last resort.
+
+AZUR will be the Schelling point token in presiding over dispute resolutions, whereby voting power is assigned based on the [redacted] mechanism.
 
 In the future, Azuro will look to leverage Web Proofs to resolve events directly from its official source (i.e., premierleague.com) to resolve Premier League markets) once Web Proofs become viable enough for practical implementation.

pages/knowledge-hub/introduction/lp-utilization-virtual-funds.mdx

@@ -1,7 +1,11 @@
+import { Image } from 'components'
+
 # LP Utilization: Virtual Funds
 
 When you place a bet on Azuro prediction markets, you’re effectively putting in liquidity into the market’s underlying [vAMM](/knowledge-hub/how-azuro-works/components/vAMM) (and shifting its onchain odds in the process). This liquidity will remain with the vAMM until the [Condition](/knowledge-hub/how-azuro-works/components/conditions)’s resolution (and the prediction market is dissolved), or until you decide to redeem your position in advance of the resolution[*]. This forms part of a prediction market’s vAMM [Virtual Fund](/knowledge-hub/how-azuro-works/components/virtual-funds) calculation, which is the sum of betting flows and the worst-case max potential loss to the protocol, in excess of [Reinforcement](/knowledge-hub/how-azuro-works/components/reinforcement).
 
 Since all concurrent prediction markets share the same [singleton LP](/knowledge-hub/how-azuro-works/protocol-actors/liquidity-providers), each needs to check whether there’s sufficient liquidity on the Azuro LP prior to accepting more bets. The capacity of the singleton LP is updated block-by-block in real-time, where it will continue to facilitate more bets from any active prediction market under its umbrella as long as the sum of Virtual Fund balances across all of its currently active vAMMs does not exceed the pool’s own TVL.
 
-Data providers stream sell-side odds and bettors aim to exploit any mispricing of said odds, all the while vAMMs maintain Virtual Fund balances by algorithmically ‘booking’ liquidity from the singleton LP on a block-by-block basis. This is capital-efficiency at its finest: through the elegance of the Virtual Fund accounting system, Azuro prediction markets are autonomously allocated optimal liquidity levels from the singleton LP, without needing sophisticated entities to act as an opinionated market-maker for liquidity provisioning.
+Data providers stream sell-side odds and bettors aim to exploit any mispricing of said odds, all the while vAMMs maintain Virtual Fund balances by algorithmically ‘booking’ liquidity from the singleton LP on a block-by-block basis.
+
+This is capital-efficiency at its finest: through the elegance of the Virtual Fund accounting system, Azuro prediction markets are autonomously allocated optimal liquidity levels from the singleton LP, without needing sophisticated entities to act as an opinionated market-maker for liquidity provisioning.