With the upcoming release of the FX Dex, now known as Variable. I wanted to pose a question to the community to gauge interest and get feedback in a series of trading competitions to be hosted once Variable is released.
There are two aspects of this concept I would like to get feedback on from the community.
The first concept is a way to incentivize a large user growth period during the beta test period to stress test and find weaknesses/exploits for white hat purposes. A target fund of FX from the EGF would be allocated among several sprint trading periods among a select list of trading pairs so that we can simulate what a high speed trading environment looks like in the testnet environment without the harm of real impact.
This reward structure is a well explored topic that can be easily replicated into our ecosystem.
See the following competition from Binance
What do you guys think would be a fair allocation of funds for winning the testnest competition or the award breakdowns. Perhaps a placement of 1st through 10th place with 1, 2, and 3 earning a appropriate distribution and the remaining 7 earning a runners up bounty?
I believe we can also add a custom NFT winning to this competition for bragging rights just like as is done with the above Binance example.
These rolling trading sprints would be a valuable way to get a true userbase growth period during the beta, as well as generate a large amount of hype for the actual launch. This also can help showcase and build trust in Variable as a product of worthy note.
After release of Variable a continuation of Concept 1 can take place with special focus on various pairs that has a longer trading period to better capture wider market cycles. This could take place in a month to month fashion with a similar reward structure 1st through 10th place with a larger amount of runners up who earn a NFT for participating in the competition.
The question is then what would be a reward amount that actually attracts users? If we consider that binance offered up 1.8 million in rewards if they had reached a 500,000+ user entry that gives us a rubric to work with. Having such a scaling participation model gives a bigger incentive for traders to invite others to the pool to help grow their potential earnings.
I believe this is a extremely unique opportunity for FX to shine brightly on and I am curious what everyones thoughts are on it.
Please provide feedback on
- Concept 1 Rewards Pool
- Concept 1 Sprint durations
- Concept 1 Bug finding / white hat bounties
- Concept 2 User base & Bonus pool amounts
- Concept 2 length of trading competitions
- Concept 1 & 2 Micro /% referral incentives for bringing in users
- Concept 1 & 2 FX DM marketing material ideas (Binance structure as above for example)
- Are API plugins going to be available for trading bots? If so that would be a great chance to stress test in the Beta @zaccheah
Thanks a bunch and I am looking forward to the communities thoughts!