FX Variable - Trading competition

Market Function X Market
1

Howdy folks!

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.

Concept 1

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

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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.

Concept 2

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.

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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!

10 Likes
2

I vote yes

1 Like
3

Do you have any thoughts to what would be a competition reward that would make you participate in the stress test competition?

Please let me know what reward number would motivate you to participate?

4

This a grand move. Need to work out;

  1. budget in totality

  2. risks, bugs, abusers, gaming the system

  3. rewards (motivational or otherwise)

4 and total removed from EGF availability risks

5 team contributions…

  1. Published in crypto media outlet maybe as well… Using part of the allocation. Influencers in general.

  2. Wow lots of things.

1 Like
5

That’s promising proposal and might open door for some fresh volume.

In regard the reward pool. To attract much more participant’s. You can make it percentages from pool as for first three spots and so on .

Additionally giving an nft for lower spots maybe 8 to 10 or 8 to 15.

I agree that this kind of activity will stress test the dex alot and it will help in giving more filled blocks for validators in short amount of time (during event) this can relay on lots of things as changes for validators and maybe possibility of building extension add-ons for fx dex .

I believe Zac on AMA mentioned they will be going through the security audit before launching so we will see verfied certificate before it actually launch and people can use real funds.

About user base I think something between 0 to 50k can happen, We can always start round 2 if there are alot more participating.(checking current holders count and potential)

You can create special program or pool for market makers (verified)

Bonus pools can additional for market markers and referral.

We lack market makers for fx, So this is good opportunity to get some along.

And API must be added as executing smart contract’s as this will be onchain dex.

You will see runners alot going in this competition to cause spreads and this cant be achieved by manual trades easily. ( Not saying not possible)

I would like to see more evolved version of this.
As tournament’s always create a neat waves in charts and gives coins breath of life.

1 Like
6

There are a lot of market specific advantages that the competition can bring.

Lets run a thought experiment.

The first is yourself as a current long time supporter and validator.

  • What is the potential amount of reward you would need to be incentivized to test Variable?( if you were not planning on participating for some reason and likely the wrong person to ask the question to, but still please run the thought experiment)

The second thought experiment is that you are a outside crypto investor who has never heard of FX before.

  • What amount would you need to feel like is a adequate potential reward for taking the time out of your day to go stress test something unknown?

For anyone else reading along please think about this for yourself as well and give feedback on what you would find rewarding.

2 Likes
7

I would say pool of 50k + and spread between top 15. With bot added to trade.

If manually. Which i don’t trade manually at most haha.(3 years 3commas user :grimacing:) But say double that, I dunno how traders and market makers price there time.

If someone from outside to join testnet can say also same amount above 50k + is good attraction. To load in bot or trade for some time.

Beside nft will be great addition for outsiders attraction

8

We would probably need to scale that 50k to a user growth value to scale up as well but i think that is a good start.

So that would look something like this for a distribution.

1st place - 20k
2nd place - 10k
3rd place - 5k
4th through 10th - 1k each
11th through 15th - 500 each
Then trailing remaining 7,000 split into 7 random draw lotteries for anyone with over (X # of transactions)

Thoughts?

If we grow this geometrically with the user base growth with a similar growth function to the binance example it could do well.

Perhaps at different user thresholds the # of winners also increases with an appropriate pool share as well.

1 Like
9

I personally think their should be a pool for guaranteed reward for certain amount of transactions as people will feel that they’re guaranteed rewards for their work rather then a gamble.

10

That would be difficult to fund due to gamification of accounts but could be managed to something like 10 fx for a larger effort?

Many exchanges offer free tokens for signing up so maybe that is a good concept? It would probably need to be first come first serve though tapping into the pool.

11

That is true, I failed to take into account that the pool of funds is limited. Or there could be a disclaimer that this is a limited time event till the pool of funds run out. I just think you’d get a wider audience with a guarantee

12

Lets say this minimum effort pool / sign up bonus has up to 500,000 tokens allocated which would mean tapped out has generated 50,000 new users (some of these will be gamed)

50,000 user cap @ 10 FX each = User signup bonus pool @ 500,000 tokens max

What would be a adequate effort level to have them unlock these tokens? Perhaps there could be a tutorial, watch these vids, do x tasks a few times, or other educational things and then the deposit unlocks.

13

Yeah, different modules u get crypto, certain amount of trades, u get crypto, certain amount of futures trades, u get crypto, so they learn and explore all aspects of the dex or as you mentioned, you have to do all these tasks to get the free 10fx

14

I think in the binance example you used, they have about 30 thousand participants so I don’t think we’d get nearly as much so we may need to higher the amount to make it worth their while.

15

I think the “free” 10 fx for up to that many users is acceptable as a boundary potential and the token release for the user growth can be done in tranches for each checkpoint as to not flood the token pool for each category.

I think this “sign up bonus” is just one of the ways they could get some reward for a minimal amount of effort.

participating in trades is the next step and should have a incentive. Perhaps after 500? trades they unlock another 50 tokens. First come first serve Smaller pool. 1/5 of the size of the sign up bonus pool.

16

Seems like a good number for both sides. 50 is worth a decent amount and 500 trades is a good amount so both sides benefit.

17

My suggestion: Get popularity rewards by inviting friends to join, then look for loopholes to improve Variable rewards, wait for fx variable to stabilize and then trade competition rewards will be more reliable

2 Likes
18

My suggestion: Get popularity rewards by inviting friends to join, then look for loopholes to improve Variable rewards, wait for fx variable to stabilize and then trade competition rewards will be more reliable

19

Hello.
I would like to add a few words to this topic.
I believe that the bonus system is important, competition in the market dictates these rules.
I think there should be a complex of instant bonuses and the result of passing various tasks.
Bonuses:

  • Registration and first deposit;
    (the size of the bonus depends on the size of the first deposit)
  • Bonus for each invited referral;
    (this will be interesting to opinion leaders, bloggers)
  • For the first purchase of tokenized shares.
  • For a new margin trader.
    Rewards, coupons:
    (For various tasks)
  • Coupon for active trading.
    (daily trading for a certain period)
  • Rewards for learning.
    Bonuses cannot be withdrawn.
    Bonuses can be used as margin. Bonuses have an expiration date. Activation period.
20

I agree with all of these.

Could you put some thought into what would be a viable reward amount for each of these categories?