- Moderator edit to add link to on-chain proposal: Mintscan - Chain explorer by COSMOSTATION
Hi, cosmonauts! I want to share another interesting event regarding Gravity DeX.
Tendermint and B-Harvest have been investing effort to prepare an incentivized testnet(a trading competition!) to attract potential users of Gravity DeX on the Cosmos Hub.
Below is the draft governance proposal which will be submitted on 6th April.
Please feel free to comment your opinions!!!
This document is a draft for a community fund governance proposal that asks Atom delegators to allow the spending of 5,000 Atoms for the Gravity DeX Incentivized Testnet (Trading Competition). By voting “Yes”, the voter agrees to send 5,000 Atoms from the community fund to the multisig address which is controlled by multisig committee (see below for members), who will distribute the Atoms to the competition winners.
Abstract
Tendermint team and B-Harvest have been investing efforts to bring the Gravity DeX to the Cosmos Hub to provide Cosmos ecosystem with the most reliable and convenient token exchange utility on the Cosmos Hub.
Currently, the Gravity DeX (Liquidity Module) is in production-ready status and the signal governance proposal to adopt the Gravity DeX on the Cosmos Hub passed thanks to the welcome support of ATOM holders.
At the beginning of March, we proposed an Incentivized Testnet based on the Gravity DEX. The purpose of which is to
- Test the Gravity DEX under close to market conditions to assure its readiness.
- Raise Gravity DEX awareness among potential users in an engaging way through a Trading Competition.
This governance proposal is to request 5,000 Atoms to be used for the competition prize fund.
Schedules
Governance Proposal Submission
The community fund governance proposal will be submitted on 6th April. If the minimum deposit amount is raised in the same day, we expect the decision from the Atom delegators to be confirmed on 20th April.
Registration
The registration for Gravity DEX incentivized testnet will be open from 20th April to 30th April.
For registration, the participants will need to provide their:
- Testnet address for the trading activities on the testnet, and
- Cosmos Hub mainnet address to receive the prize.
A landing page with all the details of the competition, including the sign up form, terms and conditions, prize breakdown and the formulas that will be used to calculate the winners and distribute the prizes, will be provided for all participants before the registration period begins.
Trading Competition
The trading competition starts on 4th May and end on 11th May.
Prize Distribution
The prizes will be distributed before 18th May, unless significant obstacle arises.
Structure
Setups
Initial Token Distribution on Genesis
Initial token distribution for each testnet participant will be composed of 10K of USDC tokens and 10K of three random tokens from the white-listed tokens in the testnet. In addition, each participant will receive small amount of vested Atom tokens to be used for gas fee if they used all Atom tokens for trading of liquidity pool investment.
Restricted Functionalities
Sending and Staking will be disabled in the testnet.
User Flow
User Interface
User access to DEX will be provided via a desktop-based website and uses the Keplr Chrome Extension wallet.
Familiarity with Keplr is a pre-requisite for competition entry.
Economy
Gas Fee
Gas Fee will be set to less than 0.05Atom, to prevent spam attack, but to allow a trading environment with minimal costs.
Price Synchronisation
The profit and loss at the end of the competition will be calculated using prices from Coinmarketcap (formulas that will be used to calculate the winners and distribute the prizes, will be provided for all participants before the registration period begins). Therefore, we think that participants will trade reasonably around the real-time global prices, resulting in soft price synchronization (i.e. because final scoring will be based on global prices, participants will have a tendency to trade the tokens with fair prices near the real-time global prices from Coinmarketcap).
We think it is important to let the users do their own price discovery process, hence we will not intervene in the testnet economy unless an abnormal situation happens.
Economic Intervention
B-Harvest might execute some unexpected economic interventions (such as suddenly executing large swap trades on specific liquidity pools) on the testnet economy to create an interesting trading/investing environment on the competition. The types of interventions will not be announced in advance, for the maximized fun factor of the competition.
Prizes
Minimum Criteria
To become an eligible prize winner, every competition participants should at least:
- Deposit and withdraw tokens from three different pools into 3 different liquidity pools, and also
- Execute a swap on 3 different liquidity pools
More tasks and challenges will be announced by the organizing teams before and during the competition as to ensure a complete testing of the Gravity DEX.
Prize pools
- 1,000 Atoms allocated for bug bounty and economic exploitation bounty. Prizes will be allocated based on an assessment of each report.
- 4,000 Atoms will be distributed for trading competition winners.
Scoring Methodology
Competition success will be measured based on a combination of activity and a profitability measure. Together these will be used to calculate the final scores, which will be used for prize allocation.
Details will be announced on the registration page.
Prize Distribution
Winner and Prizes
We want to encourage as many potential Gravity DeX users as possible to participate on the testnet so that they can be familiar with the user flow before mainnet adoption. Therefore, we will distribute the prize to the top 1/3 winners selected from the final score calculated.
Prizes will be based on the following formula:
Prize = MinimumPrize * (6 * ScorePercentileRank - 3)
where
- NOE : Total number of eligible prize winners
- ScorePercentileRank : The percentile rank of the score of this winner
- MinimumPrize = 2,000 Atom / NOE : Any prize winner gets at least this amount
- Example
- NOE = 200, ScorePercentileRank = 2/3 → Prize = MinimumPrize = 10 Atom
- NOE = 200, ScorePercentileRank = 1 → Prize = MinimumPrize*3 = 30 Atom
Multisig Committee
The Committee
The multisig committee members will be responsible of receiving the prize funds from the community fund, and distribute the prizes to the competition winners.
Committee members (addresses and pubkeys are to be added soon)
- Hyung from B-Harvest
- address : cosmos1yt3p8s3z98z7p5tu4wkddyfdp47l8kutcax4a4
- pubkey : cosmospub1addwnpepq0jct79vsqx7g892nazd4tkmp3fl0rqy0e244gdmvharvwslnun4qzdl27y
- Zaki Manian from Iqlusion
- address : cosmos1lcsjy2d5s33h0sddd8lpuqvwyz5ruz7jsfj43h
- pubkey : cosmospub1addwnpepqdp68dy9qg2fxdczsmylgujntz3l63v4wmuk8hxptr9c9spzw6m87nztqq6
- Aurel Iancu from Dokia Capital
- address : cosmos1j26c4k2jj9tv95whdhva3e8v2fcm4s3dpt77r6
- pubkey : cosmospub1addwnpepqv0nmdxqs37zw3eynd7k6w8h7fw59ndallugr9v8u4q7yxhhrttwggfcahf
- Brian Crain from Chorus One
- address : cosmos1sjtl850e2z2jp24j8w8jcusxyng98d74fc8u7t
- pubkey : cosmospub1addwnpepq2vwfdhj3uty4xylntm6fc6c3k9kgnm7sn3s9d8lue6qzxg44cl4wytxfaf
Multisig Address
- Multisig Address
- address : cosmos1hwq585j32pa7d6pf6gypnnjc6yf4jptv8e8g87
- pubkey : cosmospub1ytql0csgqvfzd666axrjzql9shu2eqqdusw2486ym2hdkrzn77xqglj4t2smke06xcapl8e82qfzd666axrjzq5cujm09rckf2vflxhh5n343rvtv38hap8rq260len5qyv3tt3l2ufzd666axrjzqcl8k6vppruyarjfxmad5u00ujagtxmmllcsx2c0e2pugd0wxkkusfzd666axrjzq6r5w6g2qs5jvms9pkf73e9xk9rl4ze2ahev0wvzkxtstqzya4k0u82tr7r