Presenting Dfyn’s Trading Competition Phase 3
After the successful launch of phases 1 & 2 of Dfyn’s trading competition, we are elated to announce the official launch of the third phase of our trading competition! Traders will once again be able to put their market analysis skills to the test and compete for a slew of prizes! We learned a lot from our first two events and are implementing a few changes to enhance everyone’s experience and multiply our results! Continue reading for more information.
- Pairs: ROUTE/USDC, ROUTE/ETH, ROUTE/USDT, DFYN/USDC, DFYN/ETH, DFYN/USDT, FRM/USDC, FRM/ETH, MATRIX/USDC, MATRIX/ETH, SAFLE/USDC, SAFLE/WMATIC, RAZOR/USDC, RAZOR/ETH, NORD/USDC, NORD/ETH
- Duration: The trading competition will start at 3:00 P.M. UTC on Monday, January 24, 2022, and end at 3:00 P.M. UTC on Thursday, February 3, 2022.
- Link to register: https://form.jotform.com/220232652600441 (You won’t be considered a participant unless you will out this form)
- Link to live leaderboard: https://exchange.dfyn.network/#/trading-leaderboard
- Prize pool: $20,000 ($7,500 in DFYN tokens and $2,500 in each of FRM, MATRIX, SAFLE, RAZOR, and NORD tokens)
Note: Please keep the gasless mode turned off for trading competition since the transactions carried out via gasless mode are indexed differently in Dfyn’s subgraph.
We started these competitions to widen our community, strike new partnerships, and raise awareness about the Dfyn exchange. Trading competitions also help in generating quite a bit of trading volume on Dfyn, which of course, equates to a higher APR for the vDfyn stakers!
Across the second phase of the trading competition, we saw a 300% increase in trading volumes for registered participants compared to that same group’s volume prior to the event. Prior to the event’s announcement, the addresses of the participants were responsible for around $340,000 in volume over a ten-day period. During the course of the competition, that same group generated almost $1M in volume, demonstrating a strong correlation between trading activity and the competition!
This contest will last for 10 days, beginning January 24th, 2022 at 15:00 UTC and ending February 3rd, 2022 at 15:00 UTC. In this phase of the trading competition, we have decided to split the rewards into two cohorts —
1) Internal Cohort
The internal cohort will function exactly like the previous trading competitions on Dfyn. The following pairs will be eligible for the internal cohort of this phase:
- ROUTE/ETH, ROUTE/USDC, ROUTE/USDT
- DFYN/ETH, DFYN/USDC, DFYN/USDT
Trading volume across the above pairs will be weighted equally. Prizes will be distributed as follows:
- 1st Place: $4,000 + 100% rebate on the trading fees incurred [upto $10k]
- 2nd Place: $3,000 + 75% rebate on the trading fees incurred [upto $7.5k]
- 3rd Place: $2,000 + 50% rebate on the trading fees incurred [upto $5k]
- 4th-10th Place: $3,000, weighted by volume
- 5 lucky winners will also receive $100 (must have at least $1000 trading volume to qualify).
Note: The aforementioned rewards will be given in $DFYN, $FRM, $MATRIX, $SAFLE, $RAZOR, and $NORD tokens.
2) External Cohort
One change in this phase of the trading competition is the introduction of an external cohort to reward our partner communities exclusively. In the external cohort, the top 5 traders for each of our partner tokens will be rewarded with $1500 worth of that partner token. For e.g., the top 5 traders across NORD/USDC & NORD/ETH pairs will be rewarded with $1500 worth of NORD tokens. Similarly, the top 5 traders across FRM/USDC and FRM/ETH will be rewarded with $1500 worth of FRM tokens. Pairs being considered for each partner token are as follows:
- Ferrum Network: FRM/USDC, FRM/ETH
- Matrixswap: MATRIX/USDC, MATRIX/ETH
- Safle: SAFLE/USDC, SAFLE/WMATIC
- Razor Network: RAZOR/USDC, RAZOR/ETH
- Nord Finance: NORD/USDC, NORD/ETH
Prizes will be distributed as follows:
- 1st Place: $500
- 2nd Place: $400
- 3rd Place: $300
- 4th Place: $200
- 5th Place: $100
Rules of Entry
In order to enter the contest, users must register their Polygon address using this form — https://form.jotform.com/220232652600441.
Valid entries must also follow the Dfyn Twitter page and tweet this medium post with the #DFYN hashtag.
Entries must have a minimum trading volume of $1,000 between competition dates to qualify for a prize in both — the internal and external cohort. Addresses that do not register will not be eligible for a prize. Please note that this competition is live on the Polygon chain only.
Introducing a Live Leaderboard for Partner Tokens
Based on the community’s feedback, we have decided to launch a separate leaderboard for pairs involving partner tokens. The internal cohort leaderboard will show the top 10 traders across all the pairs in the internal cohort (listed above), whereas the external cohort leaderboard will show the top 5 traders across the most liquid pairs of each partner token.
Note: The trading competition leaderboard is updated every 5–10 minutes. As a result, we would like to urge the participants not to be alarmed if their trades do not appear immediately.
As mentioned before, these contests are a great opportunity to partner with other projects in the ecosystem and cross-promote! For our third phase, we are partnering with Ferrum Network, Matrixswap, Safle, Razor Network, and Nord Finance, each of whom have contributed $2500 worth of their native tokens to our prize pool!
Ferrum Network is an ecosystem of crypto services powered by the $FRM token. These services include an incubator, a token bridge, blockchain-as-a-service, staking, governance, among others. For more info, check out their website at https://ferrum.network/.
Matrixswap is a decentralized virtual AMM-based perpetual swaps trading protocol deployed on the Polkadot, Cardano and Polygon blockchain. Unlike traditional AMMs, Matrixswap users can long or short any assets’ perpetual contracts with up to 10x leverage. For more info, check out their website at https://www.matrixswap.io/.
Safle is a next-generation non custodial wallet, self sovereign identity protocol and Web3 infrastructure provider for the decentralised ecosystem, governed by community. For more info, check out their website at https://getsafle.com/.
Razor network is a decentralised oracle network that can run on any Ethereum compatible blockchain. Razor relies on the underlying blockchain for providing certain properties such as censorship resistance, security from network partition attacks, etc. For more info, check out their website at https://razor.network/.
Nord Finance is an advanced decentralized financial ecosystem focusing on simplifying DeFi products for users by highlighting traditional finance’s key attributes. Live on Ethereum, Polygon and Avalanche, it integrates multi-chain interoperability, thus proposing a plethora of financial primitives, which constitute savings, advisory, loans against assets, investment/funds management, and swaps. For more info, check out their website at https://nordfinance.io/.
As usual, stay tuned for updates! We plan to continue holding more competitions in the future. Good luck!
Dfyn is a multi-chain AMM DEX currently functional on the Polygon network and Fantom. Dfyn nodes on various chains act as liquidity entry and exit points into the cross-chain liquidity super mesh that is being enabled by Router Protocol.
Discord : https://discord.gg/yjM2fUUHvN
Telegram Announcements: https://t.me/dfynofficial