ATOM/USDC Futures Trading Competition on Demex
How about this idea: ATOM/USDC Futures Trading Competition on Demex.
Winners: the one with the most trading volume (like the current trading competition). Prizes can be won by the best 10 traders measured in volume.
Goal: 1) give exposure to Swticheo as a proud member of the #IBCGang and all the benefits it brings to the Cosmos Ecosystem. We celebrate our proud membership by organizing a competition for all Cosmonouts and other traders within the crypto scene (and dYdX believers ). We use our channels and competition-communication to also spread all the Carbon-Demex features we have in store.
Community driven: not the team, but we (community) organize the competition. We make sure all preparation (eg. organize prizes, write document with rules) is done on time. We market and hype the competition ourself. We’ll actively seek collaboration with Validators in the Switcheo and Cosmos space to participate, who we can offer good exposure in return. We can use the SwitcheoSquad Twitter to be the ‘organizer’.
First things we (community) do:
- A - Create a spot market: Atom-Busd [done] on Demex.
- B - Create a futures market: Atom-Usdc on Demex
- C - Prepair the competition: write the rules (use the SwitcheoLabs experience).
- D - Start seeking for sponsors to create a nice prizes in Atom, Usdc and Swth.
We politely ask from Carbon/SwitcheoLabs:
- 1 - Carbon Team: Can we use the current demex infrastructure? The UI for Leaderbord and Competition tab
- 2 - Carbon Team: can we count on your TG-channel for Demex/Compeition-support?
- 3 - Carbon Team: can we count on your (social) channels to actively support our marketing.
• Write a proposal to allocate Switcheo Development Funds. Funds asked will be allocated mainly for prizes. It would be great if we can find some sponsors and get together a poof of tokens (Atom, Usdc, Swth) worth about 20.000usd. We secure them with a escrow (for example IntsoL).
- I don’t expect much more other costs than the prizes. Maybe some external costs for graphical support (please feedback me).
- Preparation: starts now
- Get a proposal up end of August 2022
- Marketing going live beginning of September 2022
- Competition going live: 1st of October till [yet to decide].
Please provide me with feedback.
Yes this is great idea, before launching this competition, I suggest that make some marketing first such as YouTuber influencer (cosmos believer preferable). Although we provide 20k usd as prize if only less than 50 trader(carbon OG), this competition would be meaningless.
I support this idea.
One issue with the current competition is that participants have no incentive to spread word about it because it adds competitors. It might be good to devise some kind of referral mechanism to incentivize competitors to advertize to other traders: e.g. for each address you refer, you get 1% of their trade volume added to yours. This adds complexity though.
Will this be a perpetual market or a quarterly futures market? If the plan is perps, then the team needs to launch these before the competition can begin. If it is quarterlies, then we still need an ATOM price oracle.
- Answer: marketing, yes. Personally dont like YouTube shillers at all. Need to work out a plan. Will rely on our community and need to reach out to the Cosmos community. It's all of us that have to take the lead.
- Answer: The 20k prizes money needs to be in balance with the goal and competition setup. I think 15-20k is the minimum, comparing to other competitions.
- Suggestion: We need to get much people to join in, and make the competition fun and interesting. Im thinking 50 persons minimum. My thoughts are the same, we need to build in an incentive. This is in line with the overall goal (create awareness). Challange: needs coding (time/resources).
- Answer: It will be a futures market, not perpetual.
The competition can only be held on Demex if we have a good reliable price oracle. This needs time and resources. Seeing the fist reply's on Telegram the "ATOM/USDC Futures Trading Competition" has support. This matter (price oracle) will be addressed in the coming weeks. We need to respect other goals and priorities of the team of course.
Enough to do to get this thing flying. Please keep providing feedback
Yes if YouTube influencer not recommended, we can partner with crypto Twitter influencer (preferable Cosmos supporter)