Trading competition - AE tokens promoted by the first DEX on Aeternity

I. Title - Trading competition - AE tokens promoted by the first DEX on Aeternity

II. Summary - A trading competition to be organized on weiDex - the first DEX working on Aeternity. The competition will be focused only on the pair AE-ETH. It will last for 2 weeks. The first three traders with the highest trading volume will receive rewards. Two weeks before the competition a social media campaign will be performed with the aim to spread the word (Medium, Discord, Telegram, Twitter, Facebook)

III. Goals

  1. to promote AE token
  2. to bring more volume to the AE-ETH trading pair

IV. Roles - weiDex team - Tito Titov - CEO; Krasimir Raykov - CTO, Yordan Titov and Petko Pavlovski - Frontend Developers; Polina Keremidchieva and Georgi Doychev - marketing strategists. weiDex received funding during Star Fleet 1

V. MVPs - weiDex trading platform with AE-ETH pair https://app.weidex.market/trade/ae-eth

VI. Timeline - 2 weeks of preparations - social media campaign + 2 weeks duration of the competition = total of 4 weeks

VII. Milestones

  • social media campaign - articles, posts and announcements in Medium, Discord, Telegram, Twitter, Facebook
  • start of the competition
  • rewards announcement

VIII. Budget

  • $5k for rewards - 1st place $2500; 2nd place $1500; 3rd place $1000
  • (plus 50k in tokens for liquidity provided by Aeternity - not an investment- will be returned after the end of the competition)

IX. Assessment/Metrics of Success

  • Ideal goals:

       * half a million trading volume daily
       * 500 participants
    
  • minimal goals for the rewards to be paid

       * 100 participants
       * 5k trading volume per each trader
    

Monitored and measure - Tracked by the Smart Contract

6 Likes

It would have been perfect if this was organized on the Sophia WeiDex implementation :slight_smile:

yeah, it would have… :slight_smile:

OMG, that DEX is so sexy. Good job WeiDex team! Can’t wait when they will port it to Sophia. It would be a game changer. Have you guys thought about creating wrapped BTC, ETH and other coins like Binance is doing while going towards decentralized exchange? So there would be let’s say BTCw, ETHw, DAIw, etc. just for the sake of trading them on your platform.

4 Likes

Hey, thanks for the positive feedback.

We will soon introduce WBTC and DAI as a base currency. The AE version of the DEX will also be released with the same UI (hopefully soon).

4 Likes

I have two questions:

  1. Could the rewards be lower? Why are these numbers selected? They look a bit high to me, but I am not familiar with how these competitions usually go.
  2. When will the WeiDex decentralized exchange be available on Sophia? I would suggest to focus on this primarily and do a smaller (in terms of prizes) competition now.

Best,
Vlad

Evaluation board result:

image

Hey,

  1. If the rewards are to be lowered, there will be no stimulus for the traders to participate. These are already the smallest possible amounts having in mind the competitions held by other exchanges e.g. https://medium.com/binanceexchange/binance-trading-strategy-competition-ea73e4ccfb28 https://www.kucoin.com/activity/70

  2. About the Sophia implementation. Our developers had some bad experience with the last hardfork and the tooling around it, which delayed some of the other plans we had. We will most probably wait for the next hard fork and then renew the development on AE - which I guess is mid-september.

Regards,
Polly

Re 2. I am glad to see the honest comment. That is why I insist on the “developers first” instead of “mobile first” approach which can wait as it focuses on the end-user.