On May 4, we launched Gravity DEX, the most advanced interchain DEX in the world, to a historical incentivized testnet competition with a record registration number of over 21,000 people. Once the competition kicked off, more than ten thousand traders took part and started testing the platform to compete for their share of a $200,000+ prize pool, made up of ATOM and 12 other sponsor tokens from the Cosmos ecosystem.
On May 11, we wrapped up the competition and our testing period. We were extremely encouraged by the results and saw some incredible activity on the platform during the incentivized testnet. Here are some stats that particularly stood out:
- 11,324 active traders
- 715,030 transactions
- $189,730,297 as TLV (total locked value ) in pool investments
- $900,414,409 trading volume
- $2,701,243 trading fees paid
Even in the testnet environment, arbitrage bots and traders were incredibly active and we managed to reach a total trading volume of around 900 million. Competition participants were also very helpful in providing feedback, reporting bugs, and, above all, creating market efficiency on Gravity DEX, which is essential as we move closer to mainnet.
And the winners are…
3,598 highly active traders and 11 bug bounty winners will be receiving their share of the prize pool!
Depending on their ranking, the winners will receive prizes ranging from 0.55 ATOM to 62.35 ATOM from the main prize pool, as well as their share of the sponsor token prizes valued at $120,000.
Sponsored tokens from the Cosmos ecosystem include:
Note that CYBER (GCYB), AGORIC (RUN), COMMERCIO (COM) and DESMOS (DSM) will be paying their prizes in ATOM, while TERRA (LUNA), REGEN (REGEN), BITSONG (BTSG), SENTINEL (DVPN), PERSISTENCE (XPRT), AKASH (AKT), E-MONEY (NGM) and IRIS (IRIS) will be give out their prizes in their native tokens.
If you’re a winner, congratulations! You will have received an email notification sent to the email you provided at registration. It will contain more details on your rank, ATOM prize distribution, sponsor token prize distribution, and the action you need to take to receive your prizes.
If you believe you are one of the winners and haven’t received the notification email, here are few reasons this might have happened:
- The email could be in your spam; make sure you check it
- You might have unsubscribed from our communication (subscribing to our communication was a requirement for the registration process for these purposes)
- Your email bounced
- You entered an invalid email address in the initial system (this was the case for some)
Bug bounty winners
If you’re one of the 11 bug bounty winners, thank you for your valuable contribution! We will be contacting you via Github to advise you on how to claim your prize.
Incentivized testnet key findings
Beyond producing more than 3,500 deserving winners and helping us to uncover bugs and other related testnet issues, the Gravity DEX incentivized testnet competition revealed some further interesting findings, which you can read about below.
Pools converged around global price
The key element to test was market efficiency on Gravity DEX — and we’re more than satisfied with the results. Despite the testnet environment and purposeful liquidity and price distortion events we created for testing, the top 12 pools continued to converge around global prices.
Swaps were the most popular transaction
All transaction types increased steadily throughout the competition, with swaps having the highest volume.
ATOM / LUNA had the highest swap volume of any pool
We also saw swap volume among pools increase fairly steadily, with hikes corresponding to our price distortion and trading volume events. The ATOM/LUNA pool was the most popular, while other pools had fairly similar swap volume.
The top 20 winners were completing the most transactions at the highest volume
The highest ranked traders were very active on the platform during the competition. Across the top 20 traders, the median number of transactions was 40 and the median swap volume was $14.9k.
What’s next for Gravity DEX
The most advanced interchain DEX in the world will go live on Cosmos Hub at the beginning of July 2021, barring any unforeseen circumstances. Following the excellent feedback from the testnet competition, the many innovative and exciting features that make Gravity DEX unique, and the upcoming Gravity Bridge to Ethereum that’s being developed by the Althea team, we couldn’t be more excited.
You can read about Gravity DEX in more detail here, follow along on the Cosmos Twitter, and sign up for updates on gravitydex.io to make sure you’re the first to know when you can start using Gravity DEX.
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