HP018 - Mainnet Trading Competition with $50,000 in Rewards

This proposal seeks to:

  • Commit up to 50,000 USDC and 151 Hubble Space Cats (HSC) as reward for a Mainnet Trading Competition.
  • Outline the design, rules and distribution of the competition.
  • Commit up to 1000 HSC for an outreach program targeting users of GMX, Perpetual Protocol, Gains Network as well as Arrow Markets Testnet Competition participants.

A month has almost gone by since Hubble Exchange launched its mainnet. Now that the exchange is ready and has gathered enough liquidity, it is time to launch a trading competition that will help bootstrap volume and encourage new traders to use the exchange. Makers and Insurance funders will also benefit indirectly through fees from the increased volume.

Note: the trading competition prizes are in addition to the Liquidity Mining rewards described in HP013.

Date: From September 12, 7:00 UTC to October 10, 7:00 UTC

If this proposal passes, 50,000 USDC and 146 HSC will be allocated as follows:

Cumulative PnL Competition:

Prize pool: $35k + 46 HSC

  • First: $15k + 4 HSC
  • Second: $10k + 3 HSC
  • Third: $3k + 2 HSC
  • 4-10th: $1000 + 1 HSC
  • 11th-40th: 1 HSC

Weekly PnL Competition:

Prize pool: $10,000 + 44 HSC

$2500 + 11 HSC distributed weekly:

  • First: $1400 + 2 HSC
  • Second: $800 +1HSC
  • Third: $300 + 1 HSC
  • 4th-10th: 1 HSC

Highest PnL individual trades:

The highest PnL trades throughout the competition will receive these prizes. Only trades shared on twitter tagging @HubbleExchange will be eligible for this pool.

Prize pool: $2900 + 5 HSC

  • First: $1600 + 2 HSC
  • Second: $800 + 2 HSC
  • Third: $500 + 1 HSC

Highest Daily PnL:

Prize pool: 28 HSC

1 HSC will be distributed daily to the trader with highest daily PnL

Random Daily Rewards:

Prize pool: $2100 + 28 HSC

Those who trade more than $1000 in daily volume will be eligible for a ticket in the Hubble lottery. One random trader who fulfils the criteria will be selected daily to earn a prize of $75 and 1 HSC.

USDC or vHubble

The cash prizes can be claimed in USDC or the equivalent vHubble tokens at seed valuation, $0.04 per vHubble.

How is PnL Calculated?

PnL will be calculated with the following formula for each of the reward pool periods (daily, weekly and monthly):

Gross PnL / Max collateral deposited during the period * 100

Additional Rewards

There will be additional Unique NFT rewards for the most notorious winners… and losers!

Trading Competition Outreach

To reach out to traders, an on-chain outreach campaign is proposed. This involves airdropping an Invitation NFT to traders in derivatives protocols, such as GMX and Gains, encouraging them to participate in the trading competition.

Traders who receive this NFT will also have the opportunity to earn an entry into our DAO with 1 HSC if they trade on Hubble Exchange with $1000 in volume before this year ends, making this a DAO expansion event for us.

Only the first 1000 traders will be eligible to claim a HSC.

Proposed Protocols:

  • GMX Traders on Avalanche and Arbitrum
  • Perpetual Protocol on Optimism
  • Gains Network on Polygon
  • Arrow Markets Testnet Trading Competition Participants

Traders on GMX, Perpetual Protocol and Gains must have created a minimum of 4 transactions to be eligible.

This proposal owes a lot to two Hubblers: Limonyay and Sergio, who contributed with feedback, ideas and suggestions.

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