Gravity DEX Testnet Competition Is Off to an Amazing Start!

On May 4, the most advanced interchain DEX in the world — Gravity DEX — moved one step closer to mainnet! From the start, more than 21,775 traders took up the challenge to compete for their share of the $200,000+ prize pool.

The historical Gravity DEX Testnet competition is on fire, already churning out some pretty amazing stats:

• Number of active traders: 10,423
• Number of transactions: 239,845
• Total locked value: $112,684,354
• Total volume of trades: $215,428,973
• Total trading fee paid: $646,286

You can stay up to date with the leaderboard movements and the latest competition stats by following Cosmos on Twitter. And if you’re a registered participant and want to make sure you are getting the best out of this competition, here’s what you need to know:

Prize Pool and Distribution

The $200,000+ prize pool consists of ATOM and 12 additional sponsor tokens from the Cosmos ecosystem. The top third (⅓) of eligible players — up to a maximum of 7,000 traders(!) — will receive prizes proportional to their leaderboard position.

The $200,000+ prize pool includes 4,000 ATOM plus $10,000 USD each in 12 sponsored tokens from the Cosmos ecosystem, including:

• TERRA (LUNA)
• REGEN (REGEN)
• BITSONG (BTSG)
• SENTINEL (DVPN)
• PERSISTENCE (XPRT)
• AKASH (AKT)
• E-MONEY (NGM)
• CYBER (GCYB)
• IRIS (IRIS)
• AGORIC (RUN)
• DESMOS (DSM)
• COMMERCIO (COM)

Action Scores

Players will be scored based on their profits and their action scores, which they earn through two kinds of quests: SWAP in a minimum of 3 different pools, and DEPOSIT into a minimum of 3 different pools. If you want to raise your action score, we recommend that you execute these quests every day (measured in UTC timezone).

Market Distortions

Some surprise market distortion will occur within the Gravity DEX testnet competition in order to encourage active participation. This will include pool price distortions and pool trading volume acceleration. These distortions will provide players with profit-maximizing opportunities that may set them apart on the leaderboard.

Today we will be kicking off the first market distortion event, which will provide participants with major profit-making opportunities executing various arbitrages. Players can have fun harvesting arbitrage profit in different pools, which also creates the perfect opportunity to raise their rank!

Find all the details about the market distortion event that is taking place today in this blog post by B-Harvest.

Note that market distortion events are not meant for the operator to control the market, but to trigger a natural market equilibrium mechanism by providing additional supply to the incentivized testnet environment.

Bug Bounties
There are an additional 1,000 ATOM available for bug bounties and economic exploitation bounties. Prizes will be awarded based on an assessment of each report. If you find a bug, make sure you create an issue and report it here 👉 github.com/tendermint/liquidity

Soft Fork Implementation

Some players who qualified during registration and received a confirmation email were unable to participate in the competition as their testnet tokens were not loaded in their accounts. To resolve this bug, the team pushed a successful soft fork at 01:00 UTC on May 6 to load 1,651 missing balances and while doing so, all functionality remained unaffected.

We’re happy to see everyone enjoying the testnet and appreciate all your feedback so far! If you still have not received your testnet tokens, please check that:

• Your participation in the competition was confirmed by the team
• The Cosmos address you provided was correct
• You aren’t using the [prize] address instead of the [testnet] address
• Your Keplr wallet is correctly set up on [Competition] chain.

The dev team has confirmed that all outstanding tokens have now been successfully delivered to the participants. No new tokens will be distributed to people who have not been confirmed, and it is no longer possible to change your competition address. If your case isn’t covered by one of the points mentioned above, feel free to reach us on Discord here.

The Gravity DEX testnet competition ends May 11. Join the future of DeFi and follow Cosmos on Twitter for daily competition updates and final prize announcements.Learn more at our competition guides here: English | Korean | Chinese

About Gravity DEX

Gravity is the most advanced interchain DEX in the world. The Gravity DEX is using the Inter-Blockchain Communication (IBC) protocol, by enabling swaps and pools of digital assets between any two blockchains within the Cosmos ecosystem or beyond. Gravity also achieves superior efficiency compared to other AMMs due to its groundbreaking Equivalent Swap Price Model.

Gravity DEX, brought to you by Tendermint.