LATEST UPDATE (2020-05-08):
https://bitsharestalk.org/index.php?topic=32353.0In order to adjust rules, the MM contest will be paused after this Sunday (2020-05-10). Rewards distribution for 2020-05-10 will still be proposed, but no more rewards after.
The details about the new rules and the date to resume the contest will be announced in another post.
---------------
Please check the end of this post (OP) for earlier updates.
## Brief
The DEX needs liquidity.
Market makers who leave orders on the market provide liquidity.
The contest is to incentivize market makers, consequentially attract traders and bring volume to the DEX.
## Rewards
Up to 60,000 BTS every day. Funding by the committee.
## Start Date
2019-10-25 0:00:00 UTC
End date not yet decided.
## Markets (base asset / quote asset)
### Starting from 2020-01-12
BTS / [gateways].BTC
BTS / [gateways].USDT
BTS / [gateways].ETH
BTS / [gateways].EOS
(daily reward 7,500 BTS each market group since 2020-01-27, 10,000 BTS till 2020-01-26)
[gateways].BTC / bitAssets
[gateways].ETH / bitAssets
[gateways].EOS / bitAssets
[gateways].USDT / bitAssets
(daily reward 7,500 BTS each market group since 2020-01-27, 5,000 BTS till 2020-01-26)
### 2019-12-17 ~ 2020-01-11
BTS / [gateways].BTC
BTS / [gateways].USDT
BTS / [gateways].ETH
BTS / [gateways].EOS
(daily reward 15,000 BTS each market group)
### 2019-10-25 ~ 2019-12-16
BTS / [gateways].BTC
BTS / [gateways].USDT
(daily reward 30,000 BTS each market group)
## BitAssets
The chosen bitAssets are:
* bitCNY
* bitUSD
* bitEUR
* bitRUBLE
## Gateways
Gateways who have interest in participating in the contest please reply to this thread.
Every gateway needs to prove that its gateway assets are fully backed by real assets.
(The lists below will be updated from time to time as the contest progresses)
### qualified gateway asset(s) and corresponding audit page(s):
RUDEX.BTC
https://audit.rudex.org/GDEX.BTC
https://www.gdex.io/noticeAssetsXBTSX.BTC
https://xbts.io/audit (Added on 2019-12-06)
GDEX.USDT
https://www.gdex.io/noticeAssetsRUDEX.USDT
https://audit.rudex.org/ (Added on 2019-12-06)
XBTSX.USDT
https://xbts.io/audit (Added on 2019-12-15)
RUDEX.ETH
https://audit.rudex.org/ (Added on 2019-12-17)
GDEX.ETH
https://www.gdex.io/noticeAssets (Added on 2019-12-17)
XBTSX.ETH
https://xbts.io/audit (Added on 2019-12-17)
RUDEX.EOS
https://audit.rudex.org/ (Added on 2019-12-17)
GDEX.EOS
https://www.gdex.io/noticeAssets (Added on 2020-01-04)
### gateway assets that are replied in this thread but not yet qualified:
(none)
### gateway assets that were in the contest but got removed later:
SPARKDEX.BTC
https://audit.bitspark.io/ (Added on 2019-10-25) (Removed on 2020-02-04)
SPARKDEX.ETH
https://audit.bitspark.io/ (Added on 2019-12-17) (Removed on 2020-02-04)
## Rules
### Brief
Market makers place orders onto the order book.
The bigger the orders and
the closer the orders to the opposite side of the order book and
the longer the orders lasting on the order book,
the more rewards the owner of the orders will earn.
### Details
After each block is produced, a snapshot of the order book will be captured. Every order on the markets will be scored.
The orders whose size is smaller than "minimum valid order size" will be ignored when calculating.
Get the lowest ask price (LAP) and highest bid price (HBP) of the remaining order book.
For bids (orders buying base asset), order_distance = (LAP - order_price) / LAP
For asks (orders selling base asset), order_distance = (order_price - HBP) / order_price
Group 1: orders whose order_distance is within [0%, 1%] will share up to 53% of total reward;
Group 2: orders whose order_distance is within (1%, 2%] will share up to 25% of total reward;
Group 3: orders whose order_distance is within (2%, 3%] will share up to 12% of total reward;
Group 4: orders whose order_distance is within (3%, 5%] will share up to 6% of total reward;
Group 5: orders whose order_distance is within (5%, 7%] will share up to 3% of total reward;
Group 6: orders whose order_distance is within (7%, 10%] will share up to 1% of total reward.
For each order group, group_score = group_reward_percent * min(1, total_order_size / group_target_depth).
For each order within an order group,
order_weight = order_size * ( 1 + (group_upper_bound - order_distance) / (group_upper_bound - group_lower_bound) )
order_score = group_score * order_weight / sum(order_weight)
For each day,
for each market group,
daily_bids_reward = max_reward_this_market * bids_reward_percent * sum(bids_group_score) / total_blocks_produced_in_that_day
daily_asks_reward = max_reward_this_market * asks_reward_percent * sum(asks_group_score) / total_blocks_produced_in_that_day
For traders,
account_bids_reward = daily_bids_reward * sum(bids_order_score) / sum(bids_group_score)
account_asks_reward = daily_asks_reward * sum(asks_order_score) / sum(asks_group_score)
account_daily_reward = account_bids_reward + account_asks_reward
### Parameters
* BTS markets
BTS / [gateways].BTC
BTS / [gateways].USDT
BTS / [gateways].ETH (starting from 2019-12-17)
BTS / [gateways].EOS (starting from 2019-12-17)
- daily reward
Initially up to 30,000 BTS for each market group.
Starting from 2019-12-17, up to 15,000 BTS for each market group.
Starting from 2020-01-12, up to 10,000 BTS for each market group.
Starting from 2020-01-27, up to 7,500 BTS for each market group.
- buyer:seller reward ratio
Initially, for each market group, 98% of total reward will go to BTS buyers and the rest will go to BTS sellers.
Starting from 2019-11-17, buyer:seller reward ratio adjusted from 98:2 to 90:10.
Starting from 2019-11-30, buyer:seller reward ratio adjusted from 90:10 to 70:30.
- target depth of each order group 1,000,000 BTS,
- minimum valid order size 100 BTS.
* [gateways].BTC / bitAssets (starting from 2020-01-12)
- daily reward
initially 5,000 BTS,
starting from 2020-01-27, adjusted to 7,500 BTS
- buyer:seller reward ratio 50:50,
- target depth of each order group
initially 4 BTC,
starting from 2020-01-27, adjusted to 2 BTC
- minimum valid order size 0.001 BTC
* [gateways].ETH / bitAssets (starting from 2020-01-12)
- daily reward
initially 5,000 BTS,
starting from 2020-01-27, adjusted to 7,500 BTS
- buyer:seller reward ratio 50:50,
- target depth of each order group
initially 200 ETH,
starting from 2020-01-27, adjusted to 100 ETH
- minimum valid order size 0.05 ETH
* [gateways].EOS / bitAssets (starting from 2020-01-12)
- daily reward
initially 5,000 BTS,
starting from 2020-01-27, adjusted to 7,500 BTS
- buyer:seller reward ratio 50:50,
- target depth of each order group
initially 10,000 EOS,
starting from 2020-01-27, adjusted to 5,000 EOS
- minimum valid order size 2 EOS
* [gateways].USDT / bitAssets (starting from 2020-01-12)
- daily reward
initially 5,000 BTS,
starting from 2020-01-27, adjusted to 7,500 BTS
- buyer:seller reward ratio 50:50,
- target depth of each order group
initially 50,000 USDT,
starting from 2020-01-27, adjusted to 25,000 USDT
- minimum valid order size 10 USDT
## Reward Data
Will be posted in this thread.
Can also check blockchain explorers or web wallets:
https://bts.ai/details/account/committee-tradehttps://cryptofresh.com/u/committee-tradehttps://wallet.bitshares.org/#/account/committee-trade### How to verify the reward data
1. run a patched (
https://github.com/abitmore/bitshares-core/tree/ugly-3.0 ) delayed node (
https://github.com/bitshares/bitshares-core/wiki/Delayed-Node) to generate snapshots (update "config.ini" as follows)
# Ugly snapshot start block number
ugly-snapshot-start-block = 42000000
# Ugly snapshot markets
# Since 2020-01-11
ugly-snapshot-markets = [ ["1.3.0","1.3.2241"], ["1.3.0","1.3.3926"], ["1.3.0","1.3.4157"], ["1.3.0","1.3.4198"], ["1.3.0","1.3.5286"], ["1.3.0","1.3.5542"], ["1.3.0","1.3.5589"], ["1.3.0","1.3.2598"], ["1.3.0","1.3.3715"], ["1.3.0","1.3.4199"], ["1.3.0","1.3.4760"], ["1.3.0","1.3.2635"], ["1.3.0","1.3.4106"], ["1.3.113","1.3.2241"], ["1.3.113","1.3.3926"], ["1.3.113","1.3.4157"], ["1.3.113","1.3.4198"], ["1.3.113","1.3.5286"], ["1.3.113","1.3.5542"], ["1.3.113","1.3.5589"], ["1.3.113","1.3.2598"], ["1.3.113","1.3.3715"], ["1.3.113","1.3.4199"], ["1.3.113","1.3.4760"], ["1.3.113","1.3.2635"], ["1.3.113","1.3.4106"], ["1.3.121","1.3.2241"], ["1.3.121","1.3.3926"], ["1.3.121","1.3.4157"], ["1.3.121","1.3.4198"], ["1.3.121","1.3.5286"], ["1.3.121","1.3.5542"], ["1.3.121","1.3.5589"], ["1.3.121","1.3.2598"], ["1.3.121","1.3.3715"], ["1.3.121","1.3.4199"], ["1.3.121","1.3.4760"], ["1.3.121","1.3.2635"], ["1.3.121","1.3.4106"], ["1.3.120","1.3.2241"], ["1.3.120","1.3.3926"], ["1.3.120","1.3.4157"], ["1.3.120","1.3.4198"], ["1.3.120","1.3.5286"], ["1.3.120","1.3.5542"], ["1.3.120","1.3.5589"], ["1.3.120","1.3.2598"], ["1.3.120","1.3.3715"], ["1.3.120","1.3.4199"], ["1.3.120","1.3.4760"], ["1.3.120","1.3.2635"], ["1.3.120","1.3.4106"], ["1.3.1325","1.3.2241"], ["1.3.1325","1.3.3926"], ["1.3.1325","1.3.4157"], ["1.3.1325","1.3.4198"], ["1.3.1325","1.3.5286"], ["1.3.1325","1.3.5542"], ["1.3.1325","1.3.5589"], ["1.3.1325","1.3.2598"], ["1.3.1325","1.3.3715"], ["1.3.1325","1.3.4199"], ["1.3.1325","1.3.4760"], ["1.3.1325","1.3.2635"], ["1.3.1325","1.3.4106"] ]
# 2019-12-14 ~ 2020-01-10
#ugly-snapshot-markets = [ ["1.3.0","1.3.861"], ["1.3.0","1.3.2241"], ["1.3.0","1.3.3926"], ["1.3.0","1.3.4157"], ["1.3.0","1.3.4198"], ["1.3.0","1.3.1042"], ["1.3.0","1.3.5286"], ["1.3.0","1.3.5542"], ["1.3.0","1.3.5589"], ["1.3.0","1.3.850"], ["1.3.0","1.3.2598"], ["1.3.0","1.3.3715"], ["1.3.0","1.3.4199"], ["1.3.0","1.3.4760"], ["1.3.0","1.3.1999"], ["1.3.0","1.3.2635"], ["1.3.0","1.3.4106"] ]
# 2019-12-04 ~ 2019-12-13
#ugly-snapshot-markets = [ ["1.3.0","1.3.861"], ["1.3.0","1.3.2241"], ["1.3.0","1.3.3926"], ["1.3.0","1.3.4157"], ["1.3.0","1.3.4198"], ["1.3.0","1.3.1042"], ["1.3.0","1.3.5286"], ["1.3.0","1.3.5542"] ]
# 2019-10-25 ~ 2019-12-03
#ugly-snapshot-markets = [ ["1.3.0","1.3.861"], ["1.3.0","1.3.1570"], ["1.3.0","1.3.2241"], ["1.3.0","1.3.3926"], ["1.3.0","1.3.4157"], ["1.3.0","1.3.4198"], ["1.3.0","1.3.1042"], ["1.3.0","1.3.5144"], ["1.3.0","1.3.5286"] ]
# "id": "1.3.2241", "symbol": "GDEX.BTC", "precision": 8,
# "id": "1.3.3926", "symbol": "RUDEX.BTC", "precision": 8,
# "id": "1.3.4157", "symbol": "XBTSX.BTC", "precision": 8,
# "id": "1.3.4198", "symbol": "SPARKDEX.BTC", "precision": 7,
#
# "id": "1.3.5286", "symbol": "GDEX.USDT", "precision": 7,
# "id": "1.3.5542", "symbol": "RUDEX.USDT", "precision": 6,
# "id": "1.3.5589", "symbol": "XBTSX.USDT", "precision": 6,
#
# "id": "1.3.2598", "symbol": "GDEX.ETH", "precision": 6,
# "id": "1.3.3715", "symbol": "RUDEX.ETH", "precision": 7,
# "id": "1.3.4199", "symbol": "SPARKDEX.ETH", "precision": 6,
# "id": "1.3.4760", "symbol": "XBTSX.ETH", "precision": 7,
#
# "id": "1.3.2635", "symbol": "GDEX.EOS", "precision": 6,
# "id": "1.3.4106", "symbol": "RUDEX.EOS", "precision": 4,
# "id": "1.3.113", "symbol": "CNY", "precision": 4,
# "id": "1.3.121", "symbol": "USD", "precision": 4,
# "id": "1.3.120", "symbol": "EUR", "precision": 4,
# "id": "1.3.1325", "symbol": "RUBLE", "precision": 5,
p2p-endpoint = 127.0.0.1:0
seed-nodes = []
trusted-node = 127.0.0.1:8090
#...
plugins = delayed_node
2. Run the Ruby script (
https://github.com/abitmore/bts-mmcontest-scripts) to calculate rewards from the snapshot files
## Links
BitShares News:
https://news.bitshares.org/bitshares-trading-contest/Steemit:
https://steemit.com/bitshares/@abit/bitshares-dex-mm-trading-contest-start-on-25th-oct-bitshares-dex-10-25Twitter:
https://twitter.com/BitSharesOrg/status/1187654212630351872Telegram:
https://t.me/BTSMarketMakersWechat: please add GDEXxiaozhushou and send message "BTS" to join the group
Chinese post:
https://bitsharestalk.org/index.php?topic=29665.0Chinese post:
https://dpos.club/t/topic/14## Misc
The committee has the right to update the rules as the contest progresses. Updates will be announced in advance.
## Updates
LATEST UPDATE (2020-05-08):
https://bitsharestalk.org/index.php?topic=32353.0In order to adjust rules, the MM contest will be paused after this Sunday (2020-05-10). Rewards distribution for 2020-05-10 will still be proposed, but no more rewards after.
The details about the new rules and the date to resume the contest will be announced in another post.
---------------
UPDATE (2020-02-03):
https://bitsharestalk.org/index.php?topic=32059.0Starting from Tuesday 4th February, SPARKDEX.BTC and SPARKDEX.ETH will be removed from the contest due to [the announced closing of Bitspark] (
https://www.bitspark.io/blog-posts/dear-bitspark-community).
---------------
UPDATE (2020-01-25):
https://bitsharestalk.org/index.php?topic=32041.0Starting from Monday 27th January,
* daily reward of all market groups in the contest will be changed to 7,500 BTS each,
* target depths of bitasset markets will be halved.
---------------
UPDATE (2020-01-10):
https://bitsharestalk.org/index.php?topic=32007.0Starting from Sunday 12th January, some bitAsset market pairs will be added to the contest.
Starting from the same date, reward for BTS markets will be reduced to up to 10,000 BTS each market each day.
---------------
UPDATE (2020-01-03):
https://bitsharestalk.org/index.php?topic=31979.0Starting from Saturday 4th January, GDEX.EOS will be added to the contest.
---------------
UPDATE (2019-12-15):
https://bitsharestalk.org/index.php?topic=31863.0Starting from Tuesday 17th December, BTS/ETH and BTS/EOS markets will be added to the contest.
Starting from the same date, reward for BTS/BTC and BTS/USDT will be reduced to up to 15,000 BTS each market each day.
---------------
UPDATE (2019-12-13):
https://bitsharestalk.org/index.php?topic=31884.0Starting from Sunday 15th December, XBTSX.USDT will be added to the contest.
---------------
UPDATE (2019-12-05):
https://bitsharestalk.org/index.php?topic=31821.0Starting from Friday 6th December, RUDEX.USDT and XBTSX.BTC will be added to the contest.
---------------
UPDATE (2019-11-27):
https://bitsharestalk.org/index.php?topic=31768.0Starting from Saturday 30th November, the buyer:seller reward ratio will be changed from 90:10 to 70:30.
---------------
UPDATE (2019-11-15):
https://bitsharestalk.org/index.php?topic=31615.0Starting from Sunday 17th November, buyer:seller reward ratio will be adjusted from 98:2 to 90:10.
---------------
(2019-11-14) The original post was accidentally deleted. This is a re-post after slightly modified.
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