We have created backup channels on the matrix network.

https://matrix.org/

Quote from: EuropaSH on May 22, 2020, 05:02:40 pm

We use other mechanisms to encourage traders. Our model is Staking https://xbts.io/smart-holder . Staking Program on the XBTS exchange has been working for 2 years. Also, our traders earn cryptocurrency by participating in promotions, games and other activities. This attracts new users to the exchange and the entire ecosystem.

seems the volume is small yet?
kindly reminding: after the launch of BTS4.0, all the gateway assets need to share market fee to system, either participate the MM contest or not.

This is a proposal which mainly focus on the update of the MM contest rules, however it is not only relevant to this, it try to build an economic model for BTS-DEX, to encourage users to contribute valuable transactions to the ecosystem, activate trading and promote the ecosystem value.

At the time that the MM contest paused, we observed that the BTS-DEX become more cold/desolate than the contest is active, it easy to understand, in any exchange in the world Market Making is a service that cannot be ignored, That’s why we try to optimize the MM contest rules and hope it can get enough support from the community.

The proposal will be discussed sufficiently and then be put into BSIP/BAIP poll voting, it will be executed if it is authorized by the voting.

On one hand, this proposal continuously enhance the platform token feature of BTS, enhance the contribution to system income from various assets, and the subsequent BTS buyback and burning.  On the other hand, this proposal will update the MM contest rules and rename it as “ordering mining” as one important part of the BTS-DEX economic model, BTS/bitAssets pairs group will be added in, reward on one pair will depend on the market fee income that was contributed from this pair to the system, the infrastructure will include several parameters which can be adjusted  to fit the business status, the gateway assets which are included in the ordering mining will be forced to pay part of the market fee to system before BTS 4.0 launching as a must for being listed in. All these update is to build a market-oriented selection and cultivation  mechanism, to make the competent pairs to stand out in a fair environment, and feed back to the system after growing up. The 3 trading pair groups just form a trading triangle, much trading chance will come out there if the market making really help.

Daily system income include all the BTS fees and the market fee share of the ordering mining listed gateway assets that were collected to committee-account, counted in BTS. All the funds that were used as rewards of for burning comes from committee-account, as current balance or future income.

#Ordering Mining
Ordering Mining involve 3 categories of assets which are BTS， bitAssets and Gateway assets.
bitAssets include bitCNY， bitUSD，bitEUR，bitRUBLE.
Gateway assets involve the according gateway assets of main crypto currencies include BTC, USDT, ETH and EOS, the organizer demand the gateway to guarantee the in time deposit and withdraw service with quick support while necessary, and provide the proof of real asset. Now the listed gateway asset include:

RUDEX.BTC https://audit.rudex.org/
GDEX.BTC https://www.gdex.io/noticeAssets
XBTSX.BTC https://xbts.io/audit

GDEX.USDT https://www.gdex.io/noticeAssets
RUDEX.USDT https://audit.rudex.org/
XBTSX.USDT https://xbts.io/audit

RUDEX.ETH https://audit.rudex.org/
GDEX.ETH https://www.gdex.io/noticeAssets
XBTSX.ETH https://xbts.io/audit

RUDEX.EOS https://audit.rudex.org/
GDEX.EOS https://www.gdex.io/noticeAssets

Ordering Mining is to encourage market making via reasonable reward, to form sufficient market depth to attract traders, so the principles for the rules are:
1.give incentive to ordering, to narrowing the gap between top buy/sell orders, to big fund participation, and try to form a long-term mechanism.
2.attendees need to operate with self owned funds and bear profits or loss，no matter how much funds are included.
2.1 the bigger the order volume, the higher the reward.
2.2the closer the order price to the top counter party order price, the higher the reward.
2.3 the longer the order stay there, the higher the reward.
3.each day the reward to each pair depend on the fees that were paid to committee-account from this pair, the fee include the marginal fee and force settlement fee of bitAssets.

Rules
*Each pair group have 3 parameters include Base Reward, Top Reward, and Buy-Sell Reward Ratio, each pair have parameters include Pair Top Reward, Fee Return Ratio, Gear Goal Depth, Minimum Effective Order Volume.

*Calculation of pair reward and adjustment
First, calculate out the reward for each pair based on the contributed fee and the Fee Return Ratio of that pair, compare it with Pair Top Reward and select the lower one as the reward of that day for that pair. in formula Reward to one pair in one day = min(Fee paid from this pair to committee-account*Pair Fee Return Ratio, Pair Top Reward)

*Calculation of pair group reward and adjustment
Sum up the pair reward in the pair group to get the pair group reward, if Top Reward>pair group reward>Base Reward, adopt the pair group reward directly, if pair group reward<Base Reward, adopt Base Reward as pair group reward, if pair group reward>Top Reward, adopt Top Reward as pair group reward.

*Distribution of pair reward
*only the order with volume >  Minimum Effective Order Volume will be put into the market depth and reward calculation

*calculate the depth based on the distance from current order to the closer effective order in counter order listing.
Distance = ABS(this order price-closer counter order price)/MAX(this order price, closer counter order price)
Ordering Gears and according Reward Ratio
*orders inside 1% distance will share maximum 53% reward
*orders inside 2% distance will share maximum 25% reward
*orders inside 3% distance will share maximum 12% reward
*orders inside 5% distance will share maximum 6% reward
*orders inside 7% distance will share maximum 3% reward
*orders inside 10% distance will share maximum 1% reward
 
*In each gear:
If the summed up depth does not reach the goal depth, reward = maximum reward share* real depth/goal depth.
If the summed up depth overcome the goal depth, reward =  maximum reward share


*Distribution inside gears:
calculate the weight based on the distance of the order price to the gear border price:
Weight Coefficient = 1 + (gear top border price -  order price)/(gear top border price - gear bottom border price)
The pair reward share to each gear will be distributed to orders based on Order Volume*Weight Coefficient inside each gear.

*Calculation and rewarding will be done each day with period from UTC0:00 to 24:00, proposals will be created to distribute the rewards.
*If BTS 4.0 is not launched yet when this Ordering Mining begin, gateway need to pay 20% of the market fee of the listed gateway assets to committee assigned account, the reward to pairs with the gateway asset will stop if more than 1K BTS fee are not paid.

Parameters and Initial Values

Minimum Pair Daily Volume: 5KBTS, pairs with volumes less than this value at the day will not be included in reward distribution.

1.BTS/gateway assets group, Base Reward 3KBTS, Top Reward 20KBTS, and Buy-Sell Reward Ratio 7:3, each pair inside have Pair Top Reward 2K BTS, Fee Return Ratio 40, Gear Goal Depth 200K BTS, Minimum Effective Order Volume 100BTS.

2.BTS/bitAssets group, Base Reward 3KBTS, Top Reward 20KBTS, and Buy-Sell Reward Ratio 10:0, each pair inside have Pair Top Reward 10K BTS, Fee Return Ratio 20, Gear Goal Depth 1M BTS, Minimum Effective Order Volume 100BTS.

Suggest committee to set market fee to 0.1%, market fee sharing ratio to 20% for bitCNY, bitUSD, bitEUR and bitRUBLE.

3.  Gateway assets/bitAssets group, Base Reward 3KBTS, Top Reward 20KBTS, and Buy-Sell Reward Ratio 5:5, each pair inside have Pair Top Reward 2K BTS, Fee Return Ratio 20, Gear Goal Depth 200K BTS, at calculation the depth will be converted to according gateway asset depth based on the MA24 price, and
bitAssets/BTC: Minimum Effective Order Volume 0.0002 BTC
bitAssets/USDT: Minimum Effective Order Volume 2 USDT
bitAssets/ETH: Minimum Effective Order Volume 0.01 ETH
bitAssets/EOS: Minimum Effective Order Volume 1 EOS

#BTS Buy back and Burning
Committee will be responsible for the BTS buy back with the non-BTS assets in system income.
A parameter Burn-Income Ratio is set, each day BTS with amount=（system income*Burn-Income Ratio）will be transferred to the specific burning account, and will be burned when the accumulated amount reach a certain value.

#Payment for Development and Daily Operation
Generally BTS with amount = reward*1% will be paid to daily operators, each day proposal will be created to transfer such amount of BTS to operator account. On the other hand, as the update need development, salary will be paid to the developers if the proposal be approved by voting, currently the estimated salary is about 150K BTS.

Chinese version can be found here: https://bitsharestalk.org/index.php?topic=29665.msg342265;topicseen#msg342265