Overview
The THORChain team is excited to share the launch of BEPSwap which is now live on Chaosnet. BEPSwap is the first trading & staking interface powered by THORChain’s decentralised liquidity network, and just one of several in development by the community.
Since the launch of Chaosnet the network has grown to $5mm in total capital split between liquidity pools, bonded RUNE & reserves. Sixteen anonymous nodes secure the network, handling $250k in daily volumes across 9 pools in a permissionless, trustless and non-custodial setting.
In celebration of Chaosnet launch, a trading competition will be held between 12pm UTC, Thursday 10th September 2020 and 12pm UTC, Thursday 8th October 2020 with 50,000 RUNE up for grabs.
The trading competition is not designed as a marketing ploy but a vital mechanism to help bootstrap the network and incentivize trading activity in order to:
- Generate valuable test data — more data leads to insights & validation
- Place more load on the network, testing it’s performance under stress and demonstrating resilience of the TSS implementation.
- Create economic activity & drive fee revenue to the network to incentivise LPs to stake more capital, and node operators to increase their bond.
Bootstrapping the network
One of the challenges of liquidity protocols is to boostrap liquidity & attract traders to ‘kickstart’ economic activity. Amazingly, liquidity providers have lined up in droves to provide capital and there’s currently a large backlog of LP’s waiting for the staking cap to lift.
Despite the strong demand from LP’s, increasing the liquidity cap will result in the network being under-bonded and the incentive pendulum will adjust rewards in favor of nodes, thus reducing rewards for LP’s. This is not ideal.
The reason for this is that nodes secure the network and thus need to bond twice as much capital as staked in order to underwrite staked capital. The liquidity cap & minimum bond therefore need to increase commensurately at the optimal 67% bonded to 33% staked ratio.
However without trading activity the only source of revenue is block rewards, and stakers will give up more of their rewards to nodes to pay them for securing the network. The solution is therefore to bootstrap trading activity.
Approximately 3000 swaps have been completed in the days since the network launched generating fee revenue for LP’s and node operators. While these numbers are impressive, the team would like to see a substantial increase to trading activity now that liquidity is sufficiently deep to minimise slip. The trading competition is designed to achieve this.
Competition Details
The trading competition is available to anyone during the period with no entry requirements. Simply trade manually on https://chaosnet.bepswap.com or use a trading bot on Chaosnet to be eligible. At the end of the competition data will be collected & prizes awarded based on volume traded, not frequency or number of trades.
Start: 12pm UTC, Thursday 10th September 2020
Finish: 12pm UTC, Thursday 8th October 2020
1st Place: 10000RUNE
2nd Place: 7000 RUNE
3rd Place: 4000 RUNE
4th Place: 3000 RUNE
5th Place: 1000 RUNE
All traders will share in the remaining 25,000 RUNE prize.
Winning addresses will be announced within 72hrs of competition closing in the telegram announcements channel (links below). Prizes will be distributed to the trading addresses, no exceptions.
How to participate
- No signup is required
- Trade on https://chaosnet.bepswap.com or use a bot to trade
- Swap between any assets in any direction
- Aim for volume (quantity of assets swapped, not frequency/no. of trades)
- Arbitrage bots or automated trading bots are welcome & encouraged
Trading Considerations / Risks
- Consider the risks of using Chaosnet by reading this blog. There is a risk of losing your assets.
- Manage your trade sizes to avoid experiencing a high slip. The slip is shown on the right side of the swap screen (example above). Successive slips can erode capital.
- Each transaction incurs both chain fees (binance chain) and THORChain network fees. Consider the impact of these fees adding up over time before you trade.
- Neither the THORChain team, nor any admin on Discord or Telegram will DM you about trading on BEPSwap or this competition. Do not click on any alternate links other than the one’s in this blog or on official THORChain social media channels. You could get scammed.
Happy trading!
Community
To keep up to date, please monitor community channels, particularly Telegram and Twitter:
- Twitter: https://twitter.com/thorchain_org
- Telegram Community: https://t.me/thorchain_org
- Telegram Announcements: https://t.me/thorchain
- Reddit: https://reddit.com/r/thorchain
- Github: https://github.com/thorchain
- Medium: https://medium.com/thorchain
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