Registration opens for Cosmos-based Gravity DEX $200K testnet competition

April 22, 2021 0 Comments

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CryptoNinjas » Registration opens for Cosmos-based Gravity DEX $200K testnet competition

Gravity DEX, a decentralized exchange for the Cosmos ecosystem, has announced that registration for a testnet trading competition with a $200,000 prize pool is now open until April 30th.

This testnet competition is a way for traders to familiarize themselves with the platform while also stress-testing Gravity under near-market conditions prior to its mainnet launch.

Recently acquired by Tendermint, Gravity is an advanced interchain DEX. It uses 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 unique Equivalent Swap Price Model.

The competition runs from May 4th to May 11th with prizes awarded by May 18th…

Each participant will receive testnet tokens totaling 10,000 USD in ATOMs and 10,000 USD each in 3 randomly selected assets from our Cosmos sponsors and other Ethereum tokens.

During the competition, participants can:

  • Deposit tokens into pools to earn rewards.
  • Trade tokens with the aim of maximizing their return.

Participants are scored on both their activity and simulated earnings. A leaderboard will rank participants throughout the competition, and at the end, the top 1/3rd of participants will be awarded prizes proportional to their final ranking.

The $200,000 prize pool includes 4,000 ATOMs plus $10,000 USD each in 10 sponsored assets from the Cosmos ecosystem.

There are an additional 1,000 ATOMs available for bug bounties and economic exploitation bounties. Prizes will be awarded based on an assessment of each report.

To register, participants will need to provide their Cosmos testnet address for trading activities, and their Cosmos Hub mainnet address to receive prizes.

Sponsored prizes will be distributed to each winner’s address on their native network created by the same mnemonic (private key) used for Cosmos Hub mainnet address for ATOM prize distribution.

CryptoNinjas » Registration opens for Cosmos-based Gravity DEX $200K testnet competition

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