BitShares DEX trading contest: Put up orders in the BitShares DEX to earn 60,000 BTS each day!

The market making contest will start on 25th Oct. 2019

More details are here: https://bitsharestalk.org/index.php?topic=29728.0

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

BTS / [gateways].BTC
BTS / [gateways].USDT
(30,000 BTS each)

Gateways

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:

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

For each market, 98% of total reward will go to BTS buyers and the rest will go to BTS sellers.

(Note: The committee will have the right to update the percentages as the contest progresses. Updates will be announced in advance.)

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 100 BTS 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 BTS), order_distance = (LAP - order_price) / LAP
For asks (orders selling BTS), 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 group, group_score = group_reward_percent * min(1, total_order_size / 1,000,000 BTS).

For each order within a 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, specifically, BTS / [gateways].BTC or BTS / [gateways].USDT,
daily_bids_reward = 30,000 BTS * bids_reward_percent * sum(bids_group_score) / total_blocks_produced_in_that_day
daily_asks_reward = 30,000 BTS * 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

Sample Rewarding Data (BitShares Mainnet)

Testnet Simulation

More Community Links

Wechat – please add GDEXxiaozhushou and send message “BTS” to join the group
Telegram
Chinese post (BitSharesTalk link):
Chinese post (Website link)

Original source published by @abit on STEEM