Register Now for the OraiDEX Futures Trading Beta Competition

Published in

Oraichain

4 min readOct 12, 2023

Leverage is imminent. After our initial round of beta testing, OraiDEX is ready to open the next round of testing. We are happy to invite OraiDEX community members to join the Futures Trading Beta Competition for a chance to be among the first to experience powerful new features and share in a $2500 prize pool.

Are you ready to embark on a journey into the future of trading? Oraichain is excited to introduce the OraiDEX Futures Trading Beta Competition, an exclusive opportunity for our community to be at the forefront of cutting-edge trading technology. This competition offers participants the chance to not only explore the exciting new Futures Trading feature but also earn rewards for their active involvement.

OraiDEX’s Futures Trading feature is powered by a virtual automated market maker (vAMM), creating a dynamic trading environment where users can take both long and short positions with leverage of up to 15X. As we move closer to the full public release of this innovative feature, we are eager to gather real-world data from live trading to fine-tune and improve its performance. Your participation will play a vital role in helping our team debug and troubleshoot, ensuring a seamless experience for all users.

As a token of our appreciation, we are offering rewards for all participants, with enticing prizes for the top traders based on trading volume. But that’s not all — we’re also introducing a Liquidation Rebate Program, designed to encourage users to take calculated risks and assist us in testing the reliability of the liquidation engine.

Don’t miss your chance to be part of this exciting journey into the future of trading with OraiDEX.

How to participate?

To be eligible for the Beta Testing program, please complete this [form] no later than 00:00 on October 15rd, 2023 (UTC).

We will choose up to 50 candidates from the registration forms. Throughout the testing period, these individuals will have the privilege of being among the first to explore this feature, conduct comprehensive testing, and contribute by providing essential feedback to assist us in refining and finalizing the features.

Timeline of the Beta testing

From 16 October, 2023 to 30 October, 2023.

Who can participate?

If you are familiar with DEXs and have an interest in Oraichain’s product line, you are welcome to join the program. Please make sure to submit the registration form with all your information so that we can better understand your background. Preference will be given to users with Futures Trading knowledge.

One Wallet per Tester
Only registered addresses will be eligible for prize/rebates
Must share e-mail and Telegram handle

Rewards

We are excited to offer an impressive prize pool for this second round of beta testing, encouraging users to fully explore and transact with the OraiDEX Futures Trading Feature. All rewards will be distributed based on the top trading volumes during the competition period:

Total reward pool = 5% of total trading volume during the event (capped at $2,500 worth of ORAI)
First Prize: Up to $1000
Second Prize: Up to $500
Third Prize: Up to $250
Fourth Prize: Up to $150
Fifth Prize: Up to $100
Runner-Up: $500 in prizes will be distributed to all participants who trade more than $200 during the competition period. (Top 5 not included in runner-up prize pool).

Liquidation Rebate Program

In addition to the trading volume-based prize pool, OraiDEX is also offering a Liquidation Rebate Program for this round of testing. While liquidation may not be ideal for users, it is very important that the OraiDEX team gets a full picture of project functionality, thus requiring liquidation in a production environment. To account for this and encourage users to contribute to our data collection, this program is established to provide limited refunds for users liquidated during the beta testing period.

Total Liquidation Rebate Fund: $2500 in ORAI
All liquidated positions can be automatically refunded under the following conditions:
Initial Margin per liquidated position ≤ $10
Max Cap per wallet address = $50
Only registered wallets will be eligible for liquidation rebates.

Important Notes:

Testers will be working with a test version, thereby some functionalities may not work perfectly on all devices
The test version can be used on both Windows and Mac computers, as well as on phones or tablets, supporting both Android and IOS.
The Oraichain Foundation team retains full discretion in determining rewards for each reported issue.
For similar bugs, rewards will be determined based on the time of submission, following a first-come, first-served approach.

Up Next: Public Trading Competition

After the conclusion of the OraiDEX Futures Trading Beta Competition, we will finally be ready for our full public release and trading competition. We are thrilled to be building alongside our community members and we’re honored to invite you to join us on this journey. Stay tuned for more updates in the near future!

OraiDEX community channel: https://t.me/oraidex_official

About Oraichain

Oraichain provides multidimensional trustworthy proofs of AI and enables secure integration with Web3. With AI as the cornerstone, Oraichain has developed many essential and innovative products and services including AI Oracle, DINO Hub with DINO Center, AI Marketplace & Data Marketplace, fully on-chain VRF, AI-based NFT generation & copyright protection, Royalty Protocol, AI-powered Yield Aggregator Platform, Cosmwasm IDE, and many more. Oraichain is the world’s first Layer 1 of AI oracle and Trustworthy Proofs™️.