Summary: Create an on-chain trading competition for $SEAM on Base Dexes. The competition will feature a leaderboard and a $10k esSEAM prize pool split among top volume traders. The competition would run from Sunday, May 19th, to Thursday, May 23nd, and capture trading volume on these Dexes:
Uniswap v2
Uniswap v3
Sushiswap v1
Soswap v1
Scale v1
Openocean v2
Aerodrome v1
1inch LOP v4
Infusion
About the Author: Guzman is a Seamless community member who participates as a Seamless delegate and is the writer of the monthly State of Seamless Blog posts.
For transparency, the following Dune sql query would be used to generate a leaderboard and be publicly displayed. Rewards would be given based on the relevant metrics in this table. Note: the query would be updated to reflect the trading competition’s exact start and end dates
Market Research (target users, competitors, market potential, pain points):
Target users are the Seamless community and other Base community members.
Detailed Project Info
Goals/Objectives + Relevance to Seamless Protocol/Community:
To boost volume and liquidity of SEAM on Base Dexes, to encourage LP pool activity.
Roadmap:
NA - but future trading competitions could feature larger budgets, more diverse metrics ( potentially incorporating a PnL element), and include both DEXs and CEXs.
Relevant Milestones/Metrics (Now and Future):
Participation in the trading competition will help determine its success and give a good sense of demand for future trading competitions. Total # wallets/users participating and the growth of volume and liquidity can be examined after the competition.
Funding Request + Budget Breakdown:
Total: $10,000 in esSEAM to be used as a prize pool for the trading competition
If the trading competition is deemed successful, have the option for another immediate trading competition with a $15,000 in esSEAM budget.
Anything else we should know (e.g. existing partnerships, early adopters/community)? NA
Where did you hear about the Seamless grants program? Discourse
Have you received any other funding (vc/institutional, angel and/or other DAO/grant funding)? No
Wallet Address that can accept ERC-20 Tokens on Base (this will be directly verified again prior to funding): Winners will be announced and can be transparently confirmed via the public Dune query. SCGP can then fund the winning addresses within 5 days of contest close.
I fully support the initiative to create an on-chain trading competition for $SEAM on Base Dexes. The competition, with its attractive is an excellent way to boost volume and liquidity.
However, I would like to highlight a concern regarding the accuracy of the Dune dashboard currently used for the leaderboard. After checking the first addresses listed
I advise verifying and updating the dashboard to ensure it accurately reflects the trading activity before the competition begins.
Additionally, it might be beneficial to consider focusing on the buying volume instead of the selling volume. Emphasizing buying activity could provide a clearer picture of active engagement and support for $SEAM, and further stimulate demand.
Awesome suggestion @Guz_MassAdopt ! This indeed the best way to spread the word about Seamless!
Just a couple of ideas:
What if we move the start date to Wednesday, May 22? My concern is that we have very limited time for marketing of this campaign in socials and let more people know about it. Plus, I think it’s always good to start at a working day instead of a weekend.
How do u see the distribution of rewards? I mean it would be good to let people know in advance what they get. This will help to ensure full transparency of the programme. I would suggest something like:
1 place - 2000$
2 and 3 place - 1000$
4-10 - 500$
10-100 - around 40 $
The issue raised by @Smailov with regard to the dune is very relevant
In addition to his suggestion it might be beneficial to consider focusing on the buying volume instead of the selling volume
what if we set a rule that in order to be eligible for rewards at the end of the competition users wallet SEAM balance should be positive (could be a simple 1 SEAM)
This looks great @Guz_MassAdopt ! As a member of the SCGP council, I am in support.
I agree with @Ras’s proposed reward distributions for the esSEAM incentives.
To @Smailov’s screenshot, I think some of those addresses are smart contracts, etc. that should definitely be ineligible - the qualifications should be that it must be individual wallets (no bots, relay contracts, etc.). As for the buying volume focus, I’d lean to just going with whatever is easiest to implement at this time (since this would be the first of these competitions) and maybe that’s a refinement that can be made in the future.
@Smailov some good points you have, some thoughts/reactions from my side:
trading competitions typically account for both buy and sell (trading) vs a buying competition . Am open to what the SCGP thinks on this front but it seems it may not match other market norms. More complicated calculations may not be possible or feasible within a reasonable time frame
Good points on the wallets, I believe they are trading the SEAM somehow by being the ones executing the trades but perhaps not holding the SEAM itself, looking into the tables/onchain data theres only 2 options for each:
[a] for dex.trades table, there’s the ‘taker’ column or the ‘tx_from’ column that can be used to identify the trader
[b] for the infusion_base.Pair_evt_Swap table, there are two columns that can be used to identify the trader, either ‘sender’ or ‘evt_tx_from’.
Currently the query is utilizing for ‘tx_from’ [a] and ‘evt_tx_from’ for [b].
I’ve forked the original query and rewritten it to use ‘taker’ for [a] and ‘spender’ for [b], but many smart contracts show up as the traders in this iteration of the query.
For example: 0x3fc91a3afd70395cd496c647d5a6cc9d4b2b7fad
@Guz_MassAdopt, given the time constraints, maybe u could repost your original proposal with the suggested amendments:
Rewards distribution
Starting date Wednesday 22 May
Keep trading specifications as u originally proposed.
As for the wallet selection, I think we have enough time by Wednesday to get things sorted out as @Smailov and @richyRNG highlithed.
By this I conclude that SCGP tentatively approves this grant request, so that we could start marketing activity and spread the word about this trading competition first thing Monday morning
Summary: Create an on-chain trading competition for $SEAM on Base Dexes. The competition will feature a leaderboard and a $10k esSEAM prize pool split among top volume traders. The competition would run from Sunday, May 19th, to Thursday, May 23nd, and capture trading volume on these Dexes:
Uniswap v2
Uniswap v3
Sushiswap v1
Soswap v1
Scale v1
Openocean v2
Aerodrome v1
1inch LOP v4
Infusion
About the Author: Guzman is a Seamless community member who participates as a Seamless delegate and is the writer of the monthly State of Seamless Blog posts.
For transparency, the following Dune sql query would be used to generate a leaderboard and be publicly displayed. Rewards would be given based on the relevant metrics in this table. Note: the query would be updated to reflect the trading competition’s exact start and end dates
Market Research (target users, competitors, market potential, pain points):
Target users are the Seamless community and other Base community members.
Detailed Project Info
Start Date: Wednesday, May 22nd, 2024
Goals/Objectives + Relevance to Seamless Protocol/Community:
To boost volume and liquidity of SEAM on Base Dexes, to encourage LP pool activity.
Roadmap:
NA - but future trading competitions could feature larger budgets, more diverse metrics ( potentially incorporating a PnL element), and include both DEXs and CEXs.
Relevant Milestones/Metrics (Now and Future):
Participation in the trading competition will help determine its success and give a good sense of demand for future trading competitions. Total # wallets/users participating and the growth of volume and liquidity can be examined after the competition.
Funding Request + Budget Breakdown:
Total: 10,000 esSEAM to be used as a prize pool for the trading competition
If the trading competition is deemed successful, have the option for another immediate trading competition with a 15,000 esSEAM budget.
Anything else we should know (e.g. existing partnerships, early adopters/community)? NA
Where did you hear about the Seamless grants program? Discourse
Have you received any other funding (vc/institutional, angel and/or other DAO/grant funding)? No
Wallet Address that can accept ERC-20 Tokens on Base (this will be directly verified again prior to funding): Winners will be announced and can be transparently confirmed via the public Dune query. SCGP can then fund the winning addresses within 5 days of contest close.
Based on some initial wallets i’ve checked on arkham they appear to be correct, so I do think the original approach (tx_from and evt_tx_from) is correct. Perhaps in some cases some wallets don’t show SEAM transactions because they somehow are signing trxns for another wallet?
The maker and spender version of the query continues to produce large smart contrat addresses (such as uniswap pools or uniswap router) as traders, which is certainly incorrect - look at a few examples from the top here such as Odos router (https://dune.com/queries/3741538/6292212/).
Any further thoughts on this Smailov or from others? Though the previous approach may not be perfect it does appear more accurate than the latter approach which certainly is inaccurate. May not be a perfect solution unless more time/effort is spent examining.
@richyRNG Yeah, I think we can manually remove these routers and Uniswap pools from the final list of winners, as a workaround for now.
It’s not a perfect solution, but it seems more feasible than trying to perfect the query in the short term.
With the Onchain Trading Competition having completed earlier this week, put together a spreadsheet of the top 20 volume traders and their prize amt in esSEAM taking the spot price of esSEAM at the end of the trading competition. As a next step, would be great for SCGP council members @daryl@Ras@Smailov to distribute the rewards to those on the leaderboard asap. Thanks!
