MonoX Beta Launch Competition

Event Details

The beta test period was very successful and team was able to identify ways to optimize user experience, add new features, and fix some bugs.

After the beta test period, team decided it would be great to utilize the stable beta product to run a fun competition for community!

There are huge prizes up for grabs, a total of $10K USDC will be rewarded to the top 15 winners of two competitions ($5k per competition).

Team have deployed a new instance of Monoswap to Kovan and Mumbai, which means that there are no pools yet and it is a ‘clean slate’.

Sign up for the competition.

In order to enter the competition, you sign up. Please fill the form here.

The reward pool size based on number of users. If we reach 10k users in the competition then we will increase the prize pools by 1.2X and if we get to 20k users we will increase the rewards pools by 2X.

So make sure to invite your friends and network in order to win a bigger rewards pool for all.

Both competitions will end on August 9th, 11:59PM GMT.

Key Links to get started:

Team has a new domain for the Competition, URL is: https://contest.monox.finance/

Faucet for Mumbai MATIC: https://faucet.matic.network/

Faucet for Kovan ETH: https://linkfaucet.protofire.io/kovan
- Make sure to select ETH, it will give you .1 kETH each time.

Now for the fun part 

Competition One: Highest vUSD Amount in Pool

Total Winnings: 5k USDC
 

• 1st Place: 2000
• 2nd Place: 1000
• 3rd Place: 500
• 4th Place: 300
• 5th Place: 200
• 6–10: 100
• 11–30: 25

Competition Brief

For Competition One, the winners will be chosen by the — vUSD balance of the pool they created at the end of the competition. The highest vUSD balance wins.

This is essentially a competition for users to launch their own testnet token and the most popular token will win. Other users will purchase your token and the vUSD balance in the pool will increase.

How does it work?

The contest is very simple, users create a new token using Token Mint. Then users can set an initial price and add liquidity to a new pool to launch the token.

**Hint** make sure to think about the MAX SUPPLY of the token when you create it.

Once you have launched the token try to get other users to purchase your token and watch your vUSD balance go up. You can use the analytics feature to track your token’s metrics.

Team will also be releasing a public Dashboard 

How do I participate?

Anyone is welcome to participate. All you have to do is just fill out the form below.

What do I need to know?

• How AMM works visit Docs and old medium articles.
• How to create and launch a token see the walkthrough below.
• Remember setting the right initial price is very important for price discovery on newly launched tokens. If you set the price too high and no one buys, then your pool will remain with a zero vUSD balance.

Competition Two: Highest vUSD Amount in Wallet

For Competition Two the winners will be chosen by the amount of vUSD that is in their wallet at the end of the competition.

This is essentially a trading competition for users. Make swaps into vUSD to accumulate the coin.

Total Winnings: 5k USDC

• 1st Place: 2000
• 2nd Place: 1000
• 3rd Place: 500
• 4th Place: 300
• 5th Place: 200
• 6–10: 100
• 11–30: 25

Why this competition?

The team chose this competition because it can help simulate a market on beta dapp also because it will be fun for some of DeFi degens to ape in and swap tokens to increase their vUSD balance.

How does it work?

Users can use the explore feature to find coins and start swapping tokens in exchange for vUSD. Make swaps to increase your vUSD wallet balance. The aim is for users to purchase tokens and sell after the token has appreciated in value, in order to receive more vUSD.

How do I participate?

Anyone is welcome to participate. All you have to do is just fill out the form below.

What do I need to know?

• How AMM works visit Docs and old medium articles.
• Remember you can only sell tokens if the vUSD balance is positive. If you see the Error message saying vUSD balance is too low, it means you cannot sell any more of that token.
• How to make swaps on AMM.
• Only trade into vUSD so you increase your vUSD stack.

Bug Bounty

The team is also continuting to run a bug bounty with $2k of rewards. Please contact us in the Discord channel.

About MonoX

MonoX introduces the premier bootstrap decentralized exchange, Monoswap. Project owners can list their tokens without the burden of capital requirements and focus on using funds for building the project instead of providing liquidity. It works by grouping deposited tokens into a virtual pair with own vUSD stable coin, to offer a single token pool design.

MonoX will revolutionize the DeFi ecosystem by fixing the capital inefficiencies of current protocol models. With lower trading fees, capital efficiency, and zero-capital token launching — MonoX will expand the capabilities of DeFi.

Stay Connected

Follow official social media accounts and visit the website to stay up to date.

Website | Documentation | Twitter | Telegram | Discord