Enhancing Synthetix: Grant for Decentralized Copy Trading Incentives

Username

Copin Analyzer

Grant Description

Copin requests $25,000 in funding to execute comprehensive trading incentives, including organizing copy trading contests and offering incentives to Copin users routing volume through the Synthetix protocol. This initiative aims to propel Synthetix's perpetual trading ecosystem by introducing a novel concept: ANALYZE & COPY TRADING. The grant's primary focus is to stimulate a vibrant on-chain trading environment within Synthetix, attracting and retaining users while directly contributing to Synthetix's trading volume and the benefits of $SNX stakers.

Overview

This grant proposal aims to dedicate 100% of its funding toward trading incentives, driving heightened engagement within Synthetix, primarily focusing on the groundbreaking implementation of Decentralized Copy Trading. Copin's strategic approach aims to foster significant advancements within Synthetix's Trader Analyzer/Explorer functionalities and revolutionize the ecosystem with Decentralized Copy Trading.

The pivotal focus of this sponsorship program remains on Decentralized Copy Trading, envisioning a comprehensive user journey involving discovery, analysis, and meticulous evaluation of traders. By channeling the entirety of the sponsorship funds into copy trading initiatives and discount contests, Copin endeavors to drastically reduce user barriers to Synthetix trading, promoting user motivation through showcasing analytical capabilities. With a structured plan involving 4 consecutive competition rounds, each spanning 2 weeks, Copin anticipates generating a substantial trading volume of approximately $50M and 100,000+ transactions per month.

Objectives:

• User Acquisition and Retention: Attract new users, retain existing Synthetix users, and stimulate sustainable on-chain activity through incentivized copy trading, thus escalating Total Volume for Synthetix protocol.
• Ecosystem Development: Encourage the broader development of Synthetix by attracting Web2 and CEX users, providing them with an accessible analysis of top Synthetix traders and personalized copy trading experiences through Copin.
• Holistic Ecosystem Benefit: Aim for mutual benefit across Synthetix, Copin, and users, fostering a sustainable ecosystem where volume and traction for Synthetix grow, Copin gains users, and users experience profit-generating copy trading at zero cost.

Grant Breakdown: The grant's entire allocation, 100% of the funds, will be dedicated to incentivizing users interacting within Synthetix's volume through Copin's copy trading feature:

• 80% Grant Allocation for Copy Trading competition: $20,000 designated for the ongoing copy trading contests conducted through Copin. Spanning 4 rounds, each round lasting 2 weeks. The prize pool for each round is $5.000, distributed among the top 10 copiers based on their PnL performance:
  • 1st place: $2000
  • 2nd - 5th place: $500
  • 6th - 10th place: $200
• Remaining 20% Allocation: $5,000 designated for airdrops and incentives to the first 500 users engaging in copy trading with $1.000 min volume through Synthetix. Following a first come, first served mechanism.
  • Reward per eligible user: $10
  • Number of users: 500 users
  • Mechanism: First come, first served

This comprehensive grant overview underscores Copin's strategic efforts to transform Synthetix's ecosystem through pioneering Decentralized Copy Trading, aiming to attract, engage, and foster a sustainable ecosystem for mutual benefit.

Value to Synthetix

1. Revolutionizing Synthetix's Perpetual Trading Ecosystem: Copin introduces Analyze & Copy Trading, a groundbreaking concept not previously available within Synthetix's ecosystem. While prevalent in traditional markets and centralized exchanges, this innovation marks a significant departure from the current offerings within Synthetix's perp future exchanges like Kwenta and Polynomial. Copy trading serves as a cornerstone product for exchanges, streamlining the onboarding process for new users into trading products. The inherent human need to emulate proficient traders is fulfilled through Copin's platform, which leverages blockchain technology and the evolving landscape of perpetual DEX, notably Synthetix, to elevate copy trading to new heights. The platform offers users a personalized experience, allowing them to meticulously analyze and explore traders before initiating the copy process, ensuring complete transparency in data.

2. Enhanced Experience for Existing Synthetix Users: For users accustomed to trading on perp protocols integrated with Synthetix, Copin introduces a multitude of options to optimize their platform usage. Through Copin's tools, users can evaluate their trading history, gain insights from top traders via customized filtering, analysis, and exploration features. They also retain the choice to opt for copy trading through Synthetix directly, streamlining their trading strategies and potentially saving time by leveraging others' expertise, especially if they prioritize analysis over active trading.

3. Attracting New Users and Onboarding from Traditional Markets: The platform not only caters to existing Synthetix users but also attracts newcomers, particularly those unfamiliar with DeFi. For non-DeFi users accustomed to the Copy Trading concept, Copin presents an attractive proposition - the ability to analyze and engage in on-chain copy trading via Synthetix. This accessibility and familiarity with the Copy Trading model can significantly entice new users into the Synthetix ecosystem. Copin already offers robust resources and tools for seamless trader analysis and discovery and continues to develop decentralized copy trading within Synthetix, ensuring a smooth and user-friendly experience.

4. Synthetix's New Narrative: Decentralized Copy Trading Copin's incentive focus on the Synthetix community redefines the ecosystem's narrative, positioning Decentralized Copy Trading as a pivotal and transformative force. This innovation stands poised to retain existing users while attracting a wave of new entrants from centralized exchanges, offering a sophisticated yet accessible trading experience that aligns with the evolving demands of the market.

In summary, Copin's introduction of Analyze & Copy Trading not only enhances the Synthetix ecosystem but also extends its reach to new user segments, establishing a new narrative around Decentralized Copy Trading as a catalyst for growth and retention within the Synthetix community.

Project Implementation Plan

1. Development implementation Plan:

• Integration of Kwenta Trader Data: Completed
• Integration of Copy Trading from Kwenta Trader: Completed
• Integration of Kwenta Trader Leaderboard: Completed
• Integration of Polynomial Trader Data: Scheduled for December 2023
• Integration of Copy Trading from Polynomial Trader and Leaderboard: Scheduled for December 2023
• Integration of Fully Decentralized Copy Trading through Synthetix Protocol:
  • Testnet Version Release: Scheduled for December 2023
  • Mainnet Version Release: Scheduled for January 2024
• Copy Trading Competition & Retroactive Program: Scheduled for January 2024 (Dependent on Grant Approval Date)

2. Copin Copy Trading Contest Implementation Plan:

• Competition Structure: The contest will consist of 4 rounds, each lasting 2 weeks, with a total prize pool of $20,000, allocating $5,000 per round.
• Funds Allocation: $5,000 will be allocated to the $USDC vault every 2 weeks, corresponding to each round.
• Claiming Mechanism: Top copiers can claim their token allocations through the Copier Leaderboard page every 2 weeks from the contract.
• Start Date: To Be Announced (Based on the Committee's approved date)
• Claiming Period: Every other Monday, every 2 weeks from the competition's commencement.

3. Retroactive Program Implementation Plan:

• Funds Allocation: A fixed amount of $5,000 tokens will be allocated to the $USDC.
• Claiming Mechanism: Users can claim their token allocations through the Retroactive page from the contract, utilizing a first-come, first-served mechanism.
• Start Date: To Be Announced (Dependent on the approved date)
• Claiming Period: To Be Announced

This comprehensive plan outlines the development milestones, the structure of the Copin Copy Trading Contest, and the Retroactive Program, providing a clear timeline for each phase's execution, claiming mechanisms, and fund allocations.

Additional Information

Team Members and Qualifications:

• https://t.me/leecopin : CEO / Product Owner
• https://t.me/Anol0x : CMO / Business & Community leader
• https://t.me/Tothehellxxx : CTO / Backend / Smart contract developer
• https://t.me/vietdn : COO / Product Owner
• https://t.me/jack_poterio : CPO / Product Manager
• Development team: Comprising 11 core contributors working full-time across various roles such as Product Owner, Product Manager, QC, tester, Back-end, front-end, smart contract, UX/UI designer.
• Business & Community team: Consisting of 6 core contributors working full-time across positions like community manager, ecosystem manager, BD, content creator, marketer, and graphic designer.

Project Links:

• Website: https://copin.io/
• DApp: https://app.copin.io/
• Document: https://docs.copin.io/
• Twitter: https://twitter.com/copin_io
• Telegram Global (Chat): https://t.me/Copin_io
• Github: https://github.com/copin-protocol
• Discord: https://discord.gg/jaJu8USARd
• Youtube: https://www.youtube.com/@CopinAnalyzer
• Substack: https://copin.substack.com/

Contact Information: TG: https://t.me/Anol0x Twitter: https://twitter.com/0xanol Email: anol@copin.io

Funding Request

Funding Request: $25,000 (100% incentive & retro for all Synthetix users trading perp DEX on Synthetix).

• 80% ($20,000) for Copy Trading Competition via Synthetix:

  • Duration: 8 consecutive weeks (2 months)
  • Purpose: Conducting a Copy Trading Competition aimed at stimulating trading activity and engagement via Synthetix.
  • Allocation: $20,000 to fund prizes, incentives, and operational costs associated with organizing and running the competition.

• 20% ($5,000) for Retroactive Activities:

  • Target Users: Users who have engaged in copy trading orders through Synthetix, meeting a minimum volume of $1,000.
  • Purpose: To incentivize and reward early users who actively participate in copy trading through Synthetix.
  • Allocation: $5,000 designated for retroactive incentives to eligible users based on their copy trading activities.

Total Allocation: $25,000

Transparency Commitment: A commitment to transparency will be upheld, providing comprehensive Dashboard statistics on Dune every 2 weeks to offer complete visibility into the utilization of the grant funds.