It’s been a week since we launch SIZE, a new decentralized exchange specifically designed to execute large orders on chain. With 30-minute TWAP, SIZE lets traders execute orders with zero-price impact.
At the same time, we started a new rewards program for both liquidity providers and traders. After a week of careful monitor and analysis, we have decided to introduce the following changes to the Trade Mining program.
TL:DR;
- Lower Fee: 1 bp trading fee for ETH-USDC pool (previous: 10 bps).
- Daily Frequency: Trade mining program will now be on a daily frequency on weekdays starting from 00:00 UTC on April 4, 2022 (previous: weekly).
- These changes will come into effect from 0000 UTC on April 4th (Monday).
The Updated Trade Mining Program
To be eligible for trader rewards, a wallet needs to trade at least once in an eligible pair (currently, ETH-USDC) on a weekday.
Trade Mining Rewards have a base reward component and a multiplier. The Total Reward = Base Reward x Bonus Multiplier.
Base Reward
Each weekday 50,000 $ITGR are to be distributed pro-rata based on trading volume of the day among all eligible wallets.
Bonus Multiplier
Each trader will be given a bonus multiplier based on the ITGR staking snapshot at 00:00 UTC each weekday, and the average trade size (to be updated in real time during the day). If a trader is qualified for different multipliers, the maximum multiplier will be used in the bonus multiplier calculation. Rewards contributed by multiplier will be calculated and accredited at the end of each day.
- To get a multiplier of 2 (2x rewards), you need to have a ≥ $1,000,000 average trade size on SIZE during that week.
- To get a multiplier of 1.5 (1.5x rewards), you need to have ≥ 5,000 ITGR staked for 3 years.
- To get a multiplier of 1.2 (1.2x rewards), you need to have ≥ 5,000 ITGR staked for 6 months.
Liquidity Provider Rewards (No Change)
Rewards for Liquidity Providers will stay the same. 300,000 ITGR will be given out to Liquidity Providers in ETH-USDC pool in a week, starting from 0000 UTC on April 3rd (Sunday).
To learn more about how the rewards for liquidity providers is calculated, please check this blog.