Development of Copy-Trading Function: We have completed the main smart contract component, which is currently undergoing an audit by Peckshield. The audit results are expected by the end of this week. Following this, we will proceed with frontend deployment and function testing, aiming to complete these steps by the end of the month. Our progress aligns with the established roadmap.
Milestone/KPI Achievements
Pre-Launch Success: Although the copy-trading feature is yet to be released, and hence related KPIs (transaction numbers and new GMX address acquisition) have not commenced, we have a notable achievement to share. From November 27, 2023, to the date of this report, we’ve attracted nearly $5M in trading volume on GMX through our referral link, without any additional trading incentives.
Dune Dashboards Development
Custom Dashboard Page: We are in the process of creating our dashboard page, which will be launched following the completion of the copy-trading function. This dashboard will not only feature KPI data but will also include other relevant information. Additionally, we are open to displaying necessary data on the Dune dashboard if needed.
II. Current Progress:
New Feature Implementation
Trader’s Trading Volume Data: We’ve enhanced the trader’s profile by including their trading volume data. This information is now accessible on the trader’s detailed profile and can also be retrieved via the tradaogmxbot command, making it easier and clearer for users and the community to view a trader’s trading volume and find out which address contributed most in the trading volume.
Enhancement of Buy & Sell History Visualization
Improved Preference Section: We’ve upgraded the Preference part to provide a more intuitive and clear representation of trading patterns, enhancing the overall visibility of the buy and sell history.
Social Media Milestone: Our Twitter followers have reached 4,000, reflecting growing interest and engagement in our platform.
Onchain Derivative Data Sharing: We’ve started sharing cards capturing GMX onchain derivative data snapshots (covering the period from December 3 to December 10) in the GMX community. This initiative will continue with at least one update shared weekly, keeping the community informed and engaged. And more interesting cards will be shared
Smart Contract Development Completion and Upcoming Announcement:
Our partnership with Biconomy is a key element of our copy-trading feature, which utilizes AA wallets powered by them. With the completion of the smart contract development for copy trading, we are excited to announce further details about this collaboration soon.
Open for Questions:
We welcome any questions or inquiries you might have regarding our recent updates and future plans. Feel free to reach out to us!
Development of Copy-Trading Function: Our audit report has already been released and uploaded on Peckshield’s Git Hub. Because of the Christmas and New Year holidays, the Copy-Trading development is now at the last stage, and the beta testing would come out by the next Bi-Weekly Update.
Pre-Launch Success: Although the copy-trading feature is yet to be released, and hence related KPIs (transaction numbers and new GMX address acquisition) have not commenced, we have a notable achievement to share. From December 13, 2023, to the date of this report, we’ve attracted nearly $2M in trading volume on GMX through our referral link, without any additional trading incentives.
c) Dune Dashboards
Custom Dashboard Page: We are in the process of creating our dashboard page, which will be launched following the completion of the copy-trading function. This dashboard will not only feature KPI data but will also include other relevant information. Additionally, we are open to displaying necessary data on the Dune dashboard if needed.
II. Current Progress:
New Feature Implementation
Social Login: We have developed the social login function and are now doing the final testing on our testnet. It will be launched soon with the copy-trading function
Development of Copy-Trading Function: Copy-trading deployment is nearly finished. We are now starting internal testing and will invite some users to join next week’s upcoming testing.
b) Milestone/KPI Achievements
Pre-Launch Success: Although the copy-trading feature is yet to be released, and hence related KPIs (transaction numbers and new GMX address acquisition) have not commenced, we have a notable achievement to share. From December 27, 2023, to the date of this report, we’ve attracted nearly $15M in trading volume on GMX through our referral link, without any additional trading incentives.
Custom Dashboard Page: We are in the process of creating our dashboard page, which will be launched following the completion of the copy-trading function. This dashboard will not only feature KPI data but will also include other relevant information. Additionally, we are open to displaying necessary data on the Dune dashboard if needed.
Development of Copy-Trading Function: Copy-trading deployment is already finished. Our internal testing is now in the final stage, and we are fixing the bug.
Development of Backtesting: The product design is already finished. Now designing the UI/UX.
b) Milestone/KPI Achievements
Pre-Launch Success: Although the copy-trading feature is yet to be released, and hence related KPIs (transaction numbers and new GMX address acquisition) have not commenced, we have a notable achievement to share. From January 10, 2024, to the date of this report, we’ve attracted nearly $10M in trading volume on GMX through our referral link, without any additional trading incentives.
Custom Dashboard Page: We are in the process of creating our dashboard page, which will be launched following the completion of the copy-trading function. This dashboard will not only feature KPI data but will also include other relevant information. Additionally, we are open to displaying necessary data on the Dune dashboard if needed.
Development of Copy-Trading Function: Copy-trading function testing is finished, and we will start to invite the community to use it.
Development of Backtesting: The UI done and now under develop
Development of Copy Trading TG bot: Now in product design stage.
b) Milestone/KPI Achievements
Pre-Launch Success: Although the copy-trading feature is yet to be released, and hence related KPIs (transaction numbers and new GMX address acquisition) have not commenced, we have a notable achievement to share. From January 24, 2024, to the date of this report, we’ve attracted nearly $4M in trading volume on GMX through our referral link, without any additional trading incentives.
Custom Dashboard Page: We are in the process of creating our dashboard page, which will be launched following the completion of the copy-trading function. This dashboard will not only feature KPI data but will also include other relevant information. Additionally, we are open to displaying necessary data on the Dune dashboard if needed.
II. Current Progress:
Optimize the users experience of copy trading
Developing the backtesing function
Designing the TG bot for supporting copy trade
III. Community Engagement:
Twitter followers reach almost 9k
IV. Partnerships and Collaborations:
Joined a joint campaign with 12 projects hosted by Debox & MetaDex
Development of Backtesting: The UI done and now under develop
Development of Copy Trading TG bot: 90% done
Development of Grid Trading TG bot: Now designing the product and the UI
b) Milestone/KPI Achievements
Pre-Launch Success: From February 7, 2024, to the date of this report, we’ve attracted nearly $500k in trading volume on GMX through our referral link, without any additional trading incentives.
Just started to invite the first batch of users to try, the new referral is 14 and the volume is 190k within a week, without any additional trading incentives.
Custom Dashboard Page: We are in the process of creating our dashboard page. At the moment, the volume, trades and referral can be checked from gmxreferral.
Normal trade via Tradao: Search Tradao
Copy Trade via Tradao: Search Tradaox
II. Current Progress:
Inviting experienced users to try copy trading
Developing the backtesing function
TG bot for managing copy trading will be finish within few days after this biweekly report submitted
Deploying an event page for upcoming trading competition
Development of Backtesting: The UI done and now under develop
Development of Copy Trading TG bot: Done
Development of Grid Trading TG bot: The UI done and now under develop
Copy Trading Competition: Started
b) Milestone/KPI Achievements
Pre-Launch Success: From February 21, 2024, to the date of this report, we’ve attracted nearly ~$900k in trading volume on GMX through our referral link, without any additional trading incentives.
The copy trading competition just started from 6 Mar to 24 Mar. The data below is recorded before the competition without any additional trading incentives. During invite-only testing, there was an increased ~1.8M trading volume.
Milestone 6: Copy Trading Competition - Ongoing(6 Mar to 24 Mar)
c) Dune Dashboards
Custom Dashboard Page: We are in the process of creating our dashboard page. At the moment, the volume, trades and referral can be checked from gmxreferral.
Normal trade via Tradao: Search Tradao
Copy Trade via Tradao: Search Tradaox
II. Current Progress:
Developing the backtesing function
Developing the Grid Trading function
Keep tracking the result and feedback of the copy trading competition
In November 2023, Tradao was awarded a grant of 100,000 ARB by GMX to enhance GMX V2 through our advanced data analytics and comprehensive toolset. Throughout the grant period, we not only generated over $68M in trading volume, facilitated 1,600 transactions, and brought in 139 new trading addresses to GMX, but we also succeeded in attracting over 6,900 addresses to use Tradao for monitoring and following traders.
During this time, we completed the development of groundbreaking features for GMX, including the first permissionless copy trading platform, backtesting capabilities, grid trading, and a copy trading bot. Additionally, the launch of the Tradao copy trading contest marked a period of significant user growth and an increase in the number of transactions on GMX, powered by Tradao’s innovative solutions.
Key Number
Off-chain Data
12000 MAU, this MAU data came from Google Analytics(GA), Here is our GA sceenshot
Since we passed the grant, we have contributed more than $68M in Trading Volume, 1600 transactions, and 88 new referral addresses to GMX. There are 2 different codes to count those metric. They are “Tradao” and “Tradaox”.
