[UniDex] Grant Bi-Weekly Update 3

GMX Grants Reports
1

[UniDex] Grant Bi-Weekly Update

Date: [08/08/2024]

I. Executive Summary:
Volume has picked up quite well, contestants of the trading competition are trading aiming for 1st place. Overall activity is good and well however there was a slight bug with our frontend where trades were not being counted with our referral code. Its unknown exactly how much volume could have been missed this entire time but it ranges from at least 5-6 users actively trading not having their volume counted.

a) Roadmap Progress
Trading competition 1 is almost set to complete with our v4 switch aiming to be rolled out to the public near the end of the week. This will shift 100% of our user base to arbitrum focusing on arbitrum related perp aggregation on a deeper level than ever before.

b) Milestone/KPI Achievements
Previously we expected to hit milestone 1 target while milestone 2 set out date was approaching. However it does seem as if 2 things have happened.

  1. Users referral codes were not being tracked / overwritten by their previously used code causing lots of volume and users to have their usage go untracked and unable to rebate.
  2. the competitiveness of the rebates have increased as players like MUX and Hyperliquid have lower spreads and price impact having users opt into routing into these sources on our perp aggregator over GMX even with a full fee rebate.

c) Dune Dashboards
https://dune.com/krunalunidex/unidex-gmx-leaderboard
https://dune.com/queries/3942047/6630801
https://dune.com/queries/3924498

These 3 queries return some valuable stats over time and include the leaderboard we have for the ongoing competition.

II. Current Progress:
V4 is set to open to the public very soon next week allowing much more volume to flow in from the arbitrum side of our protocol. This should expose 90% of our user base to GMX aggregation where they previously have no way of reaching it.

III. Community Engagement:
We’ve been routinely posting within our community circles and accounts about the ongoing trading rebate. This has certainly attracted more people to the site and take part and we plan to continue pushing the incentives socially.

IV. Partnerships and Collaborations:
N/A

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  1. Users referral codes were not being tracked / overwritten by their previously used code causing lots of volume and users to have their usage go untracked and unable to rebate.

Doesn’t using a new referral code automatically overwrite any prior one that has been used? Did these user accounts also not register in the trading competition ranking as a result?

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That was our understanding as well but we still need to look into it. Essentially we confirmed the issue by impersonating the affected wallets through rabby and noticing their referral code was set to rage trade or something else. But orders would be submitted using our code. It wasnt until they used the GMX ui to manually switch it to UniDex that the “issue” was resolved.

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That’s definitely unfortunate. Hope you can get to the bottom of the issue, it would be good to know when this happens.