Executive Summary
Blave and gTrade integration opened a long-lasting portal for CEX traders to learn gTrade and the datasets. More than 1,000 traders participate Blave x gTrade Data Reward Season through Blave Loyalty Program, Holder Concentration are the most popular gTrade dataset, Blave team announced the GCGP summary and the rewards will distribute on October.
Grant Objectives & Goals
Blave GCGP Timeline
All GCGP goals have been completed, the Blave GCGP campaign (Data Reward Season) ended on 15th September. Campaign participants acquired loyalty points by completing multiple tasks, including share gTrade chart and trade on gTrade, and secure their qualification to get $ARB rewards.
Total 1,270 traders participated GCGP campaign with around 100 traders had share gTrade charts on their social media, 5 new users use gTrade to trade and 8 new PRO subscribers during the campaign. Currently, 143 participants filled out the campaign form and secured their right to claim rewards. Blave team opening remaining participants to provide address till the end of September for planned distributing reward on October.
Challenges & Impacts
The motivation for CEX traders to change their trading environment still has some obstacles. Even with 10,000 $ARB two-pool incentive design, the participation rate are not fit to our expectation. Here are the brief campaign performance:
About Participation
- ~12.5% total participation rate (loyalty users/platform users)
- by far ~11.5% eligible participants (user satisfied all the requirements)
- ~7.8% completed gTrade mission (completed at least one gTrade mission)
- ~37.9% referral participants, ~61.9% non-referral participants
About Social Media Exposure
- Twitter: 29 tweets, total ~39k views
Blave Tweet List
- Threads & Instagram: 20 posts, 4.1k views
- LINE: 21k views
- Collaborate with 18 KOLs to promote the campaign
*Besides of Web2 media, we also utilized several Web3 marketing platform, like Galxe, QuestN, TaskOn and Intract, but didnt got good performance due to we didn’t allocate monetary incentives into such platform.
About gTrade Data (Since Data Released)
- gTrade Concentration is Top 1 data with 2,015 views compare to other directional datasets
- gTrade Concentration is the 10th in total views compare to all Blave datasets, gTrade Top Trader is 15th (1,258 views) and Whale Hunter is 18th (724 views)
- Average 37.7 daily visits (~50%) on gTrade Concentration, 23.3 (~30%) on gTrade Top Trader, 13.5 (~20%) on gTrade Whale Hunter
As reviewing the performance and user feedback, we concluded 3 points that should improve and may be the causes of the result. The incentive mechanism, conflicts of interest with KOLs, migration cost to DeFi.
- Is the capped-sharing distribution method design too unattractive to CEX traders? Initially, we designed not over-favor early active users or token hunters, we chose not to distribute reward associate to user ranking, in addition to cover as much as more users to join. According to total 60,908 loyalty points to share the rewards, user can earn estimated 16.42 $ARB (≈9U today) if they acquired 100 loyalty points, however, this may not be tempting as centralized exchange serial incentives. What if the reward mechanism heavily-tilt to gTrade-specific tasks or just for top ranking traders, will it perform better? Not sure, currently, our marketing strategies mainly depend on KOL partnership, and this is related to the following two points.
- Conflicts of interest existing when we urge KOLs to promote our campaign. Most of KOLs are deeply bounded with centralized exchange, they don’t have enough motivation to actively involved in gTrade campaign, also they afraid to lose their users if users trying gTrade.
- We made gTrade tutorials and tips for users to onboarding gTrade more easily, but the costs to them of using gTrade is exceeded to the benefits they expect to get in the campaign. As they may cost at least 8 USD to execute a trade on gTrade if we neglect the migration costs from CEX to DEX. By the way, we design to give out more loyalty points on gTrade tasks in order to incentivize more users to complete it. Maybe we should add more.
Overall, we think the integration with gTrade is a great milestone for both of us, certainly exist some space to improve the outcome for gTrade adoption, at least, we received positive feedback from users because of we integrated gTrade data into intuitive charts. We believe gTrade integration is just the beginning, and the user window created from those datasets are always live on blave.org.
Financial Summary
We received total 20,000 $ARB grant. According to our GCGP proposal, the remaining $ARB of 2nd reward pool (PRO pool) will re-allocate to 1st pool, the $ARB distribution will be arranged in October.
The loyalty point snapshot on 15th September, total 60,908 loyal points acquired on Blave. We adopted capped-sharing distribution method to eligible participants (participant need to fill out the form), the estimated $ARB amount to eligible participants are exemplified below. Due to there are no eligible participants currently on 2nd reward pool (PRO pool), so the 5,000 $ARB reward will re-allocate to 1st pool if situation still.
The campaign form will open till the end of this month, anyone not complete this final process will deem to forfeit their right to get reward. Any unclaimed $ARB reward will distribute back to gTrade treasury.
