The second wave of NFT's would be minted by traders rather than investors. An NFT Leaderboard can be a unique addition to trade incentives

[Coconut]

TLDR: Earn your Leaderboard NFT token and stake it on the gBoard. Top 100 positions receive daily GNS rewards yielded from previous days trade fees. A positive loop of trade incentive.

gTrade(Almost) Has It All

gTrade has been consistently rolling out top notch developments in Defi perpetuals at a healthy pace for quite some time now. Look how far we have come. Look how many hurdles, and improvements gTrade has succeeded at. From a fundamentals standpoint, $GNS is a winning bet. Yet time and time again, has fallen short of the attention it deserves.

Especially perplexing, is that we are losing rank to the likes of meme coin frenzy and PopCrypto. As well as many other perpetuals on-chain that have lesser features than gTrade. Of course, gTeam need not to worry about such things yet. “Slow and steady wins the race” Before now, gTrade did lack some key components that competitors already offer but with V9 underway, it feels like by V10 or so, gTrade will have everything to offer that traders want.

But why are we lagging? Because crypto has been largely about popularity, buzz and attention vs. fundamentals. But those projects that rise on popularity and buzz, will fall without fundamentals. We’ve seen it forever now.

We are here for the long term win. gTrade has been developing features at excellent speeds and soon will have nothing left to compete against other than popularity, loyalty and buzz.

We have had success with grant funds but those are temporary incentives. A new point system has been released and I think that is an important step forward for gTrade incentives. In addition to this, gTrade has opportunity to create trade incentives in other ways and I will propose some now.

1. The Leaderboard NFT - LB NFT

Trade incentives have been key factors for Defi perps looking to increase volume. So far, weve seen trade incentives generated from token inflation, granted funds and points systems.

I propose earning NFT’S and developing status within Defi leaderboards as another way to generate trade incentive.

NFT Leaderboard

A fitting addition to gTrade’s innovative leadership in the Defi space.

The NFT leaderboard is a full-time trading competition that can only be accessed by staking a minted LB NFT.

Traders who stake their LB NFT are listed on the gains leaderboard (gBoard).

The daily jackpot could be x% of previous days trade fees so in essence, yesterdays volume is today’s prize.

Traders with staked NFT’s will need to maintain their top 100 position to earn daily GNS rewards.

How To Mint A LB-NFT

Once a traders wallet shows a qualified trade history, they will receive the option to mint a default LB NFT.

Qualifying trade history could be x many winning trades or x% +PnL trades.

The unique utility that a LB NFT has is that the first trade incentive is minting one. gTrade need not require outside funds to offer this as a trading incentive. Minting is through traders volume. This LB NFT mint is a ticket to play the daily jackpot. If your staked LB NFT ranks top x score, then you receive from Jackpot pool share.

LB NFT’s have an unlimited supply yet any one of them could be a top earning token. Their value is determined by Traders activity on gTrade

Achievements:

NFT’s can build rank in achievements and status. For example, traders who hold position on the gBoard, achieve 900% pnl, make notable trades etc, will earn achievement badges for the NFT. Staus can be built, leagues can form and the trading on gTrade becomes the popular choice.

[jomahe]

I like the idea of a continuous trading competition, but I think we need to be wary of how thin our margins become if we start granting significant rewards to traders, especially because this idea will likely propagate to other DEXes if it takes off, and we’ll be back to square zero. I’d like to get the team’s thoughts on how this would work and the feasibility.

Would appreciate others’ thoughts here as well.

[damada_21]

Like the idea of a continuous competition, not sure these need to be NFTs as such, just a more extensive ‘profile’ functionality on gTrade would suffice.

The amount going towards this continuous comp would probably need experimenting, as would the ‘rules’.

Gut feeling on the opening competition on Base is that it didn’t move the needle that much. I think the qualifying conditions have been a bit too oppressive in favour of being a more ‘fair’ competition. Things like having to do multiple trades or trading over a number of days are good in theory but I think they’re limiting participation more than they’re encouraging more volume.

Team would have the breakdown of how competitions are going, the meme comps don’t seem to have as many stipulations. If this did go ahead wouldn’t mind it being on the looser side. Of course everything can be tweaked as required.

[kinja]

I don’t see the need for NFTs for this tbh. I agree with @damada_21 we need to make participation as easy as possible and since these rewards come from the platform and are limited to a portion of already collected revenue we should not be worried about ‘wash trading’ or traders trying to game the system, as it all leads to volume.

So, have 0 requirements, every trader (wallet) that trades in a particular week will be a part of the leader board and give rewards to top ranks. (could be by any metric)

And would be better to have a bigger duration, as that will lead to bigger prize pools and therefore more attention. So maybe like last weeks revenue decides this weeks prize pool. (maybe even have multiple competitions at the same time daily, weekly, monthly % of revenue going to each pool.)