šLeaderboard
Understanding the leaderboard
The source code for the leaderboard is available in the indexer repository.
Purpose
The leaderboard is enables users to understand how the Ekubo development team currently views the impact of their past participation in Ekubo protocol.
We may change the rules of the leaderboard at any time, including retroactively. This early version is made available in order to guide users towards being productive liquidity providers.
Factors
Fees earned by a position
This is the biggest component of a user's points. It is affected by both the time based multiplier and the pool popularity multiplier, and the combination is multiplicative.
We chose this to be the primary component of points earned for the following reasons:
It is difficult to farm
The points scale with the amount of risk taken in providing liquidity
Higher risk pairs typically charge higher fees
The points scale with the usefulness to traders
Users will pay more fees for useful liquidity
Lower fee pools will get more trades, and have a higher multiplier
Withdrawal protocol fees
Fees paid to the protocol on withdrawal are counted using only the time-based multiplier.
DCA Orders
DCA Orders placed on Ekubo earn fees based on how much volume has executed times the fee of the pool on which it was placed. Orders earn points even if they do not pay fees because they are netted against other orders.
Note that you do not earn points on the unsold amount when you stop your DCA order and pay a fee on the remaining amount to be sold. Only the executed portion of a DCA order earns points.
Multipliers
Pool popularity multiplier
A pool's popularity is measured by the number of all-time swaps against the pool, resulting in a multiplier up to 10x. The formula is modeled in here.
In addition, a recent query of each pool's multiplier can be found here.
High pool fee adjustment factor
To avoid users effectively buying points via withdrawal fees, and thus further reward organic activity on the protocol, there is an adjustment factor that reduces the amount of points earned based on the pool fee. The points earned by a position are multiplied by 1 - sqrt(fee)
.
For an example, a pool with a 100% fee cannot earn any points, since the pool cannot be traded against.
Time-based multiplier
We chose to reward early liquidity providers with a points multiplier based on the date their position was created in the UTC timezone.
The multiplier follows the formula:
Here are some example dates and their corresponding multipliers. Note, as with the rest of this algorithm, the multiplier is subject to change. We will avoid adjusting the multipliers downwards for past dates.
Date | Multiplier |
---|---|
2023-09-14 | 3 |
2023-10-14 | 2.4816364413634358 |
2023-11-14 | 2.0867017381489996 |
2023-11-27 | 1.9542278310420688 |
2023-12-31 | 1.6791910512898784 |
2024-01-31 | 1.4981506092633364 |
2024-03-24 | 1.2932139242607 |
2024-04-01 | 1.27067 |
Referral points
You can earn points by referring other users to Ekubo. You may copy your referral link from the leaderboard page.
Whenever someone creates a position using your referral link, your address will be linked to the position and you will earn 20% of the points they earn from their own position. The user of the referral link still earns 100% of their points.
FAQ
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