There are claims that
statement 1: @Demex $cGLP has no downsides and is extrinsically superior to @arbitrum $GLP in every way.
Let's prove, or disprove, that statement.
Contest sides
Yea-side: statement 1 is correct
Nay-side: statement 1 is incorrect
Contest fees
To enter this contest, you must DM me (which means you must follow me, first, on the twitterz), @logicalgraphs, and you must pay me an entry fee, and you must have an initial set-up on both @arbitrum @gmx_io dApp AND on @0xcarbon @demexchange Nitron.
The initial fees are:
yea-side: 10 $cGPL
nay-side: 10 @arbitrum $GPL
ENTRANCE FEE IS NON-REFUNDABLE the SECOND IT'S SUBMITTED.
Contest set-up
For both the yea-side and the nay-side, the initial set-up is the same.
- zero balance of $GLP, $GMX, $esGMX, and $sbfGMX ('multiplier points') on @arbitrum @gmx_io dapp
- zero balance $cGLP (both supply and borrow) @0xcarbon @demexchange
OR: if you have balances already in either or both, because you're a smart, proactive investor, you need to record these balances and deduct pre-contest gains (both APR AND APY) from your total.
Archive screenshots of those two to qualify for the prize.
- tx_id of at least $100-worth of @arbitrum $GLP bought (and staked) on @gmx_io
- tx_id of at least $100-worth of @0xcarbon @demexchange $cGLP supplied on Nitro.
Variables
- You MAY have an equivalent dollar-amount of $GMX staked on @arbitrum @gmx_io (up to +10% of your $GLP-stake, but no more)
- You MAY loop $cGLP, but if you do, you MUST show the looped-net value is equivalent to your $GLP -stake on @gmx_io.
- You MAY compound on @arbitrum @gmx_io
- You MAY take the yields and either: HODL them OR convert them to the supply/stake token ($cGLP or $GLP and $GMX) and stake the results. You MUST show these compounding, claiming, and yield-staking tx_ids.
- You MAY use $cGLP for any of its yield or growth purposes. That's what it's for, right? So, cGLP-USC LP IS ALLOWED! BUT! You must have an equivalent amount of $GLP staked on @gmx_io for the $cGLP in play. An imbalance of income or growth-producing $cGLP vs. $GLP will DISQUALIFY you. n.b.: you can use SOME $cGLP for other purposes but the minimum requirement of $100-worth of $cGLP supplied on Nitron STILL STANDS.
- Credit to Rysk Taken @rysk_finance for asking the clarifying question.
Excessive $GLP, $GMX, or $cGLP at contest start, or external introduction of such will result in CONTEST PRIZE DISQUALIFICATION.
Contest Entry
You are not entered into the contest until you get a DM from me WITH A TX_ID receipt of your entry-fee. If you do not have that DM, you DO NOT QUALIFY FOR THE CONTEST PRIZE! You must have received this DM WITH THE TX_ID BEFORE THE CONTEST START DATE TO QUALIFY!
You have been warned. Don't piss me off.
Contest Duration
This contest will last for exactly 30 calendar days.
Start date: March 1, 2023
End date: March 30, 2023
Prize qualification
Yea-side
As of this writing, $cGLP is ~25% APR + APY. You must show your $cGLP + $SWTH-yields FROM THE $cGLP ONLY! have a 25% annualized edge over your $GLP + $GMX + $ETH + $esGMX @arbitrum @gmx_io position.
You show this by showing account balances of both positions at both start and end of the contest and tx_ids that explain any change of those balances.
Too much record-keeping for you? Tough. Don't enter. ANY discrepancy is cause for PRIZE DISQUALIFICATION!
example:
You start with $100 worth of $cGPL and $100 worth of staked $GLP ($GLP is auto(magic)ally staked on purchase on @gmx_io). At the end of the contest you have
- $102-worth (net) of $cGLP and $SWTH-yield from the $cGLP supply
- $100-worth of $esGMX, $sbfGMX, $GLP, and $ETH-yields
Yay. You won, because 25%/annum * $100 = $2 and you made that $2 difference
but if you have:
- $102-worth (net) of $cGLP and $SWTH-yield from the $cGLP supply
- $101-worth of $esGMX, $sbfGMX, $GLP, and $ETH-yields
You gained only $1, which is not 25%/annum, so: you lose, and no prize for you. Dems the breaks, my fren.
Nay-side
You must show that $cGLP-side made LESS THAN 10% (net) MORE PER ANNUM THAN the the $GMX-side.
So, same scenarios, at contest end:
- $102-worth (net) of $cGLP and $SWTH-yield from the $cGLP supply
- $100-worth of $esGMX, $sbfGMX, $GLP, and $ETH-yields
You lose, then made more than 10%/annum.
BUT ALSO:
- $102-worth (net) of $cGLP and $SWTH-yield from the $cGLP supply
- $101-worth of $esGMX, $sbfGMX, $GLP, and $ETH-yields
YOU STILL LOSE! They made more than 10% PER ANNUM! (calculated, they made about 12%/annum).
So you would win if you made more (you made $102 and they made $101), or they made less than 10%, e.g.: they have $102.1 and you have $101.75
These numbers are based on the minimum entry requirement: $100-worth of $cGLP and $100-worth of $GLP. You may run this contest with (much) more of each, if you wish. I set the $100-limit to be a lower barrier to entry, but also to eliminate noise that a lower stake would generate.
CONTEST PRIZES
Yea-side: 100 $cGLP for qualified winners. Each, frenz
Nay-side: 100 $GLP for qualified winners. Again: each.
Both sides can win, idc. What I care about is verification of statement 1, true or false. If it's both true AND false, then y'all win and I'm out a bucket-load, serves me right!
WHICH MEANS! The same wallet can enter both sides, if you want, if you're crazy, like me.
Prize escrow
How do you know I'm not going to just take your money and run?
- my word
This is a gentleman's agreement-contest folks. My word is my bond. I'm going to pay you if you qualify and win, because I'm going to pay you. It's as simple as that.
- escrow
For each person who enters, AND receives my DM, WITH my tx_id that I received your entry fee, I am going to set aside the equivalent of 100 $cGLP or $GLP on an off-site dApp (Kujira Blue, if you must know) and monitor that escrow daily to ensure that, regardless of price-fluctuation, your prize will be delivered at contest-end upon proof and verification.
Contest conclusion
The contest will end on the contest end-date, at which time you are REQUIRED to submit your proof to me. DM is fine. You have 1 day. Failure to do so DISQUALIFIES YOU from the prize. I may remind you; I may not. The responsibility of getting me your proof is YOURS, not mine.
There's 1 of me, and x of you. So, please allow max(10, x) days where x = number of contest entries to publish the contest results, at which time I will reach out to you to transfer you your prize to your wallet, should you qualify. Failure to respond to my DM within 7 calendar days FORFEITS your prize, which reverts to me from escrow.
Sample contest entry DM
Dear @logicalgraphs,
Love your work. Thanks for running this contest. I hope I WIN!
I am entering this contest yea-side, please sent me your @0xcarbon wallet so I can send you 10 $cGLP.
I have 0 $cGPL supplied. I have 0 $cGPL borrowed on @demexchange. I have no assets generating $SWTH-yields (see image).
I have 11.44 $GMX and 999 $GLP staked on @gmx_io. I have $11.90 in yields which I will deduct from the total at contest end (see attached).
At contest start, I will deposit $957-worth of $cGLP on @demexchange, which I will loop with $cGLP-borrow [looping is entirely optional].
love Agent Smith
Sample contest acceptance DM
(after any necessary clarification)
Dear Agent Smith,
Congratulations, I have received your contest entry fee, proof [tx_id].
You are now entered into the "whither $cGLP?"-contest. I have set aside and tagged [e.g.] 55 $LUNA on Kujira Blue as prize-escrow, should your shown-proof at the conclusion of this contest qualify.
Loog duck!
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