EQUIP-7: Proposal on Cancelling Position Mining and Introducing Profit Rate Mining in Equation v3
Since its introduction, position mining has played a significant role in attracting early traders to our platform. However, its appeal to new users has substantially decreased, and its drawbacks have become increasingly evident:
many users open equivalent long and short positions solely for the purpose of mining, rather than engaging in actual trading. This form of mining activity does not contribute to the platform’s development and urgently needs adjustment.
The upcoming Equation v3 will permanently eliminate trading fees, which is expected to strongly and continuously attract traders. To further enhance v3’s appeal to traders, this proposal suggests cancelling position mining and introducing profit rate mining.
Principle of Profit Rate Mining: Each week, all users with a positive profit rate will have mining quotas distributed based on their profit rate proportion. This mining method offers several significant advantages:
1.It allows all users, regardless of their capital size, to participate fairly in the mining competition.
2.It attracts genuine trading users.
3.It forms the basis for a trading competition that ranks users weekly by profit rate, rewarding top traders.
Upon approval of this proposal, we will propose specific plans for mining quota distribution and outline migration strategies in subsequent proposals.
The vote on this proposal will begin at 10:00 UTC on April 23, 2024, and will last for two days.
