The mistX team has been busy in the lab making mistX even better. There’s been a lot happening behind the scenes and some exciting developments are in the pipeline but we were eager to roll out this particular new feature as we know all our users will love it.
What’s better than trading on mistX? Getting rewarded for it. That’s right, we’ve deployed an update that will reward users with cashback on applicable trades.
In the past 4 weeks, during our test run of the feature, a total of 20,345 USD (5.82 ETH) was immediately sent back to users, with the largest cashback for one transaction being 3,931 USD (1.04 ETH).
You’re next! Will you be listed on the leaderboard? Will you become one of the top 5 users with the highest rewards?
You are our first priority. When building and developing products we always think about how to benefit the end-user first and that’s why we’re excited to roll out this new feature that will reward mistX traders.
How does it work?
In all markets there’s something called arbitrage — this is generally defined as the simultaneous purchase and sale of the same asset in different markets in order to profit from tiny differences in the asset’s listed price. mistX will implement arbitrage and where there is a profit made, a chunk of it will be rewarded to the user.
Let’s break it down further:
- A user goes to the London market to buy apples
- They find the price to be $1 per apple and make a purchase
- After this purchase the price of apples goes up to $2 in London
- Across the pond in the New York market the price is still $1 per apple
- mistX will scan the markets and find that New York is still selling it for cheaper than London
- It will then buy the $1 apple from New York and take it back to London and sell it at the market rate of $2
- This process generated $1 profit
- The profit will then be shared with the user and the rest will be used for the community and to cover the costs of the service
It is crucial to note that in order for a trade to be applicable for the reward it would need to meet two requirements:
- the asset in the trade is listed in multiple markets
- the price change must be big enough to cover the cost of the additional transactions
Every day there is arbitrage happening all around us as we trade. Today, 100% of the arbitrage profit is kept by people writing automated solutions (bots) to extract that value. This is now changing with mistX! Our priority being you, the end user, we felt like we could write an epic solution to share those profits with you.
A percentage of the profit will be reserved for enriching the Crucible and Aludel rewards programme the core of the Alchemist ecosystem. As a result this will benefit not only mistX users, but our community and all holders of $MIST.
These profit opportunities are created by your trades, so at mistX we believe it’s only fair to extract that value and share those benefits with you. First we brought you front-running protection by democratizing the access to Flashbots and now we’ve enabled you to benefit from the impacts of your trades on the markets. All of this is at the expense of bots benefiting only a few individuals. Share with all, block the few, trade on mistX.
mistX is part of the Alchemist ecosystem. Alchemist is driven by fairness, ethics, positive changes & delivering high-quality products with the user first in mind. If you haven’t come across them yet, discover fair launches of crypto projects at Copper and start earning rewards by staking LPs or coins into a secured NFT vault at Crucible
I want in! What do I need to do?
- Fire up mistX.io
- Upon a successful trade, rewards (if any) will appear in the confirmation pop up
What is a cashback reward?
The cashback reward is an amount of ETH sent back directly to your wallet. It is a share of the profit made by the arbitrage opportunity created by your initial trade.
When are rewards issued?
The cashback reward is sent back to you instantly, at the same time your trade is executed.
How is the profit used?
We aim to provide the user with 40% of the profit while the rest is used to enrich the Crucible and Aludel rewards programme and cover the cost of the service.
- 40% is instantly sent back to the user
- 7.5% to Alchemist (of which 50% goes to Aludel, 10% to multi-sig and 40% to the product team)
- 52.5% is used to cover the cost of the arbitrage transaction
I have executed many trades with success and didn’t get back any reward
For a trade to be eligible for a reward, it needs to follow the criteria explained above (be tradeable on more than one market and profitable enough to cover the cost of the additional transaction).
Are there any risks when trading on mistX
There is absolutely no risk trading on mistX. At a minimum, you are protected from bots who would try to front-run your trade on other exchanges (forcing you to pay a higher price). If your transaction fails it does not cost you anything and you can also cancel it for free. At best, you earn a cashback reward when your trade is eligible.
I am not sure if my trade was rewarded?
Check our rewards leaderboard page at mistX.io. Your trade will be listed if it was rewarded. The data is refreshed every hour.
How can I see the rewards in my wallet?
How does mistX find arbitrage opportunities?
We use third-party services (e.g:bloxroute’s platform) to find the best arbitrage profit for your trades.
How do you ensure third party services do not front-run my transactions?
Their business model is based on providing such services with trust. It would be counter-productive for them to break the trust they build with their clients, and could soon run out of business if they started doing so. That said, we can never be prudent enough, so we’re also actively monitoring your transactions making sure they are not getting front-run.
We would act immediately if any suspicious activity is detected and take appropriate measures, such as end our relationship with the service provider.
If you have any queries make sure to join our community on Discord.
We have a lot more to reveal to you but that’s it for now. Let’s go get those rewards!