IDEX Rewards — Get Paid to Trade
AURA Rewards and How to Earn Them
To jumpstart the growth of IDEX and Aurora, we’ve created a rewards program that grants the Aurora utility token, AURA, to market makers who trade on IDEX. Rewards are distributed proportionally based on the USD value of filled limit orders at the time of execution (orders must be filled to qualify).
20% of the total 1 billion AURA (200 million) will be dedicated to this program. Each month, one percent of the remaining rewards tokens will be distributed to market makers, i.e. 2M are available during the first month, 1.98M the second month, etc. Tokens are paid at the end of each rewards period by user request.
To earn rewards simply place limit orders and have them filled. There is no special signup, and every wallet that has their orders filled is automatically enrolled in the program.
What is AURA and Why Do I Want It?
IDEX is the mvp of a much larger vision, the Snowglobe exchange protocol. Snowglobe enables fully decentralized, high-performance, evm-compatible exchanges that share liquidity and scale indefinitely through sharding. Each exchange on the protocol utilizes the IDEX state hop design to provide real-time trades and secures their own chain through POS with their proprietary token. Staking AURA secures both IDEX’s chain and the base level chain of the entire protocol. To incentivize participation, AURA stakers are rewarded IDEX fees, DC banking fees, and fees from any other future Aurora products. Rewards are proportional to the amount of AURA the participant stakes. Additional information about Snowglobe can be found in the IDEX whitepaper.
Building a Community Through AURA Rewards
The AURA rewards program will help jumpstart a community of traders who all share in the success of the network. Traders get paid in the network utility token of Aurora, and the more liquidity they provide the more they benefit. There is a fixed and diminishing number of AURA tokens available each month, encouraging traders to commit to the platform early on. Additionally, the program works with our IDXM (previously “DVIP”) memberships, allowing traders to earn up to 2x the AURA rewards per period and rewarding members who contribute to the development of the platform.
All traders can view their current projected AURA rewards for the period by navigating to the benefits tab on IDEX. As more of their limit orders are filled, traders will see their share percentage and projected AURA tokens increase. IDXM holders can elect to initiate the AURA bonus and earn rewards at a faster rate, see our website for more details. At the end of each reward period, trader’s can request the AURA redemption and IDEX will distribute the earned rewards. AURA redemption is disabled until the AURA token is live.
IDEX and the rewards program are currently live on the mainnet with support for over 200 tokens: start trading immediately! IDXM will go on sale December 4th, providing members with the option of free trades or 2x rewards as well as an initial stake of AURA tokens.
Thanks to Phil Wearn and Brian Fernalld for reviewing drafts of this post.