IDEX News & Updates — March 23
It’s your friendly neighborhood V checking in. Are you winning in the sideways market? Fret not if you aren’t, for I have some updates that will cheer you up.
Let’s jump straight in.
MATIC Liquidity Mining Campaign
Time to get hyped. We have just received word that Polygon is finally getting ready to launch their Liquidity Mining Campaign 2.0. This means that IDEX will be receiving at minimum $250,000 in MATIC rewards to help drive growth and boost APRs for current farms and future farms. Definitely keep a close eye on announcements to take advantage of this campaign. Another key thing to keep in mind is that if IDEX TVL surpasses $50M or $100M, the platform will receive even more in rewards to further increase farm yields. So if you’re not already providing liquidity on IDEX, now is probably a good time to start ;)
NEW Trade Bonus
The first trade bonus we conducted for the launch of IDEX v3 was instrumental in bringing over 25,000 unique wallets to trade on IDEX. We think it’s time to do something similar once again in an effort to expose the IDEX platform to as many traders as possible and show them the value in sticking around. We are exploring a variety of parameters that would work well to qualify wallets that we feel would benefit most from trading on IDEX. Some of these ideas include wallets that have interacted with the top protocols on Polygon, wallets that have interacted with other decentralized order book exchanges, and wallets that have a high interaction score on Polygon. Keep a close eye on upcoming announcements to see if you end up qualifying. 👀
Dual Rewards Farms
We recently launched Dual Rewards Farms capability on IDEX as well as a host of farms UI improvements. We’ve already had several projects express interest in listing their asset on IDEX v3 and providing liquidity mining incentives alongside IDEX. We’re discussing with a number of different teams and working on finalizing these relationships so we can list new assets and launch dual rewards farms.
As we mentioned briefly on Twitter last week, development for IDEX Hosted Staking has been completed and we are wrapping up QA testing. We’re fairly confident that we’ll be able to launch this monumental upgrade before the end of the month. As a reminder, Hosted Staking will provide two key advantages to the staking program. Firstly, IDEX holders will be able to stake their holdings with a few clicks by delegating their IDEX to a node operator. Secondly, node operators will be able to earn additional revenue for providing a way for IDEX holders to stake their IDEX easily. It’s a win-win for everyone.
We have completed the initial development of the IDEX Referral Program and it will now be entering our QA testing process. Due to the fact that the program is complex in nature and affects many aspects of the exchange, we will need to devote more time to QA by defining and implementing rigorous testing protocols. This will probably mean that there will be a delay in the release of this program. Our priority is to launch the program ASAP but also ensure that the rollout is smooth, bug-free, and has only positive impacts on IDEX growth.
We just wrapped up a small scale test ad campaign with Polygon that was able to bring over 200 new users to IDEX v3 at a cost that we consider quite reasonable. We will continue to experiment with paid advertising channels such as CoinGecko and DappRadar next. Afterwards, we will evaluate which channels or combination of advertising avenues will work best for a larger scale campaign to drive new users to IDEX. Then we crank up the marketing spend. 🔥
So far, we have finalized agreements with MoonPay, Banxa, and Wyre to bring them onboard as our fiat on-ramp partners. We are actively working with other providers to bring them on as well in an effort to provide as many options to our users as possible. We aim to roll fiat on-ramps out right after the Referral Program goes live.
Over the last few weeks we have spent a considerable amount of time defining and implementing analytics across various parts of the platform. These are now in place to help us better measure growth for key objectives such as volume, revenue, new users, conversion rates, etc. Using this data will help us make more informed decisions for product and marketing initiatives as well as help us project growth and identify areas that need improvement.
We are rapidly growing our influencer marketing capabilities by bringing on influencers across a variety of niches and regions. You can expect 3 videos from content creators to come out over the next few weeks with many more to follow. We realize how critical it is for us to have the IDEX name out there coming from reputable sources and are aggressively following through with this realization. At the same time, we are being careful to work with high caliber partners that produce high quality content.
China, Korea, & Japan
A few months ago we identified Asia as a key market that we want to drive growth for IDEX in. After some work with Odaily in China, we are now expanding our relationships in the region with more PR & Marketing support in China as well as finalizing deals with new PR partners in Korea and Japan. These partners will be instrumental in driving awareness and adoption for IDEX in Asia and we are incredibly excited to work with them.
Phew, that was a lot. There’s even more going on behind the scenes. As you can imagine, with so much happening, the team is absolutely swamped. Because of that, it’s been difficult to share weekly updates. Alongside that, some weeks we’re heads down working on the same things we were working on the week before and it doesn’t make as much sense to put out an update. With that said, we’ll be changing the frequency of updates from weekly news to more of an ad-hoc schedule. This will help us both maintain focus and bring you updates that are exciting and full of value. Like this one!
Thanks for reading. Catch you in the order book.