Melon Olympiad “NAXOS” begins today

After a successful first testing round (“Paros”), we are now ready to start the second round.

The Melon Olympiad “Naxos” will start on Monday, August 13th 2018 .

In case you are wondering what the Melon Olympiad is, have a read over this (short) blog post from Jenna explaining it. In short:

“The Melon Olympiad is a series of blockchain-based asset management competitions composed of several rounds. In each round, participants will be able to set up their own crypto funds and test the Melon fund manager software on the Ethereum main net. Participants contribute ETH to the competition contract and will receive discounted MLN tokens in their fund in exchange. They then have two weeks in which the MLN tokens are locked in the fund. During those two weeks participants can either trade on the decentralized exchanges we integrated or do nothing and hold the MLNs. At the end of the two weeks, you can withdraw all assets in your fund. Naxos is the second round of the Melon Olympiad.”

For Naxos, participants will receive 60 MLNs for every 1 ETH contributed (fixed rate).

Sounds interesting? Register here.

Here are the features you will be able to try out during Naxos on the main net:

• Fund managers can trade on OasisDex and 0x, with orderbooks from Radar Relay and ERC dEX.
• Naxos Asset Universe: ANT, BAT, DGD, DGX, GNO, REP, ZRX, REQ, WETH, MLN, MKR, DAI, KNC, JNT, OMG, NMR
• Aggregated orderbook served through our GraphQL api (live-graphql.melonport.com and kovan-graphql.melonport.com)
• Option to set the gas price: please make sure to set the gas price accordingly to the ETH Gas Station recommendations if you wish to see your transactions go through in a timely manner.
• Use the Electron app (RECOMMENDED way to access Melon on the main net) and Web app (not recommended way)

How do I access the Melon Manager Interface?

• *RECOMMENDED* — NAXOS OLYMPIAD LIVE APP (requires synced main net parity node): download the latest version of the app from the Melon github. DO NOT DOWNLOAD ANYTHING FROM ANY UNTRUSTED SOURCE. OUR TEAM WILL NEVER SEND YOU ANYTHING TO DOWNLOAD. TRUST NO ONE. The only trusted source to download the Melon Manager Interface app is from here: https://github.com/melonproject/melon-lab/releases/tag/v0.8.3.
• *NOT RECOMMENDED* — NAXOS OLYMPIAD LIVE WEB : the Naxos Olympiad version is deployed to the main net (You can use this version only if you are whitelisted with Bitcoin Suisse) and will be available at https://naxos.melon.fund.

When Naxos goes live, participants are strongly advised to download the Electron app from the Melon Github. The web version on https://naxos.melon.fund is not a recommended way to access Melon on the main net.

Users who just want to play around with the software with test money can do so on the kovan version on melon.fund.

Instructions for the Melon Olympiad: Naxos

Naxos is open to all participants who have undergone the KYC process with Bitcoin Suisse and whitelisted their Ethereum addresses generated on registration.melonport.com.

Please note that the rate has been adjusted to 60 MLN per 1 ETH contributed due to market conditions.

Here is a little explainer video to walk you through the easy steps to participate:

https://www.youtube.com/watch?v=M9Qv7LMrjwg&feature=youtu.be

In order to ensure the highest level of security and performance, we strongly recommend you to download the Electron app and to run your own parity node. You can find the instructions here.

Before we start, make sure you have either one of the two options ready.

1. Your mnemonic phrase (12 words seed phrase) or
2. Your JSON file + password

In order to contribute ETH to Naxos you need to first fund your wallet with the desired amount you want to contribute. In addition, you need to have a bit more ETH in your wallet to cover the gas costs for setting up your fund, register in the competition and (if applicable) to trade. It is recommended to have at least 0.2 extra ETH in your wallet.

Step 1: When Naxos starts, download the latest Melon Manager Interface here. Alternatively, you will also be able to access Naxos in the browser on https://naxos.melon.fund (although not recommended, as not secure).

Step 2: Open the Melon Manager Interface (or https://naxos.melon.fund) and press “Setup fund”.

Step 3: Import your wallet either by importing your mnemonic phrase or by uploading your JSON file and decrypting it with your password. You can see your public address on the top right of the page, together with your ETH balance. Your wallet needs to be the whitelisted wallet on Bitcoin Suisse, otherwise you won’t be able to create a fund. In terms of the Melon protocol, this wallet will act as the owner wallet of your fund (so called manager address), which you will create in a minute.

Step 4: Read and agree to the terms and conditions

Step 5: Choose a name for your fund and press “Setup fund”.

Step 6: You are now at the contribution page. Put in the amount you want to contribute to the Naxos smart contract. Below, you will see the estimated amount of MLN tokens that will be invested into your fund by the Naxos smart contract (the conversion rate is fixed at 60 MLN tokens for 1 ETH). Make sure that you have enough ETH to cover the gas costs. Once you are ready, please press the “Contribute” button to send ETH to the Naxos smart contract. The contract, in turn, will invest the equivalent amount in MLN to your fund.

Step 7: Your fund is now deployed to the Ethereum main net and funded with MLN tokens.

From this point onwards, you are free to do what you want. You can see the basic information about your fund in the middle. Your fund is denominated in WETH. There are two options:

1. Keep the MLN tokens. In this case, you do not need to do anything until Paros ends (you can see the official end date/time in the top right corner). Once Paros has ended, you will have the option to claim your reward and redeem your shares, which will transfer all MLN tokens of the fund to your wallet address.

OR

1. Trade. If you would like to test your fund management skills, you can do so by trading on the decentralized exchanges we have integrated (OasisDex, Radar Relay, ERC dEX). As all assets are quoted against WETH, if you want to diversify your portfolio, the first trade you need to place is to sell some of your MLN tokens against WETH.

Our team will be available on our Telegram channel to answer any questions and help resolve issues that might arise during the Naxos Olympiad. Please keep in mind you are participating in the testing phase of a bleeding-edge technology.

Melon team ❤

PS: if you haven’t synced your Parity main net node, it’s not too late — https://www.youtube.com/watch?v=Wp5DAFWfc8U

This blog post is subject to change as the research & development phase is ongoing. Melonport will aim to update blog-posts regularly to represent our latest thinking on a best-efforts basis but there may occasionally be time-lags between latest thinking and updated documentation. With this in mind, the author of this blog assumes no responsibility or liability for any errors or omissions in the content of this blog.