The DeFi space has exploded in the past year. From money lending protocols to decentralized exchanges, there is no shortage of innovation in the DeFi sector. To support the continued growth of the DeFi ecosystem, Polygon will be hosting a contest to incentivize ingenuity in the DeFi space. The DeFi contest will start on Nov 22 and will run for 1 month. The combined total of weekly prizes to be won are $50K which includes both $MATIC and tokens of the participating dApps.
Participants are required to perform protocol-specific tasks sent out on a weekly basis to enter the contest. Eligibility to take part is based on the Polygon reputation score which is the brainchild of @RaphaelSignal. The Polygon reputation score is a composite score based on network activity. This score encourages Polygon users to stay engaged with the Polygon ecosystem.
Updated weekly, the score will initially be comprised of the following metrics:
Two-week engagement: How active has a user been in the last two weeks
10-week retention: How many weeks in the last 10 weeks has the user engaged with Polygon
Net inflows: Has the user deposited or withdrawn more funds into Polygon in the last two weeks. This is a binary metric, and the total amount is not a factor
Users will have a score between 1-100. A score of 90 means you scored higher than 90% of all active users on Polygon. To place your project’s score in perspective, Polygon thinks anything above 20 is pretty good, above 50 great, and above 75 outstanding.
We believe these metrics best identify active users on the Polygon Network – users who engage with protocols regularly and represent true, ongoing demand for dApps. All Polygon members that have a Polygon Score of 50 and above would be eligible to participate in the contest.
The projects with a high Polygon score can be whitelisted for premium features and beta testing, receive airdrops and protocol awards, and more. Polygon’s DeFi competition will be another way to incentivize innovation and participation amongst promising projects.
The timetable and the list of participating dApps will be updated shortly. Stay tuned to find out which exciting projects will participate in the upcoming Polygon DeFi contest.
To check if you are eligible to participate, please check your Polygon Score here.
If eligible, please fill out the participation form below:
Source : blog.polygon