Community

Season 1: Rocket Ship to Orbit

Reya Labs

• 3 min read
Season 1: Rocket Ship to Orbit

It’s been a busy few months at Reya, and now is the perfect time to reflect on our progress, celebrate our achievements, and outline the exciting path forward as we gear up for the network’s next phase.

The Vision

Reya Network is more than just another DeFi platform or App-chain —we’re building a Trading Optimized Network designed to redefine how DeFi operates by focusing on three core pillars:

  • Performance
  • Liquidity
  • Capital Efficiency

Unlike general-purpose networks, Reya Network is purpose-built for trading. This allows optimizing every aspect of the stack to create an unparalleled on-chain trading environment. Our community is central to this vision, crucial in bootstrapping the network and driving our collective success.

Bootstrapping the Network

We've hit several significant milestones on our journey:

  • Network Development: Operating as an Arbitrum Orbit L2, we’re continuously evolving with plans to integrate an on-chain order book and refine our execution and consensus mechanisms. This ensures we focus on delivering unbeatable performance, unified liquidity, and capital efficiency.
  • DEX Launch: Reya DEX is our flagship exchange, serving as the foundation for attracting liquidity and testing new features. It now has reached feature parity with other major exchanges as we grow while showcasing what’s possible on Reya Network.
  • Ecosystem Expansion: Our ecosystem is rapidly expanding with partners like Camelot, FxDx, Fugazi Trade and Zeuz, creating a diverse and interconnected trading environment that further enhances the utility of the entire network.

The Next Big Step: Driving Trading Volume

Season OG was about launching the rocket. Now it’s time to get into orbit. The next critical step in this journey is to activate trading volume on the network, and we’ve made some key adjustments to achieve this:

  • Revamped Trader XP Model: We’ve recalibrated the Trader XP model to better align mechanics and rewards with active participation and trading. This ensures that traders can be fairly rewarded for their engagement and contributions. This has been revamped to:
      • Point of Trade: Earn 1 XP for every $2 of notional traded.
      • Over Time: Earn 1 XP for every $1,000 of open interest per minute.
      • Boost Model: The 1-100x boost model has been enhanced, increasing the likelihood of hitting a 100x boost
  • Separate Trader and LP Allocations: We’ve introduced a clear split between trader and LP leaderboards, with dedicated allocations for each group. This distinction ensures that both traders and LPs are appropriately incentivized, creating a more balanced and dynamic ecosystem.
  • Ranks Update: To add even more clarity and excitement to the trader competition, we’ve revamped the ranking system by introducing 3 new distinct "DemiGod" ranks. As you trade and accumulate XP, you’ll automatically move into one of these three ranks, giving you a clear sense of where you stand in the competition. Each rank brings a fresh layer of challenge, and your place in these ranks can significantly enhance your reputation on Reya DEX. These ranks offer traders a more transparent way to gauge trader progress and performance, creating a tiered structure of competition:
    • Hercules: Top 10% of traders by total Trader XP—reserved for the best performers on the platform.
    • Perseus: Traders in the next 20% (top 10-30%) based on their XP, offering emerging competitors a chance to rise.
    • Achilles: The remaining 60% of traders, allowing everyone to compete and track their growth, no matter where they are in their trading journey.
  • Announcing the Trader Competition: To celebrate our rocketship entering orbit, we’ve now launched a Trader Competition! Every trading XP earned is converted into tickets based on a ratio of 1,000 Trader XP = 1 ticket. The prize pool consists of $20K from the Reya Treasury + 10% of all trading fees from the competition launch until the end of Season 1 on Wednesday, 9th October.
    • 1st Place: 70%
    • 2nd Place: 20%
    • 3rd Place: 10%
Join the Competition

Why This Matters

These changes align the community’s efforts with Reya’s network’s growth objectives. Splitting the allocations for trading vs. liquidity allows for fair incentivization across the two critical actions required for the network to succeed.

As we move forward, your participation and feedback will be crucial in shaping the future of DeFi on Reya Network. Season 2 (aka. the Moonpass), will quickly follow.

Let’s keep pushing forward, drive trading volume, and bring our vision to reality. Let’s continue to shape the future of DeFi together!