For almost a year, the Frax Ecosystem Educational Incentives brought out the Frax community to generate valuable content across multiple mediums. We want to continue experimenting with grassroots content creation which is why we are proud to announce our first JokeRace contest. Here is what you need to know:
What is JokeRace?
JokeRace is the contest platform for communities to make, execute, and reward decisions. Anyone can go, set parameters on the rules of the contest and who can participate, and launch a JokeRace as an immutable contract. The platform itself is unopinionated in what could be made which vary from games to hackathons to much more.
What Contest is Frax/Flywheel Doing?
For the first Frax/Flywheel JokeRace Contest, we will be holding a competition of who has the most effective tweets about Frax's ARB STIP program. For those unfamiliar, the Arbitrum Short-Term Incentive Program was launched with the goal of increasing the overall TVL on the rollup and Frax was voted to be one of the participants in the effort. As a result, yields on Frax-related pools have been HIGH yet information asymmetry still persists. To increase awareness of the program, we are running this contest.
How to Participate
- Prepare Your Submission: Create a tweet or thread about Frax's ARB STIP program. Make sure it's informative and engaging to increase your chances of winning.
- Submit: Enter your submission on Arbitrum within the designated submission period. Anyone is allowed to enter.
- Vote: If you've staked FXS for veFXS by January 29th, 2024, be ready to vote between February 29th and March 5th.
Participation Details
- Eligibility: Anyone can participate by entering a tweet or thread about Frax's ARB STIP program.
- Submission Limit: Each participant is limited to a maximum of 5 submissions.
- Submission Period: You can submit your entries from February 1st to February 29th.
- Submission Methodology: Entries will be voted on by veFXS stakers based on quality and reach
Voting Details
- Voting Period: Voting is scheduled from February 29th to March 5th.
- Eligibility to Vote: Only participants who have staked their FXS for veFXS as of January 29th, 2024, are eligible to vote.
- Voting Power: Voting power is directly proportional to the amount of FXS you have staked. The duration of staking (e.g., 1 year vs. 2 years) does not affect voting power—only the amount does. For example, two participants who have each staked 100 FXS will each have 100 votes, regardless of the staking duration.
- Voting Methodology: Voters should judge entries based on quality and reach
Prize Details
- Prize Pool: The total prize pool is $500 worth of ARB.
- Distribution: The top 5 submissions that receive the most votes will each earn $100 worth of ARB.
If you are ready to submit your entry or just want to read the rules then head over to the JokeRace page for the content. Additionally, If you have any questions or need clarification about participating, you are encouraged to join the Flywheel DeFi Telegram group and ask. We would like to thank David Phelps for his patience and guidance for helping us set up the contest as well as the Frax Core Team for approving this endeavor. All of us are excited to see what the community comes up with here!
