Proposal: Host SCRT-PERP Trading Competition on Demex


This proposal aims to bootstrap the first on-chain SCRT-PERP on Demex (, an all-in-one perp DEX in the Cosmos ecosystem. The proposal, put forth by the Switcheo Labs ( team, suggests co-hosting a trading competition with the Secret Network Team to encourage traders to trade SCRT perpetual contracts, and provide liquidity to the SCRT perp pool. This proposal will act as a temperature check before proceeding to an on-chain proposal.


To promote the awareness of SCRT-PERP to traders and liquidity providers, which will help to grow the SCRT community, we will propose a competition to reward traders and liquidity providers participating in SCRT-PERP.

Benefits of SCRT-PERP on Demex

Currently SCRT-PERP is unavailable on Binance, the largest CEX. It’s also unavailable on any perp DEXs. This makes it hard for on-chain traders to gain exposure to SCRT.

By listing SCRT-PERP on Demex, a perp DEX that is accessible from popular EVM networks and Cosmos, it allows more people to gain exposure to SCRT.

SCRT-PERP on Demex will also be enabled starting with 5x leverage, allowing for users to have more capital efficiency when gaining exposure to SCRT.

Liquidity providers who want to be SCRT-PERP market makers can also deposit USDC into SCRT-PERP pool to earn market-making fees on SCRT.

Competition Details

A SCRT-PERP market will be created and a SCRT-PERP Pool backed by USDC will be created and connected to the market to bootstrap deep liquidity and minimal slippage for trading.

  1. A leaderboard will be created for traders using the following mechanics:
    • Traders must accumulate points to compete for the top ranking on the leaderboard.
    • For every $100 USD on the following markets (after leverage for perps), a trader will earn:
      5 points when trading on SCRT perps
      2 points when trading on other perp markets
      1 point when trading on any spot markets
    • Traders can multiply their points by the Frequency Factor if they trade actively on Demex:

- Total points = Trading Points * Frequency Factor.
  1. Liquidity Provision for Perp Pool: Anyone can provide liquidity in the form of USDC to gain a share in market-making on the SCRT-PERP market and earn 8bps in maker fees per volume. This is one of the highest maker rebates in the perp DEX space and SCRT-PERP is expected to receive a trading volume of >$1m during the competition. This makes providing liquidity to SCRT perp pool more attractive, and will also raise more awareness about SCRT.

Seeking Incentives

To promote and incentivize the trading competition specifically designed to reward the Secret community, we are requesting a prize pool from the Secret Community Pool.

  • For the competition prize pool, we seek $5000 in SCRT tokens in the form of a variable prize pool. This means that the prize pool is dependant on the number of participants. If the total prize pool has not been exhausted, the remainder will be refunded back to the community pool address.

    Number of Participants Maximum Prize Pool
    <50 $1,000
    50-100 $3,000
    >100 $5,000

Demex’s Support

  • To promote and show our mutual interest in the Secret Trading Competition, the Switcheo Labs Team will bootstrap the initial **$5,000** in liquidity for the Perp Pool.
  • Demex will put out marketing collaterals leading up to the competition, and daily during the competition period to aggressively promote the competition.
  • The competition will be specially designed to match Secret’s branding dedicated to the Secret Ecosystem.


  • This proposal, if accepted, will spend $5,000 worth of SCRT tokens from the community pool, to the dev team address at scrt1234 on Secret Network in order to fund and incentivize the Secret Trading Competition on Demex.
  • This sum will be used only for the purpose of payment of prizes to the winners of the competition. Winners will receive $USD (grouped stablecoin) on Demex within 60 days of the competition concluding.
  • Any extra unused prize funds will be transferred back to the community pool fund.


If the community has any feedback regarding the mechanics of the competition or any concerns, we are more than happy to address them or make changes together in favor of the community. Feel free to leave comments below on this post, or we can engage in a lively discussion on the Secret Telegram channel.

What is Demex?

Demex is the cross-chain derivatives DEX powered by Carbon and is designed to support any type of financial asset imaginable. Demex aims to make finance accessible and trust-optional while providing an intuitive and familiar user experience. Demex is home to a number of popular and exotic spot and perpetual markets.

Demex exists on Carbon Network (, a DeFi-focused L1 Cosmos Network built with Cosmos SDK and is IBC-enabled. The team behind Carbon Network is called Switcheo Labs, a doxxed Singapore Web3 development studio founded in 2018.

Demex’s Perp Markets and Pools

Demex Perp Pool’s are Demex’s upcoming revolutionary product about to change the game for both liquidity providers and traders. Perp pools are automated market-makers designed to provide deep liquidity with minimal slippage to its supported markets.

It benefits liquidity providers as anyone can provide liquidity and earn a share in market-making, funding fees and traders PnL. It benefits traders as the perp pools have the ability to market-make and provide liquidity to very rare and exotic markets. This make Demex the ideal and perfect DEX to make the trade of a lifetime.

Demex Perp Markets are supported by Pro Mode, for our advanced traders to use special limit order types, take profit stop loss triggers, chart trading, and so much more. Perp markets are also supported by Lite Mode, for those who would like to trade on the go and take on a quick position.

Consolidated reference links:


Happy to hear any feedback!


Would it be possible to pay out the prizes in SCRT instead of USD grouped stablecoin?

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Overall, I agree with the proposal, but I have one question.

Will SCRT ( or stkd-SCRT ) be allowed as collateral on “Nitro” ( in the future it might make sense to think about Silk collateral cc @Carter-Woetzel )

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Definitely. We can ask the competition winners if they would like the rewards in SCRT as well.

Hey yup that can be allowed if the SCRT community wants it.

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Proposal seems good to me, we funded something like this for kujira as well and this should be more interesting as its USDC LPd Perps.

Also indeed would love to see SCRT active on Nitron!

Has our support.

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thanks for your support!

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Hey everyone! As it’s been 7 days, we’ll be moving to an on-chain governance vote. Thank you.

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Just a small note on the on-chain proposal. It says:

Total SCRT = 40,000USD / 0.355 (current price) * 1.05 = 14788 SCRT

I’m sure it is supposed to be 5000USD instead of 40,000? Small detail, but maybe good to avoid confusion.

Please check your calculation, but it’s obviously wrong, see: 40,000 / 0.355 1.05 - Wolfram|Alpha

Yeah it’s a textual error but the value was 5k USD at time of submittal.

Its a typo by me, should be 5k yes.

Calc is correct though.

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Any updates on this?