https://mirror.xyz/0x12Daf0085914D71fEA20Ccf66cb4704b67498383/UXJTywfYuxTJg3U2ZYp0FbhOorfpcSVYkDiGlmZpES8

To bootstrap liquidity ahead of trading going live, we’re launching a Liquidity Generation Event (LGE) on Monday, April 21 at 10 AM ET.

This event is designed to reward early liquidity providers (LPs) on Sonic, while setting the foundation for a capital efficient trading environment on RFX.

🔓 What is the Liquidity Generation Event?

The LGE is a 30-day window where LPs can deposit assets into one of 2 RFX Shared Liquidity Vaults (SLV) on Sonic before trading officially begins. The goal: bootstrap a strong liquidity base so traders can hit the ground running when markets go live.

This isn’t just a warm-up — it’s a critical phase to ensure tight spreads, low slippage, and smooth execution from day one.

💰 What Do LPs Earn?

Early LPs will unlock stacked, multi-layered incentives:

✅ 2x RFX Particles Boost for the first 30 days post-launch, all LPs who deposit scUSD or wS into the SLV will earn double the usual RFX points.

✅ Sonic Points RFX LPs will be eligible to earn Sonic active points for providing liquidity on the SLV.

✅ Rings Points Deposits made in scUSD will also qualify for Rings Protocol’s points campaign — unlocking another stream of rewards for early LPs.

✅ Sonic Gems via Royco LPs can also provide liquidity to RFX via Royco, earning Sonic Gems in addition to all other rewards.

🧠 Why LPs Should Care: The Power of RFX SLVs

RFX’s Shared Liquidity Vaults (SLVs) aren’t just another staking pool — they’re a capital-efficient breakthrough for DeFi liquidity.

Here’s what makes them special:

🔁 Unified Liquidity - Unlike siloed pools, SLVs aggregate collateral across all markets — maximizing capital utilization and minimizing fragmentation.

⚖️ Intelligent Risk Rebalancing - SLVs automatically optimize LP exposure using RFX’s custom engine. Liquidity isn’t just passively parked — it’s actively managed to maintain market neutrality.

📈 Real Yield - LPs on RFX earn from multiple sources:

• Trading fees

• Trader PnL (RFX is counterparty to traders)

• Bonus rewards (Particles, Sonic points, etc.)

In short: SLVs offer active yield, capital efficiency, and upside from protocol growth.

📅 Mark Your Calendar

🗓️ RFX Liquidity Generation Event goes live: Monday, April 21 | 10 AM ET🪙 Supported assets: scUSD, wS

🌐 Platform: https://rfx.exchange

Early liquidity will determine how strong and competitive RFX markets are on day one.

Let’s build this together.

See you on Sonic.

Imagine being able to provide liquidity to multiple trading pairs with a single asset in a single deposit. Imagine designing your own pair trade from hundreds of potential combinations — and executing it with just one fee and a single funding rate.

These are the unique primitives RFX is bringing to Sonic.

Why Sonic?

We spent a considerable amount of time looking into various ecosystems and Sonic stood out for the following reasons:

• High Performance: Exceptional transaction throughput, low latency, and minimal fees.

• Solid Technical Foundation: Reliable, secure, and efficient blockchain infrastructure.

• Strong Fundamentals: Deep liquidity, comprehensive stablecoin support, impressive transaction volumes, and a rapidly expanding user base.

• Vibrant DeFi Community: A passionate community deeply entrenched in DeFi, supported by an extremely competent team all pushing towards the singular goal of making Sonic the #1 chain to house all of DeFi.

We firmly believe Sonic provides the optimal environment for RFX’s continued growth and success and strongly encourage our existing community to bridge their liquidity and collateral over to Sonic in preparation for the new launch.

A new Particles incentive campaign will be launched specifically for the Sonic ecosystem, rewarding early adopters of RFX on Sonic.

What makes RFX Unique?

By combining permissionless pair creation with intelligent shared liquidity, RFX is introducing a new paradigm for AMM-enabled derivatives trading. These features will unlock an exponential number of speculative and arbitrage opportunities for traders. The SLV also minimises liquidity fragmentation and provides LPs with access to the best yields on RFX as liquidity is automatically rebalanced to flow into markets with the most demand.

Native Pair Trading

Users will be able to create and list custom trading pairs seamlessly. An exciting on-chain primitive this enables is native pair trading. If you’ve ever wanted to trade narratives or correlated pairs, or simply run weird funding rate arbitrage strats then RFX will become the best place for you to execute these trades. Want to trade $ZK/$OP for L2 exposure? Or $SOL/$HYPE for ecosystem plays? RFX’s permissionless pair creation will make this possible.

The core innovation is the risk engine, which automatically creates and sets market parameters - from leverage limits to fees and OI caps. This simplifies the market creation process while maintaining security. V1 of Permissionless Markets will allow users to choose from a whitelist of available assets and pairs, both USD denominated and ratio markets (i.e. pair trades).

Shared Liquidity Vault (SLV)

RFX Shared Liquidity Vaults (SLV) are ERC-4626 vaults designed to provide unified liquidity for all markets and improve capital efficiency. SLVs address a key challenge in DeFi: liquidity fragmentation.

Liquidity providers will be able to:

• Deploy capital across multiple markets through a single deposit;

• Benefit from automated capital allocation;

• Eliminate impermanent loss;

• Access the best yields; and

• Choose between delta-neutral or directional exposure based on collateral (stables vs volatile).

The SLVs allocation algorithm distributes capital based on market performance, trading volume, and risk parameters, automating the management process for LPs.

For traders, this means:

• Better liquidity depth across markets

• Improved execution

• Access to more trading pairs

While the SLV is just a pilot, looking ahead, RFXs vault architecture will support, multiple collateral types, customisable vault strategies, and additional risk management options.

Markets at Launch

• Oracles: Low latency price feeds from Pyth & Stork.

• Permissionless: Traders can pick from a list of 150+ whitelisted pairs to list and trade against a liquidity vault. Read more.

• Leverage: Up to 50x

Liquidity Generation Event

RFX will first go live with a Liquidity Generation Event (LGE) the week of April 14, 2025. This event provides LPs on Sonic the exclusive opportunity to deposit liquidity into RFX vaults early, securing the best rewards and positioning themselves advantageously before trading commences. RFX will be partnering with Royco and integrating Rings Protocol’s scUSD as collateral, stay tuned for more details on the incentives and launch campaign.

Open Invitation to the Sonic Community

We invite the Sonic community to join the RFX Telegram, Discord and X. By engaging early, community members can earn Particles through our dedicated Sonic incentive campaign, unlocking future rewards and governance opportunities.

We look forward to embarking on this exciting new chapter together with the Sonic community, further defining the future of decentralised trading.

We're excited to announce our strategic partnership with Noon, integrating their innovative yield-bearing stablecoin as a core asset within the RFX ecosystem. This collaboration marks a significant milestone in our mission to redefine perpetual futures trading on zkSync Era and the Elastic Chain.

Why Noon?

At RFX, we believe one of the foundational pillars of any robust trading platform is its base currency. Our search for the ideal stablecoin partner led us to Noon, whose values align perfectly with our vision for the future of DeFi. Three key factors drove our decision:

1. Superior Yield Generation
   Noon's unique dual-token system (USN and sUSN) offers our users unprecedented flexibility in managing their yield strategies. We've chosen to initially integrate USN as our primary vault currency, as holders of USN are rewarded with $NOON governance tokens, with a much higher reward rate compared to sUSN holders. This decision ensures that RFX users can maximize their earnings while benefiting from the stability necessary for effective trading.

2. Unmatched Transparency
   In the volatile world of DeFi, trust and security are paramount. Noon's commitment to "ultimate transparency" sets a new standard in the industry. Their innovative Proof of Solvency system allows real-time monitoring of reserves, making them the first stablecoin to offer this level of transparency. For RFX users, this means trading with complete confidence, knowing their collateral is backed by verifiable reserves.

3. Smart Liquidity Synergy
   With the launch of RFXs vaults, we found a natural alignment with Noon's intelligent approach to stablecoin design. Their sophisticated yield-generation strategies complement our automated risk engine and multi-pool model, creating a powerful synergy that benefits all stakeholders. The Value Add for RFX Users This partnership introduces several key advantages for our community:
   - Enhanced Capital Efficiency: Our gasless trading system, combined with Noon's yield-bearing mechanics, maximizes every dollar deployed on the platform.
   - Automated Yield Optimization: RFX vaults will leverage USN to provide users with access to superior yields without exposure to impermanent loss.
   - Future Innovation: We're working closely with the Noon team to explore new possibilities for USN and sUSN integration, including potential expansion of vault options to accommodate both tokens.
   
   Looking Ahead

   Beyond the technical integration, this partnership represents a meeting of like-minded teams committed to pushing the boundaries of DeFi innovation. Despite being live for just two months, RFX has rapidly established itself as a top 20 protocol by TVL on zkSync Era, formed strategic partnerships with industry leaders like Zyfi and Lido, and is also a part of the zkSync Ignite campaign. Similarly, Noon has demonstrated their commitment to community-driven development, emphasizing fair governance and sustainable growth. This partnership marks just the beginning of our collaboration with Noon. As we continue to develop new features and expand our offerings, USN and sUSN will play an increasingly important role in our ecosystem. We're excited to work alongside the Noon team to create innovative solutions that enhance the trading experience for our users. Stay tuned for more updates as we roll out this integration and introduce new features that leverage the full potential of our partnership with Noon.

   Ready to experience the future of perpetual futures trading? Visit https://rfx.exchange/ today and discover the power of smart liquidity backed by intelligent stablecoins. Make sure to follow us on X, join our discord and telegram.

Read Part One here: https://mirror.xyz/0x12Daf0085914D71fEA20Ccf66cb4704b67498383/DKzlUy0Hb8PCMNGKbtLHH-SrEyCjVQJBYn74lPCxCbI

Welcome back Anon.

The long-awaited moment is finally here. Season 1 of RFXs Interstellar Voyage commences on Oct 14, 2024.

As explained in Part One, RFX’s launch will take place in phases, and throughout Season 1 of the Interstellar Voyage users will have the opportunity to earn Particles by contributing to RFX. Some important notes about Particles:

• Particles represent your share of the future RFX airdrop and can be earned primarily by completing missions, providing liquidity, trading on RFX, and referring users to RFX.

• The Particles you accumulate every epoch (one month) will determine your Rank. Your Rank is determined relative to the Particles accumulated by other users, and so can change every epoch.

• Phase 1 of the Interstellar Voyage kicks off on October 14, 2024, with a two-week-long Liquidity Generation Event (LGE).

• Phase 2 of the Interstellar Voyage kicks off on October 28, 2024 with the launch of the trading exchange.

• At launch, RFX will offer 22 perp markets and 2 spot markets (wstETH-wETH and USDC-deUSD), enabled through key integrations with Lido and Elixir Protocol, enhancing liquidity and capital efficiency. A full list of available markets will be published prior to Phase 2 of the Interstellar Voyage on Oct 28, 2024.

RFX LGE: An Overview of Markets and Incentives

On Oct 14, 2024 access to the RFX dApp will be made public and users will be able to deposit liquidity to available pools on RFX.

Overview of LGE Incentives:

All wETH and USDC deposits during the LGE will be eligible to earn a 10x boost in Particles every epoch. One Epoch = One Month. Additionally, LPs are also eligible to earn $ZK Rewards previously awarded by Matter Labs, along with RFX and additional partner rewards if depositing wstETH or deUSD in eligible pools. These are as follows:

• LPs depositing ZK or USDC into the ZK/USD market will be eligible to earn $100,000 $ZK per epoch for 3 epochs along with a 5x Particles boost**,** distributed pro rata at the end of every epoch.

• LPs depositing wstETH or deUSD into BTC/USD, ETH/USD, SOL/USD stETH/USD perp markets and wstETH - ETH, USDC - deUSD during the LGE will earn: a portion of 576,715 $ZK per epoch for 5 epochs, distributed pro rata to LPs across eligible pools at the end of every epoch, a 5x Particles boost and a 5x Potions boost from Elixir Protocol.

  • Note: ETH and USDC deposited into the spot pools will also be eligible to earn the $ZK Rewards in addition to Particles boosts

• If liquidity is withdrawn during an epoch then LPs automatically forfeit all Particles boosts previously earned and any $ZK rewards earned for the current epoch. This will not affect any $ZK rewards already earned by LPs for past epochs.

The following table provides an overview of the markets and liquidity pools that will be available at launch, the underlying collateral for each pool, the deposit caps for each pool and the rewards available for LPs:

Overview of RFXs LP Architecture:

• RFXs uses a multi-pool design with each trading pair sourcing liquidity from independent liquidity pools created for that market.

• This is complemented by RFXs Shared Liquidity Vault which seeds liquidity to perp markets for alt coins, and algorithmically allocates liquidity across all markets.

• During the LGE, LPs can deposit liquidity into pools for the following trading pairs:

  • BTC/USD: 2 Pools

  • ETH/USD: 2 Pools

  • SOL/USD: 2 Pools

  • ZK/USD: 1 Pool

  • stETH/USD: 1 Pool

  • LPs wanting optimised exposure to all markets on RFX should deposit USDC into RFXs Shared Liquidity Vault.

• Every liquidity pool is dual-sided, i.e. uses 2 collateral tokens.

• Markets on RFX are synthetic and primarily use wETH and USDC as collateral. An exception to this is the ZK/USD market which can be traded using ZK and USDC.

• Additionally, 4 markets (ETH/USD, BTC/USD, SOL/USD, and stETH/USD) will also be enabled using wstETH and deUSD, with 2 separate pools available for these perp markets as detailed in the table above.

• With spot swaps, a user can use any collateral to trade any Perp, incurring/adding/executing an extra swap in the process.

• Deposits for each pool will be capped during LGE - so make sure you get in before caps are hit.

Note: Answers to frequently asked questions and technical information about RFX’s design and LP architecture will be published on Oct 11, 2024 ahead of the LGE.

RFX’s goal is to provide a deep and unified liquidity layer for DeFi primitives, accessible to market participants across zkSync’s Elastic Chain. The launch of the RFX v1 on zkSync Era marks the first milestone towards this ambitious goal, providing LPs with capital-efficient pools and competitive yields, and promising traders a superior, gas-less trading experience, with up to 50x leverage available on all markets.

Make sure you follow us on X, join our Discord, and Telegram  as we prepare for take off.

Welcome Anon.

As RFX gears up for its upcoming main-net launch, there’s a few important announcements we wanted to make. This is the first blog in a two-part series that will explain RFX’s launch strategy and provide a framework for early adopters to get involved and contribute to the growth of RFX. RFXs main-net launch will occur in phases and throughout Season 1 of the Interstellar Voyage you will have the opportunity to earn Particles by contributing to RFX:

• Particles represent your share of the future RFX airdrop and can be earned primarily by completing missions, providing liquidity, trading on RFX and referring users to RFX.

• The Particles you accumulate every epoch (one month) will determine your Rank. Your Rank is determined relative to the Particles accumulated by other users, and so can change every epoch.

• Phase 1 of the Interstellar Voyage will kick off soon (keep an eye on our X for the launch date) with a two-week long Liquidity Generation Event (LGE) to bootstrap liquidity before launching the exchange and commencing trading.

• LPs that deposit liquidity during the LGE will be able to earn Particle boosts (rewards multiplier), $ZK rewards and if eligible, rewards from both Lido and Elixir (learn more about these integrations here: https://mirror.xyz/0x12Daf0085914D71fEA20Ccf66cb4704b67498383/r8LOICxYKv9to8K50zDISHNK1iW6073tUpk_Ec6VZPw).

Part 2 of this blog (published separately) will provide a more detailed overview of the LGE and various incentives available to on-chain contributors during Season 1 of the Interstellar Voyage.

With that out of the way, read on to understand the role YOU must play to help RFX become the #1 derivatives protocol on zkSync Era.

Contributor Manifesto

The goal of this Manifesto is to remind community members that we value all kinds of contributions, whether its on-chain or off-chain, and to provide a framework for the community to get involved and help us fulfil our vision to make RFX the absolute best derivatives trading protocol on zkSync.

Contributors come in many forms and RFX is looking for volunteers with a variety of talents to join us as we embark on this Interstellar Voyage. Volunteers that choose to enlist will be sorted into different factions based on their talents and contributions. If you are new to the RFX community, you will automatically be assigned the Neophyte role on discord and will be required to prove your commitment to the cause before you are accepted into a Faction.

This is essential because we only want to attract interesting people that are genuinely curious about DeFi, trading, and crypto. The community needs to feel vibrant, welcoming, inquisitive, supportive and thought provoking. This is an important part of establishing RFX as the go-to destination for DeFi and trading on zkSync. Blue-chip protocols attain this status not only because they have built great products, but more importantly, because they have built great communities. This is only possible if every single one of us contributes towards creating this environment.

We are aware that sentiment for points programs and incentive campaigns is wavering, and the last thing we want is for genuine community members to feel like they are being ‘used’ or ‘farmed’. You will never be expected to jump through ridiculous hoops or complete obscure and mindless quests to contribute to RFX as a community member. Whether you’re a degen, retail trader, tradfi bro, whale or a humble DeFi farmer, we value all of your contributions and feedback.

What is a Faction?

Only the most fervent supporters and active members of the RFX community are admitted into a Faction. Community members that have successfully obtained a role will be admitted to the private channel for RFX Acolytes. You prove your commitment to the cause by sharing high quality content, discussions, ideas and feedback across the RFX social media channels. It is no secret that RFX’s Interstellar Voyage culminates in the launch of the $RFX token. Community members admitted to an RFX Faction will be able to access special missions with special rewards and additional opportunities to collect more Particles, so get involved, the clock is ticking.

How do I get chosen to join a Faction?

There are only 2 ways for one to be admitted to a Faction:

• You are nominated by fellow Acolytes; or

• you are deemed worthy by members of the RFX team.

Access to the RFX Acolytes channel is evaluated on an ongoing basis by members of the RFX team. Membership is capped at 1,000 and volunteers that stop contributing to the cause are purged to make room for new recruits.

We explicitly discourage Neophytes from attempting to spam the discord or telegram in an attempt to gain admission to a Faction or the Acolytes channel, repeat offenders will be banned. Interactions and contributions need to be genuine, authentic, and meaningful.

What are the 4 Factions?

Each Faction represents a foundational pillar of the RFX community:

• Chroniclers - Community members that write original, thought-provoking and engaging content on RFX whether its on Discord, X, Youtube, Telegram.

• Architects - Community members that either build tools, projects or other cool utilities for the RFX ecosystem, or, provide valuable feedback by constantly testing and using the protocol.

• Interlocutors - Volunteers that engage in meaningful conversations about DeFi, tech, trading, and guide other community members, create funny memes or content about RFX, and engage with posts and announcements from the official RFX account or team members.

• Sentinels - Community members who are in the trenches, i.e. on-chain users of the RFX dApp that have qualified for the Commander rank. Community members that participated in RFX’s alpha testnet will automatically qualify for this role. Please create a ticket on discord if you were a participant of the RFX Alpha Testnet and would like to be awarded the Sentinel role.

Part 2 of this series will be published shortly after Part 1 goes live. As we prepare for takeoff, the team is heads down locking in on a successful LGE. In the meantime, we invite fellow Neophytes to get involved and show your support on RFXs social channels. Your contributions at this early stage will not go unnoticed.

Follow us on X, join our Discord, and Telegram to learn more about RFX and join us on the Interstellar Voyage.

When you’re trying to build a portfolio or take advantage of market opportunities, the last thing you want to think about is whether gas fees are eating into your potential gains. It’s especially frustrating when network congestion drives those fees even higher, making what seemed like a good trade quickly turn into an uneconomical decision. For new users, gas fees are an added hurdle that makes it harder to get started in DeFi without having to worry about excessive costs just to interact with the network.

Integration with Zyfi

RFX is excited to integrate with Zyfi, a leader in on-chain user experiences powered by zkSync. Through this partnership, RFX users will now enjoy cost-efficient transactions for key on-chain activities like trading, adding liquidity, and more, making the platform both accessible and user-friendly.

This partnership comes just ahead of RFX’s mainnet launch, positioning the platform as a leading perpetuals exchange with the best user experience on zkSync Era. Zyfi’s extensive track record, which includes over 31 integration partners and 1.5 million transactions processed on zkSync, ensures a seamless gas-free experience for RFX users.

What This Means for RFX Users

Thanks to Zyfi’s sponsored paymaster model, gas fees will no longer be a concern for RFX users, leading to increased capital efficiency. This model covers:

1. Making trades – seamlessly approving and executing trades without gas costs.

2. Adding liquidity – depositing liquidity into pools without incurring fees.

3. Claiming rewards – collecting rewards without additional costs.

4. Managing referrals – covering actions like creating and joining referral programs.

By removing transaction fees, RFX provides a frictionless experience focused entirely on execution without worrying about overhead costs. The integration with Zyfi will enable RFX to scale efficiently while maintaining a user-friendly experience, and positions RFX as one of the most accessible perp DEXs in the market.

Looking Ahead: RFX Mainnet Launch

RFX is gearing up for its mainnet launch in the coming days and is looking to onboard a wave of new users who will benefit from a frictionless trading experience, no longer needing to worry about transaction costs. The focus is on building future-proof on-chain infrastructure, ensuring both experienced traders and new entrants to DeFi can engage with the platform seamlessly.

Stay tuned for more updates as we prepare to launch one of the most exciting derivatives platforms on zkSync Era.

Be sure to follow us on X, join our discord, and telegram for updates on RFX’s mainnet launch!

These integrations are the first step towards achieving RFX’s goal to build the most capital efficient derivatives exchange.

Liquidity pools using wstETH - deUSD as collateral will be introduced for 4 perp markets and 2 spot markets at launch. LPs that deposit wstETH and deUSD in qualifying pools will be eligible to claim a share of the incentives being offered by RFX, Lido and Elixir.

Qualifying Pools:

• wstETH - deUSD

Qualifying Perp Markets:

• ETH/USD

• BTC/USD

• SOL/USD

• stETH/USD

Qualifying Spot Markets:

• wstETH - ETH

• deUSD - USDC

Incentives from RFX:

• 5x Particles boost for LPs that deposit liquidity in qualifying markets during the upcoming Liquidity Generation Event (LGE)

• 300k ZK per epoch (i.e. month) for 5 months for LPs that deposit collateral in qualifying markets

Incentives from Lido:

• 276,715 ZK per epoch (i.e. month) for 5 months for LPs that deposit wstETH in qualifying markets

Incentives from Elixir:

• 5x Potions boost for all deUSD pool deposits in qualifying markets, and USDC deposits in the deUSD - USDC spot market

About Elixir and deUSD

Elixir is a modular DPoS network built to power liquidity on exchanges. Elixir is cross-chain and composable: enabling DEXs to natively integrate Elixir Protocol into their core infrastructure to unlock retail liquidity for pairs, among other exciting use cases. deUSD ("decentralized US Dollar") is a fully collateralized synthetic dollar powered by the Elixir Network and can be minted by depositing stETH and sDAI as collateral. Elixir uses the deposited collateral to short ETH, creating a delta neutral position.

About Lido and stETH

Lido is the leading liquid staking solution - providing a simple way to get rewards on your digital tokens. By staking with Lido your tokens remain liquid and can be used across a range of DeFi applications, getting extra rewards. stETH (”staked ETH”) is a rebasable ERC-20 token that represents ether staked with Lido. Unlike staked ether, it is liquid and can be transferred, traded, or used in DeFi applications. The total supply of stETH reflects the amount of ether deposited into protocol combined with staking rewards, minus potential validator penalties.

What’s Next?

This marks the first milestone of a deeper collaboration between Elixir, Lido and RFX. We are excited to add strong DeFi utility and bring deeper liquidity to both deUSD and wstETH in the zkSync Ecosystem.

Follow us on X and join our discord and telegram to get involved!

Details on the Liquidity Generation Event and upcoming incentive programs will be published soon.

Competition Overview

The RFX trading competition on our alpha deployment was more than just a test run. It was a strategic initiative to push our protocol to its limits under competitive conditions. Participants were given test tokens, allowing them to trade without financial risk while contributing to the protocol’s stress-testing. The competition aimed to balance two crucial aspects of trading: profitability and activity. Therefore, the reward structure was designed with a 40/60 weighting between Profit and Loss (PnL) and trading volume.

The Competition Reward Algorithm

Our goal was to create a fair and comprehensive evaluation system that would highlight the best traders while promoting high usage of the protocol. Here’s how the reward algorithm worked:

Data Collection and Preparation

We collected data on each participant’s trading performance, focusing on two main metrics: PnL percentages and trading volumes. These metrics were crucial for evaluating both the effectiveness of trading strategies and the overall activity on the platform.

Normalization

To compare PnL and trading volume fairly, we normalized both metrics. Normalization scales the data between 0 and 1, enabling a balanced comparison. This step was essential for integrating the two metrics into a single scoring system:

$$Normalized x = x − min(x) / max(x) − min(x)$$

This was applied to both the PnL percentages and trading volumes.

Scoring

Each participant’s score was calculated using a weighted sum of their normalized PnL and trading volume. We assigned a 60% weight to PnL and a 40% weight to trading volume. This weighting ensured that both profitability and trading activity were appropriately rewarded, reflecting our dual focus on effective trading and high engagement:

$$Score = (0.6 × Normalized PnL) + (0.4 × Normalized Volume)$$

Identifying Top Users

After calculating the scores, we sorted the participants to identify the top users. The top 10 performers were highlighted as the winners of the competition, showcasing a mix of their superior trading skills and active participation.

Results & Insights

The competition yielded valuable insights into the performance and resilience of the RFX protocol. By rewarding both profitable trading and high trading volumes, we encouraged participants to engage deeply with the platform, pushing its capabilities to the limit. The diverse strategies employed by traders provided a comprehensive stress test, helping us identify potential areas for improvement and optimization.

Moving Forward

The RFX alpha deployment trading competition was a significant milestone in our journey towards launching beta. The competition’s success demonstrated the protocol’s robustness and the community’s enthusiasm for on-chain perpetual trading. The insights gained will inform further refinements, ensuring that RFX is ready for a seamless and secure beta launch.

As we prepare for the beta, we are excited to continue fostering a vibrant and skilled trading community. The competition has not only validated our protocol but also set the stage for future innovation in the DeFi space. Stay tuned for more updates as we push the boundaries of decentralized finance with RFX.

This milestone signifies a pivotal moment for RFX, extending an exclusive invitation to early adopters to explore the platform. With over 70,000 sign-ups for Alpha, the response has been overwhelming! To ensure a fair testing environment, sign-ups identified as suspicious / sybil accounts have been filtered out.

This incentivised alpha program provides a platform for early adopters to test the product and share invaluable feedback and analytics. This collaborative effort is essential to refine the platform, address any unforeseen issues, and enhance user experience. The Alpha program also lays the groundwork for RFX’s upcoming "earndrop”, rewarding active participants to the ecosystem.

Markets

Alpha participants will gain access to 18 whitelisted markets at launch, powered by Pyth’s low-latency price feeds.

Participants will also be able to test v1 of RFX’s permissionless market creation engine, allowing users to craft new trading pairs from the selection of whitelisted assets, opening up fresh opportunities for arbitrage and new trading strategies.

How to Trade on RFX Alpha

To kickstart trading, users need to connect their EVM wallet to the RFX dApp, switch to the zkSync Sepolia network and verify if their address has been whitelisted for the Alpha.

Connecting to zkSync Sepolia Testnet

Network name: zkSync Sepolia Testnet

New RPC URL: https://sepolia.era.zksync.dev

Chain ID: 300

Currency symbol: ETH

Block explorer URL: https://sepolia.explorer.zksync.io

Once access to the dApp is granted, users can claim collateral tokens using the Faucet feature on the RFX dApp. The faucet will also drip 0.01 Sepolia ETH to users for gas. Note that this will be a one-time drip for first time users. For a smooth experience, participants must ensure they hold at least 0.1 - 0.5 zkSync Sepolia ETH for gas fees.

Sepolia ETH can be claimed using publicly available faucets such as https://sepolia-faucet.pk910.de/#/mine/19ea7513-c0c9-4dcc-8977-bcb7a60171d8 or https://www.alchemy.com/faucets/ethereum-sepolia. Once claimed, ETH Sepolia can be bridged to zkSync Sepolia using the native bridge: https://portal.zksync.io/bridge/?network=sepolia.

Assistance is readily available via the RFX Discord for any queries or issues encountered during access.

Benefits and Rewards

Alpha participants will have the chance to win exciting rewards, including eligibility for our $10,000 USDT paper trading competition, with the top 10 users by PnL being rewarded.

Additionally, all Alpha participants will be able to mint an exclusive NFT Badge at the campaign's conclusion, symbolising their status as RFX OGs. These badges offer various tiers of prestige, with holders enjoying perks in future RFX incentive programs, starting with a points boost for the RFX Mainnet Beta. NFT badges are split into 3 tiers:

• Tier 3 (awarded to anyone who completes at least 2 txs),

• Tier 2 (awarded to top 2000 users based on weighted sum of volume and PnL, and LP added)

• Tier 1 (awarded to top 100 users based on weighted sum of volume and PnL, LP added)

Importantly, and in addition to the above, participants will need to add Liquidity to at least two markets to qualify for any badge.

Beyond the Alpha

The Alpha program will run for four weeks, concluding on April 20th, 2024. Beyond the Alpha phase, RFX is gearing up for an incentivised beta on zkSync Era mainnet, during which the RFX points and referral program will go live. Stay tuned for further updates on the product roadmap and eagerly anticipated RFX earn drop.

Make sure you’re following RFX on Twitter, Discord, and Telegram to keep up with all the alpha. Together, let's shape the future of decentralised finance.

Unleashing Market Potential

Traditional Perp DEXes often restrict trading pairs, limiting the scope of potential strategies. RFX addresses this constraint by empowering market participants to create new trading pairs, deploy liquidity pools, and incentivize liquidity for any whitelisted asset in a permissionless and automated manner. This groundbreaking feature enables users to execute pair trades without managing multiple positions, unlocking fresh opportunities for arbitrageurs and volatility traders.

Multi-Pool Model

RFX introduces a multi-pool model that segregates and optimises liquidity based on market risk profiles, LPs’ preferences, and empirical trading volumes. This model prioritises capital efficiency and APRs while preventing excessive liquidity fragmentation. Liquidity pools on RFX are categorised into three segments:

• Blue Chips (low risk): Segregated pools for each asset, facilitating trading in both SPOT and PERP markets.

• Alts and Exotics (medium risk): Shared liquidity pools supporting synthetic PERP markets with thematic clustering such as Crypto/Alts, Ratios, Forex, Commodities, etc.

• Degen (high risk): Segregated pools for each synthetic PERP market featuring higher risk, lower quality assets.

• This multi-pool model enhances LP flexibility, allowing LPs to provide liquidity based on their preferences and risk tolerance.

Capital Efficiency on RFX

RFX prioritises capital efficiency by optimising for risk and capital utilisation when allocating liquidity. The platform addresses issues seen in other projects, such as underutilisation of LP capital and unnecessary liquidity fragmentation, by partitioning liquidity based on risk profile. Blue-chip assets utilise the underlying and stable assets as collateral, while alts and mid-caps operate as synthetic markets, earning fees in ETH and stables. The multi-pool architecture allows liquidity to respond to market dynamics, increasing utilisation of LP capital, and in turn APRs.

Permissionless Market Creation

The multi-pool model not only segregates risk for LPs but also enables the seamless creation of new trading pairs. Proposed pairs are assessed by RFX's risk engine, ensuring suitability for addition to existing shared liquidity pools or segregation into new pools.

Key Features Setting RFX Apart

Dynamic Fee Structure

RFX introduces a dynamic fee structure to balance open interest and incentivise liquidity providers. Unlike existing Perp DEXes, RFX ensures market-aware and liquidity-sensitive fees, maintaining a competitive edge while properly compensating LPs. The fee structure considers factors like open interest skew, asset contemporaneous volatility, and available liquidity, promoting accurate pricing and balanced LP compensation.

Advanced Orders and Cross-Margin

RFX offers market orders, limit orders, take/profit stop loss orders, lookback orders, and cross-margin to cater to a wide range of trading strategies. This comprehensive approach aligns with industry standards, providing a true CEX-like experience.

Dual Oracle System

Integration with both Pyth Network's pull oracle design and Chainlink's on-demand Data Streams Oracle introduces oracle redundancy and resiliency, while ensuring fast, accurate, and reliable price feeds, further mitigating front-running risks.

SDK for Programmatic Interaction

RFX opens up possibilities for crypto-native institutions, arbitrageurs, and sophisticated traders by releasing an open-source SDK. This SDK will enable programmatic interaction with smart contracts, allowing for trade and position automation beyond the traditional user interface.

veToken

The native $RFX token plays a pivotal role in governance, rewards, and utility within the RFX ecosystem. It incentivises desired behaviours, aligning long-term interests with platform users. Market participants that create new trading pairs or provide liquidity in RFX’s pools can leverage RFX’s veTokenomics to allocate rewards and attract more liquidity to their markets. This creates a positive feedback loop for LPs and also ensures markets with trading volume are able to tap into deep liquidity. Users staking RFX can participate in governance and earn a share of platform-generated revenue, influencing reward distribution across RFX pools.

What's Next?

RFX is set to launch its Alpha build on zkSync Sepolia Testnet in the coming weeks with a $10,000 paper trading competition planned to kick things off. Limited spots are available, so sign up for the waitlist here.

Stay tuned for more content leading up to the Alpha Testnet release by following us on Twitter and joining our Discord and Telegram channels. Join us as we embark on a journey to redefine decentralised perpetual futures trading!