Nov 2, 2023

The Econia Labs Testnet Competition Wrap-Up: Results & Winners

The Econia Labs Testnet Competition Wrap-Up: Results & Winners

With the first Econia Labs Testnet Competition now at a successful end, we’re pleased to share some explosive metrics from the competition, learnings, and of course the competition winners!

Firstly, a massive shoutout is due to our front-end partners Aries Markets, Kana Labs, and SwapGPT, alongside our NFT partners from Aptos Monkeys, Bruh Bears, Pontem Network, and Spooks, for their incredible support. Pulling off an event with over 1,000 participants was no small feat, and your contributions were key!

A heartfelt thanks to each and every one of you who dove into this adventure, participated in the competition, and helped make waves in the Econia ecosystem.

Competition Metrics

Apart from having over 1000 traders participate, this was a global event with participants worldwide! Traders from over 65 countries participated in the event. It’s one thing to say crypto is a worldwide community, it’s another thing to see participants battle it out on-chain in real time!

Key Metrics

  • Countries: 68
  • Traders: 1151
  • Market orders: 935,450
  • Limit orders: 2,558,853
  • Trades (Fills): 2,726,876
  • Volume: $7,640,920,170.05

What We Learned

Although Move is a new programming language, it was impressive to witness sophisticated individuals quickly spinning up trading bots in the 24 hours after the competition started, placing rapid trades at a continuous clip— but the Econia protocol functioned as intended, ultimately settling millions of on-chain events during the week-long competition.

However, less than two days into the competition, the core protocol was settling so many trades that downstream data tools had trouble keeping up! After some quick patches to auxiliary components, the Econia Labs team helped frontend partners get quickly back online after a brief hiccup with indexing software.

In short, Econia was pushing so much data that traditional Web2 infrastructure components, like centralized databases, had to be reinforced just to keep up.

Competition Winners

Now the moment you’ve all been waiting for, please see the competition winners listed below!

🥇 1st Place: $2,500 USDC

  • Wallet Address: 0xb864eb1d6c1e84e8479daa8deea777efea9b3b5a20e307879088484d4930baa8

🥈 2nd Place: $1,500 USDC

  • Wallet Address: 0x5bc80990c4105df90cb0f15fc145ee83edacf5446036413aca7f69e5c2ccd241

🥉 3rd Place: $500 USDC

  • Wallet Address: 0x1921725d6be67fa272d4a6115b4d3c2888072562ae2ed10bb187f7ae30cad60a

🐛 Bug Bounty: $500 USDC

  • Wallet Address: 0xed302ccb25db3c6bb417da9e175dd134a22164fa78f89df6e6f4bc96ba07e9e3

NFT Giveaways: 8 Winners

  • Visit the Econia Labs Twitter Account to see if you were among the lucky individuals chosen in our daily raffle for the Aptos NFT giveaways!

What’s Ahead

With our first testnet competition now concluded, we encourage our community to keep their eye out for future events from the Econia Labs team and the Econia ecosystem. Stay tuned for more testnet activities, a growing ecosystem, and mainnet!

Stay tuned in the following ways:

Econia Labs

Econia is a hyper-parallelized order book protocol that runs on the Aptos blockchain. Engineered for web-scale performance and built to provide equal global access to markets, Econia leverages Aptos’ optimistic concurrency to scale up trading across trading pairs.