Solrise Announces DAWN: First Testnet Competition

The investment-management protocol is looking for innovators who believe in the future of the Solana blockchain to enter the battlefield.

By
Utulu Hope
on
May 29, 2021
Category:
Breaking News

Curtain-Raiser in DeFi 

Solrise has announced Decentralized Asset Winners Testnet (DAWN) — its first Solana testnet competition. The Solana-based decentralized investment platform announced the competition on the 27th of May. Users stand to win 5 million $SLRS, which is worth up to $250,000 USD in prizes. The competition will begin on the 8th of June 2021 and will run for two weeks. The platform has urged users to make the most of the competition and earn $SLRS before the sale and public offering kickstarts. 

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Introducing DAWN — First Testnet Competition 

Solrise will host the competition on the Solana Devnet with fairly straightforward contest parameters - the user with the highest returns is declared the winner. DAWN consists of two overlapping competition tracks; the first track is for fund managers and the second is for investors. 

Every user has the license to create a single fund for the competition. However, they must have a starting capital of at least $50,000 USDC in order to participate. Solrise wants to maximize returns on the fund during the competition by combining well-timed swaps and proper selection of assets. Rankings of fund managers is based on the performance utilizing the initial $50,000. 

During the competition, users will get $10,000 to simulate “investing” in Solrise funds. They can also decide on when to enter and exit funds during the competition. Users can invest in more than one Solrise fund at a time. up to a limit of 3. Winners of the investors ranking will be those with the highest returns on their initial $10K as soon as the competition ends. 

There will also be a leaderboard that will show the two managers (1-1000) and top investors (1-5000) as the competition unfolds. 

Regarding the tools and assets available, Solrise will not make use of real tokens or integrations. There will be a built-in swap service and prices that look just like the Oracle feed of prices on Coingecko. Solrise will provide fund managers with basic automation features like stop-loss to ensure a better experience. 


Participation And Rewards

Solrise will open registration for the competition a day or two before the competition begins. However, users need to have a Twitter account prepared for verification as it will be required to link their Solrise profiles. 

Concerning rewards, the $5 million $SLRS prize pool will be split between the manager and investor competitions in a 60-40 ratio. A total of 6,000 competitors will receive prizes (1,000 Managers and 5,000 Investors). Solrise will also drop a comprehensive breakdown of prize distribution before the competition begins. Rewards will also be distributed in two phases. 50% will be available before token launch while the other 50% will be released after the Solrise Mainnet launch. 

Source

On top of this, the best performing managers in the top 100 will get a Solrise DAWN NFT. This will be used to add a DAWN badge to all their funds and be recognized as OG managers once the Solrise Mainnet launches. 


Concluding Thoughts

Solrise is a decentralized fund management and investment protocol on Solana. It is a building protocol for creating and running decentralized, trust-minimized investment funds. Their announcement of DAWN is exciting news for anyone involved in fund management, as they are poised to be a key project on Solana. The project also recently speculated a collaboration with Mango Markets, further adding to their appeal for investors, as Mango is already one of the most popular platforms on the blockchain.

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Utulu Hope

UC Hope is a passionate fan of crypto who could weave the latest event into sparks of inspiration and information. He leaves no stone unturned to get to the core of a story. Aside from writing, he spends his hours poring over algorithms and protocols, preparing for a future career as a computer programmer.