Draft proposal Mesa UAX promotion programm (collecting feedbacks )

Mesa UAX promotion program

I want to offer a proposal for DXdao to start Mesa - UAX program. UAX is ukrainian stable coin for national currency - hryvnia. UAX is backed by 1:1 reserve ratio to hryvnia and uses proof of reserve method.

UAX provides an easy fiat gateway from fiat to UAX (ERC 20) and back to fiat for local domestic users.

I see a strong local demand for trading UAX to USD stable coins, ETH and any ERC 20 tokens.

I propose starting a trading program on Mesa with a 10 ETH prize budget for UAX trading. Using 10 ETH prize budget, during 10-15 days I am going to create arbitrage opportunities between Mesa and ukrainian crypto exchange kuna.io and post info messages about this in local trading telegram groups and teach people how to use Mesa UI. The goal is to create a 100K USD UAX trading volume on Mesa by the end of June.

I am asking for 10 ETH for prize budget and 3 ETH as my personal bounty for this work.


Hi YK!

Sounds like a great initiative.
If I understand your proposal, you’re asking for 13 ETH in advance for operating the program.
10 ETH you’ll “lose” by placing arb orders that will be taken by participants.
3 ETH you keep for your effort.

Is that right?

10 ETH is roughly 2300 USD.
It means the orders you’ll create will represent 2,300/100,000 ~ 2.3% “ROI” for the dao.
In different words, the DAO will pay 2.3$ for every 100$ of volume.
Is that enough / too much to incentivize traders? I honestly don’t know.
Might be worth the experiment…

For comparison, if the DAO will trade back and forth between stablecoins on mesa, it’ll pay just the spread 0.6%, so 0.6$ for every 100$ of volume.

I do believe the DAO should incentivize trading on Mesa especially now that there’s a potential 120k$ the DAO can get in GNO if achieving the volume goal (20M$)
So thanks for the proposal! Let’s keep the discussion going!


I agree we need to do something and try things to go for the Mesa Challenge. There are no coordinated efforts as of yet.

We actually have a separate budget for the Mesa Challenge which amounts to a few thousand $ worth of unclaimed OWL bounties to promote Mesa. I’m looking forward to the call in a few minutes. edit: ha i think i missed it

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Yes, you understand my proposal in right way. I am “old” DXdao member and a few members know me personally, I wish success for Mesa and want take part and acting as I can. Your numbers seems to be correct, but it is difficult to measure how much new user cost or how much non UAX volume new user will create. Yes it is experiment, like all DXdao life…

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Unfortunately OWL dont hold fair value at the moment. People want earn money immediately and they dont care about long reward company. To teach user use Mesa it is 30 min burn, ~20 usd cover gas cost for first trades for new user it is fair deal and small earnings from arb transaction

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Today was a DXdao UAX call with 4 participants (12:00 Kiev time). Me and 3 members from UAX foundation (also kuna.io runners). I told what DXdao is. Represented Mesa. From first look people need time to play with Mesa - not clearly understanding how it is work. UAX foundation share info about working on changing reserve system for UAX. Today reserve holds in ukrainian bank in future UAX will be backed by USD stable coins on smart contract. Yesterday Uniswap pool for UAX was created. We also discuss UAX trading volumes on kuna.io and possibly bite UAX volume to Mesa :slight_smile:


That would just be washtrading, not real users and illegal. Creating arbitrage opportunities can bring real traders.

A 30% program management fee seems high, 3 ETH not that much. I would suggest to use more prize for this purpose and not limit it to UAX.

Little update after my personal today negotiations with potential UAX traders. Tomorrow I will start manually MM UAX against USDT and maybe against WETH on Mesa. I am not ready to set up full bracket strategy. After that I will teach first user from local money transfer company how Mesa works. My MM account will be counterparty for his trades. I hope for success. Things could moving fast and I dont have time to prepare good proposal for DXdao for this work from my side and I cant promise any volume. Chen point of view is worth - dont ask bounty in advance, better ask when job is done.


I didn’t by any means suggested to execute this kind of trades. I do think it is a valid comparison (arb margins). BTW it is not exactly wash trading as you’re not trading with yourself but with other (real non-colluding) market participants.

Why should we calculate the management fee as a percent of the program rewards and not by the work contributed / utility received?

Well, I just wanted to understand the proposal and give constructive feedback. I appreciate your initiative and hope we’ll have sold results. Looking forward to hear updates.

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Today first Mesa-UAX arb event happened.



The new Mesa user made 600 UAX profit (aprx 25 USD) on arb using UAX-USDT trading pair (two transactions).


great work @ykplayer8!

On boarding new users is not easy…
Well done!

4 new Gnosis safe users ready for trading on Mesa. 4*30 OWL donated to pay open fees+, everybody waiting for evening Mesa UAX arb

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Update for end of the day. 11 Gnosis safes created for 11 users. Donated 30 OWL for each user, one user donation was 60 OWL (He is CEO of ukrainian crypto project) Total donated 360 OWLs. 75 USD spent for arb transactions - 3 users earn aprx 20-25 each. During most time of the day in UAX telegram group people discussed Gnosis safe and Mesa :slight_smile: keep moving

Also one user jointed to LP campaign

OWL donations tracking $1.0153 | OWL Token (OWL) Token Tracker | Etherscan



  1. 12*30 OWLs donations for cover users gas costs for first Mesa UAX trade (total 23 donations for 2 days)*30 OWL = 720 OWL
  2. 100 OWL for russian language tutorial writing. “Buy UAX with card and trade on Mesa with Gnosis safe wallet” https://telegra.ph/Rabota-s-UAX-pri-pomoshchi-koshelka-Gnosis-Safe-06-09
  3. +2200 USDT trading volume on UAX-USDT pair. My arbs cost 53+50=103 USD.

Total program costs for current moment 820 OWL+203 USD. Additional my personal gas costs aprx 70 OWLs.

OWL distribution create a problem with malicious activity. 2 people dump OWLs immediately. A lot done nothing. Real UAX traders number is 7 at the moment 5 of them using GS and 2 something else



  1. +6000 USDT-UAX volume
  2. 160 USD lost on arb (~2-2.3% arb profit for traders after covering gas costs)

During 10.06.20 UAX traded on Mesa (GP) with 6000 USDT volume. UAX telegram group discussion about Mesa was very active. 11.06.20 UAX program was paused. Telegram UAX admins proposed create separate trading telegram group for UAX-Mesa trading discussion. Temporary I am going to recover - Unofficial dxDAO russian and ukrainian group for trading on Mesa for post USSR people.

Total program costs 820 OWL, 363 USD, 80 OWL (my personal gas costs)

Next step is trying make higher volume with less profit % for traders - ~1-1,5%


During trading discussions with other people there were two interesting requests:

  1. People like telegram bots and they want to interact with Gnosis protocol via telegram bots - looking for estimate price or even sending orders.
  2. This is ukrainian crypto wallet - https://trustee.deals/ They have partnership with UAX foundation and paying network fee for UAX transactions (ERC 865 style). If they integrating Wallet connect in near future it is open doors for cheap users UAX transactions on Mesa with this wallet. The wallet connect integration already in roadmap.

Nice job with the promotion YK!

  1. People like telegram bots and they want to interact with Gnosis protocol via telegram bots - looking for estimate price or even sending orders.

You might be interested in an basic Open Source Telegram bot that has been done for Gnosis Protocol

It was created only for debugging, it sends the details for every order he sees in Gnosis Protocol.

I think it can easily be modified and improved:

  • For example to filter by token: For example, to send only UAX orders to one specific channel
  • Send trades insteads of orders
  • query the price
  • trading would require more development, but everything can be done with more/less effort and that project is a good start