Think you could build a decentralized exchange? This contest is for you

An ambitious contest has launched where blockchain developers will battle it out to put forward their ideas for a new decentralized exchange.

Free TON is inviting applicants to build a suite of FreeDEX smart contracts that prove its network can perform tokens, loans and IOUs quickly and cheaply.

Other requirements include ensuring that FreeDEX can support staking through TON DePool contracts, as well as soft majority voting — where neutral and uninterested parties can take a backseat so decisions are made by those who care most. 

Submissions are being accepted from Jan. 27 until March 14, and this is the first of four stages in the roadmap to implementation. The entry that wins the coveted prize of first place will receive a reward of 250,000 TON, with tokens also awarded to the next four runners up. 

Blockchain developer Vladimir Maslyakov, an initial member of the Free TON community who shared the proposal on the network’s forum, told Cointelegraph: “We first thought about gathering an initiative group to build a DEX on top of Free TON, but there were so many great and different ideas on how to do it, and so many teams interested in the topic, that we decided to make it an open contest with maximum possible scope.”

‘I built that’

Free TON’s contest isn’t just about the crypto awarded to the winners — it’s about the opportunity to build something that’ll have a lasting impact in the ecosystem, and the buzz associated with knowing you created something that other people use and enjoy. 

Of course, there are some requirements that participants need to bear in mind. Their work has to be original, and no more than 10% of another contestant’s work can be used in their proposed solutions. Their plans also need to take into account the peculiarities of the Free TON network, not to mention its goals for the future. And as well as being safe and modern, the set of DEX contracts must be built in accordance with the Declaration of Decentralization — a commitment designed to prevent one single party from influencing network activities. 

A jury of Free TON community members are going to be tasked with reviewing submissions based on an extensive set of criteria. They’ll be looking for technical features that enable the DEX to charge a commission from users for transactions, support for the non-custody exchange of any tokens within the Free TON network, and the ability to add liquidity to the trading platform from external blockchains. Sophisticated user interfaces that deliver a smooth experience for web and mobile users are also desirable.

Each jury member will be expected to have a solid understanding of DEX technology, and they will rate each submission on a scale of 1 to 10. They’ll also provide feedback on submissions, making this a constructive environment for bright developers with big ideas.

The proposal to launch stage one of this contest was formally passed on Jan. 23 after more than 50% of voters said “Yes” — firing the starting gun on a creative push to build a decentralized exchange that’ll give the current market leaders a run for their crypto.

A TON of contests

Dozens of contest ideas have been put through their paces through the Free TON forum — giving passionate community members a chance to create animated PR videos about the network, landing pages, games, poems, and everything in between.

As previously reported by Cointelegraph, Free TON asserts that contests are better than grants for a healthy crypto community, as they ensure that token distribution is done meritocratically — and that anyone can take part.

Irrespective of where someone lives, what their background is, or whether they know someone in the world of blockchain, Free TON believes contests give everyone a chance to make a difference — all while speeding up innovation and giving challenging ideas room to breathe.