DAWN II

Thanks for your patience, managers and investors!

We announced a few weeks back that DAWN II, our second major trading competition, would be launching alongside our Mainnet on October 18th. Now we can finally dig into the exciting details of how DAWN II will work, what integrations will be available, and (perhaps most importantly) what we’ve got on offer for prizes!

DAWN is Solrise Finance’s flagship set of trading competitions. The original DAWN was run on the Solana testnet as an initial test of our protocol structure and product market fit, and the response was truly unbelievable, with over 60k Twitter and wallet verified users. Over 20,000 funds were created over the course of DAWN I.

Now we’re doing it again — but bigger, and with real funds. DAWN II will be Solrise’s mainnet launch competition, and the best way for prospective managers to get started building a reputation on the Solrise protocol!

How does DAWN II work?

DAWN II will be a trading competition with real funds run on the Solana mainnet. The core rules of the competition are simple — whoever generates the highest cash returns wins. Unlike DAWN I, though, this time the competition will be split into three phases. There will be two main reward tracks — one for Managers, and one for Investors.

Phase 1 — Closed Beta

DAWN II will kick off with a 2-week long closed beta competition using real funds. We’ll be giving away a total of 800 golden ticket NFTs that allow access to the beta, both ourselves and through partners. The winning managers from the original DAWN who hold the 200 DAWN I NFTs will also be able to join.

This beta will have its own reward track, separated from the next 2 phases. We want to make sure the beta-testers are compensated! There will also be some fairly significant bug bounties available in this phase for those of you who are more technically oriented.

Investments will be restricted to $100 per manager (to start a fund) and $100 in total per investor.

Phase 2 — Battle of the Managers

Once the Phase 1 Closed Beta is finished, our next event will be a manager-only competition, also 2 weeks in duration, in order to let managers prove their skills on mainnet and develop a performance history before investors start investing.

During this phase, Managers are able to create their own funds with up to $1000 of their own USDC. Managers may only create one fund.

This will be open to everyone. We’re very excited to see which managers manage to prove themselves during this periods!

Phase 3 — A New DAWN

After Phase 1 and Phase 2 have been completed, we’ll move on to Phase 3 — the main event.

Phase 3 will be a 2 week competition functioning similarly to the original DAWN, with both investors and managers able to participate and compete for rewards.

Ever wanted to prove that you’re the best trader you know? This is your chance.

Manager performance records will be retained from Phase 2, allowing investors to start the competition with a better knowledge of performance history — although cash performance for the leaderboard will be reset.

Investors will have, for the duration of the two week competition, a $1000 cap on initial USDC deposts — although once they withdraw from funds, they can reinvest in other funds freely using their profits. Investors will be able to invest in as many funds as they want.

What integrations are available?

While the full public release of Solrise will allow users additional options beyond normal spot and swaps, we’ll be keeping this clean and simple for the duration of DAWN II with swaps and spot only. Serum DEX will be used for these swaps during the competition.

So what are the prizes?

The name DAWN stands for Decentralized Asset Winners Network, and we believe in rewarding winners! With our bigger and better DAWN II comes bigger and better prizes. We will be releasing more information on exact prize and reward details next week. The rewards for each phase will work as follows:

There will be Manager performance rewards available in Phase 1, Phase 2, and Phase 3. There will also be Investor performance rewards available in Phase 1 and Phase 3. All of these performance rewards will be based on the total cash profit generated by Managers and Investors!

There will be additional competitions in Phase 3 designed to incentivize both Managers who attract the most investors to their funds, and the users who recruit the most investors to DAWN II in general. There will also be a bug bounty system running throughout DAWN.

Beyond token rewards, there will also be special NFTs available for top performers, as well as other track sponsorships from our partners. There will be some extra surprise rewards, as well as consolation prizes for some of those who don’t make it.

We have more exciting news on rewards coming soon…

How do I compete?

Phase 1 will only be open to those with a Golden Ticket NFT, which will be distributed by Solrise and some of our partners over the next week. Phase 2 and 3 will be open to everyone.

When can I claim the second half of the rewards from DAWN 1?

October 18th, the same day the closed beta portion of DAWN II starts.

What happens after DAWN 2?

We go straight into our open mainnet! The restrictions on investment will be removed, managers will be able to create more than one fund, and the existing funds from DAWN 2 will be kept live so investors can stick with their favourite fund managers if they like.

We know the Solana community has some incredible traders and investors, and we couldn’t be more excited to see all of the competitive spirit and strategies that you bring to the competition. We’ve got a lot planned for you — you can expect some big announcements and surprises along the way as DAWN II progresses! Good luck to all investors and managers.