Contango points

Contango has an ongoing points system in place since the 24th of January 2024, to incentivize product usage and community engagement.

Points are the first steps towards the Contango token launch.

The points system consists of two phases:

Phase 1

It ran from the 24th of January 2024 until the 27th of March 2024. Its goal was to incentivize product usage by stimulating volumes and open interest, as well as gather product feedback, reward bugs reporting and community content.

The total points distributed for this phase were 5,548,359, plus 21,329,416 points for early users of Contango v1 (since 2022) and v2 (since 2023).

Phase 2

The second phase is ongoing, and will last until the Contango token launch, planned for this year.

More Contango supply is allocated to this phase, so that users of the previous phase won’t get diluted.

During this phase a fixed amount of 1,000,000 points will be distributed per week. Extra points will be allocated to bugs reporting on Discord, at the discretion of the Contango team.

The formula used to reward trading activity is detailed in this blog post, but in a nutshell: it's the same as the previous phase and will account, through a weighting system, for both volume and OI. The latter is measured every minute across all markets and averaged across a given epoch (week). Trading on both the Simplified or the Advanced page counts for points allocation, as determined by the formula.

As part of a partnership with Ether.fi, a 2x multiplier has been awarded to any positions opened on weETH (more details here).