Hashflow: Driving volume through a trading competition

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What is Hashflow?

Hashflow is a decentralized exchange (DEX) protocol that originated on Ethereum and has expanded to Arbitrum, Avalanche, BNB, Polygon, and Optimism. The platform is designed to provide deep liquidity without high fees.

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The Challenge

In March 2024, Hashflow launched an Arbitrum-native aggregator, aiming to increase awareness and attract users. An incentive program was identified as the key strategy to engage Arbitrum's user base and drive participation.

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The Solution

Hashflow leveraged Fuul to power its incentive program, introducing a trading competition with $700,000 in rewards. Participants could earn up to 150 $ARB weekly based on their trading volume and pairs traded on Arbitrum. Additionally, a weekly leaderboard payout of 30,000 $ARB was awarded to the top 10 participants, leveraging Fuul’s gamification features. The team at Hashflow used Fuul's platform to orchestrate payouts and engage with participants, without writing a single line of code.

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Implementation

Conversion Events

- Trades on Hashflow (an on-chain conversion event linked to the Hashflow smart contract)

‍Payout Rules

- $25 ARB per $100,000 USDC (or equivalent) in volume traded in stablecoin-to-stablecoin swaps

- $2 ARB per $1,000 USDC (or equivalent) in volume traded in stablecoin swaps and non-stablecoin swaps

- Cap of $150 ARB weekly per participant

Incentives Hub

- Leaderboard Payouts: In this campaign, Hashflow used Fuul's leaderboard feature to track participants' progress and manage payments smoothly. The leaderboard provided real-time insights, making it easy to see who was leading and enabling accurate rewards distribution. $30,000 ARB distributed weekly to the top 10 leaderboard participants.

- Fuul Page: The program was hosted on a Fuul page, developed by the Hashflow team using Fuul’s no-code editor. Participants could view qualifying conversion events, check their rewards history and leaderboard status, and claim rewards directly to their wallets.

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Results

Within the first month, the incentive program increased participant numbers by 5x, driving notable growth in user engagement and trade volume on Hashflow’s Arbitrum-native aggregator. Average trading volume reached daily peaks of $30M, a 15x increase, while the automated ranking and payout processes provided a seamless experience, fostering a competitive trading environment.

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Conclusion

Hashflow’s case study highlights the effectiveness of Fuul’s platform in enhancing user engagement through strategic incentives. By leveraging rewards and gamification, Hashflow successfully increased awareness and adoption of its new offering on Arbitrum, setting a benchmark for future marketing strategies in the decentralized exchange sector.