The cryptocurrency landscape continues to evolve at a rapid pace, with innovative blockchain projects emerging across decentralized finance (DeFi), cross-chain interoperability, privacy solutions, and digital asset trading. To support community-driven growth and provide users with early access to promising digital assets, a unique listing relay competition was introduced—centered around eight high-potential tokens: Bancor (BNT), Aave (LEND), Keep Network (KEEP), Republic Protocol (REN), THORChain (RUNE), Reserve (RSR), Synthetix (SNX), and Switcheo (SWTH).
This event not only offered these projects a transparent path to platform listing but also incentivized user participation through a tiered competition model combining net deposits, trading volume, and holding balances—all while distributing 5,000 USDT in rewards across three progressive rounds.
How the Listing Relay Competition Worked
The relay-style event was structured into three distinct phases: Bronze Qualifier, Gold Challenge, and Diamond Final. Each stage narrowed down the field based on performance metrics, ensuring that only the most community-supported projects advanced.
Phase 1: Bronze Qualifier — Net Deposit Race (8 → 6)
- Duration: June 24–26, 2020 (UTC+8)
- Objective: Rank projects by net deposit volume (deposits minus withdrawals)
- Rewards Pool: 1,500 USDT
- Eligibility: Users with a minimum net deposit of 100 USDT in any of the eight qualifying tokens
All deposits were converted to USDT using the 24:00 closing price during the event window for fair comparison. The bottom two projects by total net inflow were eliminated after this round.
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Phase 2: Gold Challenge — Trading Volume Showdown (6 → 4)
- Duration: June 26–28, 2020 (UTC+8)
- Objective: Measure engagement via trading activity
- Rewards Pool: 1,500 USDT
- Eligibility: Users with at least 100 USDT in cumulative trading volume
Projects advancing from Phase 1 received temporary USDT trading pairs on the platform. This allowed participants to trade freely and demonstrate real market interest. Rankings were determined by total buy + sell volume, again converted to USDT equivalents.
This phase tested not just investor sentiment but actual liquidity generation—critical indicators for long-term viability.
Phase 3: Diamond Final — Holding Power Test (4 → 3)
- Duration: June 28–30, 2020 (UTC+8)
- Objective: Evaluate sustained commitment through holdings
- Rewards Pool: 2,000 USDT
- Eligibility: Minimum holding balance of 100 USDT equivalent
- Snapshot Time: June 28, 10:00 (UTC+8)
Holding power was calculated as:
Final Balance = Initial Balance + New Purchases + New Deposits
Only increases beyond the initial deposit baseline counted toward rankings. This design encouraged active support rather than passive holding.
The top three projects based on user-held value moved forward for priority technical integration and official listing.
Direct Listing Path: Fast-Track Rules
Beyond the competition, there was a direct route to listing:
A project would be fast-tracked if it met either of the following:
- Total user deposits ≥ 300,000 USDT
- Number of participating users ≥ 500
This ensured that strong grassroots momentum could bypass traditional gatekeeping barriers—an innovative move toward decentralized decision-making in exchange listings.
Project Spotlights: Core Innovators in DeFi & Blockchain Infrastructure
Bancor (BNT)
Bancor enables automated liquidity for ERC-20 tokens through smart contracts. By embedding reserves directly into tokens, it allows seamless peer-to-peer conversion without order books or intermediaries—solving one of DeFi’s biggest challenges: liquidity fragmentation.
Aave (LEND)
Aave pioneered decentralized lending with flash loans and dynamic interest rates. LEND (later rebranded to AAVE) powered its governance and risk mitigation mechanisms, enabling users to lend and borrow across multiple assets securely.
Keep Network (KEEP)
Focusing on privacy, Keep Network bridges Ethereum with off-chain data storage using trustless containers ("keeps"). It enhances smart contract capabilities by allowing sensitive data processing without compromising blockchain transparency.
Republic Protocol (REN)
REN introduced a decentralized dark pool protocol for high-volume crypto trading. By minimizing price impact and preserving trade confidentiality, it brought institutional-grade execution tools to decentralized markets.
THORChain (RUNE)
THORChain facilitates cross-chain swaps without wrapped assets. RUNE acts as both the network’s base currency and bonding collateral, securing liquidity pools across chains like Bitcoin, Ethereum, and Binance Chain.
Reserve (RSR)
Reserve aims to build a decentralized stablecoin system resistant to inflation and centralized control. RSR plays a crucial role in maintaining price stability through supply adjustments and staking incentives—ideal for economies with unstable fiat currencies.
Synthetix (SNX)
Synthetix enables synthetic asset creation—allowing users to gain exposure to real-world assets like gold, stocks, or foreign currencies without owning them. SNX token holders collateralize these synthetics, earning fees in return.
Switcheo (SWTH)
As one of the first DEXs on the NEO blockchain, Switcheo enabled trustless NEP-5 token swaps. With plans for cross-chain expansion, SWTH served both as a utility and governance token within its ecosystem.
Frequently Asked Questions (FAQ)
Q: Can users participate in multiple rounds?
A: Yes. As long as you hold or trade eligible tokens during each phase, you can qualify for rewards in all three stages independently.
Q: How were prices converted to USDT for ranking?
A: The 24:00 platform closing price on each day of the event period was used to standardize values across different assets.
Q: Were internal transfers allowed during the event?
A: No. To prevent manipulation, inter-account transfers of the same cryptocurrency were disabled during the competition.
Q: What happens if a project qualifies through both the relay race and fast-track criteria?
A: Fast-track qualification guarantees listing but does not affect ranking order. All projects still compete for top placement to determine listing priority.
Q: When were rewards distributed?
A: Rewards were credited within five business days after each round concluded.
Q: Is this type of community-driven listing still used today?
A: While formats vary, many platforms now use similar incentive models—combining user activity with transparent selection criteria—to list new digital assets.
Why This Model Matters for Decentralized Ecosystems
Traditional exchange listings have often been criticized for opacity and centralization. This relay competition flipped the script—giving power back to the community by tying listing outcomes directly to user behavior.
It rewarded genuine interest over speculative hype and emphasized sustained involvement rather than one-time actions. Projects needed more than just capital—they needed engaged supporters.
👉 Learn how modern platforms empower communities through transparent listing mechanisms.
Final Notes & Risk Awareness
Digital assets carry inherent risks due to volatility, regulatory uncertainty, and technological complexity. While events like this promote innovation and access, investors should always conduct thorough research before participating.
Platforms do not endorse projects nor assume liability for investment outcomes. Participation should align with personal risk tolerance and financial goals.
Stay Informed, Stay Ahead
Events like the BNT-LEND-KEEP relay race highlight how crypto is redefining fairness and transparency in financial access. Whether you're exploring DeFi protocols or evaluating emerging blockchains, staying informed is key.
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