Examples: what full marks look like

Every task in Early Birds has a range of points. Each example below shows what earns full marks, except the one for the test run. That example is a clean report of the full route, and such a report earns 30. A test-run report earns 50 only if it finds a place where Assetrix in the test network does not work as the documents say. The Assetrix DAO Research Group wrote the examples as illustrations: they earn no points and belong to no participant.

Take the level from them, not the words. The bot compares every submission with our own texts, and a work that repeats them is flagged as a retelling. A copy of work already accepted is not accepted at all, whoever wrote it: one publication is one work.

Every example carries the tag #AssetrixEarlyBirds, as every work must.

Explaining a mechanism

20this example

Range: 10–20 points. This example: 20.
Full marks: your own words on a non-trivial part of the protocol, no factual errors, a link to the exact section, and the market price kept apart from backing per token and the mint price.
Length: at least 300 words. On X that is a thread of seven or eight posts.
Where: X, Bitcointalk, Reddit, Medium, Mirror, YouTube.
Cap: two a month.
On the site: What this is: the protocol
The price corridor
How the cost of entry rises
Protection of backing
What happens when someone leaves, and why it dilutes no one
The price corridor, explained with two numbers
The wiki: a page for every term

Example: a thread on X

1/Every backed token has the same nightmare: a run. Everyone heads for the exit, and the last ones out find an empty room. Assetrix answers this with arithmetic, not promises. A thread on why redemption does not hurt those who stay. #AssetrixEarlyBirds

2/Start with the term. When a position is closed, its collateral moves into a shared pool and the holder receives ASTRX. Divide the pool by the tokens in circulation, and you get backing per token: the part of the pool that stands behind each token.

3/Redemption hands back exactly that part. Under the default method, the basket, you present 1% of the tokens in circulation and receive 1% of every balance in the pool, less the redemption fee.

4/Leave the fee aside for a moment. The pool shrinks by 1%. The number of tokens shrinks by 1%. Backing per token, the ratio between them, stays where it was. Nobody who stays loses anything because someone else left.

5/Now the fee. Nobody collects it: it stays in the pool. It is 0.9% by default, and holders can change it by vote. So each redemption leaves every remaining token with a slightly larger part of the pool, not a smaller one.

6/Two details keep this true in practice. The basket needs no price feed: your share is a count of tokens applied to each balance, so a broken oracle can neither distort the payout nor stop it. And every rounding goes in the pool's favour.

7/The exit also stays open. No vote and no role can close redemption. In a run, this matters more than anything else: people panic when they fear the door will shut.

8/What this does not mean. Redemption holds the lower edge of a corridor, not a price. The market price moves between backing per token below and the mint price above. If it drops below backing by more than the fee, buying and redeeming pays off, and that holds the edge.

9/So the fear of a run gets an answer built into the design: the door stays open, and every exit leaves those who stay with a slightly larger part of the pool per token. The arithmetic: assetrix.org/articles/how-redemption-works/ and White Paper 2.6, §3.4 and §5.2, assetrix.org/documents #AssetrixEarlyBirds

Why it gets 20. The topic is not trivial, and the thread explains it step by step instead of repeating the document. Every claim can be checked against the section it cites, and the link leads to the page about redemption, not to the home page. The thread says plainly what redemption does not do and keeps the market price apart from backing per token. There is no advice to buy and no forecast.

A site or blog about Assetrix

50this example

Range: 20–30 points for the content, 10 more for your own banner that links to assetrix.org, and 10 more once Google shows the site. In English, Spanish and Chinese everything is half: the official site already speaks these languages. This example: 50.
Full marks: a site of your own about Assetrix that explains the protocol correctly and in your own words, says plainly that it is a participant's site and not an official one, links to assetrix.org, carries a banner you made yourself, and shows up in Google.
Length: at least 300 words. The example below is an excerpt.
Where: any public site or blog: your own domain or a free site builder, but not a page on a social network. The site address must not contain the name of the project: such addresses are easy to fake.
Cap: one site per participant for the whole programme.
On the site: What this is: the protocol
The price corridor
How the cost of entry rises
Protection of backing
What happens when someone leaves, and why it dilutes no one
The price corridor, explained with two numbers
The wiki: a page for every term

What the bot checks by itself. The tag #AssetrixEarlyBirds on the page. A link to assetrix.org marked rel="sponsored" or rel="nofollow": Google treats a link given for a reward as paid, and the mark keeps both sites clean. No wallet addresses on the page and no request to connect a wallet. The language of the page. And Google: the bot searches for site:your-address Assetrix OR ASTRX. If Google does not show the site yet, submit anyway: the bot keeps checking for a month, while the list is open, and adds the 10 points on its own once it does.

Example: a one-page site in German, made with a free site builder

Assetrix einfach erklärt — eine Seite von einem Teilnehmer des Programms Early Birds, nicht die offizielle Seite des Projekts. Die offizielle Seite ist assetrix.org. #AssetrixEarlyBirds

Was ist Assetrix?
Assetrix ist ein Protokoll im Netz Arbitrum One. Wer Sicherheiten hinterlegt, erhält eine Position. Wird die Position geschlossen, entstehen ASTRX-Token, hinter denen ein Anteil am gemeinsamen Pool steht.

Deckung pro Token (backing per token)
Teilt man den gemeinsamen Pool durch die umlaufenden Token, erhält man die Deckung pro Token: den Teil des Pools, der hinter jedem einzelnen Token steht.

Warum eine Rücknahme den Bleibenden nicht schadet (redemption)
Wer 1 % der umlaufenden Token zurückgibt, erhält 1 % jedes Guthabens im Pool, abzüglich einer Gebühr. Die Gebühr bleibt im Pool. Der Pool und die Zahl der Token schrumpfen im selben Verhältnis, also sinkt die Deckung pro Token der Bleibenden nicht.

Der Korridor (corridor)
Der Marktpreis von ASTRX liegt zwischen der Deckung pro Token unten und dem aktuellen Ausgabepreis (mint price) oben. Beide Grenzen hält die Arbitrage. Mit der Zeit steigt der Ausgabepreis, also der Preis für den Eintritt, nicht der Marktpreis.

Was Assetrix nicht verspricht
Keine Zinsen, kein passives Einkommen, keine Preisprognose. Über die Gebühren und die übrigen Parameter stimmen die Halter selbst ab.

Quellen: assetrix.org/protocol/, assetrix.org/price-corridor/, assetrix.org/articles/how-redemption-works/; White Paper 2.6, assetrix.org/documents

Banner at the bottom of the page: a ratchet wheel drawn by the author in pencil and watercolour, with the words "Assetrix — backing per token". It links to assetrix.org; in the page code the link reads <a href="https://assetrix.org/" rel="sponsored">.

Why it gets 50. 30 for the content: every term of the site is explained once, in the author's own words, and nothing is claimed that the documents do not say. The page keeps the market price apart from the mint price and makes no promise. The first line says whose site this is and where the official one lives, and the sources point to the pages of the site the page explains. 10 for the banner: the author drew it, and it links to assetrix.org with the mark. 10 for Google: the site shows up for site:its-address Assetrix OR ASTRX. In German everything counts in full.

Answering a critic

10this example

Range: 5–10 points. This example: 10.
Full marks: an answer on the merits to a real objection, calm, with a link to the section that settles it. The critic does not have to agree; readers must get a substantive answer.
Length: at least 25 words.
Where: X, Bitcointalk, Reddit, and open Telegram groups about crypto and DeFi projects. In the Assetrix discussion group on Telegram and in the Assetrix topic on Bitcointalk, a reply counts at half the range: the audience there is already ours. In other people's groups, answer the objection and leave your invitation link out.
Cap: five a month.
On the site: Can a token only go up?
Why a rising issue price is not a pyramid
What the protocol does not do
How to tell whether a team can still change the contract
How this is checked

The objection, on X

Every "fully backed" token is fine until the first bank run. Then the last ones out get nothing.

Example: the reply

Fair worry. The reserve is external assets, not the token itself, and redemption pays out exactly the leaver's share of the pool, less a fee that stays in the pool, so the order of exit gives no one an edge. §5.2, the arithmetic: assetrix.org/articles/how-redemption-works/ #AssetrixEarlyBirds

Why it gets 10. The reply takes the objection seriously and answers the question it asks: what happens to the last ones out. It fits in one post, names the exact section, links the page that answers the objection, and does not argue with the person.

A short post of your own

5points

Range: 5 points.
Full marks: a thought of your own in at least twenty words. A forward of someone else's post without your own words is not accepted, and the same text under different posts counts once.
Where: X, Bitcointalk, Reddit.
Cap: three a month.
On the site: What this is: the protocol
The price corridor
How the cost of entry rises
What the protocol does not do
What happens when someone leaves, and why it dilutes no one

Example: a post on X

The cost of entry to Assetrix only goes up, but leaving is never blocked: redemption stays open whatever the market does. Rising entry, open exit. #AssetrixEarlyBirds

Why it gets 5. It is short, it puts the design in the author's own words, and it keeps the cost of entry apart from the market price.

A mistake found

50this example

Range: 25–50 points. This example: 50.
Full marks: a mistake that changes the meaning: a wrong formula, a figure a reader's decision rests on, a vulnerability. The report names the exact place, what it says, what it should say, and the evidence. A mistake that does not change the meaning, such as a dead link or a wrong section number, is scored from 25.
Length: at least 15 words.
Where: GitHub, X, Bitcointalk.
Cap: none.
On the site: Documents, checksums and timestamps
How this is checked

A vulnerability is never posted in public. Send it with /vuln in the Early Birds bot instead: only the project owner reads it. It is reviewed and scored in the same range, and it becomes public once it is fixed.

This example is built on a mistake we made up. The real table in §7.2 gives 1.618, which is correct. The report shows the form that earns 50.

Example: an issue on GitHub

White Paper 2.6, §7.2: the multiplier for a 38.2% drawdown contradicts the formula

Where: White Paper 2.6 (assetrix.org/documents), §7.2, table "Redemption fee multiplier", row "38.2 %".
What it says: 1.382.
What it should say: 1.618. The text above the table defines the multiplier as one divided by one minus the drawdown, and 1 / (1 − 0.382) = 1.618.
Cross-check: the other rows follow the same formula: 1.309 at 23.6%, 2.000 at 50%, 2.618 at 61.8%.
Why it matters: the multiplier sets the redemption fee during a drawdown. A reader who takes 1.382 from the table expects a fee about 15% lower than the one charged at that depth.

#AssetrixEarlyBirds

Why it gets 50. The figure is one a reader relies on when deciding to redeem. The place is exact, the proof is inside the report, and anyone can repeat the check in a minute.

Test run in Arbitrum Sepolia

30this example

Range: 30–50 points. This example: 30.
Full marks: a report that finds a difference between behaviour and the documents: a number that does not match, a screen that says something else, a refusal without the reason the documents give. A report of the full route where everything matched the documents earns 30.
What a report needs: the full route, done by you in the test network. Set up a wallet in MetaMask, add the Arbitrum Sepolia network to it, and sign in with it to the Assetrix cabinet on assetrix.org. Take test gas from a public Arbitrum Sepolia faucet and test stablecoins in the cabinet itself. Create a position. Then do any three of these five actions: redeem part of a position, close a position, buy or sell ASTRX on Uniswap, vote, transfer to another address. With the report, publish a screenshot of your cabinet on assetrix.org that shows your test wallet address. The report lists the steps with links to their transactions, and says what the documents led you to expect and what you got. A report is not accepted if it skips part of the route, has no screenshot or no transaction links, or shows someone else's transactions. The step-by-step guide (assetrix.org/testnet/guide/), the short film of the holder account (assetrix.org/film/#account-tour) and the test network page (assetrix.org/testnet/) show the way.
Length: at least 150 words.
Where: GitHub, X, Bitcointalk, Reddit, Medium, Mirror, YouTube.
Cap: one a month.
On the site: Trying a DeFi protocol on Arbitrum Sepolia, step by step
Testnet deployment
The holder account, step by step: a short film

The address, numbers and links in this example are placeholders. A real report carries your own, with a screenshot of your cabinet.

Example: a report on Medium

Test run of the Assetrix cabinet in Arbitrum Sepolia: the full route

Test wallet: 0x…

Documents: White Paper 2.6, assetrix.org/documents. Each expectation below names its section.

Steps

MetaMask: created a new wallet for this run.
Network: added Arbitrum Sepolia to the wallet.
Sign-in: opened the Assetrix cabinet on assetrix.org and connected the wallet.
Gas: took test ETH from a public Arbitrum Sepolia faucet.
Test funds: took 10,000 tUSDC in the cabinet. sepolia.arbiscan.io/tx/0x…
Mint: created a position with 1,000 tUSDC. sepolia.arbiscan.io/tx/0x…
Positions: divided the position in two with the Split button. sepolia.arbiscan.io/tx/0x…
Positions: pressed Redeem position on the first half. sepolia.arbiscan.io/tx/0x…
Positions: closed the second half. sepolia.arbiscan.io/tx/0x…
Vote: cast 10 of my new voting credits on one question. sepolia.arbiscan.io/tx/0x…

Three actions of the five: redeem part of a position (steps 7 and 8), close a position (step 9), vote (step 10).

What I expected

The position keeps the deposit less the issuance fee and any concentration surcharge, both withheld at minting, not at the exit (§7.5).
The two halves have equal collateral and token counts and add up exactly to the original. Both keep the currency and cost basis of the original (§2.1).
Redeeming a half returns its collateral in full, in tUSDC, with no fee (§5.1).
A closing that raises the backing pays no dilution fee and earns voting credits equal to the ASTRX received (§7.3, §7.4).
A vote with credits burns those credits at once and leaves ASTRX untouched. The vote counts in the current cycle (§9.1).

What I got

Position: 990 tUSDC, the deposit less a 1% issuance fee. There was no surcharge.
Halves: 495 tUSDC each, 990 together, with the same token count in each. Both kept the currency and cost basis of the original.
Redeeming the first half returned 495 tUSDC to my wallet, with no fee.
The Positions screen said that closing the second half would raise the backing. The closing brought exactly the ASTRX the screen had shown, with nothing withheld. My voting credits grew by the same number.
After the vote, my credits were 10 lower and my ASTRX balance was the same. The Vote screen showed my 10 credits in this cycle's count.

Result: every step matched the documents. I found no difference. Had there been one, it would go here, with the number, the screen and the transaction.

Convenient: test stablecoins come from the cabinet itself, so only gas needs an outside faucet. The Mint and Positions screens showed the numbers before I signed, so the check was quick.

Less convenient: getting part of a position back took two transactions, a split and then Redeem position on one half. This is how the White Paper describes it (§5.1), but at first I looked for one button.

Screenshot: my cabinet on assetrix.org, with the address of this test wallet, is below.

#AssetrixEarlyBirds

[Screenshot under the report: the author's cabinet on assetrix.org, with the test wallet address in view.]

Why it gets 30. The report follows the whole route: wallet, network, sign-in, gas, test funds, a position and three actions. Every transaction is linked, every expectation names its section, and the screenshot ties the test wallet to the author. Anyone can repeat the run from this report. Everything matched the documents, so it gets 30. A report that finds a real difference from the documents, and shows the number, the screen and the transaction, gets 50.

Prepared by Assetrix DAO Research Group

Back to my cabinet