COPE is a project that has two phases. Phase 1 of COPE involves seeking to ascertain and evaluate trader weaknesses and failings retrospectively based on trader calls made about crypto markets and provide reporting on this for self analysis. Top Call Makers are evaluated based on their call accuracy which along with other parameters results in a COPE score given to them. The top 100 Call Makers are embraced within a COPE index ranking them by their COPE score. Once a consistent list of the top 100 has been generated with the monthly 'reformation' kicking out, introducing new Top Call Makers into the index it provides a narrative for a new type of investment product based on top trader calls as measured using a reliable and accurate mechanism, which leads to phase 2.
Users who stake their COPE will receive LP-COPE and this will allow them to unlock their COPE Report highlighting strengths and weaknesses on a call by call basis and highlighting recurring failings, that can be read over and studied to improve. The COPE Engine will be looking over Thousands of reports and globally speaking, will be able to categorise the many different common types of weaknesses and failings and then give some tips on what might be done better next time, based on retrospective statistical results.
The COPE Airdrop will be starting on Friday 26th March 2021 00:00 (UTC) and will have over 3,500 participants! The Amazing Community voted for COPE in the Solana X Serum DEFI Hackathon where over 3000 Builders had participated and over 80 projects submitted. Instructions will be DMed to participants over twitter comms so they can easily receive their COPE allocation.
COPE Will initially be minted on the Solana Blockchain and most of the supply will exist on the Solana Blockchain. However given the broad network of the Ethereum Blockchain, it would be disingenuous to entirely neglect this network. And so a portion of the COPE supply will exist on the Ethereum Blockchain. This means that when COPE is ready to be part of the Ethereum network, a portion of COPE tokens on the Solana Blockchain will be burned and this amount will be minted on the Ethereum Blockchain. There will inevitably be a price discrepancy between SPL-COPE and ERC-20 COPE, however Arbitrage bots will be incentivised to make this gap up and will earn roi in the process. When ERC-20 COPE is minted, then existing SPL-COPE holders on the COPE network will be instructed to list their ERC-20 addresses in order to be the claimants of an ERC-20 COPE spacedrop. This will incentivise the community to be holders of COPE on the Ethereum blockchain and maintain the fair distribution of COPE. This Cross-chain capability means that user reports can take into account Trades performend on DEXes running on Ethereum such as Uniswap, Sushiswap and 1inch and analysed as part of their COPE report.
The second phase for COPE is an automated investment product that users can permission to trade on their behalf based on the COPE index. While the longer term vision is to support cross-chain trading, the immediate capability allows for integration of the Serum DEX which gives the ability for frictionless CLOB trading with active strategies according to rules produced in a smart contract running on the Solana Blockchain. Investors will be able to select one of many active strategies, all of which are making use of the COPE index in determining which assets to buy or sell and which contracts to long/short.
The Crypto twittter community contains a robust collection of 10s of thousands of traders who have been issuing calls for many years through thick and thin. Like a pressure cooker, over time, the diamonds in the dirt, so to speak have been brought to the surface and this is an evolutionary process that continues to work today and will continue over time. As such the insights provided by these traders needs to be evaluated more thoroughly and reliably to enable better decision managment when taking their comments seriously enough to put some skin in the game. This leads onto how the COPE score is evaluated for each COPE report recipient.