Guide to Using the Decentralized Copy-Trading Protocol (DCP) via gTrade
It's not just an idea anymore. Copin has successfully built on-chain copy trading directly through gTrade, thanks to the trust and support from the gTrade team and gTrade DAO (More details). In just 5 weeks, Copin team has successfully developed this groundbreaking product and prepared supporting activities to ensure users have the best experience.
Two standout activities include:
DCP Competition: Flex your trading skills, climb the leaderboard, and grab your share of 10,000 $ARB! The higher your copy-trading volume, the bigger the prize.
Fee Rebate Program: Get paid to trade! Earn a slice of 10,000 $ARB in rebates just by using the DCP feature through gTrade.
Learn more: https://blog.copin.io/p/join-copins-decentralized-copy-trading
I. What is DCP?
The Decentralized Copy-trading Protocol, abbreviated as DCP, is a newly developed feature by Copin that allows users to copy trades from a wallet address across various perpetual DEXs and execute those copied trades directly on-chain through a different perpetual DEX.
In its initial release, gTrade serves as the perpetual DEX for executing copied trades. As of the first version's release, Copin supports copying trades from four perpetual DEXes:
Kwenta (Optimism)
gTrade (Arbitrum and Polygon)
GMX (Arbitrum)
Avantis (Base)
With this new feature launch, DCP introduces updates related to fees: a Protocol Fee of 0.025% of the Copy-trading size (Copy-trading fee = 0.05% * Trading size).
II. How to use DCP ( via gTrade)?
To effectively use DCP (via gTrade), you need to understand at least three key aspects:
Create an Account Abstraction Wallet
Set Up Copy Trading
Manage Copy Trading
1. How to Create an Account Abstraction Wallet?
Before creating an Account abstraction (AA) wallet, you need to prepare by first depositing some funds into your EVM wallet to cover the costs of creating the wallet and depositing funds into the AA wallet. For gTrade Exchange, you'll need:
ETH chain Arbitrum
USDC chain Arbitrum
1.1 Log in Copin
( 1 ) Visit https://app.copin.io/
( 2 ) Select Connect Wallet
( 3 ) Choose any supported EVM wallet that Copin is compatible with. (In this guide, I'll be using MetaMask)
( 4 ) Select Sign to complete the login process for Copin DCP.
1.2 Create AA Wallet
( 1 ) Go to https://app.copin.io/wallet-management to create an AA wallet.
( 2 ) Select Create next to Gain Exchange.
( 3 ) Click Confirmto complete the setup. This process requires a fee of approximately $0.05 in ETH on the Arbitrum network.
1.3 Funding your AA Wallet
( 1 ) Continue by selecting Deposit to add funds to the AA wallet you just created. Ensure that your EVM wallet has a sufficient balance of ETH and USDC on the Arbitrum network. A minimum deposit of 60 USDC is required for a single copy trade position.
( 2 ) Click Approve to confirm the balance with Copin. Complete authentication through MetaMask.
( 3 ) Enter the amount of USDC you wish to deposit into your AA wallet for copy trading. Click Deposit to proceed and Confirm to finalize.
2. How to Set Up Copy Trading?
Detailed information about copy trading settings can be found at: https://docs.copin.io/features/copy-trading. However, please take note of a few changes:
( 1 ) Selecting the AA wallet you will use for copy trading.
( 2 ) A few important notes on fees:
Max Slippage: 0.5%
Protocol Fee: 0.025% Trading Size
To celebrate the launch of DCP on gTrade, half of the grant from gTrade will be used to rebate the Protocol Fee for users. Detailed information can be found at: https://blog.copin.io/p/join-copins-decentralized-copy-trading (From August 12, 2024, to September 14, 2024)
3. How to Manage Copy Trading?
3.1 Managing Copy Trades
Go to https://app.copin.io/me/management to access the copy trade management page.
( 1 ) Where you will select the wallet used for copy trading.
( 2 ) Displays basic information such as balance, total trading volume, profit and loss (PnL), and the number of copies.
( 3 ) Displays copy trade settings for each trader you are copying. You can toggle the settings on and off at Run and adjust details via the ⋮ icon.
3.2 Closing an Open Position
( 1 ) If there is an open copy trade position, you can manually close it early by selecting the open position.
( 2 ) Next, click Close
( 3 ) Then click Confirm to manually close the copy trade position.
( 4 ) Confirm the notifications in MetaMask to complete the on-chain operation. Your position will then be closed manually.
3.3 Checking History
( 1 ) Go to https://app.copin.io/me/history to view your copy trading history. All details about copy trade positions will be clearly displayed, including the time the order was created, when it was closed, the trader who executed the trade, and more.
( 2 ) By clicking on any order in the history, you can view more information for each specific copy trade position.
3.4 Checking Activity
Go to https://app.copin.io/me/activity to view notifications related to your copy trading activity. The main difference from the trade history page is that it shows content related to the execution of copy trades, such as the status of the trade and errors related to the failure to execute a copy trade position.
Check stats on Dune: https://dune.com/copin/copin-dcp-gtrade
III. FAQs
Why can’t I manually close my copy trade position?
Answer: Please ensure you have enough ETH (OP) in your EVM wallet, as transactions require ETH for gas fees.What is the minimum required to use DCP?
Answer: The minimum margin you need is 60 USDC to execute a copy trade. Make sure your settings and AA wallet always have more than the minimum amount to avoid missing any positions.Why can't I deposit USDC on the ARB network?
Answer: There are two types of USDC tokens on the Arbitrum network: Bridged USDC (USDC.e) and USD Coin (USDC). To use DCP, please ensure you deposit the correct USD Coin (USDC) with the token contract: 0xaf88d065e77c8cC2239327C5EDb3A432268e5831 (https://arbiscan.io/token/0xaf88d065e77c8cc2239327c5edb3a432268e5831).
Can I copy multiple wallet addresses from different perpetual DEXs simultaneously?
Answer: Yes, absolutely. Copin currently supports copy trading from 4 different perpetual DEXs, with more to be added in the future.
More updates to come...
About Copin Analyzer
Copin Analyzer is a platform designed for the mass adoption of the perpetual DEX narrative. It enables users to explore, analyze, and copy on-chain traders from the top of Perpetual DEXes including GMX, Synthetix, etc.