Between July 13 and August 12, 2026, the Ethos Trade beta added two higher-liquidity markets, let users open a reputation market for any X account, launched perps with up to 10x, and wrapped up its trading competition. Ethos Trade will keep running on the $MMB test token in beta until Ethos 1.0.
Ethos Trade is where you can trade on someone’s reputation, and these updates show how quickly the beta changed over a single month.
What Ethos Trade is
Ethos describes Ethos Trade as Reputation Markets v2, its answer to the question “how do you short someone’s reputation?” The team says it worked on that problem for well over a year. What began as a simple LMSR market evolved into Ethos Trade, which launched with a Beta tag.
During the beta, markets trade in $MMB, a test token. When Ethos announced a trading competition alongside it, the team explained that even with a fake token, it wanted to learn as much as possible from real feedback on actual trading. The timing lined up with the end of Season 2, and nearly 35m XP was up for grabs “before XP is gone forever.”
July 13: Base and Robinhood Crypto markets
On July 13, Ethos launched two new reputation markets in the beta: @base and @RobinhoodCrypto. Both were backed by significantly higher liquidity, 50m $MMB, as part of the team’s ongoing experiments with the new markets. Ethos asked traders which of the two reputation markets would finish the week higher, and pointed them to app.ethos.network/trade to get started.
July 15: Week 1 standings
On July 15, Ethos posted the first weekly standings for realized PNL in the beta trading competition. The top three were:
- @Airwaxim
- @0xKharon
- @CyphrGM
The team also noted that it was itself “losing massively,” and asked traders which strategies were working for them and which markets they wanted to see next.
July 28: Open a market for any X account
Until July 28, you could only trade on reputations that already had a market listed. That changed when Ethos gave users the ability to open a reputation market for any X account for 25k $MMB in the beta.
The first user-opened market appeared within minutes: a market for realdonaldtrump.
July 31: Perps go live at up to 10x
On July 31, perps went live in the beta, letting traders long or short anyone’s reputation at up to 10x. Ethos linked to the banks market and asked who would take home 15 million XP just before Season 2 ended.
The launch came with a clear warning from the team:
it is highly likely that someone will find a way to manipulate these markets through our early, ugly version of perps. it will be possible to try to extract money with perps, but with an AMM, there’s always a way to move the market the other way for balance. learn by shipping.
That disclaimer reflects how Ethos approached the whole beta: ship early versions, see how people use and stress them, and learn from what happens.
August 12: Final results
On August 12, Ethos announced that the Ethos Trade beta trading competition had completed, congratulating the winners and thanking everyone who helped test.
Realized PNL
- 1st, 15m XP: @0xKharon
- 2nd, 10m XP: @batef4380
- 3rd, 5m XP: @Airwaxim
- 2.5m XP: @0xBlockReporter
- 1m XP: @CyphrGM
% PNL
- 1st, 5m XP: @houta97
Two of the week 1 leaders, @0xKharon and @Airwaxim, finished on the final realized PNL podium, and @CyphrGM also placed.
What comes next
With the competition over, Ethos Trade continues in beta mode on $MMB. According to Ethos, it will keep running that way until Ethos 1.0.
This story first appeared on X.
