Cross Margin Trading Competition - Kwenta

*Update: Round 2 prizes have been increased to include 100,000 additional $OP tokens, split between the top 100 traders by PnL.

To combat Sybil attackers there is now a $250 notional volume requirmeent to be eligible for the competition. Please ensure you’ve generated the required volume.*

The last quarter of 2022 is one of the most exciting times to be involved with Kwenta, both as a DAO contributor and as a trader. With the launch of cross margin, the $KWENTA token launch, and ongoing development of Perps v2 in partnership with Synthetix, Kwenta continues to move forward by leaps and bounds.

To celebrate these important steps for the DAO and give an opportunity for traders large and small to earn $KWENTA tokens, Kwenta is distributing 1% of the total supply of $KWENTA tokens in a single massive trading competition for traders using the cross margin wallet.

Participants will be eligible to win 3,133.73 locked $KWENTA tokens, plus bonus $OP token prizes! The competition will be hosted on Optimism layer 2. Traders will need to use perpetual futures positions from a cross margin wallet to generate as much profit as possible and reach the top of the Kwenta leaderboard.

*Note: All $KWENTA tokens distributed will have the same vesting schedule and mechanism described in KIP-34

When Is The Competition?

The competition will include 2 rounds, so each trader will have 2 chances to participate and win. Each round will run for 1 week between the following dates:

Round 1: November 9th, 2022 at 00:00 UTC - November 15th, 2022 at 23:59 UTC

Round 2: November 16th, 2022 at 00:00 UTC - November 22nd, 2022 at 23:59 UTC

Competition Rules & How To Win:

Traders will be placed by notional volume tiers in USD terms at the end of the week's trading period. Traders will be able to monitor their position in the competition on a shared leaderboard & will need to generate the most amount of PnL using Kwenta Futures, working their way as high up the leader as possible within a notional volume tier. (Notional value = position size * underlying price)

To get a normalized PnL percentage, Kwenta will use the following formula to calculate a traders PnL during the competition. percent pnl = (dollar pnl / max(500, total initial margin + total margin deposits). *Note the leaderboard will only update every three hours.

Which Trading League am I in, and how do I move up?

Traders are placed in either Bronze, Silver, or Gold league based on the volume they generate during the competition. See your current league on the dashboard, and select the leaderboard tab for your league to see your place.

To move up and become eligible for larger prizes, place more trades or larger trades to meet the next volume threshold. You’ll be automatically moved up during the next leaderboard update.

Can I deposit/withdraw from my account during the Competition?

Yes, all traders participating in the competition have the full functionality of a regular trader on Kwenta. Please note that depositing to your account will impact your percentage P&L.

Bonus $OP prizes for Discord members

In addition to $KWENTA prizes, which are available to any address based on their on chain activity, active Discord members will have the opportunity to win additional prizes for a variety of on chain, and off chain activities.

Please join the Discord and watch the #📢・announcements channel for information on specific prizes, and how to participate.

$KWENTA prize schedule

Total: 3,133.73 $KWENTA

*Note: All $KWENTA tokens distributed will have the same vesting schedule and mechanism described in KIP-34

Round one prize pool: November 9th, 2022 at 00:00 UTC - November 15th, 2022 at 23:59 UTC

All League Prizes

Top 100 by $ PnL: 1 KWENTA
Bottom 50 by $ PnL: 1 KWENTA
Top 6-25 in any League: 1 KWENTA

Gold League - Over $250k Volume Per Round by % PnL

1st place: 50 Kwenta
2nd place: 40 Kwenta
3rd place: 35 Kwenta
4th place: 30 Kwenta
5th place: 25 Kwenta

Silver League - Over $50k Volume Per Round by % PnL

1st place: 25 Kwenta
2nd place: 20 Kwenta
3rd place: 15 Kwenta
4th place: 12 Kwenta
5th place: 10 Kwenta

Bronze League - Over $250 Volume Per Round by % PnL

1st place: 10 Kwenta
2nd place: 8 Kwenta
3rd place: 5 Kwenta
4th place: 3 Kwenta
5th place: 2 Kwenta

Round 2 Prize Pool: November 16th, 2022 at 00:00 UTC - November 22nd at 23:59 UTC

All League Prizes

Top 100 by $ PnL: 1,000 $OP
Top 1000 by $ PnL: 1 KWENTA
Bottom 200 by $ PnL: 1 KWENTA
Biggest Loss by $ PnL: 28.73 KWENTA
Top 6-50 in any League: 1 KWENTA

Gold League - Over $250k Volume Per Round by % PnL

1st place: 200 KWENTA
2nd place: 175 KWENTA
3rd place: 150 KWENTA
4th place: 125 Kwenta
5th place: 100 Kwenta

Silver League - Over $50k Volume Per Round by % PnL

1st place: 100 Kwenta
2nd place: 75 Kwenta
3rd place: 50 Kwenta
4th place: 35 Kwenta
5th place: 25 Kwenta

Bronze League - Over $250 Volume Per Round by % PnL

1st place: 25 Kwenta
2nd place: 20 Kwenta
3rd place: 15 Kwenta
4th place: 10 Kwenta
5th place: 5 Kwenta

Additional prize opportunities

Total MarketingDAO initiative prize pool: 160 Kwenta

As outlined in KIP-38, Kwenta traders who participate in MarketingDAO initiatives will have the opportunity to earn additional prizes as part of the trading competition. For details on these prizes, visit us in Discord.

How will winners receive their prizes?

The winners will receive their prizes in the week following the conclusion of the trading competition. Winners will have their prizes sent to the same address used during the competition.

Bounties

The awarding of competition prizes will be at the discretion of the Kwenta Core Contributors, expressly to exclude any traders who exploit a bug to increase their wallet balance. Anyone who discovers a bug relating to the Synthetix contracts during the competition will be eligible for a bug bounty if they report it responsibly. To submit a bug, visit the Kwenta Discord and tag a core contributor.

Get Started

This competition will be open to anyone using the kwenta.eth.limo or kwenta.io front ends and trading from a Cross Margin wallet. Traders will first need to acquire sUSD, which can be done directly in the Kwenta exchange tab using any ERC-20. Please note that isolated margin trades will not be counted for the purposes of this competition. If you have deposits in an isolated market, you must withdraw these funds and re-deposit in a cross margin wallet to be eligible for competition prizes.

For a quick step-by-step guide to using cross margin on Kwenta, see this tweet thread which covers opening a cross margin wallet, and placing orders using your cross margin account.

Once you’ve set up your cross margin wallet, simply deposit the recommended minimum of $500 or greater (those depositing below the minimum may participate but will be at a disadvantage), and place a trade on any market.

The KwentaDAO reserves the right to amend the terms of this campaign without prior notice.

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