As we close the chapter on our thrilling "OP Boost" journey, we're eager to introduce our latest and groundbreaking competition, called "Galxe Evolution!" This novel competition is set to span the entire month of October, commencing tomorrow, the 3rd of October. Crafted to honor our elite swappers, this competition offers exclusive rewards for the early birds each week who inaugurate a new Hedging Contract position through our most recent Galxe Campaign!

"Galxe Evolution" denotes the exclusive rewards that will be allocated to the dApp users throughout the contest. For this innovative competition, we've allocated a total budget of 1.8k USDC, split between the traditional MetalSwap Competition and a unique campaign on Galxe, both rewarding in USDC.

Competition Details

The competition ignites on the 3rd of October and will conclude on the 31st of the month, 23:59 GMT. To enter, navigate to MetalSwap's dApp establish a position within the specified timeframe.

Rules and Rewards

• 1k USDC is earmarked for the conventional competition as we used to do, rewarding the top 20 participants, which will be rewarded after the end of the competition.
• 0.8k USDC is assigned for the Galxe Evolution weekly campaign, to be weekly disbursed in 4 rates of 200 USDC each, directly from the Galxe platform to the first early positions of every week.

Here’s the revised prize pool for the top 20 competitors in the classic competition:

• 1st Place: "Golden Sovereign of the Swappers" will receive 150 USDC
• 2nd Place: "Silver Guardian of the Swappers" will receive 100 USDC
• 3rd Place: "Bronze Shield of the Swappers" will receive 75 USDC
• 4th and 5th Place: 60 USDC each
• 6th-9th Place: 50 USDC each
• 10th Place: 30 USDC
• 11th-15th Place: 25 USDC each
• 16th-20th Place: 20 USDC each

First come, first served! - Additionally, the Galxe Evolution Campaign will award 200 USDC weekly, distributed directly by Galxe to the first 50 addresses of the week that complete the weekly Quest, including the on-chain tasks.

Calculating the Winners

The formula to decide the winners of the traditional competition remains unchanged:

Where:

• R1,R2,…R1,R2,… = Swap Result, either positive (Profit) or negative (Loss), contingent on the operation’s success.
• C1,C2,…C1,C2,… = Cover used for the Swap, normalized in USDC.

🎉 It's Quest Time!

With the inception of the "Galxe Evolution" Competition together with the campaign, now is a prime time to delve into MetalSwap’s functionalities and strategically navigate the volatility of digital assets. We are excited to see the heights you will reach.

Embark on the "Galxe Evolution" Competition, and may the finest swapper triumph!

Best Wishes,

-The DeFi Foundation

EDIT:
Due to Galxe's recent security issue, the 200 $USDC weekly campaign will not be renewed. The main #MetalSwap Competition continues until the end of october with the 1000 $USDC Rewards for the Top20 ! Safety first 

 

✎ What is MetalSwap?

MetalSwap is a decentralized platform that allows hedging swaps on financial markets with the aim of providing a coverage to those who work with commodities and an investment opportunity for those who contribute to increase the shared liquidity of the project. Allowing the protection for an increasing number of operators. 

With MetalSwap we enable hedging swap transactions through the use of Smart Contracts, AMM style.