As we bid farewell to our exciting "Swap Competition Journey," we're thrilled to announce the launch of our newest competition that will last for the entire month of September: "OP Boost!" This competition is designed to reward our top 25 swappers, just like before, but with a special twist: enhanced OP rewards courtesy of the Grant obtained from the Optimism Foundation.

The name "OP Boost" is a nod to the OP rewards that will be distributed to the dApp users during the competition. As we mentioned in a previous article speaking about MetalSwap's Grant Distribution, the grant from the Optimism Foundation allows us to fulfil the rewards at different rates. This month, we're rolling out the penultimate distribution, making it an opportune time to participate and boost your rewards!

Competition Details

The "OP Boost" competition kicks off on the 1st of September and will run until the 30th of the month, 23:59 GMT. To participate, simply head over to MetalSwap's dApp on Optimism's Layer-2 and close a position between these timeframes.

Competition Rules and Rewards

The rules for "OP Boost" remain consistent with our previous competitions on Optimism. We're looking for the top 25 swappers, with profits calculated based on the sum of the Profit Percentages made by each public address. The assets available for this competition on Optimism's Hedging Swap page are ETH, WBTC, and the newest Asset OP token, with USDC as the stablecoin.

Here's the prize pool for the top 25 competitors:

- 1st Place: "Golden King of the Swappers" will receive 200 USDC

- 2nd Place: "Silver Knight of the Swappers" will receive 150.00 USDC

- 3rd Place: "Bronze Spade of the Swappers" will receive 125.00 USDC

- 4th and 5th Place:  65.00 USDC

- 6th-10th Place: 50.00 USDC

- 11th-19th Place: 25.00 USDC

- 20th-25th Place: 20.00 USDC


Additionally, the Best Single Swap of the entire competition will receive an extra reward of $150.00!

The formula used to calculate the percentage of the Swaps remains the same:

R1/C1 + R2/C2 + R3/C3 + ….. = Gain%

Where:

- R1, R2,… = Swap Result. It could be positive (Profit) or negative (Loss) depending on the success or unsuccess of the operation made.

- C1, C2,… = Cover used for the Swap.

Cover it’s a data point on the smart contracts, to normalize the value in dollars, the direction of the swap must be considered:

- If the swap is Asset -> USDC, the Cover must be multiplied by the “Expiry Price” of the asset involved in the swap (i.e., the price of the asset at the time of opening of the swap)

- If the swap is USDC -> Asset, the Cover is already expressed in dollars and the value is therefore already normalized

All the Results are normalized in USDC, for example when the Profit value is recognized in Assets or when the Cover is returned to you.

⚡Live now

With the ongoing OP Grant Distribution that is going to be boosted and the "OP Boost" Competition, there's never been a better time to engage with MetalSwap’s tool and manage digital asset's volatility. We're excited to see what you can achieve.

Join the "OP Boost"  Competition now and let the games begin!

Best of luck,