As our Swap Competition, OP Mania, comes to a close with the month of July, we're excited to announce the launch of our newest competition: The Swap Competition Journey!
This competition will start right today, the 4th of August 2023 and will take place for the entire month of August. It is designed to take you on a comprehensive tour of the Hedging Swap service, rewarding the top 25 in-profit swappers along the way.
A Journey Through MetalSwap's dApp
The Swap Competition Journey is not just about winning; it's about gaining a deep understanding of the dApp and its functionalities. As you navigate through the competition, you'll also be earning rewards from the ongoing OP Grant distribution, making this journey not just educational, but profitable too!
The Swap Competition Journey begins on the 4th of August and will last for the entire month. The rules remain the same as our previous competitions, and the top 25 swappers will be rewarded accordingly.
To participate, simply head over to MetalSwap's dApp: simply the most powerful tool to hedge your decentralized assets.
Starting from today, the 4th August 2023, every participant that will close his Open Swap position during the month of August, will automatically be included in the competition stats.
Competition Rules and Rewards
The Swap Competition Journey follows the same rules as our previous competitions. 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.
The competition starts on the 4th of August and lasts until the 31st, 23:59 GMT. Everyone who closes an Active Swap position during the month of August is automatically entered into the competition. You can also make any number of swaps with the same address - they will be diligently summed as explained below.
Here's what the top 25 competitors could win in USDC distributed over Optimism’s Layer-2 chain:
- 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 additional Reward of $150.00!
The formula used to calculate the percentage of the Swaps remains the same, let’s share it again:
R1/C1 + R2/C2 + R3/C3 + ….. = Gain%
- 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.
Activities Around the Competition
But that's not all! We have a host of activities planned around the competition.
Firstly, we're launching a new Galaxy campaign on Optimism, centered around the Swap Competition Journey. This campaign will provide additional opportunities for participants to earn rewards and boost their standings in the competition.
Secondly, we're opening our first Guild campaign, which will offer new roles on MetalSwap's Discord server. This is a fantastic opportunity for our community members to take on leadership roles and contribute to the growth and development of our community.
Stay in Touch
We'll be releasing more information and updates about the Swap Competition Journey and the accompanying activities in the coming days. So, stay tuned and make sure you're part of this exciting journey!
Join the Swap Competition Journey now and let the adventure begin!
Best of luck
What a time to be in DeFi!
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To the MetalSwap!
… and beyond!
-The DeFi Foundation
✎ What is MetalSwap?
With MetalSwap we enable hedge swap transactions through the use of Smart Contracts, AMM style.