The Swap Competition Returns: Now on Optimism's Layer2!
We are thrilled to announce that the much-anticipated Swap Competition is back! This time, we're taking the competition to new heights by hosting it for the first time on Optimism's Layer2 Hedging Swap tool. So, let’s call it “Optimism Mania”!
As you may already know, MetalSwap's dApp has recently been deployed on Optimism’s Layer-2, opening up a new world of opportunities for its users. With significantly lower transaction fees, faster transaction times, and less Premiums charged to open new Hedging Swap positions, it's an exciting time to be part of the MetalSwap community.
Join the Competition
The “Optimism Mania” competition starts today, July 1st, and lasts for the entire month, until the 31st, 23:59 GMT.
Everyone who closes an active swap position during the month of July 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.
A New Era of Swap Competitions
The rules of the game remain the same, and the landscape is wider. We're looking for 25 winners, with profits calculated just like our previous competitions: we’re taking the sum of the Profit Percentages made by that public address. However, this time, the assets available on Optimism's Hedging Swap page are ETH, WBTC, and the newest Asset OP token, with USDC as stablecoin.
Remember, we're now operating on Optimism's Layer-2 (don’t forget to select it on your wallet and on MetalSwap’s dApp), which means we're paying a lot less in transaction fees and platform’s Premiums. This is a significant advantage that allows everybody to get their hands dirty with the tool also with smaller amounts than ever before.
Leverage the Landscape of Gainable Profits
As part of our ongoing OP Grant Distribution, users are not only competing for the highest position on the Swap Competition’s TOP 25. They’re also automatically receiving OP tokens as Liquidity Reward. This is a fantastic opportunity to leverage the landscape of gainable profits. For more information about the Hedging Swap's OP token distribution, please refer to our previous post.
Prizes and Rewards - Top 25
This time we've got a fantastic prize pool lined up for our top 25 competitors. Here's what you could win in USDC distributed over Optimism’s Layer-2 chain:
1st Place: GoldenKing of the Swappers will receive 200 USDC
2nd Place: "SilverKnight of the Swappers" will receive 150.00 USDC
3rd Place: "BronzeSpade 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
But that's not all: the Best Single Swap of the entire competition, will receive an additional Reward of $150.00 !
The references of the calculations remains the same from last time, let's repeat 'em:
This formula is calculated over real data (18 decimal numbers!) and the TOP25 is composed from those complete numbers running over OP Layer2 blockchain.
The formula used to calculate the percentage of the Swaps is:
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.
it’s a data point on the smart contracts, to normalise 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 normalised
All the Results are normalized in USDC, for example when the Profit value is recognised in Assets or when the Cover is returned to you.
With the ongoing OP Grant Distribution together with the Swap Competition, there's never been a better time to try out MetalSwap’s tool and manage digital asset’s volatility. We're excited to see what you can achieve!
So, what are you waiting for? Join the Swap Competition now and let the games begin!
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.