We are beyond excited to announce our latest Swap Competition, "TOP10", which is open to all DeFi enthusiasts looking to showcase their skills and earn some amazing rewards. This competition is specifically designed for ETH, WBTC, and WPAXG Assets, and we can't wait to see what our community brings to the table.
This is an amazing opportunity for you to test your abilities and compete with other swappers. The competition will run from the 13th of March, 2023 at 00:00 GMT to the 12th of April, 2023 at 23:59 GMT. During this period, all public addresses can participate in the competition with an unlimited number of swaps and any of the three different assets available on MetalSwap's dApp:
To determine the winners of the competition, the Top 10 ranking will be calculated based on the sum of profits from all swaps closed or expired within the competition period.
We're thrilled to announce the rewards for the Swap Competition "Gold Last Call," which will be distributed among the Top 10 in-profit participants as follows:
1st Place: "GoldenKing of the Swappers" will receive 600 $USDT
2nd Place: "SilverKnight of the Swappers" will receive 350 $USDT
3rd Place: "BronzeSpade of the Swappers" will receive 200 $USDT
4th and 5th Place: will receive 200 $USDT
6th to 10th Place: will receive 150 $USDT
But wait, there's more! We'll be giving an EXTRA reward of $200 to the Best Single Swap of the Competition!
Please note that the rules for this competition will be the same as the previous one. The profit percentage will be cumulative from swap to swap and only swaps made with any asset will be considered.
All swap data and values can be found on the MetalSwap frontend. However, there may be slight differences due to math approximation. For the most accurate information, we suggest consulting Etherscan.
We encourage all participants to compete for the ultimate title of "GoldenKing of the Swappers" by opening new swaps and holding the top spot. We can't wait to see everyone's participation and success in hedging the price of GOLD, WBTC, and ETH!
⚡Technical details
This formula is calculated over real data (18 decimal numbers!) and the TOP15 is composed from those complete numbers running over ETH blockchain.
The formula used to calculate the percentage of the Swaps is:
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 normalise the value in
dollars, the direction of the swap must be considered:
● if the swap is Asset -> USDT
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 USDT -> Asset
the Cover is already expressed in dollars and the value is
therefore already normalised
All the Results are normalized in USDT, for example when the Profit value is recognised in Assets or when the Cover is returned to you.
TO THE FIRST TWO WINNERS (First and Second TOP positions):
We’ll ask to contact us via e-mail: team@metalswap.net , we will send a doc to sign in order to be compliant with Swiss law where the DeFi Foundation resides: The identity of the prize recipient will have to be recognised, to comply with AML.
So, what are you waiting for? Join the competition, show off your skills, and win some amazing prizes! Good luck to all the participants!
What a time to be in DeFi!
Goodbye volatility!
⚠️Warning⚠️
❗ METALSWAP ‘s admins or moderators will NEVER contact you directly on any social under any kind of circumstances.
❗ Everything concerning $XMT ‘s smart contracts and addresses is shared by our official channels (list below), do not trust any different info from any different source.
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.