Let the games begin!
As we announced in our previous post, today we are giving the green light to our first trading competition and we couldn’t be more excited about it.
With a total prize pool equivalent to over 50,000 thousand dollars (scroll down for a prize pool breakdown) we are eager to see the strategies our participants will develop in their journey to the top!
This trading competition will be held on Ethereum mainnet and will last from October 11th, 10:00AM UTC until November 1st, 10:00AM UTC, when all the qualifying markets expire.
If you still haven’t registered follow this link. You’ll need a Twitter account for the verification process (to avoid spam registrations) and can register at any time before the competition ends.
So… are you ready to know some of the ground rules?
No punches below the belt 👊
First things first. We are organizing this trading competition so more people can try out Thales platform and get used to its order book based trading model, while we continue to direct our efforts into Layer 2 expansion.
We are doing this to the best of our intentions and we hope everyone who joins does so with a sportsmanship spirit.
But… just in case we detect malicious behavior during this competition we reserve the right to disqualify entrants.
Cheaters, you have been warned!
Two ways to win
For this competition the total prize pool it’s going to be split into two categories, net profit and gain (%). The idea behind this is that people on a small bankroll but with interesting strategies will also have the chance to win on the gain (%) category and those willing to bring the guns can fight over in the net profit category.
Qualifying markets
While this competition lasts Thales dapp will continue to have its regular markets but only 14 of those will count towards the competition score in both categories (net profit and gain).
The qualifying markets will have a distinctive icon on Thales dapp and will be:
Amount of ETH burned: 3 markets
ETH burned count >= 640,000 @ Nov 1, 2021: https://thales.market/markets/0xaff03031117eaacde0b96f4afeb2359252d73c2e
ETH burned count >= 690,000 @ Nov 1, 2021: https://thales.market/markets/0x220066d29594b81a21cfb3ee3150c1d34c701ffc
ETH burned count >= 740,000 @ Nov 1, 2021: https://thales.market/markets/0x28f2a7d8397f5df667323349836f9f4b2910ef58
Maturity date: Nov 1st, 10:00AM GMT
ETH/BTC market cap ratio: 3 markets
ETH/BTC market cap ratio >= 0.36 (36%) @ Nov 1, 2021: https://thales.market/markets/0x73a8f61a8cbdde3978d1cc907c4845ef59c8ddae
ETH/BTC market cap ratio >= 0.41 (41%) @ Nov 1, 2021: https://thales.market/markets/0xa305d140cdf223d2b418ccae632d419b84094450
ETH/BTC market cap ratio >= 0.46 (46%) @ Nov 1, 2021: https://thales.market/markets/0xcae09efc10bccc3fdcd8114de571594f37438811
Maturity date: Nov 1st, 10:00AM GMT
BTC weekly: 3 markets
BTC > $50,000.00 @ Oct 18, 2021: https://thales.market/markets/0x057d27d543c37ca1e19e680f05f6ea3c9806f48f
BTC > $55,000.00 @ Oct 18, 2021: https://thales.market/markets/0xff98ed8aa060e8fcf601ea5542316dbb392fc98c
BTC > $60,000.00 @ Oct 18, 2021: https://thales.market/markets/0x56211ff52589908edbed1ba54b6e1a096f7fb9ef
Maturity date: October 18th, 10:00AM GMT. Then renew for October 25th and November 1st.
ETH weekly: 3 markets
ETH > $3,200.00 @ Oct 18, 2021: https://thales.market/markets/0x8ba709ac5f23198820db88af92d8f0179c8335fd
ETH > $3,600.00 @ Oct 18, 2021: https://thales.market/markets/0x540f2b81c0c7e103f134f986559530a931bce350
ETH > $4,000.00 @ Oct 18, 2021: https://thales.market/markets/0x1d79bcfa84edb4bdff7909fe136eeebe6a26e497
Maturity date: October 18th, 10:00AM GMT. Then renew for October 25th and November 1st.
SNX weekly: 2 markets
SNX > $8.50 @ Oct 18, 2021: https://thales.market/markets/0xbfaec19287314a46d92034a942364e5e2274ab51
SNX > $12.00 @ Oct 18, 2021: https://thales.market/markets/0x7eb68d1241bd9d5f97c21a4660530c6567854c2e
Maturity date: October 18th, 10:00AM GMT. Then renew for October 25th and November 1st.
Prize pool
For this trading competition the total prize pool is composed of:
Prizes to be distributed:
- 25,000 THALES tokens
- 1,500 SNX tokens (courtesy of Synthetix treasury)
- 10,000 ZRX tokens (courtesy of 0xDAO)
- Thales NFTs: Trader, Pro trader, ETH burned, and Market cap Flippening.
(If you need a reminder of how those NFTs are going to be distributed please check this post)
All of this, at the time of writing, is equivalent to over 50,000 USD.
And the exact distribution, rewarding the top 20 places of each category (net profit and gain) will be as follows:
A reminder of how to use Thales dapp
You can find detailed guides in our documentation.
This trading guide is going to be especially useful if this is your first time using Thales dapp.
If you get stuck at any point or have any questions please join our Discord and let us know how can we help you.
Now it's your time to shine on the arena.
Let the games begin! 💪
