Aluna.Social x BitMEX Trading Competition: 100,000 ALN Token Prize Pool
The BitMEX trading competition on Aluna.Social starts 24th August 2021, with up to 100,000 ALN rewards up for grabs! This campaign will run for 8 weeks, and rewards will be distributed after the campaign ends.
This new event features an upgraded rewards calculation mechanism, as well as a facelift to our interface.
🏁 How to Participate?
Anyone with a free Aluna.Social account can take part.
To qualify, head to the Trading Competition page and complete 3 simple steps:
- Connect MetaMask via https://aluna.social/my/account/web3
- Connect your BitMEX API key via https://aluna.social/my/account/api_keys
- Trade with at least $1,000 volume to qualify
You first need to complete your KYC on BitMEX in order to make your API key valid.
🎁 How many ALN will be Distributed?
100,000 ALN is allocated to this event. The number of ALN to be distributed unlocks based on the total trading volume among all participants, according to the following equation:
y = a + [ (b-a) * x / c ], where
a = Starting reward = 1,000 i.e. ALN that is unlocked at the beginning
b = Maximum reward = 100,000 i.e. ALN that is unlocked at maximum volume
c = Maximum volume = 500,000,000 i.e. total participants’ trading volume to unlock full reward
x = Total participants’ trading volume
y = Unlocked Reward, where if y>b then y=b.
E.g. If total trading volume among all participants is $100M, then:
Unlocked Reward = 1000 + ( 99,000 * 100M / 500M ) = 20,800 ALN.
🏆 How do I earn more ALN?
Earn more ALN by completing more tasks and earning more Stars!
The number of ALN each user earns depends on the number of Stars earned. Stars can be earned by completing two tasks:
- 1 ⭐ for every 1 USD volume traded on BitMEX during the event
- 500 ⭐ for every 1 qualified referral
🛸 How many ALN will I Earn?
Once you qualify, you will be able to track the estimated number of ALN you will receive on your Trading Competition Dashboard: https://aluna.social/my/account/trading-competition.
Users will earn a portion of the total unlocked reward, based on their number of stars earned compared to the total stars of all participants. We also add a SQRT function to reduce the disparity between the highest vs lowest volume traders.
The Reward per User is calculated according to the following equation:
Reward per User = Total Unlocked Reward * SQRT(user’s stars) / SQRT(total stars)
The table below demonstrates the difference in the final ALN amount received by participants with and without the SQRT function:
🪂 When will I receive my ALN reward?
To ensure fair distribution, Aluna reserves the right to disqualify participants who attempt to cheat by creating multiple accounts, or by disqualifying positions from participants which were opened and closed within 5 minutes.
Auditing the results may take several weeks to ensure fair-play. ALN rewards distribution will follow immediately after, and will be sent to your connected MetaMask account.
Aluna reserves the right to edit the terms of the competition as it deems necessary.
Smart Contracts: https://github.com/alunacrypto/aluna-smart-contracts
ERC-20 Token Address: 0x8185bc4757572da2a610f887561c32298f1a5748
Trading Platform: https://aluna.social/platform-overview
Token Website: https://aluna.social/token
Telegram (TPG): https://telegram.me/collablandbot?start=rect5gvuLQcguSzdT_-tpc