Announcing HMX’s Perpetual Trading Competition on Blast and Retroactive for HMX’s Blast Early Users
Dragons,
We’re excited to announce another thrilling trading competition for HMX traders, this time on Blast, with over 7,000 Blast Gold up for grabs!
This marks HMX’s debut trading competition on Blast, scheduled to kick off this Thursday and extend over two weeks. Read on below for all the details.
🏆 Prize Pools
The competition will rewards profitable traders who trade on HMX on Blast. If you trade on HMX on Blast and receive a profit within the competition period, then you will qualify for a share within the prize pool based on your ROI percentage.
In order to calculate your share of the prize pool, we’ll use the formula below:
- Your Share of Prize = Prize Pool * (Your ROI / Sum of All Participant’s Positive ROI)
- Your ROI = Your PnL / Max (Your Max Collateral Value, Average Max Collateral Value)
Where:
- Prize Pool = 6,000 Blast Gold
- Your PnL is your PnL accrued over the competition period
- Your Max Collateral Value is the maximum value of the daily snapshot of your collateral value during the competition period
- Average Max Collateral value is the average value of all the maximum collateral value of each of the qualified participants (i.e. participants with positive ROI)
This means that if you have traded on HMX on Blast and have received a profit at the account level (meaning your account is profitable), you are guaranteed to receive a share of rewards from this competition.
📜 Competition Rules:
- The Competition will run for two weeks from 00.01AM UTC 25th April to 11.59PM UTC 8th May 2024.
- You do not need to sign up to participate. All trades on HMX Blast during the competition period will automatically be considered.
- Trades already opened before the start of the competition period will NOT COUNT towards the competition PnL. Only positions opened after the competition period will be counted. The PnL from the adjustments to the existing position (increase/decrease size) prior to the competition start date will also not count towards the competition. To ensure your PnL is counted towards the competition, please open a fresh new position.
- Profits are counted for ALL positions opened AFTER the competition date — i.e., the value of open positions, partially closed, and fully closed positions at the end of the competition period.
- The PnL of open positions (including the PnL of remaining opened positions of partially closed positions) will be snapshot at the end of the competition period (11.59PM UTC 8th May 2024)
- The PnL of the full closed positions will be calculated at the time of position closing.
- Profit and Loss will be calculated in USD net of all the fees paid.
- Profit and Loss will be combined for all sub accounts under the same wallet addresses.
- The team reserves the right to disqualify any address at their sole discretion, in case violations of ‘Fair Play’ and/or trading activity are identified that do not follow the intent of the contest — including multi-account trading or manipulating markets to achieve specific results.
Competition Tracking
Users who participate in the campaign can check their competition standing on Flipside here.
I am a user of HMX on Blast before the competition — will I receive any Blast Gold? 🤔
Absolutely! Remember Slurp Points?
We greatly appreciate all of our users, and as a gesture of appreciation, we are excited to announce a retroactive Blast Gold drop for both Blast traders and HLP providers.
We have been tracking Slurp Points for each user in the past, which is a mechanic that we’ll use to determine the number of Blast Gold airdrop to you.
A total of 1,000 Blast Gold has been set aside for this retroactive drop, with an equal split of 500 Blast Gold each for HMX traders and HLP providers on Blast. Rewards are calculated based on individual’s activity from 00:01 AM UTC on March 1st to 00:01 AM UTC on April 24th, 2024.
Details on the amount you will receive and the distribution methodology (Slurp Points) can be found: Link
You can expect the reward to show on HMX reward page within the next seven days, and stay tuned for our official announcement on social media.
Future Distributions 🔮
Please note that this is the first of many planned distributions focusing on rewarding both trading and liquidity provision activities. Stay tuned for future announcements from our social channel. Later, Dragons!
