Receive 500+ LOC every Week through our Trading Event
The first round of LockTrip’s Trading Event has started! In this article we want to explain how Bancor works. Let’s start with the basics of the event.
You now have time until Sunday to reach any of the milestones outlined above. All you need is an Ethereum wallet.
Additional rewards await the top 3 traders of each week.
How to reach the milestones?
Simply go to Bancor and start trading LOC against any currency you prefer. The following wallets are supported:
If you don’t have any of those, you can easily register with Bancor or import your private wallet after installing the MetaMask browser extension (takes only 1 minute).
Your trades will automatically be fetched from the blockchain and displayed in the sheet below:
Note that the ranking is updated once an hour.
How to register for the event?
Simply submit the wallet address you want to trade with through the submission form. Your submission will be valid for all future rounds.
How do trades work on Bancor?
Bancor is not a traditional exchange, but a liquidity pool. This means that there are no order books. Instead, you get a price quote by the decentralized engine as a result of buy and sell transactions. The price is calculated by a pre-determined mathematical formula and can not be manipulated by anyone.
There are no bots, fake trades or hidden order books. All trades are 100% real and together shape the price.
Your interaction will slightly alter the price depending on the amount you trade. If you sell LOC, you will slightly lower the price quote. If you buy LOC, you will slightly increase the price.
You know the amount of LOC you will receive before confirming the transaction. The price slippage displayed in the screenshot above is an indicator of how much you move the price of LOC and it grows with the amount you want to trade. The more you buy/sell, the more you will move the price up/down.
The total sum of all trades determines the quoted price and thus the movement of it. At any given time there is liquidity, which makes the price real and instantly available to all.
What are the trading fees?
The only fee you pay is the transaction fee on the blockchain, which is typically below $1. However please take note of the spread between buy and sell prices, like you are used to from other exchanges.
How long will the event last?
There is currently no planned termination date. Rounds restart every week. You can keep track of them through the overview sheet:
Should you have additional questions, don’t hesitate to get in touch with us by joining our Telegram Group.
