SWAP COMPETITION: GOLD EDITION

Published in

MetalSwap

4 min readJan 12, 2023

To every community member, aka Swapper!

We are excited to announce a new Swap Competition that is coming up. This competition is open to everybody and offers a great opportunity to showcase your skills- and win some exciting prizes.

⚡The #1 Swap Competition of 2023, called “GOLD Edition”, will start from the 13th Jan 2023 GMT 00:00 and will last until the **12th Feb 2023 GMT 23:59; every single public address will have the chance to Open an unlimited number of Swaps.**

Diffrently from last Swap Competition closing today at 23:59 GMT,
We’ll calculate the TOP20 rank making the sum of Profits of every Swap closed or expired in between those dates.

⚡This time we’re rewarding the Swaps Opened with WPAXG Asset!

We’re excluding from calculations

Premiums
Penalty fees
Liquidity Rewards

Here comes the news:
The Rewards for the Swap competition #5 will be spreaded across the in-profit Top 20:

First Position: GoldenKing of the Swappers will get 800 USDT
Second Position: SilverKnight of the Swappers will get 400 USDT
Third Position: BronzeSpade of the Swappers will get 300 USDT
Fourth and Fifth: 200 USDT
From 6th to 10th: 150 USDT
From 11th to 20th: 100 USDT

We are thrilled to remind all participants that the rules for the upcoming Swap Competition will be the same as the last one. To ensure that everyone is on the same page, we have summarized the rules here below. Please note that the profit percentage will be cumulative from swap to swap. Additionally, we would like to highlight again that this time, only the Swaps made with WPAXG Asset will be eligible for the competition prizes. We look forward to seeing everyone’s participation and success hedging the price of GOLD!

Everyone has the opportunity to hold the top spot in Opening new Swaps and strive to be the ultimate leader of MetalSwap’s dApp: the GoldenKing of the Swappers!

All the Hedging Swap’s data are constantly updated on MetalSwap’s frontend, you may notice some little differences, due to approximation. We suggest to have those full numbers to consult etherscan.

⚡2 ways to obtain WPAXG token:

Having PAXG: Wrapping it through MetalSwap’s official Syntethizer tool, explained in this previous Medium

MetalSwap’s official Syntethizer tool — Wrap and unWrap PAXG

Not having PAXG: Swapping any token directly on UniswapV3 for WPAXG, the wrapped version of PAXG corresponding to the following Token Address: 0x787c68f6bCAb352Ec871C522d038bc7A30268020

You can use that UniV3 backend with MetalSwap’s frontend, by selecting “Exchange” section from “Tokens” in the top navbar.

⚡Technical details

This formula is calculated over real data (18 decimal numbers!) and the TOP20 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.

It’s not finished yet :

We’re going to give an EXTRA Reward of 350$ to the Best Single Swap of the Competition!

TO THE FIRST THREE WINNERS + BEST SWAP OF THE COMPETITION (the 4 highest Rewards):
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.

It’s time to Open new Hedging Swaps with WPAXG and take part of the Swap Competition — GOLD Edition!

Be sure to follow our social media channels to stay up-to-date on the latest developments and future updates for our platform!

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!

✎ What is MetalSwap?

MetalSwap is a decentralized platform that allows hedging swaps on financial markets with the aim of providing a coverage to those who work with commodities and an investment opportunity for those who contribute to increase the shared liquidity of the project. Allowing the protection for an increasing number of operators.

With MetalSwap we enable hedge swap transactions through the use of Smart Contracts, AMM style.

Goerli Demo Infobox

https://demo.metalswap.finance/

USDT Demo:
0xD885375bF67fAB66e7d422a1Dad71f39527A818E
WBTC Demo:
0xf4027D47753cF54aB51315d1d0cBDF7183d7f8F0
XMT Demo:
0x5e789DB07183A902571bD7738D2D0E50297697C8

Get Goerli tokens from MetalSwap’s faucet!