Welcome back Swappers!
We’re excited to announce the new rules of the Swap Competition #3, called in honour of the big upcoming event: XMT1Y!
Let’s dive into it!
The XMT1Y Swap competition will start from the 13th November 2022 GMT 00:00 until the 12th December 2022 GMT 23:59.
Every single public address can Open unlimited Swaps.
We are calculating the TOP30 rank making the sum of Profits of every Swap close or expired in between those dates.
We’re excluding from calculations
- Premiums
- Penalty fees
- Liquidity Rewards
Here comes the exiting part…
The Rewards for the Swap competition #3 are:
First Position: GoldenKing of the Swappers will get 1,500 USDT
Second Position: SilverKnight of the Swappers will get 1,000 USDT
Third Position: BronzeSpade of the Swappers will get 600 USDT
From 4th to 10th: 200 USDT
From 11th to 30th: 75 USDT
We have changed the rules to make clear to the participants that the Profit percentage is going to be ADDED from Swap to Swap! So you’re ALWAYS able to point to the First position Opening New Swaps and aiming to be The Golden King Of Swappers!
All the Hedging Swap’s data are constantly updated on MetalSwap’s frontend, you may notice some differences, due to approximation. We suggest to have those full numbers to consult etherscan.
Technical details
The formula is calculated over real data (18 decimal numbers) and the TOP30 is composed from those complete numbers running over ETH blockchain.
The NEW 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 recognise in Assets or when the Cover is returned to you.
It’s not finished yet :
We’re going to give an EXTRA Reward of 1k$ 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, 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.
Are you ready to become the The Golden King Of Swappers?
>> Save the EVENT date: XMT1Y!
>>If you are not confident with the technical terminology or you want to learn about the Dapp, you can find a really good and simple explanation on the Metalswap Dapp sections Docs.
What a time to be in DeFi!
⚠️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!
Links
OFFICIAL WEBSITE 👉🏻 https://www.metalswap.finance/
YOUTUBE 👉🏻 https://www.youtube.com/channel/UCuFVZOpAOzuzlmJbPA4wdkw
MEDIUM 👉🏻 https://medium.com/metalswap
TWITTER 👉🏻 https://twitter.com/MetalSwapNet
DISCORD 👉🏻 https://discord.com/invite/eYay7NV6vF
TELEGRAM 👉🏻 https://t.me/metalswap
FACEBOOK 👉🏻https://www.facebook.com/MetalSwapOfficial/
TELEGRAM DISCUSSION GROUPS 👇🏻👇🏻👇🏻
