Introducing Oddz Options League — A Chance to win from a pool of $55,050 ODDZ Rewards
Goblin morning!
We’ve been silent for quite a while now but have been working on some exciting things in the backend. And to bring some excitement to you we’re presenting our new leaderboard challenge with plenty of rewards.
Let’s get straight to the alpha!
Oddz Options League — Getting Started
Oddz options league is a trading contest, with the goal of improving trading experience while also awarding weekly prizes. Every week, traders compete against one another, with each week unveiling a new reward pool and a new opportunity to win juicy rewards!
The exciting part, however, is the rewards ($ODDZ) for players who level up and maintain their position in the league. The reward pool for certain weeks will be altered by the internal team, and undistributed funds will be clubbed with the “special reward pool” for lucky participants!
How will it work?
The contest will launch for six weeks where traders will be eligible for receiving rewards based on the amount of premium spent on the platform.
When will it begin?
The leaderboard challenge will begin on May 30th, 2022 at 14:00 UTC and will continue for 6 weeks (until July 11th, 2022). Traders’ wallets will be automatically credited with the rewards at the end of each week (vested over the 6 week period).
How are traders ranked?
All traders will be ranked depending on the amount of premium purchases they make on the Oddz platform each week. To allow for justice and provide equal opportunity to all users, premium spending of the past week will be reset at the beginning of each new week. A missed opportunity in the current week can be stolen in the next weeks to follow!
How will the rewards be distributed?
The rewards will be determined by the amount of options premium traded. The more amount (in premiums) traded, higher the rewards.
Therefore, all active users will be rewarded in accordance with their rating (higher rank holders get higher rewards). The ranking and reward distribution will be done at the end of the week. The rewards will be paid out in $ODDZ and vested over a 6-week period.
What is the Eligibility Criteria:
Note: If there is only one user in a week, he/shr will not be eligible for any rewards that week, but if he/she is still eligible for rewards in any of the following weeks, his premium spending will be considered for reward calculation.
However, the eligibility criteria may be revised based on the volume seen on the platform
Reward Structure
Traders have to buy 5 options summing up to a minimum of $500 worth of option premium every week to be eligible for the league and receive rewards (since rewards are directly proportional to premium spending on the platform).
Note: We have more exciting things and surprises lined up which we just can’t reveal right now anon. Stay Tuned!
Contest FAQs
- How do I enter the Oddz Options League?
Your account is automatically included in the corresponding league for the week as long as you meet the eligibility requirements ($500 premium + 5 options).
- What are the entry requirements?
There are no entry requirements for the contest. However, traders will have to meet the eligibility criteria in order to be eligible for receiving the rewards.
- Can I enter the contest in the middle of any week?
Yes, traders can enter in any of the contest weeks. New participants may also join the race in the middle of the week to compete against other users and be eligible to win massive rewards. However, reward calculation will be done only after the end of the ongoing week (and before the next week begins).
- How do I claim my rewards?
Rewards will be credited directly to the user’s wallet within one week of the conclusion of each week. However, rewards will be distributed based on a vesting schedule of 6 weeks. User who wish to share their social information will get additional benefits (to be disclosed) and will contribute to the future of the platform in a constructive way
- How many users will be eligible to receive the rewards every week?
All users meeting the eligibility criteria will receive rewards from the reward-pool for the ongoing week (vested over the 6 week period). However, the rewards will be credited in order of ranks i.e., higher ranks will receive a higher proportion of the pool in comparison to the lower ranks. Refer to the reward calculation formula here.
- What if I am the only player in a given week? Does that mean I get all the rewards from the reward-pool alloted for that week?
Traders will be eligible for rewards, but none are entitled to receive more than the maximum reward cap (as determined by the internal team).
For example, during the contest, if Trader X is the only trader, and the reward for the corresponding week is determined to be worth $1500, then the remaining funds ($5,000 — $1,500 = $3,500) will be distributed as surprise rewards.
- How will the rewards be distributed if two or more users purchase options for the same amount during a week?
In case of a tie in rank due to the premium spending of the same amount, the total rewards for the tied users will be calculated and split equally amongst the corresponding tied ranks.
- If I purchase two options worth 500 USDC, am I eligible to receive the rewards?
No. You will be eligible to receive the rewards only if the eligibility criteria is met i.e., 5 options summing up to a minimum of 500 USDC.
- What happens if I don’t meet the eligibility requirements at the end of the ongoing week?
Traders who do not meet the qualifying requirements at the end of the week will not be eligible for any awards for the ongoing week. However, the counters will be reset each week, and participants can take this opportunity to re-enter the contest and win rewards after making a purchase of at least 5 options worth $500.
- What happens if I’m inactive during a week?
If you are inactive for the entire week and do not make any purchases, you will not meet the eligibility criteria and therefore, no rewards will be credited to your wallet for that week.
About Oddz
Oddz is a trustless on-chain options trading platform that expedites the execution of call and put options contracts, conditional trades, and futures. It allows the creation, maintenance, execution, and settlement of trustless option contracts, conditional tokens agreements, and futures contracts in a fast, secure, and flexible manner.
It employs the synergies of Ethereum, Avalanche, Binance Smart Chain, Polkadot, and Polygon to unleash the potential of a decentralized options market. It focuses on building solutions that can propel the DeFi ecosystem by simplifying options trading and enhancing the user experience.
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