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Introducing the PLOT Head Beta Challenge

The PlotX Beta, over a 9 day period, has seen close to 200 participants staking over 170,000 PLOT in predictions across all markets. Further, more than 45 unique addresses have staked ~90,000 PLOT in Play Mining.

On the back of this response and the fact that PLOT Heads couldn’t get enough of the Alpha Challenge, here comes —The PLOT Head Beta Challenge!

Eligibility Criteria

Note: Predictions made with ETH are not eligible for the challenge.

Rewards

The top 3 most profitable accounts of the week will win the following Weekly Rewards: -

  • Rank 1 — $750 worth bPLOTS
  • Rank 2 — $500 worth bPLOTS
  • Rank 3 — $350 worth bPLOTS

Furthermore, in addition to the weekly rewards, the top 5 most profitable accounts of each day win the following Daily Rewards: -

  • Rank 1 — $75 worth bPLOTs
  • Rank 2 — $50 worth bPLOTs
  • Rank 3 to 5 — $25 worth bPLOTs each

Making the total prize pool worth $3000!

Learn more about bPLOTs here.

Duration

Challenge Start Time: 12 PM UTC, 23rd of October 2020

Challenge End Time: 12:15 PM UTC, 30th of October 2020

Note — All those markets which go live at or after 12 PM UTC, 23rd Oct ’20, and have settled at or before 12:15 PM UTC, 30th Oct ’20 will be taken into consideration for calculating the results of the challenge.

Net Profits Computation

Most profitable accounts refer to the accounts with the highest net profits. To compute the net profits, the following formula will be used:

Net Profit = Total Return — Total Staked

Total Staked = The sum of all the PLOTs you have participated with across all markets during the course of the challenge

Total Return = Total PLOT Staked + ETH Rewards + PLOT Rewards — PLOT Losses

To ensure fair and comparable calculations, the ETH and PLOT amounts will be converted to USD according to prices taken from relevant sources post completion of each day at 12 PM UTC. Thus the final results will be showcased in USD.

Note: Predictions made with ETH are not eligible for the challenge.

Example: You make two predictions in one day on PlotX. Let’s say that one of your predictions happens to be correct and the other one wrong. The correct prediction where you participated with 1000 PLOT, gives you a reward of 700 PLOT and 0.2 ETH from the reward pool, making your return amount 1700 PLOT & 0.2 ETH

For the other wrong prediction, you participated with 300 PLOT and you lost 40% of your participation amount, that is, 120 PLOT. Thus, your return amount will be 180 PLOT.

Now, your Net Profit will be = (1700 PLOT + 180 PLOT + 0.2 ETH) — (1000 PLOT + 300 PLOT) = 580 PLOT + 0.2 ETH

Now, let’s say at the end of the day around 12 PM UTC when the final net profit tabulations are being performed, the price of PLOT is $0.1 and the price of ETH is $370. This means that the final net profit will be taken as:

$58 (580 * $.10) + $74 (0.20 * $370) = $132

Note — Since the duration of the challenge is one week, no weekly market will be considered for profits computations of any participant. Moreover, since each daily market on the platform is created, ended, and settled at 2 PM UTC every day, if you make a prediction in the ETH/USD daily markets at 6 PM UTC, 24th Oct ’20, then the results of this prediction will be considered for your profits computation on the day when this market is settled, that is, on 26th Oct ‘20.

Transparency

To ensure transparency, we’ll keep a publicly accessible Google Sheet updated during the challenge, here: http://bitly.ws/ahHR

The sheet will contain all transactions that have taken place since the start of the challenge along with a section dedicated to transactions on any particular day. Participants can see their performance and the current leaders on the sheet itself.

Reward Distribution

  • All rewards will be distributed in bPLOT (equivalent to the winning $ amount)
  • All rewards will be sent to the winners collectively on 2nd Nov ’20, via a deposit into their respective ETH addresses itself
  • The conversion of winning dollar amount to bPLOT will be performed as per the relevant prices at the time of sending the rewards on 2nd Nov ‘20.

And that’s it! Now, what are you waiting for? Get on the app.plotx.io to start predicting right now, and stand a chance to win from a prize pool of $3000 in bPLOTs!

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