We’re thrilled to see the overwhelming participation by the community in the PLOT Head Alpha Challenge Week 1. To keep the party going, we are announcing the PLOT Head Alpha Challenge — Week 2!
It’s now time to start levelling up your prediction game, ’cause the second week is here with even more exciting rewards.
This time it’s going to be more fun and rewarding as we will have daily winners along with weekly winners!
You need to have filled the PHAB registration form to qualify for the challenge: https://forms.gle/BhcmiJN7YK3aSqra7
Start Time: 12 pm UTC, 8 Sep ‘20
End Time: 12 pm UTC, 15 Sep ‘20
The top 3 most profitable accounts every day will win from a reward pool of $250. The individual rewards distribution is as follows:
Rank 1 — $20
Rank 2 — $10
Rank 3 — $5
And the top 10 most profitable accounts over the week will win from a reward pool of $300. The individual rewards distribution is as follows:
Rank 1 — $100
Rank 2 — $80
Rank 3 — $50
Rank 4–10 — $10
Hustle Reward — There will also be a bonus $50 reward for the ETH address which has the most no. of transactions during the week
Net Profits Computation
Most profitable accounts refer to the accounts with the highest net profits.
To compute the net profits, we will use the following formula:
Net Profit = Total Return — Total Staked
Note: Total Return is the sum of all the ETH you can claim once the market settles for all your winning positions during the week. This includes the ETH you have staked (played with) and the rewards you have earned for all your winning positions. Total Staked is the sum of all the ETH you have staked (played with) for all the predictions during the week.
Example: You make two predictions this week on PlotX Alpha, and let’s say that one of your predictions wins and the other one loses. The winning prediction where you play with (stake) 1 ETH, gives you a reward of 0.5 ETH from the reward pool, and thus your return amount will be 1.5 ETH. For the other prediction, you play with 1 ETH with a 1x leverage, and you lose 0.2 ETH, thus your total return amount will be 0.8 ETH.
Now, your net profits will be = (1.5 ETH + 0.8 ETH) — (1 ETH + 1 ETH) = 0.3 ETH.
To ensure utmost transparency, we’ll update a publicly accessible Google Sheet every day throughout the week.
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.
Both the daily and weekly rewards will be distributed to the winning ETH addresses on 16th of September, 2020 in USDC.
And that’s it!