PLOT Head Daily Alpha Challenge

PlotX
PlotX
Sep 21 · 3 min read
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Update: Thank you PLOT Heads for making this challenge super successful. As the launch of mainnet nears, this challenge is no longer active. We’ll announce a mainnet challenge soon. Stay tuned! [13–10–2020]

Thank You PLOT Heads!

The community response to the PLOT Head Alpha Challenge week 1 and week 2 has been amazing, to say the least. Over the 2 weeks, more than 1600 predictions were made and over 1700 kETH staked!

On the back of this response, the PLOT Head Alpha Challenge is being reimagined as the PLOT Head Daily Alpha Challenge!

The rules remain the same but the rewards become even more exciting! This time, instead of weekly rewards, the top profit makers would get daily rewards, along with some surprise challenges 🔥

Rewards

Daily rewards pool: $50

Daily Reward Distribution Table:

  • Rank 1: $15
  • Rank 2: $10
  • Rank 3–7: $5 each

There will be special days during the course of the challenge with bonus challenges thrown into the mix to make things interesting. Stay tuned to our announcement channel on Telegram to stay updated.

Eligibility Criteria

You need to have filled the PHAB registration form to qualify for the challenge: https://forms.gle/BhcmiJN7YK3aSqra7

Duration

For each day, transactions will be tracked from 12 pm UTC, the previous day to 12 PM UTC, the next day. The challenge starts at 12 PM UTC, 21st September 2020, and will conclude at an appropriate time as announced by the PlotX team.

Reward Distribution:

  • All rewards will be distributed in ETH (equivalent to the winning $ amount)
  • Rewards will be sent to the winners at the end of every 7 day period (every Tuesday)
  • The reward distribution time is subject to the gas cost for each transfer not exceeding half of the transfer amount for the winning address.
  • Rewards are limited to $100 per user during the course of the challenge.

Transparency

To ensure the utmost transparency, a publicly accessible Google Sheet will be updated once every day throughout the course of the challenge.

The sheet can be found here: http://bitly.ws/9LIi

The sheet will contain all addresses which have participated on a particular day along with a summary of their transactions. Participants can see their performance and the list of winners on the sheet itself.

Net Profits Computation

Most profitable accounts refer to the accounts with the highest net profits.

To compute the net profits, the following formula is used:

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.

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