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Spin

Join Spin’s B-Day Trading Tournament

Today, June 21, Spin celebrates its birthday. We invite you to join the celebration by participating in our brand new Trading Tournament with a total rewards pool of 500 NEAR. The rewards will be distributed among the top 50 users with the highest trading score between June 21st and 28th. Daily activity on Spin and Freaky Elves NFT ownership also matters — same as during our first trading tournament.

Read on to revise the event rules!

Tournament details

This time, you’re invited to trade any non-stablecoin pair on Spin to generate volumes:

  • NEAR/USDC,
  • REF/USDC,
  • AURORA/USDC,
  • or PARAS/USDC.

Note that USN/USDC doesn’t participate in the event this time.

So, your challenge is to generate max volume when trading the pairs above. You can trade using the swap feature or through the order book — the strategy is up to you. You can even deploy some automated strategies using our SDK ;) The most important is that you trade actively on Spin!

More than that, you can use the power of trading volume boosters! How does it work? Let us remind you. We have two boosters:

  • Activity booster — if you make at least 1 trade per day, your final trading score is increased by 0.03 each day. This way, you can increase your final trading score by 0.21 and thus reach a better position on the leaderboard!
    Note that a trade is not the same as an order; to become a trade, the order must be filled (at least partially).
  • Freaky Elves booster — when the contest ends (on June 28, 15:00 UTC) we will take a snapshot of Freaky Elves NFT holders. They will also enjoy a better final score — it will be increased by 0.2.

During the event, the leaderboard and final trading score will be regularly updated based on volumes, trader activity, and NFT ownership. The leaderboard link will be publicly available when the event starts.

Below is an example that explains how boosters work:

This way, the formula for calculating user’s final trading score is:

Final score = Total volume* (1+Activity booster +Freaky Elves booster)

Note that having an NFT or trading daily is not obligatory to join the event! Boosters simply help you reach a better position on the leaderboard and increase your chances to win larger prizes.

On June 28th, 15:00 UTC, we’ll take a snapshot of the trading leaderboard sorted by the final score. Top-50 users will be rewarded as follows:

Let’s sum it up…

This way, to achieve top positions on the leaderboard, you need to:

  • Trade actively from June 21, 15:00 UTC to June 28, 15:00 UTC
  • Make at least one trade per day to boost your final score
  • Have at least one Freaky Elves NFT as of June 28, 15:00 UTC, when the event ends to increase your final score
  • … and enjoy the process of course!

Here’s your short FAQ!

  1. Is there any option to generate more volumes, considering the existing deposit and order limits?
    Everyone on Spin is in the same situation. But there’s a lifehack we can share: you can make a new deposit if you have some limit orders placed before and not yet executed. But (!) please remember that the current version is a beta and make thoughtful decisions.
  2. Are there any restrictions in terms of markets? Can I swap to generate volumes?
    You can use any market on Spin but for stablecoins pair (USN/USDC). You can also use our swap feature ofc. So start trading NEAR, REF, AURORA, or PARAS and grab your jackpot!
  3. Will I get a Freaky Elves booster if I buy an NFT after the event starts?Yes, you can buy or sell NFTs without any restrictions during the event. Ownership changes will be displayed on the leaderboard and updated every hour. However, the final score and result of the tournament will only depend on the fact of owning a Freaky Elves NFT on June 28, 15:00 UTC, when the event ends.
  4. When will you distribute the rewards after the tournament ends?
    The rewards for the event will be distributed before July 5, likely before that date. We will notify the community when the rewards are distributed!

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