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Paras and Spin Announce a New Trading Tournament

Did you miss Spin trading tournaments? Of course you did. This time we invite you to trade $PARAS and generate maximum trading volumes within 1 week to get juicy rewards from two teams. The event will run from August 8, 15:00 UTC until August 15, 15:00 UTC. If you manage to get into the top 50 of the trading leaderboard — you will be rewarded with NEAR; and if you succeed to be among the top 25, you will also receive an NFT from one from the most popular collections on NEAR Protocol including Nearnauts, Secret Skellies, The Bullish Bulls, etc.

Ready, steady, go!

How to join the trading tournament?

Well, it’s easy. All you need to do is connect your wallet to Spin, make a deposit and trade actively to generate the maximum possible trading volume during the event period. As usual, we have some cool boosters to help you increase your final trading account and therefore your position on the leaderboard:

  • Activity booster — if you make at least 1 trade per day, your final trading score is increased by 0.05 each day. This way, you can increase your final trading score by 0.35 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 August 15, 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 0.15.

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.

And one more important update: the trading limits during the $PARAS trading tournament for the PARAS/USDC market will be removed, so you can trade like the devil ;D

What rewards are there?

On August 15th, 15:00 UTC, we’ll take a snapshot of the trading leaderboard sorted by the final score. Top-50 users will receive the following rewards from Spin:

Winners will also receive some valuable NFTs from the Paras team:

Eager to join? Let’s first sum it up!

Long story short, to be able to get the best prizes in the Paras x Spin trading tournament, you need to:

  • Trade PARAS/USDC actively (better do that on a daily basis to increase your Activity booster);
  • Have at least one Freaky Elves NFT when the event ends if you want to increase your final trading score;
  • Check the trading leaderboard regularly to see your position on it.

Good luck, tradooors!

And a short FAQ ofc!

  1. Are there any restrictions in terms of markets? Can I swap to generate volumes?
    This time, only the PARAS/USDC market participates in the tournament. You can also use our swap feature ofc to trade $PARAS, so choose your strategy and LFG!
  2. 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 August 15, 15:00 UTC, when the event ends.
  3. When will you distribute the rewards after the tournament ends?
    The rewards for the event will be distributed before August 23, likely before that date. We will notify the community when the rewards are distributed!

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