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The First Trading Tournament Starts on June 1

Let’s celebrate Summer! We’re excited to announce the long-awaited trading tournament with a total rewards pool of 370 NEAR. The rewards will be distributed among the top 100 users with the highest trading volumes between June 1st and 10th. Daily activity on Spin and Freaky Elves NFT ownership also matters — read on to learn the event rules!

Tournament details

The event is quite simple by design and has some unique features that make it stand out from any other trading competition. This time, we have volumes in focus. You can trade any asset and use the swaps feature — the strategy is up to you. 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? 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 0.3 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 10, 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:

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 10th, 15:00 UTC, we’ll take a snapshot of the trading leaderboard sorted by the final score. Top-100 users will be rewarded as follows:

Let’s summarize…

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

  • Trade actively from June 1, 15:00 UTC to June 10, 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 10, 15:00 UTC, when the event ends to increase your final score
  • … and enjoy the process of course!

And a short FAQ ofc!

  1. Is there any option to generate more volumes, considering the existing deposit 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?
    We have no restrictions and of course, you can use our swap feature. The important is that you just trade on Spin using any instruments available!
  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 10, 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 June 15, likely before that date. We will notify the community when the rewards are distributed!
  5. Will there be any similar tournaments in the future?
    Very likely! We’re launching the first tournament to understand the community’s interest and are likely to launch more massive and unusual tournaments on a regular basis!

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Spin is a DeFi derivatives infrastructure built on NEAR Protocol, a reliable and scalable L1 solution. The on-chain order book solution offered by Spin provides a CEX-competitive experience to DeFi users.

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Spin is the first decentralized trading platform allowing for both futures and options trading built on Solana.

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