Kana Labs Switch Testnet Trading Contest Announcement
Kana Labs, in partnership with EthosX, is excited to announce two consecutive trading competitions featuring our latest product, Switch. Following our recent announcement, we have launched a testnet competition for our new product, “Switch”. We have had a stellar response in the last few days from our community who expressed their enthusiasm for our new product by participating in our testnet where we received an overwhelming positive response and feedback.
We’re excited to launch this competition, aiming to achieve two key objectives: to provide you with a product that meets your specific needs and to gather your invaluable feedback. Your participation and trading experience with our new product not only present an opportunity for profit but also play a crucial role in shaping the future of Switch. We greatly value your time and insights, and it’s with your feedback in mind that we plan to go live, incorporating the changes and improvements you suggest.
We are now announcing a trading competition for those participating in the testnet phase for Switch with a reward pool worth $2,000 for each round of competition. We will be holding two rounds, where the first competition will be held between 2024, February 5–8 and the second competition will be between 2024, February 12–15.
Rewards -
The total reward pool for each iteration of the contest will be $2,000 and this will be split among 3 main winners and 100 runner-ups.
The Reward for 1st place is $500
The Reward for 2nd place is $300
The Reward for 3rd place is $200
The Reward for 100 runner-ups is $10 per user
“Click Here” to check your status and view the current leaderboard’s top performer.
Trading Competition Rules -
To qualify for the rewards, each participant must place trades totalling a minimum of $5 Million for the contest duration.
You are encouraged to share specific feedback about your experience when using the platform and report any issues/errors you encounter when placing trades via the official Discord channel alongside your order ID and wallet ID.
The winner will be chosen based on the cumulative % of returns (Profit & Loss) across all cycles during the competition period. The formula is provided below, please check that.
Complete the Quest -> https://zealy.io/c/kanalabs/questboard
Please Note — To conduct fair terms for all participants, we encourage you to use a single wallet address during the two phases of the testnet trading competition. Kanalabs reserves the right to disqualify anyone if any form of gamification is suspected.
How To Guide -
Users will need USDC and BNB testnet tokens to participate in the contest. Once you connect your wallet to the Switch UI, users will have two chances to mint tokens for the duration of each contest. Users can mint tokens directly using the Faucet (Automatic) option in the Switch UI (Per Wallet users can mint once every 72 hours) and you get 1,000,000 USDC testnet tokens and 0.001 BNB tokens. For more BNB testnet tokens, please use the (Manual) option in faucet tokens.
Example —
Here’s a simplified example of trades placed by two users for a period of five cycles and the returns for each cycle. Based on this data, we have explained how the qualification and reward metrics are calculated.
For simplicity, let’s take the following example with only 5 cycles:
LS Pool Returns -> -2%, -1%, 4%, -0.5%, 3%
SS Pool Returns -> 1%, 0.5%, -1%, 0.1%,-0.5%
User1 has the following exposures (switch holdings) in these cycles
$1,000 SS
$1,010 SS
No Participation [Redeemed everything before cycle start]
$5,000 LS
$5,500 LS
Qualifying Metric = $1,000 + $1,010 + $0 + $5,000 + $5,500 = $12,510
Ranking Metric = 1 * (1 + 1%) * (1 + 0.5%) * (1 + 0%) * (1–0.5%) * (1 + 3%) = ~1.04 = 4% profit
User 2 has the following exposures (switch holdings) in these cycles
1. $50 SS
2. $3,000 LS [Redeemed all SS tokens and bought $3,000 LS tokens before cycle start]
3. $4,000 LS
4. $5,000 Long Switch
5. No Participation
Qualifying Metric = $50 + $3,000 + $4,000 + $5,000 + $0 = $12,050
Ranking Metric = 1 * (1 + 1%) * (1–1%) * (1 + 4%) * (1–0.5%) * (1 + 0%) = ~1.035 = 3.5% profit
At the end of the competition, only the traders whose trade volume for the contest’s duration exceeds $ 5,000,000 will be considered for ranking. Please note that the absolute number of USDC or Switch tokens you hold doesn’t matter except for the qualifying metric. We are only considering the % PnL in each cycle and cumulating them. You only need to decide whether to hold Long Switch Tokens or Short Switch tokens during the cycle.
For those who don’t understand the simplified explanation above, Here’s the link to a detailed guide from our official docs and medium blog posts -
What is Switch?
How Does Switch Work?
Detailed Walkthrough on how to buy and sell Long Switch tokens.
Detailed Walkthrough on how to buy and sell Short Switch tokens.
That’s all Folks!!! Time to get busy !!!!! Happy Switching !!!!!!!!