I invest in Bitcoin (BTC) because I want digital gold. I trade Baseline Trading Competition (BTC) because I want Blast gold.

- Satoshi Nakamoto

What is this?

The Baseline Trading Competition is a four-week trading competition incentivizing users to participate in Baseline Loops across $YES and $MACHI tokens. The competition will distribute 400,000 Blast Gold based on time held, volume, and PnL performance.

Competition Schedule

The first competition will begin on Monday, September 16, 2024, and last for 4 weeks. Each competition period starts at 00:00 UTC on Monday and ends at 23:59 UTC on Sunday, with rewards distributed weekly. The timeline of each weekly competition will follow this schedule, with new rounds beginning immediately after the prior one ends, until all Blast Gold has been distributed.

Blast Gold Distribution

Every week, 100,000 Blast Gold will be distributed evenly across YES and MACHI based on each participant’s performance in Baseline Loops. Rewards are determined by the following:

1. PnL Distribution: Rewards are scaled based on unrealized PnL with the best AND worst PnL receiving the highest rewards:

   • Between 25th and 75th percentile: 1x multiplier

   • Between 10th-25th OR 75th-90th percentile: 1.5x

   • Less than 10th percentile OR greater than 90th percentile: 2x

2. Time Multiplier: Rewards are scaled based on how long positions are held:

   • Holding for a longer duration results in a higher multiplier, from 1x to 2x, scaled linearly per day.

3. Volume Multiplier: Rewards are also scaled based on a participant’s looped supply relative to total looped supply:

   1. Week 1

      • Up to 0.1% of total supply looped: 1x

      • 0.1% to 1% of total supply looped: 1.5x

      • 1%+ of total supply looped: 2x

   2. Week 2 - onward

      1. Less than 500 MACHI or 30 YES: 0x

      2. Up to 0.01% of total supply looped: 1x

      3. 0.01% to .1% of total supply looped: 1.5x

      4. 0.1% to 1% of total supply looped: 2x

      5. 1%+ of total supply looped: 3x

   NOTE: to prevent manipulation, looped supply is averaged over the number of blocks held. So if you held 10 YES for 50 blocks and then increased to 100 YES for next 50 blocks, your looped position will show as 10 * (50/100) + 100 * (50/100) = 55 YES. To meet the minimum qualification of 30 YES or 500 MACHI, you can either increase looped position (increasing the average through size) or hold the position for more blocks (increasing the average through time).

Example

• A user with high PnL (top 10%), holding their position for the entire week, and contributing to 10% of total supply looped will receive 8x Blast Gold, relative to others.

• A user with low PnL (bottom 10%), holding for 1 day, and contributing 0.1% of total supply looped will receive 3x Blast Gold.

• A user with average PnL (within 25th and 75th percentile), holding for 1 day, and contributing 0.01% of the volume will receive 1x Blast Gold.

Eligibility

To be eligible for the weekly Blast Gold rewards, users simply need to have at least one Looped position open on YES and/or MACHI. If you have an existing Looped position, you do not need to do anything to qualify.

Disclaimer

Like any strategy, looping carries risks, so be sure to DYOR before executing. Learn more: https://docs.baseline.markets/utility/loops. Baseline Markets may revise these Rules at any time. The competition and rewards may also be terminated at the sole discretion of Baseline Markets.