Hello, I am Rext Racer. Your correspondent for the first annual Formula EVM World Championships. I invite you to join me in this fast-paced gamified DAO experience where members select their L1 team and compete to win their share of the grand-prix pool… and the title of 2023 World Champion!
While the teams are warming up their cars, and drivers are getting their heads in the game, I will be bringing you up-to-speed on the vision, rules, and roadmap for the inaugural competition.
In this post, I will lay the groundwork for the FEVM championship including competition basics, introducing the teams, and letting you know what’s in store during the pre-season. The official Formula EVM rule book (the Formula) will dive deeper than I can in this introductory post, so stay tuned for that.
What is Formula EVM?
It is a decentralized social competition where Layer 1 Blockchain networks are represented as teams that compete based on several performance metrics. Members will purchase a MetaMachine NFT to join the team they believe will be in the top position by the end of the season, and work together within their team to get the W!
Each team will be a separate DAO on their respective networks. Team members will work together to formulate, discuss and propose their “Race Strategy” to be voted on by the DAO members, and ultimately put into action. The Race Strategy is the team’s investment strategy, using the pooled funds raised when players entered the race, as well as other fundraising activities. The performance of the Race Strategies will be the primary metric that will dictate the outcome of the Championship. The Race Strategy will be tweaked, voted on and implemented at the beginning of each Grand-Prix Session and will run until the subsequent Grand-Prix begins. The Grand-Prix Main Events will consist of live coverage of each team’s performance during the previous session, as well as live voting and full breakdowns of the following sessions’ Race Strategies.
In addition to points scored for Race Strategy performance, points will also be awarded at the conclusion of each Grand-Prix based on protocol performance such as market cap, coin value and wallet growth, and for team participation metrics.
The Grand-Prix Pool
At the end of the Championship, the winning team and its members will split their share of the Grand-Prix Pool. This prize pool consists of the accumulated entry fees and funds raised across all teams, which are actively grown via the investment strategies employed by each team throughout the competition. The winning team will make out BIG, and will also be airdropped the First Annual Formula EVM World Champion Trophy NFT.
How to Join the Race?
At the end of the Pre-Season we will release a collection of racecars, which we call MetaMachines in the form of an NFT on each L1. To select your team, go to our official NFT marketplace storefront on the respective network you’re joining and buy one of the team’s MetaMachines before they’re gone.
This NFT will be your license to join the race and will grant you private access to your team’s comms channels on Discord. In addition, it will also offer the holder a long and growing list of perks within the community such as whitelist status to get your Degen Crew NFT Avatar just prior to the official season kick-off.
An added advantage of joining the race (besides the sheer fun and massive prize pool) is that your membership to our community acts as an exclusive Alpha group where you can learn investment strategies, and get early picks from the industry's most degenerate investors.
The Teams
Our first season will consist of five teams competing head-to-head. These teams all share one thing in common, they are EVM or Ethereum Virtual Machine compatible. Meaning they are all interoperable, accessible through industry-standard Web3 tools, and therefore on a level playing field. And those teams are:
Ethereum
Polygon
Fantom
Binance Smart Chain
Cronos
Depending on the interest in this project leading up to the 2023 season, more teams may be added such as Avalanche, Harmony, and Velas.
Pre-Season Run Down
The Pre-Season is all about education, publicity, and forming the project’s governing body, the Fédération Decentrale de EVM or FDE (Like what the FIA is to F1). Expect to see regular posts explaining various facets of the competition between now and our first Grand-Prix Session, as well as;
The grand opening of our Discord community where race fans can begin to assemble and talk shop.
The launch of the Fédération Decentrale de EVM (FDE) via the sale of $FEVM tokens.
Release of the initial FEVM Formula (rule book) on GitBook, which will be a collaborative effort shaped by members of the FDE. And…
Sneak peeks into our upcoming MetaMachine and DegenCrew NFT drops.
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Official FEVM links are:
FormulaEVM.dao (Decentralized Unstoppable Domains website viewable on Brave and Opera browsers. To access it on other browsers check out this article.)
FormulaEVM.xyz (Coming soon)