Earning the Quest NFT for Cross Margin trading
0xC065
October 4th, 2022

Along with several other projects on Optimism, Kwenta is participating in the Optimism Quest initiative by Galxe. The Optimism Quest allows users to explore different apps in the Optimism ecosystem and earn NFTs to mark their accomplishments. Some Quests may give users immediate benefits, others may be tied to future benefits, but all of the Optimism Quests allow defi users to learn how Optimism L2 powers new tools and communities.

To begin, visit the Open a futures trade task on the Optimism Quest page.

If you need a visual guide, you can watch the demonstration video and follow along.

*Please note the demonstration video was released before the cross margin requirement was added. Please see this blog for more details on using a cross margin wallet and advanced orders.

Requirements for the Kwenta Optimism Quest

Completing the Kwenta Optimism Quest will require users to have a Discord account, a Twitter account, and access to a supported Ethereum wallet with about $100 worth of cryptocurrency. Kwenta supports the most popular wallets, including Metamask, Brave, Tally Ho, Rainbow, wallets supporting WalletConnect, and more.

Learn about Kwenta and test your knowledge

To begin, Optimism requires that users gain basic familiarity with how Kwenta works and demonstrate this knowledge by answering a short 2-question quiz. Answers to the quiz are found in the informational paragraphs under the Learn about Kwenta header.

If you have additional questions, the Kwenta community has produced a guide to how Kwenta works, available features, and the basics of trading perpetuals. Users are encouraged to visit the blog to better understand Kwenta and the tasks required for the Optimism Quest.

Kwenta Trader

The Kwenta Trader task requires users to open and fund a cross margin wallet, and make a trade worth at least $100 sUSD or greater in notional value. Notional value refers to the value of a position after leverage is applied. Please note that Kwenta has a minimum collateral requirement of $50, and users may encounter issues if their collateral falls under this amount. The recommended deposit is at least $100 to ensure proper functionality.

Acquire sUSD

sUSD is the native stablecoin of Synthetix and is required to trade futures on Kwenta. Users can swap any ERC-20 to sUSD by selecting “Exchange” from the navigation menu at the top of the Kwenta landing page. Exchange functionality is powered by 1inch and Synthetix and will be a familiar experience for those who have previously used Uniswap, 1inch, or a similar DEX.

Open a Cross Margin Wallet and Deposit sUSD

To qualify for the Optimism Quest NFT, users must trade from a cross margin wallet. For any trade placed after November 2nd, 2022, only cross margin volume will count toward the Kwenta Trader task.

To begin, navigate to the cross margin trading screen and select “Create Account” from the panel on the right side. Follow each step including creating your account, approving sUSD for deposit, and depositing sUSD. Although it is possible to deposit as little as $50, a minimum sUSD deposit of $100 is recommended. Falling below the hard collateral limits may limit functionality until more collateral is added.

Begin here to create a cross margin wallet
Begin here to create a cross margin wallet

Open a trade

*Cross Margin is now live. For a more detailed guide to using cross margin and advanced orders, please see this blog.

Users must first choose a long or short position to open a trade. Traders go long to profit when prices go up or short to profit when prices go down. Once you’ve chosen a direction, choose a position size.

Position sizes can be chosen by typing a precise position size in the underlying asset or dollars or using the leverage selection buttons or slider. When selecting leverage buttons, the position size will depend on the amount of collateral. For example, if depositing $500 of collateral and selecting the 2x button on the ETH market, a trader will open a position worth $1,000, or approximately 0.75 ETH, at the time of writing.

*Please be aware that the Kwenta Trader task may take up to 48 hours to update once a trade is opened. There is no required time to hold a position open, you may close or withdraw positions at any time.

Kwenta Discord member

To qualify for the Optimism Quest, users must connect their wallets to their Discord accounts through Galxe and join the Kwenta Discord. Select “Get NFT” on the Optimism Quest page to find the Galxe campaign page. Please note that users may only participate from a single account and may be unable to join if flagged as having multiple accounts, being associated with bots or malicious users, or having excessive bans on other Discord servers.

Setting your Discord account in “Settings.”

Select your profile from the top right of the Galxe page and navigate to “Settings.” Once in “Settings,” select “Social Link” and “Verify Discord.” A popup window should appear where you can log in to your Discord account and allow access. If you have issues, make sure popups are allowed in your browser.

Sign to verify

Once your Discord account is connected to Galxe, exit the “Settings” menu and click the “Verify Discord” link. Galxe will request a signature from your wallet. Once signed, Galxe should immediately mark the task complete.

Kwenta Twitter follower

To complete the quest, users must follow the Kwenta Twitter. After following the Kwenta account, you may select “Verify Twitter” from the Galxe campaign page. Twitter verification is done in 2 steps.

Tweet verification message

Selecting the “Tweet” button from the Galxe page will generate a tweet with your Galxe user ID and tagging Galxe. Post this tweet, and keep the window open for the next step.

Paste Tweet URL

With your recent tweet open, copy and paste the tweet's URL into the text box on the Galxe page and select “Verify.” Once this step is complete, the task should update.

Minting the NFT

Once all steps are complete and you have waited up to 48 hours for the “Kwenta trader” task to update, you will be able to mint the Optimism Quest NFT. Make sure your wallet is set to the Optimism network before minting.

If you want to view the NFT, head to Quix to view your NFT collection.

Join the Kwenta Community

If you haven't already, join the Kwenta community on Discord.

To be the first to learn about new updates to Kwenta, follow us on Twitter.

To trade synthetic assets and futures, visit Kwenta.

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