We’re excited to announce that the first Variational Omni Trading Competition is happening while we’re in testnet! Starting on Monday (08/12/24), a new page of the docs will appear for users of the Omni testnet: the “leaderboard.” The most successful traders, determined by their PnL rank on the leaderboard at the end of the competition, will win prizes in USDC (see terms for more information).
Timeline
The competition will officially begin on Monday 08/12/24 @ 4:00:00 PM UTC, at which point the leaderboard page will become available within the Variational docs. The competition will conclude on Monday 08/26/24 @ 4:00:00 PM UTC, at which point user positions on the leaderboard will be finalized.
Prizes
All prizes will be sent to the winner’s registered Ethereum address. Prizes will be paid out within one week of each winner’s submission of their KYC information.
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1st: 1,000 USDC
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2nd: 500 USDC
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3rd: 250 USDC
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4th: 100 USDC
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5th: 50 USDC
Rules & Logistics
The leaderboard will act as the source of truth for the competition, and will be updated daily at 4pm UTC. The first leaderboard update will occur 24 hours after the beginning of the competition, on 08/13/24 @ 4pm UTC. The leaderboard will calculate rankings based on total PnL generated per user since the beginning of the competition.
You can increase the amount of capital you have available to trade with by visiting the Test USDC (TUSDC) faucet daily. The use of multiple accounts to get around faucet limits is banned–any accounts that receive TUSDC from anywhere other than the faucet address will not be eligible to win any prizes in the competition, and will be excluded from the leaderboard.
Note: Any users that like, retweet, and comment their wallet address on the competition announcement tweet prior to the start of the competition will be sent an additional 10,000 TUSDC to trade with on the day the competition starts (08/12).
The most successful traders will be those who both visit the faucet daily to increase the capital they have available to trade with and make regularly profitable trades with that capital.
All existing TUSDC balances and open Omni positions will be wiped at the beginning of the trading competition to put all competitors on equal footing.
All winning addresses will be checked to verify that they competed fairly. All final decisions on which addresses participated fairly are subject to the discretion of Variational (see terms).
Important note: Before each prize is distributed, the winning user must complete a KYC check. Residents of the United States of America, Canada, and all other territories listed in the Restricted Persons page of the Variational Docs are banned from receiving prizes or participating in this competition. Determination of compliance with KYC checks are subject to the discretion of Variational (see terms).
Notes on Testnet vs. Mainnet Trading
As a general disclaimer, the Omni app will still be in testnet for the duration of the competition. This means there will occasionally be interruptions in the platform’s availability during the competition as the team pushes updates and improvements. All interruptions to service will be communicated in Discord and on Telegram.
Note testnet trading has unique dynamics which are not necessarily representative of the experience we expect on mainnet:
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Spreads will be larger on testnet than on mainnet since OLP uses test configurations.
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Funding rates could be less balanced due to the lack of arbitrageurs.
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Some assets that will be on the platform in mainnet may not be available in testnet, and vice versa.
Competition Terms
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All promotions are only available to users who are eligible as defined by the Restricted Persons Policy (https://docs.variational.io/legal/restricted-persons). Participation may not be available or may be restricted in certain jurisdictions or regions or to certain users, depending on legal and regulatory requirements.
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Users are responsible for informing themselves about and observing any restrictions and/or requirements imposed with respect to the access to and use of Variational Omni trading services in each country/region from which the services are accessed.
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Variational reserves the right to change, modify or impose additional restrictions with respect to the access to and use of the Omni app in its sole discretion at any time without notification.
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Winning users will have 30 days from the conclusion of the competition to provide the necessary KYC identification to claim their prize. If a winning user fails to provide information within this time, their prize will be forfeited.
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Leaderboard ranks and results will be updated at approximately 16:00 (UTC) daily. Updates may be earlier or delayed depending on the amount of data.
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Variational reserves the right to disqualify trades or users for any reason, including but not limited to fraudulent behavior, wash trading, volume faking, multi-account (farming) operation, self-transaction, market manipulation, etc.
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If users have been detected to have engaged in matched trading activities by our risk detection engine, all associated users will be disqualified from the competition.
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Variational reserves the right at any time in its sole and absolute discretion to determine and/or amend or vary these terms and conditions without prior notice, including but not limited to canceling, extending, terminating, or suspending these activities, the eligibility terms and criteria, the selection and number of winners, and the timing of any act to be done, and all users shall be bound by these amendments.
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Variational shall not be liable for any losses or damages users may incur as a result of their participation in the event and/or use of the services.
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