BitMax.io will launch margin trading contest. Details are as follows:
Event signup time starts from 8:00 p.m. EDT on October 7th to 8:00 p.m. EDT on October 9th and contest will begin at 8:00 p.m. EDT on October 9th and ends at 8:00 p.m. EDT on October 15th. Users are required to complete KYC V1 in order to be eligible for participation. Also, collateral in user’s Margin Account must be in the following forms of stablecoin: USDT, USDC, and PAX.
During the event, Top 20 users ranked by margin trading return will be eligible to share 20,000 USDT in total rewards. The first place will reward 10,000 USDT, following 3,000 USDT and 1,500 USDT as second and third place. Top 4–10 will enjoy 500 USDT per winner and Top 11- 20 will enjoy 200 USDT per winner. For users with the same margin trading return, the one with earlier or first signup will rank higher. Rankings will be updated every hour during the contest. Reward will be distributed within 7 business days after the conclusion of the contest.
During the contest, participants can only borrow non-stablecoins for shorting. The system will monitor their borrowed asset in Margin Account every hour. If the borrowed asset with non-stablecoins > 0 in Margin Account, the participants will be automatically eliminated from the contest. Also, participants with accumulated margin trading volume < 2,000 USDT, who transfer any assets out from Margin Account, and with Net Asset ≤ 0 in Margin Account will be automatically eliminated. Participants eliminated from the contest will not be eligible for any reward.
After signup, users can invite friends to register and participate in the event through the personal referral link. For each referral with successful participation, both the user and the Referral(s) will be eligible for the reward of a point card (worth 5 USDT). Point cards can be used for margin interest repayment. If the user is disqualified during the contest, both the user and the Referral(s) will not be eligible for the point card reward.
Users who pass KYC V1 verification can pay BTMX to predict the daily top trader among all Top 20 users ranked by margin trading return with the highest next-day return. Users who correctly predict the daily top trader will be eligible to share the BTMX reward pool. Details are as follows:
1) Users need to pay 10 BTMX at the minimum for each prediction round. There are no limits regarding the number of traders whom a user can make prediction on or the number of prediction rounds. Prediction cannot be cancelled once made.
2) The users with correct prediction will receive full refund of the BTMX payment. They will also be eligible to share 90% of the reward pool proportionally based on their prediction amount.
3) The rest 10% will be regarded as BTMX consumption, with 5% subject to permanent lock-up and 5% used for release;
4) Users can only make prediction on Top 20 traders of the same day by trading return. If the trader with the highest next-day return is not one of the Top 20 traders for the previous day, all BTMX paid for prediction will be regarded as consumption;
5) It is counted as ONE day from UTC 0:00 to UTC 24:00 (8:00 p.m. EDT to 8:00 p.m. EDT the next day).
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https://bitmaxhelp.zendesk.com/hc/en-us/articles/360036548833-BitMax-io-to-Launch-Margin-Trading-Contest-The-Big-Short-
