rewrite this title Synthetix Mainnet Trading Competition Season 2

More Traders, More Prizes

Season 1 of the Synthetix trading competition has been pure adrenaline. 100 traders battling it out, swinging for the fences with 100x leverage, and a leaderboard that kept us glued to our screens. It’s been so much fun that we couldn’t finish it here…

Season 2 launches on December 1st, with the following upgrades:

1,000 tradersOver $1m in prizes (500k USDC and 680k SNX)50 winners30 markets2 weeks of trading

We provide the margin – you make the trades!

Season 1 limited entries to 100 of the biggest and best traders in crypto for an all-out war over a $1,000,000 top prize, but we received hundreds, if not thousands, of comments, requests, and DMs asking for an entry once the competition began. 

Now it’s your turn. We’re opening up Synthetix Exchange to 1,000 traders for Season 2.

While Season 1 of the Synthetix Mainnet Trading Competition skewed very heavily to the 1st place with a $1,000,000 top prize, Season 2 will feature a more evenly distributed prize pool amongst the top 50 traders. 

Event Details

200 Top Traders: Invite-only spots reserved for influential voices in the crypto space. These experts will bring their trading prowess, or lack thereof, and unique perspectives. They will help amplify the event’s reach and impact.

800 Open Spots: 80% of entries into round 2 are open to the community! Traders will be selected based on the top 800 sUSD pre-depositors with a minimum deposit of 10,000 sUSD. To remain eligible for prizes throughout the competition, depositors must maintain their deposit balance in the vault.

Objective: Finish with the highest margin balance at the end of the competition. 

Identification: Before a user can trade, they must link their X account to their deposit address on Synthetix Exchange. Synthetix reserves the right to reject any accounts that appear to be botted or inorganic.

Trader Coverage: While user-level trade data on the Synthetix Exchange will remain private, Synthetix reserves the right to share all trading activity and post public content about traders and their participation during the competition.

Rules of Engagement: We’ll be monitoring throughout the competition for sybils and will disqualify any accounts that behave outside of the spirit of the competition (correlated trading across accounts, exploit abuse, etc).

The Prizes

First – 200,000 USDCSecond – 100,000 USDCThird – 100,000 USDC4th – 50,000 USDC5th – 50,000 USDC6th – 50,000 SNX 7th – 40,000 SNX 8th-10th – 30,000 SNX each11th-20th – 20,000 SNX each21st-30th – 15,000 SNX each31st-40th – 10,000 SNX each41st-50th – 5,000 SNX each

Why Season 2 Matters

Season 1 was all-out degeneracy. 100 traders, 100x leverage on all markets, all fighting down to the line for 1st place. This has been invaluable in finding edge cases and hardening infra to the extreme.

At Synthetix, we’re serious about building the best financial infrastructure and stress-testing it in real-world conditions to ensure it’s battle-ready. We’re launching the first perp DEX on Ethereum in Q4 this year, and we want to guarantee a perfect trading experience on Day One of public launch.

Season 2 will help simulate a more realistic trading environment with a larger pool of traders, more exchange features, and more conservative and realistic leverage limits, so we can laser-in our product ahead of public launch in December.

Infrastructure Hardening: With nearly $3 billion in trading volume generated in the first 3 weeks of Season 1, traders have helped us shake out our exchange. However, before our full Mainnet rollout, we want to iron out every possible kink in our systems. Season 2 will help us further scale our infrastructure, ensuring it can handle the demands of a global user base without compromising on speed or reliability.

Market Maker Integrations: Season 2 will aid us in fine-tuning our partner and market maker integrations even further, giving them more opportunity to refine their integrations, optimize liquidity provisions, and order routing for the smoothest possible operations post-launch.

SLP Community Market Making Vault Testing: A notable highlight for traders participating in Seasons 1 & 2 is the integration with our SLP (Synthetix Liquidity Provider) community market-making vault. Participants will interact with this vault, helping us validate its performance in live trading environments and fostering community-driven liquidity.

Crush the competition and help make Synthetix perps the gold standard for trading in DeFi.

How to Get Involved

If you’re a top trader or prominent community leader, you can request to enter the Synthetix trading competition by sharing your interest on X with the following sharecard (below).

Upload the Season 2 sharecard, tag @synthetix on X, and ask to be let in to the competition.

For the pre-deposit slots, head over to the Synthetix Deposit App to enter, or check out our Discord for step-by-step instructions on how to qualify. Deposits are now open. Secure your spot!

This trading competition marks a pivotal chapter for Synthetix as we fully embrace Ethereum Mainnet’s potential. Whether you’re a seasoned trader, a market maker, or a DeFi newcomer, this is your chance to be part of history and help bring a perp to Ethereum Mainnet.

Follow Synthetix as we speedrun to mainnet.

Join the conversation: discord.gg/synthetix 

Subscribe to Telegram: t.me/+v80TVt0BJN80Y2Yx 

Follow on X: x.com/synthetix