#24 | Nibiru Trading Competition (ITN 4)

🕜 2023-09-12 • 3 min read

The Grand Finale of the Incentivized Testnet.

Traders, assemble! Whether you're a seasoned maestro of the markets or an emerging prodigy, it's time to showcase your prowess. Dive into the ultimate trading arena and pit your skills against the best in the business.

Similar to the prior phases of ITN, community members have the opportunity to earn testnet points, which correspond to the total rewards that will be received on mainnet. For this phase, people will compete for the top 1,000 spots. And additional mainnet NFT rewards will go to the top 100.

Competition Details

Competition Period:
Sept 12, 12pm ET to Oct 12, 12pm ET
Ranking Criteria:
Percentage P&L: The highest percentage profit and loss (P&L) earned during the competition.
Points Allocation:
Points will be awarded to the top 1,000 traders based on their rank.

How to Participate

To be eligible for the trading competition, participants must follow these steps:

Registration: Users must register for ITN to enter the competition and complete all tasks. Please note that new tasks (separate from the competition) have been added for Phase 4.
Trading: Execute any trading pair on the Nibi-Perps within the competition period.
Consistent Wallet Address: To avoid any confusion or potential issues in tallying all of the ITN results, participants are advised (1) to stick to a single Nibiru wallet address throughout the competition and (2) use the same address used for ITN Phases 1-3. This will help ensure that points are accurately calculated and you have a smooth experience during the prize claiming process.

Scoring System

The rank bonus system encourages traders to advance within their current tier, ensuring continuous motivation even if reaching the next reward tier seems distant. The better your rank, the greater your reward.

For instance, in the 2-10 rank tier, the baseline reward is 3,200 points. But a trader at rank 2 receives an added bonus, totaling 3,800 points, whereas rank 10 receives just the baseline of 3,200.

This bonus is determined by one's position within the tier, relative to its highest and lowest ranks. The defining formula is:

Some concrete examples:

reward = base_pts + rank_bonus

Rank 2: Earn
```
base_pts
```
= 3200,
```
rank_bonus
```
= 600
Rank 10: Earn
```
base_pts
```
= 3200,
```
rank_bonus
```
= 0
Rank 15: Since the tier floor rank is 50, tier max rank is 11, and max rank bonus is 500. The rank bonus is thus (50 - 15) / (50 - 11) * 500. Therefore, rank 15 has
```
base_pts
```
= 2000 and
```
rank_bonus
```
≈448.7.

Calculation of Profits and Losses (PnL)

The trading competition will evaluate traders based on their percentage profits and losses (PnL).

For example, a trader starting with 100 NUSD and ending with 125 NUSD has a PnL of 25%.

We have excluded raw PnL as a measure to help prevent unfair advantages for node operators and abusers of the faucet, who might accumulate substantial amounts of NIBI and NUSD as initial capital on the testnet.

Additionally, we have a minimum trade size requirement to qualify. This counters potential sybil attacks on our reward pool, where traders could split their capital across numerous tiny accounts.

Leaderboard and Results

As a participant, you can view your current rank on the web application leaderboard. Rankings refresh hourly. Once the competition concludes, Nibiru will announce the final results on the website and share updates through email and social media.

Other Terms & Conditions

Please review the Rewards Eligibility section from the initial Nibiru Incentivized Testnet announcement.
Winners will be determined based on the ranking criteria mentioned above.
All rankings are not final until confirmed by a result announcement by the Nibiru team.
Participants must register using the Gleam form provided on our website to be eligible for the competition, and comply with all trading rules and guidelines as set forth by our platform.
Only trades executed within the competition period will be considered.
Any form of market manipulation, cheating, or unfair practices will result in immediate disqualification from the competition.
Nibiru Chain reserves the right to disqualify participants who violate the terms and conditions or engage in fraudulent activities; and the right to modify the terms of this event without notifying users in advance.