Perps V3 Testnet Competition: A Wrap-Up & Rewards Breakdown

The Perps V3 Testnet Buying and selling Competitors on Base has drawn to a detailed. Over three weeks, we noticed an unbelievable quantity of buying and selling exercise, aggressive spirit, and precious consumer suggestions that has helped enhance Perps V3.

The Perps V3 Testnet Buying and selling Competitors on Base has drawn to a detailed. Over three weeks, we noticed an unbelievable quantity of buying and selling exercise, aggressive spirit, and precious consumer suggestions that has helped enhance Perps V3. Right here’s a roundup of all of the happenings, insights, and a reward breakdown from the occasion:

Highlights:

• The competitors ran from October 2nd at 5 pm UTC and concluded on October twenty third at midnight UTC.
• Merchants acquired a part of a complete prize pool of $15,000 price of SNX, 15 KWENTA tokens, and unique NFTs because of the SNX Grants Council.
• Together with the first buying and selling competitors, individuals have been inspired to report bugs and glitches, which led to enhancements in Perps V3 contracts & integrator frontends.

High Merchants & Winners:

Right here’s a salute to our top-performing merchants based mostly on the leaderboard standings:

1. First Place: Handle 0x6dc88b231cd04dd1b1e525161162993f47140006 takes the grand prize of $5,000 in SNX + 5 Kwenta tokens + 1 GC NFT.
2. Second Place: Handle 0xc14baefd5631ec25c9e4d02f3253b1e59d848911 walks away with $2,500 in SNX + 4 Kwenta tokens + 1 GC NFT.
3. Third Place: Handle 0x1c1e747a6be850549e9655addf59fd9e7cc2d4dc earns $1,000 in SNX + 3 Kwenta tokens + 1 GC NFT.
4. Fourth Place: 0x99bd6e311993a626f633fd872f915d8c52aa52f8 receives $500 in SNX + 2 Kwenta tokens + 1 GC NFT.
5. Fifth Place: 0xd4fe0846c636824873d074f3ffa6a5b868e957b2 receives $500 in SNX + 1 Kwenta token + 1 GC NFT.
6. Sixth Place: 0x0b3efd33cd7c3e1cf352837db7427be125d6981c receives $500 in SNX + 1 GC NFT.
7. Seventh Place: 0x8cf9cd0322b505e891cf05d54ce0d8cf20169901 receives $500 in SNX + 1 GC NFT.
8. Eighth Place: 0xbc2ba97266fff5393dab71dd06c3ac72ca80e9e7 receives $500 in SNX + 1 GC NFT.
9. Ninth Place: 0xa718e07fef1eb78bf6da08a3477d874b54126e22 receives $500 in SNX + 1 GC NFT.
10. Tenth Place: 0x8275c3eecc67a1101e9eb5bacd32042a81f4630c receives $500 in SNX + 1 GC NFT.

Particular Rewards:

Aside from the common leaderboard rankings, some merchants stood out in particular classes and are being rewarded with $500 in SNX:

• Most Quantity: 0x1140321cce279b4a2158571eb377669def562ac4 – 364.8M in quantity.
• Most Trades: 0xc14baefd5631ec25c9e4d02f3253b1e59d848911 – 107 whole trades.
• Most Funding: 0x8cf9cd0322b505e891cf05d54ce0d8cf20169901 – $217k in internet funding.
• Most Synth Margin: 0x8f7499e3263de11d151c41cf31d59073a4632161 – $193K in non-sUSD transferred b/w pockets and account.
• Within the Area: 0xd8dbbbbcd0c3020282164055e42956fb0696ac43 – Highest common open curiosity all through the competitors.
• Worst Dealer: 0xd06332d7e80469f0aa8da1597fee6ef45fc14cc6 – 16 dropping trades out of 47 whole trades.

Key Statistics:

Diving into the numbers:

• Complete Notional Dimension: A strong $2,693,471,159 was traded all through the competitors.
• Complete Trades: 2,252 trades have been executed.
• Distinctive Merchants: 133 distinctive merchants participated within the competitors.
• Liquidations: 78 distinctive merchants confronted full liquidations, accounting for 90 whole liquidations. This implies 58% of accounts have been liquidated at the least as soon as, and a few have been liquidated greater than as soon as.

Enhancements Primarily based on Knowledge Insights & Consumer Experiences:

The insights from the testnet buying and selling competitors supplied invaluable information, particularly regarding transaction prices, prompting these updates to Perps V3:

• Optimized incentives for the keeper system community that processes trades
• Much less frequent offchain value lookups
• Revised liquidation reward distribution

These modifications are designed to considerably enhance the dealer expertise. Moreover, the swift decision of community-reported front-end bugs has vastly enhanced the usability of Kwenta and Polynomial integrations. 

Fortunately, no main points have been recognized on the contract aspect that may have an effect on Perps V3 launch timelines.

In Conclusion:

The Perps V3 Testnet Buying and selling Competitors has been a powerful success. The exercise, suggestions, and engagement from our neighborhood have been past our expectations.

Prize winners will quickly obtain their rewards from Synthetix Grants & Kwenta.

If in case you have any questions or feedback, please go to the Synthetix Discord.