Flamingo is offering 100,000 FLM rewards in the now live Perp Trading Competition. Traders will test the protocol that powers the Perp module. The competition began 10:00 a.m. (UTC) Jan. 8 and runs through Jan. 22, 2021.

The competition will take place on the Neo MainNet using a Virtual AMM contract. vAMMs support leveraged trading on derivatives markets and don’t carry risks of impermanent loss or face pool liquidity limitations.

For the Perp Trading Competition, participants can trade virtual Bitcoin using TestUSD test coins at up to 5x leverage.

The Top 40 users ranked by a profit and loss calculation will share a reward pool of 100,000 FLM. Unrealized PNL will not be taken into calculation, so traders must close all positions before the competition ends. 

The FLM rewards are to be distributed accordingly:

  • Rank 1: 20,000 FLM
  • Rank 2 – 4: 10,000 FLM each
  • Rank 5 – 9: 4,000 FLM each
  • Rank 10 – 39: 1,000 FLM each

Applicants must join the Flamingo Discord group and register for the competition. Applications are open until 10:00 a.m. on Jan. 14.

10,000 TestUSD will be airdropped to approved participants’ Neo wallets on Jan. 8.

The full announcement can be found at the link below: