Flamingo has announced that the second Perp trading competition will reward a pool of 50,000 FLM to top traders. The team will also offer additional rewards for bug bounties. Participants must register for the competition before 8:00 AM (UTC) on Monday, May 10, 2021. Applicants will need to join the Flamingo Discord group and fill out the following form:
The competition begins May 12, 2021, at 8:00 AM (UTC) and concludes on May 26.
Perp is an AMM-based exchange that allows users to trade perpetual contracts. The competition is taking place on the Neo Legacy MainNet using a virtual AMM contract. The purpose of the competition is to help the Flamingo team identify potential issues with the trading module in beta testing.
The Neo Line web wallet will be used for the competition, and each successful registrant will receive an airdrop of 10,000 TestUSD.
FLM rewards are allocated from capital established for a third-party team to assume responsibility of Flamingo put forth and approved in FIP #3. The multi-sig address with the funding for the third-party can be found at the link below:
FLM reward distribution
Participants in the second Perp competition can receive FLM rewards in two ways –by placing as a top trader or sharing critical bugs with the Flamingo development team.
The Top 28 users ranked by a profit and loss calculation will share a reward pool of 50,000 FLM. Unrealized PNL will not be taken into calculation, so traders must close all positions and withdraw the TestUSD to their wallet before the competition ends. FLM rewards are to be distributed accordingly:
- Rank 1: 10,000 FLM
- Rank 2 – 3: 5,000 FLM each
- Rank 4 – 8: 2,000 FLM each
- Rank 9 – 28: 1,000 FLM each
The first Perp competition offered valuable insight to the Flamingo developers. To incentivize feedback, the bug bounty will reward users who submit unique issues. Rewards will vary by severity and be distributed accordingly:
- Critical bug: 1,000 FLM per verified report
- Significant bug: 300 FLM per verified report
The full announcement can be found at the link below: