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Loopring, a decentralized cryptocurrency exchange protocol has announced its first ever trading competition with rewards for the highest volume traders paid in VITE ERC-20 tokens. The Looping Foundation has stated it wants “participants to test out the Loopring Protocol trading experience.” Vite is a directed acrylic graph (DAG) based smart contract platform that has decided to integrate Loopring to support its decentralized exchange.

The trading competition will commence on October 1st at 00:00  and end on  October 5th at 23:59 (GMT+8), and will be held through a number of phases. To participate in phase one, traders must use a Loopring-enabled wallet and complete a LRC/WETH (wrapped ether) or VITE/WETH trade. Participants will be ranked over a field of 500 traders, with the most active earning the most amount of tokens. Each trade counts as one point, with no requirements regarding the value or volume of the trade (one trade one point).

At the end of the competition traders who qualified will earn a proportionate number of VITE to their final ranking. Only orders made through Loopring’s decentralized exchange will accumulate points, which naturally excludes P2P and OTC orders. Additionally, failed orders will not count and neither will wrapping and unwrapping ETH to WETH.

The top 500 addresses will earn rewards as follows (per person):

  • Rank 1-5 – 60,000 VITE
  • Rank 6-10 – 30,000 VITE
  • Rank 11-20 – 20,000 VITE
  • Rank 21-30 – 10,000 VITE
  • Rank 31-40 – 8,000 VITE
  • Rank 41-50 – 6,000 VITE
  • Rank 51-100 – 4,000 VITE
  • Rank 101-150 – 2,000 VITE
  • Rank 151-200 – 1,800 VITE
  • Rank 201-250 – 1,600 VITE
  • Rank 251-300 – 1,400 VITE
  • Rank 301-400 – 1,200 VITE
  • Rank 401-500 – 1,000 VITE

It’s claimed that rewards will be issued to winners within ten working days after the completion of the event.

Participants can choose from a number of different wallets that have been integrated with the Loopring protocol, which can be found along with the full competition details at the below link:

https://medium.com/loopring-protocol/the-first-loopring-dex-trading-competition-d5a91df30675

More information on Loopring can be found at the links below.