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Decentralised synthetic assets

L2.Synthetix.Exchange OVM demo results

L2.Synthetix.Exchange OVM demo results

The L2.Synthetix.Exchange demo on Optimism’s OVM is now complete and the winners of the trading competition are in! Over 50,000 SNX will be distributed among the top 20 traders who achieved the highest gains with the 100,000 OVM sUSD given to each trader to test the supercharged, high-speed Ethereum transactions.

Synthetix Discord veteran and self-described “Twitter Influenza”, @DegenSparten, says:

"Trading on L2 was just as snappy as any CEX. If people give it a chance, I don't think many would want to use CEXes again!"

Competition statistics

A total of 1188 traders participated in the competition. Over the course of the two weeks, 12,000 trades were made and a total of $606,476,157.39 OVM USD in volume was traded. When the competition ended, the most popular assets held were sBTC, sETH, sLINK, iTRX, and iBTC.

Roughly 97% of users that traded ADA and TRX were short on their positions, while the token that traders were long on most was LINK, at 82%.

Several high profile figures from the cryptocurrency ecosystem participated:

The winners

We are pleased to announce that the winners of the Synthetix.Exchange L2 trading competition are as follows:

  1. @6oCNrsk40XoTZkq — 306179.6123087648
  2. @dkfmaekdnsskfo — 253443.19223018942
  3. @AnitaM1988 — 228426.3439338589
  4. @veryHighLander — 227505.695590468
  5. @dyu_mary — 193103.61503218074
  6. @ruzalyalic3v — 151305.75857835042
  7. @DanilSenashenko — 150137.92545402376
  8. @DegenSpartan — 144810.30318275114
  9. @WhyTheyMadDAO — 142398.1930458147
  10. @researchgsol — 142340.0243968496
  11. @dtraxy — 142099.26555084807
  12. @eren381 — 141908.77932820035
  13. @bbbb1910 — 141515.73803104486
  14. @cyc2114 — 140178.732824503
  15. @8ur4krmn — 139741.02344369196
  16. @paul_big_ben — 138271.59188559785
  17. @EthereumLA — 137421.34774118155
  18. @Diaboli_Advocat — 137093.42877944667
  19. @Crypto_KmRn — 136838.18520675966
  20. @bledell  — 136739.4548124722

Here are the prizes for each placing:

  • 1st place: 15,000 SNX
  • 2nd place: 10,000 SNX
  • 3rd place: 5000 SNX
  • 4th-20th place: 1200 SNX each.

The prizes will be distributed within the next week. Each winner will be contacted through Twitter to nominate a wallet address. If they do not respond within a week, their prizes will be forfeited and passed on progressively to the next in line.

What the future holds

Through this competition, we have gained a substantial amount of insight into how Synthetix.Exchange will operate on Optimism’s L2 solution. Keep an eye out for more news about the collaboration later this year!

Stay tuned for more updates by following Synthetix on twitter at @synthetix_io. Be sure to join the Synthetix.Exchange trading community on Discord to discuss the competition further and have any of your questions answered.