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

The Perps V3 Testnet Trading Competition on Base has drawn to a close. Over three weeks, we saw an incredible amount of trading activity, competitive spirit, and valuable user feedback that has helped improve Perps V3.

Synthetix

31 Oct 2023 • 2 min read

Highlights:

The competition ran from October 2nd at 5 pm UTC and concluded on October 23rd at midnight UTC.
Traders received part of a total prize pool of $15,000 worth of SNX, 15 KWENTA tokens, and exclusive NFTs thanks to the SNX Grants Council.
Along with the primary trading competition, participants were encouraged to report bugs and glitches, which led to improvements in Perps V3 contracts & integrator frontends.

Top Traders & Winners:

Here’s a salute to our top-performing traders based on the leaderboard standings:

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

Special Rewards:

Apart from the regular leaderboard rankings, some traders stood out in specific categories and are being rewarded with $500 in SNX:

Most Volume: 0x1140321cce279b4a2158571eb377669def562ac4 - 364.8M in volume.
Most Trades: 0xc14baefd5631ec25c9e4d02f3253b1e59d848911 - 107 total trades.
Most Funding: 0x8cf9cd0322b505e891cf05d54ce0d8cf20169901 - $217k in net funding.
Most Synth Margin: 0x8f7499e3263de11d151c41cf31d59073a4632161 - $193K in non-sUSD transferred b/w wallet and account.
In the Arena: 0xd8dbbbbcd0c3020282164055e42956fb0696ac43 - Highest average open interest throughout the competition.
Worst Trader: 0xd06332d7e80469f0aa8da1597fee6ef45fc14cc6 - 16 losing trades out of 47 total trades.

Key Statistics:

Diving into the numbers:

Total Notional Size: A solid $2,693,471,159 was traded throughout the competition.
Total Trades: 2,252 trades were executed.
Unique Traders: 133 unique traders participated in the competition.
Liquidations: 78 unique traders faced complete liquidations, accounting for 90 total liquidations. This means 58% of accounts were liquidated at least once, and some were liquidated more than once.

Enhancements Based on Data Insights & User Reports:

The insights from the testnet trading competition provided invaluable data, especially concerning transaction costs, prompting these updates to Perps V3:

Optimized incentives for the keeper system network that processes trades
Less frequent offchain price lookups
Revised liquidation reward distribution

These changes are designed to significantly improve the trader experience. Additionally, the swift resolution of community-reported front-end bugs has greatly enhanced the usability of Kwenta and Polynomial integrations.

Thankfully, no major issues have been identified on the contract side that might affect Perps V3 release timelines.

In Conclusion:

The Perps V3 Testnet Trading Competition has been a resounding success. The activity, feedback, and engagement from our community were beyond our expectations.

Prize winners will soon receive their rewards from Synthetix Grants & Kwenta.

If you have any questions or comments, please visit the Synthetix Discord.