The folks at Phemex have every reason to be in high spirits, as we finally get to witness and revel in sports competitions that encapsulate international excellence.
Having braved through lockdowns and unpredictability for over a year, indulging in the thrill and dynamism of the Olympics feels like the perfect stress buster.
The anticipation is palpable worldwide; it's the Tokyo Olympics, an event vibrating with universal excitement!
Tokyo's Olympic Games are a grand celebration of diversity and inclusivity, attributes echoed by Phemex as it extends an open invitation to everyone for its unique crypto trading Olympics.
Inspired by the event, the prestigious crypto exchange developed its own Phemex Olympics: Uniting the World of Trading!
Phemex Olympics: Competition Basics
The Phemex Olympic challenge mirrors the disciplines of sprinting and weightlifting, offering a dual-sport trading competition.
Weightlifting at Phemex: Traders who push the limits in their trading volumes, dubbed 'Heavy Lifters,' stand to gain rewards in this category. The bigger the trading volume, the greater the rewards.
Sprinting at Phemex: Swift traders reaching a staggering 500% ROI the quickest are akin to the legendary 'Usain Bolts' and will find themselves in a fast-paced sprinting contest.
Gear up, enlist, and demonstrate your prowess! A prize pool brimming with Bitcoin awaits the champions.
Check the Phemex Olympics announcement Discover more about the rules, rewards, and participation details.
Introduction to Phemex Olympic Weightlifting
A defined ranking metric based on trading volume will assign Heavy Lifters a precise rank, aligning them by the volume heights they've achieved within the contest's timeframe.
Should two Heavy Lifters hit the same BTC trading volume, priority goes to the one who joined the competition first.
Participants are required to confine their trades to Asset Contract Trading for eligibility.
Heavy Lifters can engage with all Contract Pairs available on Phemex's platform.
Trading volumes of the Heavy Lifters will feature on the leaderboard, with updates every ten minutes. Phemex Olympics landing page API trading is prohibited within this category.
Additionally, Phemex extends a surprise assortment of mystery box gifts as a bonus to the top ten leaderboard spots.
To aspire to Usain Bolt levels, a minimum net balance of 0.003 BTC must be held at registration within the Phemex BTC trading account.
Phemex Olympic Sprinting Basics
The primary goal in Sprinting is to attain a lightning-fast 500% Return on Investment, covering both realized and unrealized PNL.
The first ten traders to achieve this ROI milestone will be ranked by their finish order.
If none achieve the 500% ROI, the top sprinters will instead be ranked by the highest ROI they attain.
In the event of simultaneous 500% ROI accomplishments, precedence goes to the trader who began the competition first.
The Phemex sprinting event solely considers trades involving the BTCUSD Contract pair; other pairs won't count.
Sprinters will witness their ROI and standings on Phemex's leaderboard, which refreshes every ten minutes.
Unlike weightlifting, API participants can also compete in the sprinting event. competition landing page The window for enrolling in the Phemex Olympic dual-sport contest is open, with contests kicking off on July 30 at 8 AM UTC and concluding by August 13 at 8 AM UTC.
The Phemex Olympics committee will release the results and distribute rewards post-August 20, 2021.
Don’t Miss Out! Important Dates
Check the Phemex Olympic Games' Terms & Conditions for detailed insights.
Phemex accommodates futures contract trading beside spot trading. Setting itself apart, it offers a cost-efficient membership for fee-free Bitcoin spot trades! There's also up to 100x leverage in perpetual contracts.
Also, not to miss is their trading contract that goes beyond crypto — the GOLDUSD pair. on the official announcement .
About Phemex
Touted as the swiftest among crypto exchanges and futures trading platforms, Phemex's reputation continues to flourish.
Here’s the formula to determine your Individual ROI: Individual PNL divided by the sum of the BTC trading account's initial net balance, incoming transfers during the event, earned commissions during the event, and bonuses received during the event.
An individual can simultaneously participate in both event categories.
Terms & Conditions
- Within 15 days post-competition, prizes will be conferred, all in BTC.
- These actions will result in immediate removal from the event:
- Utilizing API in the Weightlifting category
- Only primary accounts qualify for participation; secondary accounts are ineligible.
- Batch account registration
- Profits from market manipulation
- The final BTC payout is pegged to the OTC settlement exchange rate on that day. Note: Phemex reserves the right to make final adjustments to conversion rates.
- Final amendments to these rules rest with Phemex and are binding.
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