BloFin Announces $1 Million War of Whales Contest for Futures Traders
Leading crypto derivatives platform Blofin recently announced a major trading competition with individual and team rewards. It unveiled its latest and most exciting competition yet–the War of Whales (WoW) with an impressive $1 million prize pool.
Traders can now compete either individually or as part of a team to capitalize on their trading skills and get a share of this reward pool. It’s a month-long event where traders from all over the world can participate.
Competition Overview and Timeline
BloFin’s War of Whales competition has a short participation window. Registration runs from November 6, 2024, to November 21, 2024 (12:00 UTC), and the competition will occur between November 12, 2024, and December 12, 2024 (12:00 UTC).
Before entering this competition, it’s essential to understand the basics of futures trading and the risks involved.
Prize Pool Breakdown—Where the $1M Goes?
The War of Whales event offers a massive $1 million prize pool split among several categories to encourage different trading approaches and reward as many participants as possible.
The platform wants to give traders multiple opportunities to win, regardless of whether they contribute as part of a team or compete individually. Rewards are assigned based on rankings in each category, with higher allocations for top positions. The prize pool is distributed as follows:
- 40% allocated to Team Trading Volume
- 35% allocated to Team PNL%
- 15% allocated to Individual Trading Volume
- 10% allocated to Individual PNL%
“PNL%” stands for ‘Profit and Loss Percentage.’ It indicates the gain or loss from a trade or investment as a percentage of the original amount. This metric helps evaluate performance and allows for comparison between different trades.
Current Competition Statistics
- Total participants: nearly 200K
- Active teams: 425
- Current trading volume: around 4,112,520,499.12 USDT
Team Competition Structure
Participants from any BloFin-supported region can form or join a team to compete for rewards in team-based tournaments.
Each team must have at least 10 members (including a captain) to qualify for team rewards. Teams with fewer members can still participate, but they will only qualify for individual prizes.
- Team Trading Volume: This measures the combined trading volume of all team members, including the captain. Rewards are distributed among the top-ranking teams.
- Team PNL%: This metric assesses the average PNL% of the top 10 team members. Please note that only those with a PNL% greater than zero and a trading volume of at least 10,000 USDT are considered. If fewer than 10 members meet the criteria, the average is calculated based on those who qualify.
Trading Volume Classification
- The top-ranking team gets 10% of the total prize pool.
- The second-place team is awarded 8%.
- The third spot earns 6% of the pool.
- Teams in fourth and fifth positions get 5% and 3.5%, respectively.
- Teams ranked from 6th to 50th are each allocated 1.5% of the prize pool.
How Individual Traders Can Win Big
In addition to team-based contests, the WoW contest gives individual traders a chance to win big rewards. They can get rewards based on trading volume and PNL%. The top 50 traders in each category will be rewarded.
Here’s a quick overview of individual rewards:
- 1st: 20% of the prize pool
- 2nd: 12% of the prize pool
- 3rd: 7% of the prize pool
- 4th to 10th position: 3% each
- 11th to 50th position: 1% each
Special Perks for Team Captains and Top KOLs
The platform also has exclusive rewards for team captains and Key Opinion Leaders (KOLs);
- Captain Rewards: The captains of the top three teams in terms of trading volume will receive additional rewards—1,000 USDT for the first place, 500 USDT for the second, and 200 USDT for the third.
- Prize Distribution within Teams: Captains will also get 10% of the team’s prize pool. The remaining 90% will be distributed among qualifying team members according to their respective contributions in trading volume or PNL%.
Entry Rules to Keep in Mind
To participate in BloFin’s War of Whales competition, each team member must meet specific requirements to be eligible for rewards. Each participant must achieve a minimum trading volume of 10,000 USDT during the competition.
If a participant decides to switch teams during the competition, their accumulated trading volume and PNL% for the team will be reset. However, their individual competition metrics will remain unaffected.
The WoW contest does not consider trading volume from other BloFin-exclusive events to ensure all participants compete on an even playing field.
API and VIP users are eligible to participate. However, market makers and institutional users are excluded from the competition.
How to Join?
Simply follow these steps to join the BloFin WoW competition:
- Create an Account: Go to the BloFin website and click Sign Up. Register using your email address and set a secure password. You can also use your Google or Apple ID for quicker registration.
- Join or Create a Team: Go to the WoW contest event page to join an existing team or create your own. Once your team is set up, you can invite other traders.
- Start Trading Futures: Once registered, access BloFin’s trading platform and start trading in the futures market to secure your position on the leaderboards.
Please note that if you receive a registration link from a KOL, you will automatically join their team upon registration.
Join BloFin’s War of Whales Today for a Chance to Win Big
BloFin’s War of Whales event offers traders a limited-time opportunity to show their skills and compete for a share of the $1 million prize pool.
Prizes will be given out within seven business days after the competition is over. Interested traders can participate in one of the largest futures trading competitions of the year by clicking the link below.
References
- Basics of futures trading (Binance)
- PNL% stands for Profit and Loss Percentage (whiteBIT blog)
- BloFin’s War of Whales official website (BloFin)
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