The Kwenta Testnet Trading Competition was an incredible experience for the entire Kwenta community. We'd like to thank everyone that participated and all the Synthetix and Kwenta Core Contributors that worked tirelessly to ensure the competition went smoothly. The results and feedback from the competition has now been internally processed and we are excited to share the winners and prizes, as well as some of the learnings Core Contributors took from the experience.

Winners

We'd like to congratulate the top 100 traders. The winners are as follows

  1. JennaJoback - $46476.66 Total Trades: 19
  2. Denskyyyyyy1 - $46322.04 Total Trades: 11
  3. CanerBekar007 - $44132.21 Total Trades: 277
  4. kmilkcoo
  5. blockjoys
  6. mehmetuyar95
  7. BuddieAli
  8. thymophenol
  9. Rohitsh29297592
  10. GendengWira
  11. vladimiranikin5
  12. stepanteterin44
  13. TWetalldid
  14. breatheasy73
  15. _01000101_
  16. mey_nami
  17. AmyFlah55869930
  18. AbdulJamir12
  19. 6oCNrsk40XoTZkq
  20. EthereumTrading
  21. wangzexiao1
  22. reiralatte
  23. ValeraTVmining
  24. 0xYashar
  25. 0xChloster
  26. mohit89798
  27. zhangbinbin001
  28. GuadalupeRoot1
  29. KwentaGMI
  30. CryptoSmile
  31. AliRezaHabib2
  32. igrabyourhand
  33. Ihor27168036
  34. orenwav
  35. CarlaTaflinger
  36. Wangmr17
  37. fun2439
  38. Andreacdokli
  39. AliMars48664018
  40. SusanFo76403463
  41. offEricaBell
  42. EugenePiuta
  43. Dakongtou_
  44. Admnetworkings
  45. bokurobot1
  46. Tiktoping
  47. Hwedsding
  48. Openthenewtab
  49. jrsbxmt
  50. un_ilker
  51. REN83076123
  52. jrsbxmt1
  53. HK0085253981290
  54. dyu_mary
  55. lewtss
  56. KinomiAlex
  57. takawan3
  58. 2022crypto
  59. JeanSeppi
  60. ethworld355
  61. 4D_naser
  62. TurtleTrader9
  63. konstan65910304
  64. atwmupmw
  65. Wsuir12341
  66. katianovikova52
  67. Review188
  68. JulieSm40635919
  69. CharlesPerkup
  70. dk4o0Aas8klHujD
  71. Aaxiaopangzhu
  72. vforv24
  73. UtpalDa13817653
  74. hoseins7171
  75. syNTHETIC____
  76. ElmirNecef
  77. momeilian1
  78. PCK_Crypto
  79. jolly_soda
  80. man_1801
  81. sigeswo
  82. thanachampp
  83. turtleamma
  84. DeerJojn
  85. mycrycoin
  86. chb_RU
  87. Christi99940714
  88. twiuudi
  89. CherylA43017469
  90. Hyunnyjeong10
  91. JackieJ96200557
  92. alenazaripova41
  93. Christi62288854
  94. johnkuo562
  95. zeus77777771
  96. frdn246
  97. anita2744
  98. ivanov3937
  99. kiwharryrock
  100. idavidgoldberg

Prizes

All prizes have been distributed to the winners. The prizes are as follows:

  • 1st place: 15,000 sUSD worth paid in SNX + Kwenta Degen Certified NFT
  • 2nd place: 7,000 sUSD worth paid in SNX + Kwenta Degen Certified NFT
  • 3rd place: 3500 sUSD worth paid in SNX + Kwenta Degen Certified NFT
  • 4th-20th place: 500 sUSD worth paid in SNX
  • 21st-100th place: 200 sUSD worth paid in SNX

NFTs

All participants are eligible for an official  Kwenta Futures Testnet Competition POAP. Claim your POAP here.

1st, 2nd, and 3rd place traders received one of a kind Kwenta Degen Certified NFTs. These NFTs provide winners with access to a NFT gated group in the Kwenta Discord as well as future privileges.

Learnings

The Kwenta trading competition provided the community with the opportunity to evaluate the current state of Synthetix's perpetual futures and provide feedback on the experience thus far. This gave Core Contributors deep insight into what aspects of futures needed to be optimized prior to the mainnet release. This section will recap the opportunities for improvement we observed and how Synthetix and Kwenta plan on resolving them.

Funding Optimization

Shortly after the competition began, the crypto markets as a whole experienced extreme upward trends; as traders were onboarded into the competition they immediately opened long positions with  very few users opening short positions. This negatively affected the funding rate for the entirety of the competition causing inflated funding rates. Under real-world conditions, these funding rates would have leveled out as funding rate arbitrageurs would have taken up hedged short positions in order to capitalize on the funding skew. Additionally, the Synthetix Core Contributors are now using the data captured during the competition to further optimize the funding model for the mainnet release.

Prioritizing Fee Reduction

One of the most common concerns raised by the Kwenta community was that the trading fees would be too high to compete with alternative perpetual futures providers on mainnet. To remedy this, Synthetix Core Contributors have been working on SIPs that will strengthen the Synthetix debt pool and enable Synth trading fees to be reduced substantially. You can view our progress by looking at SIP-184 and SIP-181, as well as monitoring progress on Synthetix V3.

More Assets

Although there are many dependencies that dictate which assets Kwenta can offer futures for, the upcoming upgrades to Synthetix will add a resiliency to the debt pool which will enable the protocol to expand its Synth offerings. The result will be fully decentralized perpetual futures for assets unavailable anywhere else in the ecosystem with deep liquidity for optimal price execution.

UX Improvements

The Core Contributors gathered a significant amount of feedback on how the Kwenta user interface could be refined to offer an even better trading experience. This data is not only being used to optimize futures, but is driving an entire UI revamp which will prioritize synthetic futures as our flagship product, resulting in an experience that can rival even the most popular centralized exchanges without compromising on decentralization. This revamp includes a refresh on onboarding, navigation, charting, expected futures UI behaviour, and much more.

Competitions at Scale

With an Optimism regensis interrupting the competition, a faucet that was decidedly picky about which Twitter users to give Kovan sUSD to*, and a Leaderboard which required occasional adjustments due to the intricacies of calculating futures profits**, the Core Contributors identified multiple opportunities for competition performance optimization. These learnings will better prepare for upcoming competitions where the ante will be much higher for all participants...

*Note: during our end of competition winner audit, we found some users were able to get extra faucet distributions by retweeting someone else’s competition sign-up tweet. To make sure these users did not have an unfair advantage, their final PNL was adjusted to account for any additional sUSD they received, creating a fairer outcome for the competition.

**Note: Leaderboard PNL originally did not account for fees paid by traders to open a position or funding that was paid to traders. To ensure the Leaderboard outcome was accurate Kwenta Core Contributors took everyone’s total ending sUSD balance and subtracted the initial starting balance resulting in a precise total PNL number.

Conclusion

This was a fantastic experience for the Kwenta community and we appreciate everyone who joined the community in the process. We hope everyone enjoys their NFTs and prizes. Keep an eye out for the next competition, you won't want to miss it.

Join the Kwenta Community

If you haven't already, join the Kwenta community on Discord.

To be the first to learn about new updates to Kwenta, follow us on Twitter.

To trade synthetic assets and soon futures, visit Kwenta.