The popular crypto derivatives platform BloFin has recently rolled out an exciting new contest for futures traders called the War of Whales (WOW). With a massive $1 million prize pool, traders from all over the world can enter to compete for these rewards.
Whether you’re an individual trader aiming to dominate the individual charts or a team member fighting for collective achievement, BloFin’s War of Whales offers an exciting opportunity to capitalize on your trading skills.
Important Dates—Registration and Competition Timeline
Traders have limited time to register and participate in BloFin’s War of Whales contest. Registration is open from November 6 to November 21, 2024 (12:00 UTC), and the competition itself runs from November 12 to December 12, 2024 (12:00 UTC).
Before participating in this competition, it’s crucial for you to learn futures trading fundamentals and the associated risks.
Understanding the Prize Pool Allocation
The competition offers a total prize pool of $1 million, distributed across different categories. These categories cater to team and individual performances and reward high trading volumes and consistent profitability.
Whether you’re aiming for volume or focusing on maximizing returns, there are multiple ways to secure your share of the pool. Here’s how the prize pool is allocated:
- 40% for Team Trading Volume
- 35% for Team PNL%
- 15% for Individual Trading Volume
- 10% for Individual PNL%
“PNL%” here refers to the ‘Profit and Loss Percentage.’ This figure shows how much you’ve gained or lost in a trade or investment, expressed as a percentage of your initial amount. It helps you measure performance and compare results across different trades.
Individual Rewards for Top Traders
The War of Whales event offers individual prizes based on trading volume and PNL%, with the top 50 participants in each category receiving rewards. Here’s how the individual prize pool is distributed:
- 1st place: 20% of the prize pool
- 2nd place: 12% of the prize pool
- 3rd place: 7% of the prize pool
- 4th-10th place: 3% each
- 11th-50th place: 1% each
Rules for Team Battles
In addition to the individual events, team competitions are a core element of the War of Whales event. Any user from a BloFin-supported country can join or create a team to participate in these group challenges.
To qualify for team rewards, teams must have a minimum of 10 members, including a captain. Teams that do not meet this requirement can still participate in the individual trading contests but won’t be eligible for team-based prizes.
Trading Volume Category
- First place team: 10% of the prize pool
- Second place: 8%
- Third place: 6%
- Fourth place: 5%
- Fifth place: 3.5%
- Teams ranking 6th through 50th receive 1.5% each
Team Competition Details
- Team Trading Volume: Rankings are determined by the combined trading volume of all members, including the captain. Top teams receive rewards based on their cumulative volume.
- Team PNL%: Rankings are calculated using the average PNL% of the top 10 members of the team who meet the criteria of PNL% > 0 and trading volume ≥ 10,000 USDT. If fewer than 10 members qualify, the average will be based on the eligible participants.
Exclusive Rewards for Team Captains and KOLs
Team captains and influential traders (Key Opinion Leaders, or KOLs) are also eligible for special perks throughout the competition.
- Team Captain Rewards: The top three captains of teams with the highest trading volumes are rewarded with 1,000 USDT for first place, 500 USDT for second, and 200 USDT for third.
- Team Rewards Distribution: Captains get 10% of their team’s prize pool directly, with the rest distributed among team members according to their contribution.
Eligibility Rules and Participation Requirements
To participate in the competition, traders must ensure they meet specific requirements. Each team member must have at least 10,000 USDT in cumulative futures trading volume to qualify for rewards.
Participants should also be mindful of the following:
- Team Switching: If users switch teams, their trading volume and PNL% for the new team are reset.
- Individual Performance: Individual trading volume and PNL% remain unaffected by team changes.
To maintain fairness, it’s also crucial to note that trading volume from exclusive BloFin events outside of the War of Whales does not count towards this competition. For instance, copy trading volume is excluded from calculations.
Steps to Register and Participate
Here’s how traders can get started with the War of Whales competition:
- Sign Up: Visit BloFin’s official website and click ‘Sign Up’ to create an account using an email and password. You can also use a Google or Apple ID to register quickly.
- Join or Create a Team: Go to the War of Whales event page to find an existing team to join or create a new team. You can also invite friends or community members to participate.
- Start Trading Futures: Log in to BloFin’s trading platform and begin trading futures to climb the leaderboards.
If a new user registers via a KOL invitation link, they will be automatically added to that KOL’s team upon account creation.
Conclusion
The War of Whales competition by BloFin is an exciting opportunity for individual traders and teams to test their trading skills and get a slice of the massive $1 million prize pool.
All qualified participants will receive rewards within seven business days after the competition ends. The competition is open to users from all BloFin-supported regions, including API and VIP users.
For detailed information about the War of Whales competition or to register, visit BloFin’s official website.
References
- Learn futures trading fundamentals (Binance)
- Calculating PNL% (WhiteBIT blog)
- BloFin’s WOW (War of Whales) event page (BloFin)
