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Demex Exchange has launched its new NEO Perps market. To celebrate this milestone, Demex has partnered with Neo Blockchain to host a NEO Trading Challenge, inviting participants to compete for a share of a US $3,000 GAS token prize pool. The competition will run from March 14, 9:00am to March 28, 9:00am (UTC).
Perps, short for perpetual futures, are a type of derivative trading product that allows traders to speculate on the future value of an asset without an expiration date. Unlike traditional futures contracts, which have a specific expiry date, perpetual futures can be held indefinitely.
NEO Trading Challenge
The competition consists of two mandatory tasks and two bonus tasks, with each task requiring completion before the next is unlocked. The tasks are as follows:
Task 1: Registration and custom hashtag
To register, participants must connect their wallet and generate a custom hashtag on the Demex platform. It must then be tweeted from the user’s Twitter account.
Task 2: Trading
Participants must then use Grouped Token (USD) to execute three trades on the NEO-PERP market. Completing this task will earn participants $10 worth of GAS tokens. To qualify, users must have a minimum balance of $100 in their Demex wallet.
For those seeking larger prizes, two bonus tasks are offered as follows:
Task 3: Leaderboard Contest
Participants can continue trading on any Perp market to compete for a spot in the top 5 on a competition leaderboard. Traders will be ranked by profit and loss, with the top five winners earning equivalent prizes in GAS tokens as follows:
- 1st place: $300
- 2nd place: $250
- 3rd place: $200
- 4th place: $150
- 5th place: $100
Traders can also earn boosts by referring friends, receiving a 1% increase in PnL % for each successful referral. Each referee must deposit $100 into Demex to qualify.
Task 4: Lending bNEO
Finally, users can lend bNEO on Nitron, Demex’s money market, to claim an additional $10 worth of GAS tokens. This task is limited to the first 50 participants.
As a safety net for participants, the first 25 registered traders with negative PnL at the end of the campaign will receive rebates of up to $20 worth of GAS tokens.