Are you ready to showcase your trading skills in a simulated market environment? The Term Structure Testnet Trading Competition is a unique opportunity for users to test their strategies and compete for attractive prizes without using real funds. The competition is designed to offer a realistic simulation of a market environment, where routine news, breaking news, and interest rates can affect the market dynamics. 

Curious about how it works? Check out the rules below! 

Important Reminder

To ensure fairness, all participants must create a new wallet address to request test tokens after the competition commences at 2:00 p.m. (UTC) on March 4, 2024. Please be aware that participants who use an existing wallet address for the competition will not be eligible.

Duration

The trading game will start at 2:00 p.m. (UTC) on March 4, 2024, and end at 2:00 p.m. (UTC) on March 10, 2024.

Throughout the competition, participants can monitor their real-time ranking on the leaderboard. 

Prizes

The rewards consist of 10,000 USDC and NFTs for every participant. Below is a breakdown:  

• Rewards for Participants with the Highest Balance: Rewards will be distributed to the top 10 participants based on their account balances. The participant with the highest balance will receive 3,700 USDC. Subsequent prizes are 2,100 USDC for second place, 1,400 USDC for third, followed by 700, 600, 500, 400, 300, 200, and 100 USDC for fourth through tenth places, respectively. 
• Reward for Participation:  all participants are eligible for an NFT.

* Participants include anyone who has requested test tokens from the faucet, received them in their wallet addresses, and set up an account on Term Structure for the competition. This happens, for example, when you sign with your wallet on the Term Structure Protocol.

How to Join the Competition? 

Step 1: Request Test Tokens 

Go to the leaderboard to claim tokens. Provide your wallet address and send a tweet to receive test tokens from the faucet.

The test tokens, valued at 10,000 USD each, will be distributed in the forms of USDC, WBTC, DAI, USDT, and tsETH. 

Step 2: Deposit Test Tokens 

Deposit your test tokens on the Term Structure Testnet once you have received them. 

Step 3: Begin Trading! 

You’re ready to go! You can trade in both primary markets and secondary markets and place orders based on your strategies. Please refer to the tutorial to learn how to place orders on Term Structure.

Frequent trading may result in insufficient token balance to cover gas fees. In such cases, please go to the Sepolia Faucet to claim additional tokens. 

How Will News Be Updated? 

The team will make an official announcement in the announcement channel on Discord to kickstart the trading game. Users should navigate to the sidebar to find the trading competition category, which includes a news channel (#news) and a discussion channel (#trollbox). While we will broadcast one piece of news every half an hour, breaking news can come at any time. Below is an example: 

In addition to news, users can look up asset prices in the #trollbox channel. Here are some examples: 

Type “!prices” to see the latest prices of various assets.

Type “!price wbtc” to see the latest price of Bitcoin.

If you are interested in learning trading strategies for fixed-income tokens, please refer to this guide.

How to Swap Tokens? 

Head to https://swap.testnet.ts.finance/ to swap tokens. We use an internal oracle to provide the prices of different tokens. Keep in mind that the price shown on the website is for reference only and may change due to market volatility. To prevent frontrunning, submit your order and wait for 2 minutes for the oracle to reveal the purchase price. If the price is acceptable, sign the order and click "Settle" to successfully place the order. Please note that you have 3 minutes to confirm the order.

Indicate the amount and type of token to swap

Wait for 2 minutes and check the purchase price.

If the price is acceptable, click "settle order" and sign the order to confirm.

To check whether the transaction is successful, please check Etherscan or the wallet page of Term Structure.

There are two types of rates:

• When swapping between stablecoins, such as USDC and DAI, a transaction fee of 0.03% will be charged on the stablecoin being sold (i.e., the “from” token)
• Swapping from stablecoin to non-stablecoin, or volatile pairs, incurs a transaction fee of 0.1%. 

How Does Liquidation Work? 

The Liquidation Threshold is the maximum acceptable LTV ratio for a loan during its lifetime. If the LTV of a loan reaches the Liquidation Threshold, the liquidation will be triggered. This will open the opportunity for any liquidator to execute the liquidation. Please refer to the Doc for a detailed explanation.

That's it! Head to the leaderboard and testnet to join the game! Good luck!