Arbitrum wstETH Stake Rate Swaps Extravaganza: Rules and Rewards
Back for a second straight year to celebrate the Arbitrum launch with up to 50,000 $IPOR prize pool to trade juicy Ethereum staking rates. Here is all you need to know.
IPOR launched with Interest Rate Swaps trading the money market rates of major stablecoins. With the launch of v2, the Protocol’s number one traded instrument is the stETH SRS, or Stake Rate Swap.
Now, you can trade SRS on a gas efficient L2:
✨ Up to 50,000 Reasons to Trade SRS
The second IPOR swap trading competition invites new users to discover SRS's utility and try trades on the IPOR DApp.
The goals of the competition are:
- Education about the utility and mechanism of the SRS
- Raise awareness about the SRS within enthusiast and professional trading communities
📃 Trading Competition Rules
⏳ Duration
The competition will last a total of one month.
🟢 Start: February 21st, 12:00 PM UTC
🛑 End: March 20th, 12:00 PM UTC
💰 Rewards Criteria
Traders will be competing in five categories with rewards calculated on a weekly or monthly basis:
🐵 Impatient Ape: The traders who trade the most notional value on the 28-day SRS throughout the trading competition.
🙈 Mid Curve Ape: The highest notional traded on the 60-day swaps.
🙉 Ape Strong: The highest notional traded on the 90-day swaps.
🙊 Tradooooor: Profit is a prize in itself, but this rewards the top profitable traders based on their PnL by the end of the competition.
🍌 Chad: For every competition, there’s the one who loses the most money. As a consolation, Chad gets a prize.
🧮 Rewards Calculation and Distribution
IPOR tokens will be rewarded one week after the competition finishes.
The value of the individual reward will depend on the total notional traded during the competition.
For every $1 million notional value traded throughout the competition, 1,000 $IPOR will be added to the prize pool up to a max of 50,000 $IPOR.
💰 Percentages of Prize Pool:
🔹 50% Impatient Ape
🔹 20% Mid Curve Ape
🔹 15% Ape Strong
🔹 10% Tradooooor
🔹 5% Chad
The Prize Pool for each category will be distributed to a different number of traders depending on how much notional value is traded. For each category, the rewards will be divided into the following proportions.
🥉 Up to $10m notional:
1st - 30%, 2nd - 25%, 3rd - 20%, 4th - 10%, 5–7th - 5%
🥈 Up to $15m notional:
1st - 25%, 2nd - 20%, 3rd - 15%, 4th - 10%, 5–10th - 5%
🥇 Up to $20m notional:
1st - 20%, 2nd - 15%, 3rd - 10%, 4th - 8%, 5th - 7%, 6–13th - 5%
🏅 More than $20m notional:
1st - 20%, 2nd - 10%, 3rd - 8%, 4th - 7%, 5–15th - 5%
An Example!
Suppose that $30 million notional in total was traded in the five categories. That makes the total prize pool 30,000 $IPOR (30x1000).
The Impatient Apes (28-day swaps) will get 50% of the total prize pool, 15,000 $IPOR.
Assuming that $14 million of the total notional traded was generated with 28-day swaps, that will result in the following distribution for Impatient Ape traders:
🥈 Up to $15m notional, 15,000 $IPOR to be distributed:
🌟 1st (25%) — 3,750 $IPOR
🌟 2nd (20%) — 3,000 $IPOR
🌟 3rd (15%) — 2,250 $IPOR
🌟 4th (10%) — 1,500 $IPOR
🌟 5–10th (5%) — 450 $IPOR (each)
📈 Why Stake Rate Swaps?
There are three main reasons to consider opening a swap.
- Hedging your staking rate exposure if you think the ETH staking rate might go up or down over time.
- Speculating (with leverage) on the direction of rates.
- Making use of arbitrage opportunities.
To learn more about the different use cases and some examples, visit:
To get familiar with the IPOR Protocol web interface for trading swaps, watch this short video:
Current swap parameters:
🔸 Tenors: 28, 60, and 90 days
🔸 Min Leverage: 10X
🔸 Max Leverage: 300X
🔸 Max collateral: 25 wstETH
🔸 Profit or loss: 100% of collateral
Make sure to familiarize yourself with Interest Rate Swap mechanisms, the platform, and leverage. While 500X leverage may seem very degen, please read the documentation here to understand how leverage in swaps refers to capital efficiency, and the payoff mechanism over time means a large rate movement will not likely liquidate your swap.
Find more information about IPOR swaps in the Docs:
Current fees:
Happy Trading!
If you require support, please join IPOR’s Discord channel.
List of Competition Winners
0x96900ee60c4e20f61d5b08c5608c52a1cd9c18ff — 1756 IPOR
0xe0437191b5c2507a2a2c18b86f4a17f5e2bb4d29 — 1008 IPOR
0xc64844d9b3db280a6e46c1431e2229cd62dd2d69 —731 IPOR
0x0e653f31592562d25bb6f45f04b872c9fcaf710a — 521 IPOR
0x33fe24d01539c99c50ecbabec91e05b0f802c0b9–390 IPOR
0x2415257d4586eec82ffd6b1b3f3c57bb34167d7c — 293 IPOR
0x06c5606ff51ea7c1908f8f88056333dfcedd940c — 293 IPOR
0x186b12ceaf08fde22e32647fcc800e45876f5bd0–163 IPOR
0x07d7d3badcb55dcb5f5d4c77b0513b9ec73507f8–163 IPOR
0x6d84264a7bd2cffa4a117ba2350403b3a9866949–130 IPOR
0x03842b4c71c18188191cad1cb9a8dab32d2eab7e — 65 IPOR
0x32f8c8b40b62a73d514e8be0f58074edba533937–33 IPOR
0xf6d30d8c6da56837d5fcb5bb0faf8a28fd26d845–33 IPOR
0xa2b13122b479ae3d12dc7a043f37c4984414100f — 16 IPOR
0xc7d46b70f3e0ce07915df817723e96c671b4cd65–16 IPOR
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