Tomorrow, August 9, the perpetual contract competition ends.
The day after tomorrow, August 10, Epoch 11 ends. 2,710,049 $VELVET will be distributed according to the leaderboard.
Four-week Gem mining, by the time of submission.
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First, let me report my final status.
Consecutive mining days: Day 28. Bonus is about +140%.
No missed a day. There were two times I almost forgot—one was on the weekend sleeping in and almost passed the refresh time, and the other was when I went out and forgot my phone. But I managed to catch up in the end.
Total trading volume: about $22,000 (spot + perpetual contract converted). In the third-tier multiplier range.
Leaderboard position: upper-middle. The exact ranking number is still not visible.
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Actual returns over the four weeks:
Trading itself: a modest profit. No big wins, no big losses. Since I’ve consistently stuck to “not changing my trading logic for Gems,” both my trading frequency and my position sizing stayed at everyday levels.
Total Gems accumulated: You can check the exact numbers in the @Velvet_Capital interface. Add the +140% bonus from continuous mining and the transaction-volume multiplier, and the total Gems is noticeably higher than pure base mining.
$VELVET allocation: I’ll only know the exact amount on August 10. Based on my approximate rank on the leaderboard, it could be somewhere between tens and a few hundred dollars.
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Recap: what I did right, and what could be done better.
What I did right:
First: I started mining continuously from day one, with no interruptions. This is the most deterministic—and lowest-cost—source of multipliers.
Second: I didn’t change my trading strategy just for Gems. Trading itself stays at a positive expected value; Gems are the extra upside.
Third: I didn’t sprint to the Top 25 in the perpetual futures contest. The level of capital and risk there isn’t suitable for me.
It could be better:
First: In the first two weeks, my trading volume was conservative. If I had made more logically sound trades early on, my cumulative transaction-volume multiplier could have been higher.
Second: I didn’t fully take advantage of the referral mechanism. Inviting friends to trade can share Gems, but I never proactively recommended.
Third: I’ve been too passive about accepting the leaderboard’s lack of transparency. I should have given feedback earlier in the community—something like “I want to see the exact Gem distribution.”
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My final assessment of the Velvet Gem system:
By design: Reasonable. Tying user activity, trading behavior, and token allocation together makes the logic coherent.
In terms of the experience: there was pressure, but it was manageable. Logging in every day to claim Gems did change my usage habits, but not to the point of being off-putting.
Fairness: Moderate. Continuous mining is fair to everyone (as long as you follow discipline), but the transaction-volume multiplier clearly favors big-money users. The Top 25 contest is especially so.
Transparency: Not enough. The leaderboard doesn’t show the exact Gem distribution, making it hard for users to make rational decisions. This is my biggest complaint.
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What happens after tomorrow?
The August 10 Epoch ends, and a new Epoch begins. Rules may change, and multipliers may be reset.
My plan is: once the allocation results are out, I’ll evaluate whether the actual returns are worth continuing to invest the same time and attention.
If the returns are reasonable, I’ll continue to the next Epoch. If they’re far below expectations, I may reduce how strongly I participate.
I won’t keep doing things that aren’t worth it just because of “sunk costs.”
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One-sentence four-week summary:
Gem mining is a “discipline over技巧” game. The most important thing isn’t how much you trade—it’s whether you can show up every day.
For ordinary players, this is an opportunity you can participate in—but you shouldn’t go all in.
Keep the pace, stay rational. Let the trades themselves have a positive expected value, and leave the rest to time.
Trading involves risk, and the $VELVET price is volatile. This article is my personal final recap after participating for four weeks and does not constitute investment advice.