The ON Alpha trading competition has been running for 12 hours. The price hasn’t been pushed up—instead, it’s drifted down from 0.1217 at the start to around 0.116, and even dipped to 0.112 overnight. Since only buy volume counts, it’s no surprise that people sell right after farming the volume.
I did the math: the top 2,000 traders by buy volume each period split 840,000 ON, which works out to 420 tokens per person, worth less than 50U at the current price. There’s a 2x early-bird bonus for the first two days, and rewards won’t be distributed until after November 19.
I think this one’s worth farming, but don’t go too hard. On-chain pool liquidity is only a little over 600,000U, and slippage on a large buy and sell can easily eat into that 50U. If the price keeps slowly dropping for another three or four weeks, those 420 tokens will be worth less too.
If you’re farming, use small batches. If 0.112 breaks again, I’ll stop for now.
$ON
#BinanceAlpha
I did the math: the top 2,000 traders by buy volume each period split 840,000 ON, which works out to 420 tokens per person, worth less than 50U at the current price. There’s a 2x early-bird bonus for the first two days, and rewards won’t be distributed until after November 19.
I think this one’s worth farming, but don’t go too hard. On-chain pool liquidity is only a little over 600,000U, and slippage on a large buy and sell can easily eat into that 50U. If the price keeps slowly dropping for another three or four weeks, those 420 tokens will be worth less too.
If you’re farming, use small batches. If 0.112 breaks again, I’ll stop for now.
$ON
#BinanceAlpha