The $200K ON trading competition is down to the 1.0x tier: 420 tokens are now worth $64, and the pool has shrunk 36% since the announcement
Binance Alpha’s Orochi Network ($ON ) trading competition advertises a “$200,000 prize pool.” Break down the math: the top 2,000 traders in Round 1 split 840,000 ON equally, or 420 tokens each. The announcement valued that at $200,000 based on $0.238 per token. At the current price of $0.152, 420 tokens are worth $64, and the entire pool is worth just $128,000—a 36% drop. The pool is quoted in dollars, but paid out in tokens, so its value falls when the price does.
The easiest way to miss out: you must tap [Join] on the event page in the app. Only your trading volume after you join counts. This is an equal-share competition: 1st and 2,000th place get the same amount. You only need to make the top 2,000; there’s no need to climb the leaderboard. Only buy volume counts. Sells neither count toward nor reduce your volume, so buying, selling, then buying again can add to it—but you’ll pay in slippage and fees.
The multiplier schedule is down to its final tiers: 2.0x on 10-23 and 10-24; 1.8x on 10-25 and 10-26; 1.5x on 10-27; 1.3x on 10-28; and 1.0x on 10-29. Round 1 closes on 10-29 at 21:00 Beijing time. Round 2 reopens at 21:00 that night, with the multiplier schedule starting over. New participants with fewer than 3 past wins also get a 1.2x multiplier.
The cost people overlook: ON’s 24-hour trading volume rose from $1.2 million on the day of the announcement to $8.28 million, while liquidity is only $719,000 and there are 2,845 holders. Traders chasing the multipliers are competing for depth of just $710,000. Slippage costs far more than fees, and a single large buy can wipe out a $64 reward.
My take: If you were already buying ON, you might as well try to make the top 2,000 and get $64 for free. Opening a position just for that $64 isn’t worth it. If you do want to trade for the rewards, the first two days of Round 2 offer better multipliers—but the multiplier applies to trading volume, not your returns, and the pool is only 840,000 tokens, so everyone gets just 420.
Have you tapped Join this time? Or do you think an equal-share pool worth $64 per person isn’t worth trading for?
$ON
#TradingCompetition
Binance Alpha’s Orochi Network ($ON ) trading competition advertises a “$200,000 prize pool.” Break down the math: the top 2,000 traders in Round 1 split 840,000 ON equally, or 420 tokens each. The announcement valued that at $200,000 based on $0.238 per token. At the current price of $0.152, 420 tokens are worth $64, and the entire pool is worth just $128,000—a 36% drop. The pool is quoted in dollars, but paid out in tokens, so its value falls when the price does.
The easiest way to miss out: you must tap [Join] on the event page in the app. Only your trading volume after you join counts. This is an equal-share competition: 1st and 2,000th place get the same amount. You only need to make the top 2,000; there’s no need to climb the leaderboard. Only buy volume counts. Sells neither count toward nor reduce your volume, so buying, selling, then buying again can add to it—but you’ll pay in slippage and fees.
The multiplier schedule is down to its final tiers: 2.0x on 10-23 and 10-24; 1.8x on 10-25 and 10-26; 1.5x on 10-27; 1.3x on 10-28; and 1.0x on 10-29. Round 1 closes on 10-29 at 21:00 Beijing time. Round 2 reopens at 21:00 that night, with the multiplier schedule starting over. New participants with fewer than 3 past wins also get a 1.2x multiplier.
The cost people overlook: ON’s 24-hour trading volume rose from $1.2 million on the day of the announcement to $8.28 million, while liquidity is only $719,000 and there are 2,845 holders. Traders chasing the multipliers are competing for depth of just $710,000. Slippage costs far more than fees, and a single large buy can wipe out a $64 reward.
My take: If you were already buying ON, you might as well try to make the top 2,000 and get $64 for free. Opening a position just for that $64 isn’t worth it. If you do want to trade for the rewards, the first two days of Round 2 offer better multipliers—but the multiplier applies to trading volume, not your returns, and the pool is only 840,000 tokens, so everyone gets just 420.
Have you tapped Join this time? Or do you think an equal-share pool worth $64 per person isn’t worth trading for?
$ON
#TradingCompetition