Grand Prix Trading Competition
Unveiling the Vela Exchange Grand Prix
The first season of the Grand Prix reveals an exciting new addition to Vela Exchange, complete with a recurring seasonal system, dynamic rulesets, and gamified rewards. For the Vela Exchange community, participation in the Grand Prix involves not only the chance to obtain top notch rewards every round but also a unique opportunity to immerse into a rags to riches storyline that introduces new Vela Exchange features, Vela v2 teasers, and beautiful aesthetics that may hint towards the future look of the Vela Exchange ecosystem.
There are several new concepts introduced that are crucial to participating and winning the Enter The Megacity season:
Rewards
Seasons & Rounds
Credits
Rewards
For the inaugural season of the Grand Prix, there will be up to $1,000,000 in prizes, with a baseline of 400,000 $ARB rewards available. Remaining rewards may include $ARB, $esVELA, $VELA, and others and will unlock as certain activity milestones are hit. Season 2 boasts a massive prize, supported by $PYTH and a mysterious 'gold bar'. Find out more as the season progresses!
The main rewards will follow the guidelines below:
Every round, prizes will be claimable based on leaderboard placement
The current season rewards all top placements
Leaderboard placements will be dependent on Credits earned
There are seasonal rewards that depend on Credits earned throughout the multiple rounds within each season.
There will also be unique rewards introduced as certain rounds or milestones are hit, but we can’t reveal more about those at this instant.
Part of the Grand Prix excitement will be the discovery process as Vela Exchange racers explore the Enter The Megacity race tracks.
Bridging $PYTH Rewards
During Season 2: Heist, users will have the first-ever opportunity to claim PYTH tokens on the Arbitrum network. Since PYTH is native to Solana blockchain, there is less liquidity for the token on Arbitrum. For this reason, we have provided a short guide to bridging PYTH to Solana for staking or redemption.
Ensure that you have a Solana-compatible wallet, such as Phantom or BackPack wallet
Use the Portal Bridge
Select the appropriate chain and asset (Arbitrum, PYTH -> Solana, PYTH)
Choose your EVM and Solana compatible wallets in the right side of the modal
If your bridging transaction is interrupted, please select the 'Resume Transaction' from the lower menu and paste your transaction hash. Following this process will finalize your bridge process and allow for your to claim PYTH on Solana.
Seasons and Rounds
Seasons are the top level of hierarchy in the Grand Prix.
Each season will unveil new storylines, mechanics, credits and rewards - a refreshing new way to stay on your toes and keep things exciting.
Enter The Megacity was the first season, and within seasons exist the concept of rounds.
Think of rounds as epochs, or segments of a race that you can place within. Each round may last 1-4 weeks, but expect mutations and surprises between seasons and rounds.
Rewards will be claimable based on leaderboard placement - Enter The Megacity rewards the top 100 finishers.
Trading
$VLP and liquidity provisioning
$VELA related activities
Social activities
Partner activities
Each season and round will have some shared mechanics in the following categories:
Cumulative credits between rounds will be tracked for seasonal rewards.
Credits determine a competitor’s placement on the leaderboard.
Credits
Credits are the lifeblood of competitors within seasons, with ways for all Vela Exchange participants including traders and liquidity providers to earn credits.
Outside of regular credit earning activities, there are also Black Market activities and Special Events.
Black Market activities will be temporary ways to boost your credits, and will be very specific. It may be trading a specific asset or a boost to existing activities. Keep your eyes peeled when the merchant calls…
Special Events are more in-depth events that will come up in specific time periods. These may involve NFTs, chances to gamble/spend credits, or other fun ways to try your luck.
Grand Prix: A Path to the Future
We believe trading should be competitive and fun. The Grand Prix system is a brand new feature that serves as one pillar towards Vela v2.
As Seasons continue, expect to see exciting new mechanics, rewards, and storylines that blend the lines between trading and the future…
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