FTX is perhaps the most innovative exchange to come out of the cryptocurrency space in quite some time. Launching in early 2019 they have already made huge strives forward. Launching a diverse bunch of new and interesting crypto trading products such as leveraged tokens, brand new indexes, and a vast array of altcoin derivative markets. The next step forward is the FTX Battle Royale,
The FTX Battle Royale
The term “Battle Royale” comes from hugely popular video games such as Fortnite and PUBG. The game involves being dropped into a world with 99 others and you have to be the last man standing through whatever means neccessary.
FTX’s iteration of the Battle Royale is essentially identical. Except instead of the Battle Royale taking place in a video game. It takes place on FTX’s live cryptocurrency markets.
How it Works
The Battle Royale works just like you would expect. The best traders win. The Battle Royale is a month long, consisting of 4 rounds. One each week.
The top 50% of traders by ROI each week progress to the next round. However, the bottom 50% of traders are eliminated and do not progress in the competition. The total prize pool for traders is 55,000$.
Trading is not the only way to participate in the competition. Holders of FTX’s FTT token can also ‘trade the traders’ by staking their FTT tokens on individual traders.
Stakers then get a score based on how well their traders perform. If they score highly they get a chunk of the 48,000$ stakers prize pool. (Seperate to the traders prize pool)
It is important to note that stakers cannot lose money. If they stake all their FTT tokens on one trader and he loses 100% of his account in the first day the staker loses nothing. This essentially means that stakers can earn risk free returns.
Traders can also earn simply by being a popular choice among stakers. The popularity of a trader is measured by the number of people who’ve staked them and the amount that is staked in their favor. The most popular trader can earn up to 17,000$ with the total prizepool for popular traders being 55,000$.
Like most things in life there are some terms and conditions to the competition.
- Traders must have a minimum of 1K FTT tokens or 1K USD collateral in their Battle Royale sub-account.
- Traders must complete KYC to compete.
- A Minimum of 20K USD must be traded every week otherwise you will be eliminated
- Traders participating in the Battle Royale can make use of all the products on FTX.
- Stakers must have a minimum of 1K FTT tokens or 1K USD collateral in their Battle Royale sub-account.
- Stakers must complete KYC to compete.
- Staking can be changed every hour. Stakers have until the end of each hour to place/change their stake for it to count towards the next round/hour.
- Spectators/Stakers do not have to change their stake every hour. They can stake the same traders for the whole day, week or month.
There is something uniquely crypto about the FTX Battle Royale. The gamification of cryptocurrency trading is something fresh and exciting. But, most importantly fun.
FTX has been quite aggressive in growing their exchange. The addition of the Battle Royale mode is another step in the right direction for the exchange. Cryptocurrency exchanges tend to grow like snowballs rolling down a hill. The bigger your exchange, the more users you attract. The more users you attract, the more liquidity you generate. The more liquidity you generate, the more users you attract and so on to infinity. FTX is already a relatively large exchange but it is on track to become one of the largest, if not the largest cryptocurrency exchanges.