A new quick trading competition from KyberSwap and pTokens is ongoing and is worth 1,8K USD in Bitcoins let's see how it works!

As many of us already know KyberSwap is an exchange of Ethereum based tokens, it is non-custodial so your assets lay on your wallet till a "swap",(a rapid exchange at current market price) or a so-called Limit order (a change that is executed when a certain price threshold is reached) is sent to the blockchain.

The contest

From 21 of May to 5 of June it is possible to join a trading game that will share a total prize of 1.15 BTC to 300 players according to their rank in the competition. In particular, the prizes range from 11-50 for 297 players and 600,1000,1800 for the third, second and the winner respectively. Right now the number of participants is about 80 users, to be one of them just log in or create a new KyberSwap (NO KYC needed) account, connect an Ethereum wallet and exchange some tokens to "BTC pTokens" or some "BTC pTokens" to any other kind of Ethereum tokens (supported by Kyber). Just this.

The system calculates the number of points to credit converting the value of the trade(s) to ETH where every 1 Eth is 1 point including 4 decimals and so also fractions of Eth are considered. All the prizes will be awarded in BTC pTokens, every PBTC has the same value of 1 BTC.
To get 20% more points is possible to do all the exchanges from the KyberSwap APP available for Android on the store or for Apple via TestFlight and gain another 20% by holding 2000 KNC tokens.

If one feels particularly lucky, can try to follow @KiberSwap and @pTokens_io on twitter, retweet their pinned post about the contest tagging 3 friends and maybe get one of 10 prizes worth 30$ each.

BTC pTokens

The contest is a partnership between KyberSwap and pTokens done in celebration of the Bitcoin halving event. pTokens is a "family" of Ethereum ERC-20 Tokens each of which is of the same value of a precise asset not available on the Ethereum blockchain for example pBTC or BTC pToken is equal to 1 BTC in value. The interesting part is that each token can be burned to be transformed to its counterpart and vice versa.

So, for example, it is possible to destroy 1 pBTC from Ethereum blockchain to obtain 1 BTC on Bitcoin blockchain or bound 1 BTC to a smart contract and get 1 pBTC token. A valuable tool for cross-chain transactions.

Conclusions

This is a nice initiative in my opinion, but suitable to who has a good quantity of cryptocurrency to bring on KyberSwap it is that simple. The more you have the more you win. For me, this can sound like a drawback of a system that doesn't rely mainly on trading skills.

But that's only my opinion. Just my opinion. TCR

Tell me what do you think about the article in comments. Thanks!