Welcome to the Second edition of Polynomial Insights, your weekly source for the latest news, updates, and insights from the Polynomial Protocol, including major defi and CT updates run by Community.
Polynomial Trading Season
Seven levels and $OP boost
Trading competition
Polynomial market share went up
Multichain Bridge exploit
Binance Execs leave the company
DyDx v4 public testnet went live
Polynomial launched First ever trading season on the platform, which includes seven levels with Exclusive NFTs and $OP rewards and many more. I will break it down into short 👇read the blog for more info
The campaign is divided into seven levels and determined by How much XP they earn. Traders can level up and accumulate experience points (XP) by engaging in trading activities, which are determined by their trading volume and profit. The following XP rewards are awarded for each unit:
Standard volume: $1 = 1 XP
Advanced order volume: $1 = 2 XP
Profit: $1 = 2 XP (based solely on the profit earned)
By participating in trades and achieving trading volume or profit milestones, users can progressively increase their XP and level up.
As you progress through each level, you will be able to collect unique NFTs associated with that level. Additionally, acquiring these NFTs grants you an OP boost every week, providing you with enhanced benefits. The NFTs and OP boosts will be automatically transferred to your account, ensuring a seamless experience.
Earn more $OP.
Polynomial has established a weekly competition, starting from Level 4 and progressing upwards. Participants can vie for the top spot and claim the monthly rewards offered by Polynomial:
Level 4: 2,000 $OP Level 5: 5,000 $OP Level 6: 10,000 $OP Level 7: 15,000 $OP
Level up and showcase your trading skills ⚡️
After announcing the Trading season and achieving its all-time high in daily volume, Polynomial has captured a market share of 1.3% in the derivative space compared to its competitors.
LFG
Another day another bridge exploit
Approximately $102 million worth of cryptocurrency has been withdrawn from Multichain's Fantom bridge on the Ethereum side, along with $666,000 from Dogechain and $5 million from Moonriver.
If you are reading this and didn't make nay necessary steps, please revoke all contracts.
Binance, which is already under investigation by multiple regulators worldwide, is facing additional challenges with the departure of senior officials from its legal and compliance units. At least three senior officials have left the embattled crypto exchange this week as it gears up for its defence.
If they believe that the company is not engaged in any illegal activities, then why did they leave?
More trouble for CZ and Binance 🫂
With the launch of the public testnet, users now have the ability to place market orders, generate private keys, and execute limit orders with advanced options on the dYdX testnet. The testnet has initially been launched with Bitcoin and Ethereum markets.
Ahead of its live launch on Cosmos, DyDx has introduced the v4 Public testnet. DyDx, a robust order book-based decentralized exchange (DEX) originally built on Ethereum, has decided to migrate to Cosmos.
Polynomial has had an exceptional week after introducing the trading season and reentering the competitive derivative space. The company achieved all-time highs in daily volume, market share, and various other key metrics, marking a significant milestone for Polynomial.
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See you next week Anon 😉