Bybit, one of the world’s most influential crypto exchanges, announced the successful conclusion of its third World Series of Trading (WSOT) contest which was held to find the ultimate masters in cryptocurrency markets.
The 20-day-long contest offered a whopping prize pool of $8 million — a manyfold increase from $1.27 million in prizes in the inaugural 2020 edition. The event attracted record-breaking interest as well, with more than 70,000 participants forming hundreds of teams. That was double the number of participants in the 2021’s second edition, also unlocking a prize pool that was 100% larger than last year.
All contestants had the chance to band together in teams of at least 10 members as they put strategies through their paces in the cryptocurrency markets. The troops competed into three separate categories: The Squad Race which offered $6 million, while the Solo Race and Speed Zone Loot events awarded $1 million each.
Additionally, Bybit gave away over 1,000 bonus NFT prizes to eligible participants, with winners taking home their share of valuable CloneX and Mutant Ape Yacht Club NFTs, amongst others.
Prizes in the three contests were awarded based on the percentage of profits on each trader/troop’s account, creating a fair opportunity for anyone to win, regardless of the value of their trades.
Traders from over 1,000 squads covering 182 regions battled it out. However, the real eye-opener were the Korean titans Maeuknam_Team who made up the largest team with 3,241 members, followed by Sniper Squad, and Streamer_Satto with 2,565 and 2,232 members respectively.
On top of that, Bybit provided additional incentives for its users to participate in the WSOT 2022 event. Registered participants were eligible for trading fee discounts with the opportunity to earn additional bonuses.
Speaking of the event, Bybit CEO and co-founder Ben Zhou said: “This year I’ve been bowled over by the success of the WSOT, both in terms of the number of people, and the community spirit of the event. This competition demonstrated the unwavering faith of crypto enthusiasts all over the world; it’s a beacon of hope in the bear market.”
Bybit gifts $400,000 in BTC donation to UNICEF
While boasting a prize pool that puts other trading competitions in the shade, this summer’s edition of WSOT also involves a renewed partnership with UNICEF. A BTC donation equivalent of more than $400,000 was made to assist UNICEF’s efforts in helping vulnerable children access to education. The donation aims to support UNICEF in their initiatives to provide STEM education for vulnerable children in Vietnam, as well as quality education in East Asia and the Pacific region.
“The contribution will enhance, scale up, and implement a STEAM (Science, Technology, Engineering, Arts and Mathematics) education pilot program focused on girls in a remote mountainous province in Vietnam,” the statement reads.
The WSOT 2022 targeted at getting cryptocurrency investors to hone their trading strategies while standing the chance to win big prizes. The third edition was just the latest in a series of initiatives from Bybit, which has been pursuing aggressive growth in 2022. Recently, the Asia-focused exchange has released a slew of new services and products in a bid to increase its appeal to traders.
As part of the expansion of its retail-focused services suite, the exchange has added Actant’s fully-hosted trading solutions to its growing derivative offering. By combining their automated trading services with Bybit’s market data and underlying infrastructure, crypto traders can access advanced derivative and risk analytics services in real-time.
In April, Bybit rolled out trading on USDC options and perpetuals contracts as the influential platform expands its crypto derivatives offering. The product helps traders take advantage of volatility, hedge risk and discover prices through options, which are generally simple and have no special or unusual features.