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Phemex Exchange’s Olympics is uniting community through trading

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Register for the Olympics here.

The Games of the XXXII Olympiad, a.k.a the Tokyo 2020, officially began this week in Japan. The opening ceremony kicked off Friday, July 23. Countries have sent their best contingents. After being postponed in 2020, the challenges of hosting the sporting spectacle in these trying times are real. Needless to say, Tokyo Olympics 2020 is going to be unlike any other Olympics.

The Olympic spirit, its beliefs of peace, sharing, and unity, has taken over. But one cannot ignore the muted opening ceremony. Instead, the stadium that accommodates 68,000 seats saw 950 officials and several thousand journalists as the island nation decided to ban all spectators from the games this year in a bid to curb a wave of new Covid-19 infections.

One scene in particular that struck the chord of people worldwide was the visual of a female boxer in the middle of the stadium on a treadmill with a spotlight on her. It was symbolic because it depicted an athlete drilling all alone through the darkness that was the pandemic year of 2020. But amidst all the uncertainties, the games are still on. To attract more and more viewers, the International Olympic Committee (IOC) has adopted a series of new advanced technologies.

Unblocking Blockchain

The blockchain and cryptocurrency industry is poised for a sea change. The realm has been known to play a much crucial role in the broader sports industry. Crypto.com recently brought to light two sponsorship deals in 2021. The platform sealed a significant partnership with Formula 1 as well as UFC earlier this year. 

 But the IOC is one step ahead. 

The Swiss sports organization has revealed that it is all set to give the viewers of the world’s biggest sports event an Olympic-themed digital experience. With an institution as old as the Olympics, it has clearly created some rituals along the way. Pin collection is one of them. But with the host country not allowing any international viewers to watch the Summer Olympics, IOC has resorted to riding the wave of NFTs. In collaboration with video game developer nWay, the organization had launched an officially licensed set of NFT Olympic Pins on June 17, thereby re-creating part of its Olympic Heritage Collection and celebrating games such as the 1896 Summer Olympics in Athens. 

Japan is one of the most advanced countries in the world. Hence, NFT making a way to the country given the present circumstances is not surprising. But bringing the digital experience and making Tokyo Olympics 2021 even more innovative, interactive, and immersive on the global stage is a huge deal that will go down in the history books. As the concept of money, assets, and value transforms, the Olympics have taken center stage and a rostrum for important technologies to prove their cause and viability.

Blockchain is revolutionizing the sports industry. Especially at a time when the pandemic has triggered massive economic impact, the sports industry is looking for ways to ameliorate the income lost over the past twelve months. The space has attracted sponsors and seized a global market in unimaginable ways. 

But blockchain-based solutions have come to the rescue by offering professional clubs and organizations many new ways of generating revenue while simultaneously retaining fan loyalty as well as targeting a whole new set of audiences. To top that, sports betting, collectibles trading, storing and viewing player analytics, tokenized income share agreements are some of the other use cases besides providing unique experiences with goods and merchandise.

Needless to say, the alliance between blockchain technology and gaming is undoubtedly the tipping point for mass adoption. The realm has been navigating through the hurdles of the pandemic. To celebrate this, globally renowned Singapore-based cryptocurrency exchange Phemex has come up with something interesting for the cryptocurrency community. 

Since the Tokyo Olympics are finally here, Phemex is hosting one too! Dubbed the Phemex Olympics: United Through Trading, this event essentially consists of two sports – weightlifting, where participants will be rated based on trade volume and sprinting, which evaluates how fast traders can hit a 500% ROI.

Phemex’s Olympics Fixation

Phemex’s all-new dual-sport cryptocurrency trading presents a prize pool that ranges from $23,000 to $48,000, based on the number of participants. The much-anticipated Phemex Olympics is slated between July 30 at 8 AM UTC till August 13, 8 AM UTC, coinciding with the Tokyo 2020. The exchange will open its registration between July 23 and August 8, and the competition is set to go live between July 31 and August 15. 

First up is the weightlifting category. According to their ranks, the top winners stand a chance to earn between $500 and $20,000 and receive unique mystery box gifts. Phemex will award those traders that manage to amass the most trading volume during the entire duration of the campaign. But there’s a catch. Phemex will only count the contract trading volume. The crypto exchange’s summer Olympics will let all contract pairs and display each participant’s volume on the landing page, which will be updated every ten minutes.

Next up is the sprinting competition, where Phemex plans to introduce a slightly smaller prize pool of up to $45,000 based on the total participation. This will enable the contestants to compete to reach a 500% ROI before other users on the platform. The ten fastest participants will be awarded based on their ranks from $500 to $20,000.

In conformity with the standards, valid participants of Phemex’s Olympics must own a minimum of 0.003 BTC in their trading accounts at the time of registration. The exchange will count both realized as well as unrealized PNL towards users’ total ROI. Simply put, ROI is estimated by dividing individual PNL by the sum of their BTC trading account initial balance, commission incoming made during the event, and bonuses received during the same period.

In case none of the users qualify for 500% ROI, the fastest ten winners will be ranked on the basis of the highest return. Additionally, if two players hit a 500% ROI, the one with the higher return will be prioritized. 

Another condition is that API users will be able to participate in sprinting competitions, but not weightlifting. Furthermore, only the BTC/USD contract pair is applicable for the sprinting contest. 

There are no rules barring users from taking part in both event categories at the same time. After August 20, all prizes will be distributed in Bitcoin [BTC] corresponding to the settlement exchange rates of that day. 

Participants may be disqualified from the games in case of registering batch accounts, reaping profits via market manipulation, and utilizing APIs in the weightlifting competition. Phemex will allow the participation of main accounts only, and sub-accounts will not be counted.

Blockchain, a “technological tour de force” ~ Bill Gates

Blockchain is not just a fancy word for a decentralized financial sector. Beyond the hype, this technology can provide viable solutions to develop technical tools to counter problems that the sports industry has had for a long time. Be it diversification of funding and income origination, the long-debated ticket price speculation and fraud, doping management and regulation, blockchain technology promises increased transparency and liability.

Blockchain and cryptocurrency market is a proving ground for sports. And Phemex Olympics: United Through Trading brings the indispensable integration between two fields. And the timing has never been more perfect—Olympics for the crypto community at the backdrop of a historical Summer Olympics.

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