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How do I participate in the 1000 BTC Challenge?

Date: 2023-09-07 10:02:42

Here’s a step-by-step guide on how to participate in the 1000 BTC Challenge:

  1. Mint your Phemex Soul Pass.
  2. Go into the event page. Each PSP holder can directly submit two votes for their BTC Index price prediction for October 31st. 
  3. Explore the BTC Index Price options along with their corresponding prize pools and submit your votes. The deadline to submit your vote is October 15th, 23:59 UTC. 
  4. Wait for October 31st to discover the final BTC index price. 

How to get an additional vote? Refer your friends

Phemex now presents the chance to get one additional vote for the 1000 BTC campaign. 

All you have to do is:

  • Mint your PSP first to earn two votes
  • Invite a friend to gain an extra vote
  • Bonus: you and your friend also unlocks a mystery box reward

Friend referral rules

  • The participating user can earn up to two rewards through friend referrals. The invitee should register their accounts and mint Phemex Soul Pass after September 14. 
  • Once the invitee successfully mints their PSP, both the invitee and the inviter will be rewarded with a mystery box each and an extra vote for the 1000 BTC Challenge. The deadline for voting: October 15th at 23:59 (UTC+0)
  • Both of the inviter & invitee should mint PSP successfully to unlock the mystery box
  • The rewards acquired through friend referrals can only be used after the invited user successfully mints their PSP. 
  • Each user can receive up to 10 mystery boxes
  • Rewards will be distributed within 20 days after the event concludes

Frequently Asked Questions:

- I am not a Phemex Soul Pass holder. How can I participate? 

To participate in the challenge, you'll need your Phemex Soul Pass, and the good news is that it's a straightforward process! Follow these steps:

  • Register your account on Phemex.
  • Start trading on the platform and mint your very own PSP
  • Once you've obtained your PSP, you can immediately cast your 2 votes for the challenge.

- I am a Phemex Soul Pass holder, how do I participate in the challenge? 

All you have to do is take a look at the BTC Index Price options table with the corresponding prize pool and submit your prediction. Here is the table:

- Do I need to cast both my votes to the same option? 

Absolutely not! You can choose to allocate both votes to the same option, or you can distribute them across two separate price ranges. 

- What difference does it make in my potential reward if I vote twice for the same price range compared to voting for different price ranges?

The straightforward answer is this: If you allocate both of your votes to a single option, your risk and reward potential will be higher. Conversely, if you choose to vote for two different price ranges, you'll be diversifying your chances of winning, but your reward rate will decrease. 

Here’s an example to help you solidify: 

  • Suppose you vote twice for Option 1 during the voting period. If, on October 31 at 00:00 UTC, the BTC index price ends up in this range (> 50000), you're in for a share of the BTC prize pool, along with other users who made the same choice. You will win 2/(Total votes for Option 1)*1000 BTC. 
  • Suppose you vote only once for Option 1 and cast your second vote for a different option, in that case you will win 1/(Total votes for Option 1)*1000 BTC. 

- What happens if I use the same account multiple times to participate in friend referral?

Users cannot utilize the same account multiple times as an invitee to participate in the activity via referral. If cheating is detected, the user's participation eligibility will be revoked, and they will not receive any rewards once the event concludes.

- I am one of the winners. When should I expect to receive my reward? 

Congratulations! You’ll receive your BTC reward within 20 working days after the event concludes. 

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