Author: Weilin, PANews
After its launch on October 20, Yuga Labs' ApeChain saw its governance token APE's price rise more than 1.3 times within a day and a half, a surge also attributed to the native product trading simulation game Top Trader on ApeChain.
On October 22, the first-day tournament of Top Trader concluded with a total of 23,000 transactions. Although there is still room for optimization in user experience, its ability and potential to attract market attention and user enthusiasm should not be underestimated.
Lightweight trading simulation game, thousand-fold leverage emphasizes excitement.
Top Trader is holding daily trading tournaments, where players can participate from 3 PM to 12 PM the next day, Eastern Time. Each participant will receive 10,000 USDN (in-game currency), allowing players to trade multiple tokens and meme coins both long and short.
In the experience, players can trade with leverage up to 1000 times, conducting multiple trades, with a minimum leverage of 100 times per trade and a maximum of 1000 times. Although high-leverage trading can yield higher potential returns, it also comes with certain game-related risks. If the account balance reaches zero, the player will be liquidated, and the trade will be closed. However, this does not mean the game is over; players can re-enter the competition at any time. Each failure incurs an entry fee of 10 APE and related gas fees. The user with the highest final account balance will share the prize pool.
Compared to trading in the real market, Top Trader's simulated trading allows players to learn and practice in a risk-free environment. Players do not need to worry about the loss of real capital (though they still lose the entry fee). This design is more suitable for Web3 novice players, allowing them to familiarize themselves with the basic concepts and operational processes of trading without pressure.
The process of simulated trading greatly enhances players' decision-making abilities. In Top Trader, each trade must be held for at least 5 seconds, and players must quickly react to the rapidly changing market environment and formulate reasonable trading strategies. This training in quick decision-making simulates players' future performance in the real market.
First-day tournament results: First place receives $20,000, totaling 23,000 transactions.
At 1:10 AM on October 22, Top Trader officially announced that @boredyachttoken won first place in the inaugural daily tournament of Top Trader. As the countdown to the tournament ended, @boredyachttoken had a balance of $175 million, far ahead of the second place Evil with $46.86 million, and third place WallstreetBets with $27.61 million.
According to Quit, Vice President of Blockchain at Yuga Labs, the first-day tournament of Top Trader recorded 3,188 buy orders and 2,866 liquidations, with an average liquidation time (TTL) of 25 minutes, and the winner can receive up to $20,000 in prizes. As of 1 AM on October 22, Apecoin was the most traded asset in the first-day tournament, followed by Bitcoin and then moodeng. ETH ranked fourth. Top Trader welcomed a total of 23,374 transactions.
The reward mechanism of Top Trader is very attractive, but currently the pool is not large. Based on the profit situation at the end of the competition, the top 25% of profitable players will receive a distribution of the prize pool. Among them, the player ranked first will receive 50% of the prize pool, the second place will receive 6%, the third place will receive 4%, the fourth place will receive 3%, and the fifth place will receive 2%. Additionally, the top 10% of outstanding traders and the top 25% of traders will receive 20% and 15% of the prize pool, respectively.
Top Trader integrates multiple tools, such as Ape Portal supporting cross-chain payment for purchase fees, Yuga ID enabling seamless account abstraction, and Gas sponsorship transactions enhancing user experience. From the perspective of user participation, Top Trader's participants do not need to pre-fund their accounts on ApeChain; the system supports purchases from other EVM chains like the ETH mainnet.
Despite this, there is still room for optimization in the operation of Top Trader. PANews found during the experience that the product frequently has login errors, and the ApeChain network also shows instability. Currently, the gas fees for cross-chain transfers from Ethereum to ApeChain are relatively high, and developers are working overtime to optimize and adjust the platform.
Overall, Top Trader emphasizes a 'schizophrenic trading simulation experience' model, bringing a refreshing feeling to Web3 users and further attracting market attention to ApeChain. Whether experienced traders or novices, everyone has felt the thrill and risk brought by leverage in this lightweight game. Of course, such high leverage does not exist in real trading, and Top Trader's slogan seems to serve as a psychological warning to users to be careful of excessive leverage, which can easily lead to mental breakdown.
