LBank to launch “Leveraged ETF Challenger Cup — To Win LBK Gold Belt”

3 min readFeb 21, 2020

Dear LBank users:

With the arrival of halving, we launched digital assets derivatives — leveraged ETF trading to meet user demand. In the meanwhile we will launch “Leveraged ETF Challenger Cup — To Win LBK Gold Belt”. During the activity, as long as you meet the conditions, you can get the reward up to 1.1 BTC.

Activity Time: From February 24th to March 6th, 2020

Daily Ranking Time: One round will be counted from 18:00 of the previous day to 18:00 of the current day.

Rules: Users will be ranked based on the return rate of each round of leveraged ETF trading competition. During the daily ranking period, as long as a user’s buying and selling volume of each product in the ETF Board is higher than or equal to 500 USDT respectively and has the highest rate of return can become the champion.

Activity Reward: To encourage users to actively challenge, a number of rewards are set for this competition:

Champion Prize

The champion of each round will gain 601 USDT.

Defending Champion Prize

The one who successfully defends the champion for one round can win 100 USDT additionally. The one who successfully defends the champion for two consecutive rounds can win 301 USDT additionally. If a user who successfully defends the champion for three rounds or more than three rounds consecutively, the additional reward will increase by 210 USDT each round (The additional reward of the third successful defense will be 611 USDT; The additional reward of the forth successful defense will be 821 USDT……)

Challenger Prize

The successful challenger can win all the rewards of Defending Champion Prize of the defeated defending champion (except for those he wins of the first successful defense).

For example, if A successfully defended the champion for 3 rounds and won the relevant rewards (which is 611 USDT) but he was defeated by B in the fifth round, then B will win all the rewards that A won (except for the additional rewards of the first successfully defense A got).

LBK Gold Belt

The user who successfully defends the champion for 4 consecutive rounds (i.e. being the champion for all 5 rounds) can win 1.1 BTC.

⚠️Tips:

1. The return rate of leveraged ETF = (the average selling price — the average buying price) / the average buying price

For example, Ming buys 1,000 BTC 3L with the price of 0.9 USDT at 19:00 on Feb. 24, then he sells 500 BTC 3L with the price of 0.95 USDT at 14:00 on Feb. 25 ad sells the rest BTC 3L with the price of 0.93 USDT at 17:00 on the same day. Then Ming’s return rate of leveraged ETF will be: (0.94–0.9) / 0.9 * 100% = 4.2553%.

2. The return rate will not be ranked by four leveraged ETF products respectively, that is, there will only be one champion in each round.

3. Wash trading and any cheating conduct are prohibited. Otherwise, LBank has the right to deprive the prize, even freeze the account.

4. Winners will be announced within three working days after the event and rewards will be distributed to winners’ accounts.

5. This activity’s final interpretation belongs to the LBank team.