HMX Golden Slam: Trade and Deposit HLP to Win | CoinGecko

HMX, a decentralized perpetual contract trading platform, has launched the Golden Slam campaign on Blast, offering 8,000 Blast Gold to participants. Users can participate by trading crypto and depositing HLP on HMX. The campaign features hourly draws, with traders and HLP depositors earning points to win Gold Passes and subsequently Blast Gold. The prize pool grows with each epoch as unclaimed prizes roll over to the next draw.

HMX Golden Slam: A Lucrative Opportunity to Participate in the Blast Ecosystem

Introduction

HMX, a decentralized perpetual contract trading platform, has joined the thriving Blast ecosystem, contributing to its expansion and offering a compelling opportunity for users to engage with the network. Through its Golden Slam campaign, HMX is rewarding traders and liquidity providers with a share of 8,000 Blast Gold, incentivizing participation and boosting activity on the platform.

Understanding HMX

HMX is a multichain platform that empowers traders with up to 1000X leverage on perpetual contracts across various asset pairs. It leverages advanced technologies like account abstraction and decentralized financial protocols to streamline trading activities, including order placement, collateral management, liquidity provision, and liquidation.

HMX's robust trading engine has processed over $30 billion in perpetual contract trades and generated substantial revenue through trading fees. Its native token, HMX, serves as a utility and governance token, offering holders exclusive privileges such as passive income, platform fee discounts, and voting rights.

Leveraged Trading on HMX

HMX's high leverage feature enables traders to amplify their profits on winning trades. Leverage levels are customizable, allowing users to adjust their risk tolerance based on their trading strategy. However, traders should be mindful that increased leverage also amplifies potential losses.

Liquidity Provision on HMX

Market makers on HMX, known as liquidity providers, contribute their assets to the HLP (High Leverage Pool) vault. This vault bridges the liquidity pool on GMX, enabling HMX traders to benefit from GMX's liquidity reserves and vice versa. Liquidity providers earn a portion of the protocol's revenue and esHMX (Escrowed HMX) rewards.

HMX Golden Slam Campaign

To encourage participation and enhance the Blast network, HMX has launched the Golden Slam campaign, offering 8,000 Blast Gold as prizes. The campaign consists of hourly draws (epochs) where traders and liquidity providers can earn points toward Gold Passes.

Participation for Traders

Traders accumulate points based on the volume of their trades on HMX on Blast. For every 1,000 points accrued, a Gold Pass is awarded. The number of points received varies depending on the asset class traded. Gold Passes are drawn randomly for each epoch, with 20 Blast Gold awarded to winning passes.

Participation for HLP Depositors

HLP depositors earn points for every HLP contributed to the pool during each epoch. A snapshot is taken at a random time during each epoch to determine the number of points awarded. Points are reset to 0 at the end of each epoch, and passive HLP depositors continue to accumulate points as long as they maintain their contributions. Gold Passes are also awarded to HLP depositors based on a similar rate of points accumulation, with a minimum HLP holding of 500 required.

Winner Selection Strategy

For each epoch, Gold Passes for both traders and HLP depositors are pooled together. Every Gold Pass added to the pool increases the number of extra Gold Passes added by four. This design ensures a 20% probability of a winning Gold Pass, leading to larger prize pools for subsequent draws.

Trading on HMX: A Step-by-Step Guide

1. Set Up Your Trading Account: Visit the HMX platform, select your preferred network, and connect your wallet.
2. Enable Trading: Initiate the account setup process, enter a trading pin, and sign the request from your wallet.
3. Top Up Gas: Deposit ETH into your account to cover gas fees. Alternatively, use the gasless order option.
4. Deposit Collateral: Add collateral to your trading account by depositing ETH or rebasing USD on the Blast network.
5. Trade Assets: Select the asset you wish to trade, set your leverage level, and configure your trade parameters. Use gasless orders for reduced fees.

Depositing HLP on HMX

1. Purchase HLP: Use the liquidity portal to purchase HLP with GMX GLP liquidity tokens or ETH on the Blast network.
2. Stake HLP: HLP is automatically staked after purchase. To skip this step, toggle the 'Do not auto stake HLP' option.

Conclusion

The HMX Golden Slam campaign presents a lucrative opportunity for traders and liquidity providers to earn Blast Gold and contribute to the growth of the Blast ecosystem. While leveraged trading and derivative trading entail risks, proper understanding and risk management can lead to profitable outcomes. Before depositing assets on any platform, it is crucial to conduct thorough research and comprehend the platform's operations and underlying technology.