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Bitget Onchain Challenge Phase 6 Update

🔸What’s Next?
Since the AB competition has ended, now I need to decide whether to try and get into the Top 200 in the current competition or not. Let’s do some quick math.

🔸Calculations
• Average incentive: 50 BGB, which is around $210.
• In the previous event, I did $21,500 trading volume and spent $72.
• $210 / $72 = 2.92. So, 2.92 x $21,500 = $62,700.
• That means $210 should be enough to cover $62,700 in trading volume.

• Current minimum trading volume is $23,575, generated over 4 days.
• 3 days left to generate $23,575 + $62,700 = $86,275.
• Will $86,275.be reached? I think easily. Just check this post (https://t.me/Bitget_Announcements/13934). Top 200 threshold was 101,059 USDT.
• If that repeats, I’ll either be at a loss or end up with 0 or very small profits.

🔸What Will I Do?
I’ll do $50 trades daily to earn 1 credit per day and that’s all.

Bitget Onchain Phase 6 Results and Phase 7

🔸Phase 6 Summary
Phase 6 has ended yesterday. I earned 7 credits. According to this announcement (https://t.me/Bitget_Announcements/14002) I'll receive 2.167 BGB (x4.64) = $10 return.  I've spent around $4. Profit should be $6.

🔸Why I didn't go for the leaderboard
If I continued participation in the leaderboard to be in top 200, I would have needed to make $88,000 trading volume.  According to my calculations in the previous post (https://t.me/decryptica/987) I would have needed to spend 72 x 3 = ~$216, which is almost the same as the potential profit.

🔸My thoughts
I understand that this event became much more popular and that before we could earn more.  But now we can break even or earn around $10 per week.

🔸What’s next
I'm not sure that I'll continue participating. Or maybe I'll just continue earning credits.

🔸Phase 7
By the way, Phase 7 has started, you can join it here (https://www.bitget.com/events/onchain-hunt/11657?utmSource=Twitter).

Driven by advancements in technology and cryptocurrencies.

Blockchain believer and baker. I trade and bake.

Great summary! Phase 6 results seem positive despite the increased competition. For Phase 7, keeping a balanced approach by focusing on earning credits rather than chasing leaderboard positions seems wise. Good luck with your trading and onchain activities!