Passage Testnet Wrap Up

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Testnet got off to a hot start as its debut coincided beautifully with massive BTC & ETH inflows that brought levels of volatility unseen in months. Things haven’t slowed down much since our first update blog after week 1, as markets continued to swing throughout November. Break Out traders had plenty of opportunities to profit, with prices frequently experiencing big moves to the upside, but there were some spots for tactical use of Stay In Passages as well. With the testnet period coming to an end earlier this week, it’s time to take a look at the final metrics and announce our trading competition winners.

Usage Metrics

• Trading Volume — 1308 ETH ($2.4m)
• Total Orders — 3089
• Total Trades — 1466
• Trading Competition Entrants — 363

Since our last update at the one week mark, cumulative Passage trading volume nearly tripled from 483 ETH up to 1,308. Total orders and total trades experienced similar growth, with orders up from 1086 to 3089 and trades rising from 481 to 1466. Overall, momentum from the initial influx of traders in week 1 sustained quite well over the remainder of the testnet period. This continuous growth is a strong indication of both adoption and retention for Passage users and an exciting sign ahead of mainnet deployment.

Trading Competition

As for the trading competition, 363 entrants battled it out to see who would claim the top spots on the leaderboard. Here’s how the final results shook out.

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Four of the five top Passage traders were names we saw on the leaderboard after week 1, but the ultimate winner made a nice push from #7 to come out on top. Congrats EA1EA, and thank you to all who participated. We look forward to seeing you again come mainnet for the official launch trading competition, with significantly larger prizes at stake.

Looking Ahead to Mainnet

First and foremost, wen mainnet? The date has been set for January 4th, 2024! Passage will be fully live on Arbitrum mainnet, bringing a first-of-its-kind addition to the L2’s derivatives ecosystem. The best part is that no matter what market conditions are looking like at that time, traders will have the opportunity to make money using Passages. Breakout, or Stay in, come choose your side on January 4th. We’re beyond excited to introduce range-bound volatility trading to Arbitrum users, and we’ll be releasing all the details pertaining to mainnet & the trading competition soon, so stay tuned.

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Passage Documentation: https://bracket-labs.gitbook.io/bracket-labs/bracketx/passage

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