HMX Golden Slam: Trade and Deposit HLP to Win

How to Take Part in the HMX Golden Slam on Blast

There is 8,000 Blast Gold up for grabs in the HMX Golden Slam. To take part, users can trade crypto and deposit HLP on HMX on Blast. 

Key Takeaways

• HMX is a multichain decentralized perpetual contract trading platform that allows up to 1000X leverage for traders and offers highly-competitive fees.

• The high leverage levels offer maximum profit opportunity for traders. HMX exchange extends the liquidity infrastructure of GMX – another decentralized perpetual contract trading platform on Arbitrum – to provide sufficient liquidity for traders on the platform.

• HMX has processed over $30 billion worth of perpetual contract trades and has generated over $12 million in revenue through trading fees.

• HMX’s Golden Slam Blast Gold distribution campaign offers its users an opportunity to win a share of the 8,000 Blast Gold allocated to the project to boost participation on its Blast platform.

• This article reviews the platform features and how to start trading on HMX.

Blast, the native yield Layer 2 network based on the Ethereum blockchain announced the public launch of its mainnet on February 29, 2024. Since this time, over $1 billion worth of crypto assets has been locked on decentralized applications in its ecosystem according to data from DefiLlama, with an average of 70,000 unique addresses using this network daily. 

HMX – a decentralized perpetual trading platform – joins the list of notable DeFi applications in the Blast ecosystem and is playing a role in onboarding the next set of users to the network.

Here we review the platform and its upcoming Golden Slam campaign on Blast.

What Is HMX?

HMX is a multichain decentralized perpetual contract trading platform that offers traders up to 1000X leverage on perpetual contracts of supported asset pairs, and was first launched on Arbitrum and has since expanded to the Blast L2 network. It employs novel technologies like account abstraction and existing decentralized financial protocols to handle routine derivative trading activities like making trade orders, collateral custody, liquidity provision, and liquidation for bad trades.

According to data from the project, HMX has processed over $30 billion worth of perpetual contract trades and has generated about $12 million dollars in trading fees. 

The HMX token powers the HMX trading platform. It doubles as the utility and governance token of the project. HMX holders gain exclusive privileges in the form of passive income and platform fee discounts when they stake their HMX tokens, and they can also vote on platform improvements via the HMX DAO. At the time of writing, HMX tokens can be traded on Gate exchange and decentralized trading platforms on the Arbitrum and Blast networks. See active trading pairs for HMX.

Now, let’s look at how HMX users can benefit actively from routine leveraged trading and passively by providing liquidity.

Leveraged Trading

Trading with leverage is a way to maximize profits from a winning trade. HMX offers up to 1000X leverage, where traders can boost their profits based on the selected leverage multiplier. Do note, however, that increasing leverage also increases the potential loss in the event of bad trades.

Leveraged Market Making

Market makers on HMX are liquidity providers who commit their assets to the HLP vault. The HLP vault is built on GMX, allowing traders on HMX to benefit from the liquidity pool on GMX and also allows liquidity providers on GMX and HMX to benefit from revenue generated on both platforms. The HLP vault supports GMX-ETH, GMX-BTC, and bridged USDC (USDC.e) on Arbitrum and ETH and Rebased USDC on Blast network. GMX users who provide BTC and ETH liquidity can stake their GMX LP tokens on HMX and enjoy the benefits that HMX offers in addition to 100% of the liquidity provider benefits on GMX.

Liquidity Providers on HMX are entitled to 50% of the protocol’s revenue (this is paid in USDC.e), 100% of the revenue generated from counter trading, and esHMX (Escrowed HMX) rewards based on the size of their GM deposits & emission rates. At time of writing, the HLP vault holds over $29 million worth of crypto assets.

HMX is running a series of promotional activities to boost usage on the new Blast network. Following the completion of the trading competition where the project distributed 6,000 Blast Gold to participants, it has announced a sequel – the Golden Slam campaign.

HMX Golden Slam Campaign

Blast is attracting new users to its network. One way it has done this so far is through the distribution of Blast Gold to active projects on the platform. Blast Gold Points are more valuable than regular Blast Points, and are designed to grow projects on Blast by incentivizing users to utilize the dApps. 

HMX is releasing Blast Gold to its Blast network users; first with the recently concluded trading competition, and now with the new Golden Slam campaign.

As part of the Golden Slam campaign, HMX has announced a prize pool of 8,000 Blast Gold. According to the project, Blast Gold’s speculated value sits at $15, bringing the total prize budget for the Golden Slam campaign to about $120,000 to be distributed to traders and liquidity providers on the platform.

You can view your Golden Slam Dashboard under the Golden Slam tab on HMX.

HMX Golden Slam Campaign for Traders

The Golden Slam campaign will consist of several draws conducted on an hourly basis, where each hour is known as an epoch.  Traders earn points for every dollar traded on HMX on Blast, where the number of points received will be based on the asset class traded. For every 1,000 points accrued, you will receive a Gold Pass.

Here’s the point allocation per dollar trade value and the volume required for a Gold Pass for each supported asset;

At the end of each epoch, the traders’ accrued points are reset to zero. 

HMX Golden Slam Campaign for HLP Depositors

HLP depositors also earn points for every HLP contributed during each epoch. To earn points as a HLP depositor, you can:

• Earn 2 points for every 1 HLP contributed to the pool during each epoch (note that a snapshot will be taken at a random time during each epoch).

• Points are reset to 0 at the end of each epoch.

• Passive HLP depositors will continue to accumulate points as long as they are providing HLP to HMX. 

Gold Passes are distributed at a similar rate of every 1,000 points accumulated, where users must hold at least 500 HLP on Blast to receive 1 Gold Pass.

Winner Selection Strategy

The Gold Passes for Traders and HLP depositors are drawn in a pool with a prize of 20 Blast Gold for each epoch draw. For every Gold Pass added to the drawing pool, four extra Gold Passes are added, therefore, there is only a 20% probability that an HMX user will hold a winning Gold Pass for each epoch – which results in bigger prize pools for following draws! At time of writing, the prize pool for Epoch #3 sits at 60 Blast Gold.

In cases where the Gold Pass drawn is not held by a HMX user, the 20 Blast Gold will be rolled over to the draw for the next epoch. The prizes for the epochs grow as the prize for the previous epoch is rolled over.

For each winning gold pass, the holder must claim their prizes within 72 hours or 72 epochs, or the reward will roll over into the prize pool of the next epoch.

Want to start trading on HMX? Here’s a handy guide for beginners.

How to Trade on HMX

As a trader, you can set up your account and start trading with high leverage on HMX via the following steps.

Setting Up Your HMX Trading Account

1. Visit the HMX platform.

2. Select your desired network and click Connect Wallet from the top right corner to connect your wallet to the platform. Do note that you will need to trade on Blast to take part in the Golden Slam competition.

3. Click Trade from the top menu to start your account set up process.

4. Click Let’s start to proceed.

5. In the Pin setup page, enter your desired trading pin and click Sign. Approve the request from your wallet to proceed.

6. Click Enable Trading and sign a message from your wallet to proceed to the gas top up stage.

7. On the gas top up page, you can enter the amount of ETH you wish to deposit to your account for gas.

HMX also offers a gasless order option. The gas top-up stage can be skipped if you intend to use this option.

Complete the Gas Top Up process or skip to start trading.

Trading on HMX

1. Click Deposit from the menu tab on the left to add collateral to your trading account.

You can deposit ETH of rebasing USD on the Blast network.

2. Select the asset you wish to deposit and the amount.

3. Complete the deposit process to start trading.

4. Click the asset menu on the left corner of the trading terminal.

5. Select the asset you wish to trade.

6. Proceed to set up your trade as desired. You can take a long or short position and set your leverage level to the limit allowed for your account.

7. To switch to gasless orders, toggle the order mode on your trading terminal.

8. Set up the available parameters as they apply to you and click Save to complete.

How to Deposit HLP on HMX

To commit assets to the HLP vault and earn liquidity provider rewards, you will need to purchase HLP from the liquidity portal. You can purchase HLP with your GMX GLP liquidity token on Arbitrum, and with ETH or Rebased USDC on the Blast network.

1. Click Earn from the top menu and select HLP.

2. Select the asset you wish to use for your purchase.

3. Enter the amount you wish to use for your purchase.

4. Your HLP is automatically staked after purchase, to skip this process, toggle the ‘Do not auto stake HLP’ box.

5. Proceed to complete your HLP purchase.

Apart from staking on the HMX platform, HLP can also be staked on HMX’s partner platforms like Pendle and Penpie.

Final Thoughts

The HMX Golden Slam campaign is open to existing and new platform users, and is meant to reward users while boosting activities on the platform and Blast. The Golden Slam campaign adds to the earning opportunities that HMX presents, in addition to leveraged trading and leveraged market making. 

Having said this, it is important to understand the risk of derivative trading just like any other cryptocurrency trading or investment venture and the general financial market. It is advisable to use leverage with caution and have a good understanding of the risk to your capital.  A good knowledge of how the platform operates and the technology behind it is also vital for traders and liquidity providers. 

Always do your own research before depositing assets on any platform, and note that this article is only for information purposes and should not be taken as financial advice.