Solrise Finance - DAWN contest results!

The Solrise Finance contest week 1 has ended! For those who haven't seen this contest before it's a fund manager / investment contest on Solana. You create and manage your fund of crypto assets as a fund manager and invest in other people's created funds as an investor.

My results

At the end of the week my fund came 175th out of 17,000 with a return of 64.8%. Not a bad attempt for my first go at the fund management business!

I mainly invested in Sol / Rune at the start of the week and then switched in and out of Bitcoin x3 once leveraged tokens were introduced.

Easy to take those risks when the money isn't real though!

My investment result was lower. I didn't spend much time on this as I found it less interesting. You could basically tell which funds were going to win after the first day and everyone just invested in those accounts.

Teething problems

I think that one of the main reasons for the contest was for the Solrise team to test their product. As such there were various changes made during the week as faults and flaws were uncovered.

In particular the top funds were exploiting a time difference between the updating of the token prices in the competition and in reality. This made the main competition pointless for me (I was 30th when I found this out) so in the end I just focused on practicing my own day trading.

Leveraged tokens were introduced in the middle of the week which also made the contest more of a lottery. I'm sure there were people out there with more than one fund just aping into the riskiest leverage assets. If there's no penalty for losing money then you may as well take the maximum risk.

Still it's an interesting idea and I'm keen to see what their actual product ends up looking like. I'm assuming it's a social investment product based around funds but with actual investment in the underlying tokens. It's still not totally clear to me how this will work.

Week 2

A new contest starts in a few hours (12 GMT by the looks of things). I'll be giving this another go to see if my first attempt was a fluke!

You can find the contest here:
https://app.solrise.finance/

Good luck!

Posted Using LeoFinance ^Beta