Treasure Hunt Season 1 Update

Season 1 of the Treasure Hunt is now complete! 

Since its launch in June, we’ve distributed over 16.15 million chests to nearly 600 Treasure Hunt participants. 

During the Treasure Hunt, Odyssey’s volume doubled each month over the past 3 months.

Why is Season 1 of the Treasure Hunt Ending Early?

We’re ending Season 1 early to modify our rewards system in response to liquidity provider and trader feedback. 

We’ve identified several areas in Season 1 that could be improved. In particular, emitting a constant number of chests each day does not match fluctuating market demand. As a result, it is not worthwhile for traders to provide liquidity on high volume days. As Odyssey grows through new listings and higher volume, we want to ensure our rewards system optimally rewards traders and LPs. Secondly, volume chests should not depend on the current funding rates, as traders don’t feel incentivized to hold positions where they pay funding. 

Treasure Hunt Season 2 will begin in October with an updated mechanism.

Existing Treasure Hunt participants will retain all their existing Treasure Chests and can continue to Treasure Chest balance on our website. We will also keep the methodology for Season 1 archived in our documentation. 

Why end Season 1 instead of keeping it ongoing?

Based off feedback from our liquidity providers and traders, it’s clear that modifications to the Treasure Hunt are needed to unlock the next leg of growth. Stopping the Treasure Hunt while making these upgrades benefits our early supporters, so they can maximize their overall allocation of chests. 

Season 2 will also start sooner as a result of this pause because our team can immediately begin developing the upgraded system, instead of waiting until the end of Season 1. 

We will release more information on Season 2 of The Treasure Hunt as it gets closer to release.

Treasure Chests will still be rewarded through Trading Competitions 

Upcoming trading competitions will reward top traders with Treasure Chests from now until the start of Season 2. 

More information will be available when Trading Competitions are announced.

If you have any questions about The Treasure Hunt, feel free to join our Discord and ask us a question!