Onchain Royale S3 Results: A $3.8M Battle Highlighting PnL vs. ROI Strategies
Table of Contents
- Introduction
- Competition Overview
- Dual Leaderboards: Rewarding Diverse Strategies
- Overall Performance Analysis: A Balanced Battlefield
- Top Performer Deep Dive: PnL vs. ROI
- Key Takeaways: The Impact of Strategic Trading Rules
- Conclusion
Introduction
In another major collaboration, dYdX and Crypto.com hosted Onchain Royale Season 3, a two-week trading competition that brought together 157 active traders to compete for a $15,000 USDC prize pool. The event, held exclusively via the Crypto.com Onchain Wallet, generated significant activity and provided a fascinating case study in contrasting trading strategies.
This article provides a detailed analysis of the competition's results, exploring the overall market performance, the different paths to victory taken by top traders, and the impact of rules designed to encourage more strategic trading.
Competition Overview
The event successfully drew a large number of active participants who generated substantial volume on the dYdX protocol.
- Platform: dYdX via Crypto.com Onchain Wallet
- Active Participants: 157
- Total Trading Volume: Approx. 3,800,000 USDC
- Total Fees Generated: Approx. 523 USDC
- Total Prize Pool: 15,000 USDC
- Minimum Deposit: 100 USDC
Dual Leaderboards: Rewarding Diverse Strategies
A key feature of Onchain Royale S3 was its multi-faceted prize structure, designed to celebrate different forms of trading excellence. The prize pool was split across three main categories:
- Absolute PnL Leaderboard ($10,000): Rewarded the top 25 traders who achieved the highest positive dollar-value profit.
- Relative PnL (ROI) Leaderboard ($3,000): Rewarded the top 25 traders with the highest Return on Investment percentage.
- Streak Bonus ($2,000): Awarded an $80 bonus to the first 25 traders who executed trades on at least 8 of the 14 competition days.
This structure created two distinct competitive arenas, allowing traders to succeed by either generating large absolute profits or by achieving highly efficient percentage-based returns.
Overall Performance Analysis: A Balanced Battlefield
Unlike many trading competitions that see a significant net loss across the participant pool, Onchain Royale S3 presented a remarkably balanced outcome.
| Metric | Value |
|---|---|
| Overall Net PnL of Participants | -$296 |
| Overall ROI | -0.37% |
The near-zero net PnL suggests that the collective profits and losses of all 157 traders nearly canceled each other out. This indicates a less punishing market environment compared to previous events and highlights the skill of the participant pool in navigating the conditions.
Top Performer Deep Dive: PnL vs. ROI
The competition's dual leaderboards produced a classic narrative of two different paths to success: leveraging large capital for absolute gains versus maximizing the efficiency of smaller capital for high percentage returns.
The PnL Champions: Masters of Scale
These traders secured the top spots by generating the largest absolute profits.
| Rank | Name | PnL (USDC) | ROI | Baseline (USDC) |
|---|---|---|---|---|
| 1 | Tolyn | +$3,117.63 | 28.82% | $10,817 |
| 2 | Dinhkaka | +$2,033.86 | 67.84% | $2,998 |
| 3 | Reborn | +$1,453.78 | 145.38% | $999 |
The winner, Tolyn, demonstrated a strategy of scale, turning a substantial baseline of over $10,000 into more than $3,100 in profit. While their ROI was a respectable 28.8%, their success was defined by the sheer dollar value of their returns.
The ROI Champions: Masters of Efficiency
These traders excelled at generating the highest percentage returns on their capital.
| Rank | Name | ROI | PnL (USDC) | Baseline (USDC) |
|---|---|---|---|---|
| 1 | Reborn | 145.38% | +$1,453.78 | $999 |
| 2 | Amnesia | 128.57% | +$1,284.02 | $998 |
| 3 | Yyy1 | 122.59% | +$128.69 | $104 |
The top performer, Reborn, showcased incredible efficiency, more than doubling their initial capital with a stunning 145% ROI. This highlights a strategy focused on high-conviction trades and precise execution on a smaller capital base. Notably, Reborn also placed third on the PnL leaderboard, proving that high efficiency can also lead to significant absolute gains.
Conclusion
Onchain Royale Season 3 was a resounding success, generating $3.8 million in volume and showcasing the depth of talent within the trading community. The results provided a clear lesson: there is more than one way to win in trading. Whether through the large-scale profit generation of PnL leaders or the hyper-efficient returns of ROI champions, success was determined by strategy and execution.
The competition's balanced net outcome and the requirement for strategic order types underscore a maturing competitive environment that rewards skill and discipline. As the dYdX Trading Arena continues to host these events, the insights gained help shape a more robust and engaging ecosystem for all traders.