This trading league (the “Trading League”) will have daily trading competitions (“Daily Competitions”) and weekly trading competitions (“Weekly Competitions,” and together with Daily Competitions, “Competitions”), which are subject to the Trading Competition Terms and Conditions and the following trading league competition rules (the “Rules”):

TRADING LEAGUE SCHEDULE

• The first Daily Competition will start on February 8, 2022, between 14:55 and 15:05 UTC, and end on February 9, 2022, between 14:55 and 15:05 UTC.

• The first Weekly Competition will start on January 25, 2022, between 14:55 and 15:05 UTC, and end on February 1, 2022, between 14:55 and 15:05 UTC.

• Each subsequent Daily Competition and Weekly Competition will start (each, a “Competition Start Time”) immediately after the end of the prior Daily Competition or Weekly Competition, respectively, and end between five (5) minutes prior to, and five (5) minutes after, twenty-four (24) hours or one hundred sixty-eight (168) hours, respectively, after the applicable Competition Start Time (each, a “Competition End Time”).

• All starting times within the timeframes identified above, including each Competition Start Time, and end times within the timeframes identified above, including each Competition End Time, will be determined in dYdX Trading Inc.’s sole discretion.

TRADING LEAGUE TIERS

• The Trading League has five (5) tiers as follows (in order of highest to lowest tier): Diamond, Platinum, Gold, Silver and Bronze. Once you meet the applicable Eligibility Requirements (as defined below), you will start in the Bronze tier.

• You will be promoted to the next highest tier if (a) your ranking meets the Promotion criteria (set forth in the trading league table attached as Exhibit A hereto (each, a “Trading League Table”)), and (b) you meet the applicable Eligibility Requirements for such next highest tier.

• You will be relegated to the next lowest tier for which you meet the applicable Eligibility Requirements if (a) you do not meet the applicable Eligibility Requirements for tiers higher than such next lowest tier, (b) your ranking meets the Demotion criteria (set forth in the Trading League Table), or (c) you do not have at least one buy or sell order filled on the dYdX protocol between the applicable Competition Start Time and the applicable Competition End Time (the “Minimum Trade”).

• You will remain in the same tier if you are not promoted or relegated, and you will not be promoted above Diamond tier.

ELIGIBILITY

• To be eligible for any prizes with respect to each Daily Competition, you must make the Minimum Trade.

• To be eligible for any prizes with respect to each Weekly Competition (the “Eligibility Requirements”), you must:

  • make the Minimum Trade; and

  • as of the applicable Competition Start Time, have at least:

    • the applicable Starting Balance (set forth in the Trading League Table and where “Starting Balance” means the sum of the USD Coin ("USDC") in your dYdX account and the total value in USDC of the unrealized profits and losses in your dYdX account); and

    • the applicable DYDX Balance (set forth in the Trading League Table and where “DYDX Balance” means the sum of the $DYDX and $stkDYDX in your Ethereum network address associated with your dYdX account).

RANKING

• Your ranking will be based on the percentage change in profits and losses beginning at the applicable Competition Start Time and ending at the applicable Competition End Time in accordance with the formula set forth in Leaderboard Calculations. Your ranking will be displayed on the Trading Competition leaderboard.

PRIZES

• Subject to the number of eligible participants in each tier, a maximum of seventeen (17) Hedgies (as defined in that certain Hedgies License Agreement, as amended from time to time (the “Hedgie License Agreement”)) will be available as prizes (“Hedgie Prizes”) each week for the Competitions.

• All Hedgie Prizes will be transferred to the Ethereum network address that is linked with your STARK public key on the dYdX protocol no later than thirty (30) days following the applicable Competition End Time. Upon receiving your Hedgie Prize, you agree that you are bound by, and are a party to, the Hedgies License Agreement.

• Receipt of any prizes is conditioned on your compliance with these Rules and the 

  Trading Competition Terms and Conditions.

Daily Trading Competition Prizes

• The top-ranking participant across all tiers in each Daily Competition will receive one (1) random Hedgie.

Weekly Competition Prizes

• A maximum of ten (10) Hedgies will be transferred to the following Weekly Trading Competition participants, if any, at random in the following manner:

  • top four (4) Diamond participants;

  • top three (3) Platinum participants;

  • top two (2) Gold participants; and

  • top one (1) Silver participant.

• Promotion to the next highest tier may not result in your receipt of any prizes.

MISCELLANEOUS

• dYdX may revise these Rules, including any prizes, and publish amended versions thereof from time to time. dYdX may, in its sole discretion, terminate the Trading League and all Competitions related thereto at any time with or without notice.

EXHIBIT A

TRADING LEAGUE TABLE