This Drift Research Report Competition ("Competition") is subject to the Competition Terms and Conditions and the following rules:

• The Competition will start on 17 June 2022 at 09:00 EST (the "Competition Start Time") and end on 17 July 2022 at 23:59 EST, except as otherwise notified by Drift Protocol Inc (“Drift”) (the "Competition End Time").
• The Competition is a skills-based competition to encourage the community to test their own designs, explore Drift’s planned features for v2, and share any findings or insights with the wider community.
• Your Competition submission ("Submission") must conform to the requirements stated on the updates page pertaining to this Competition and as follows:
  1. include a forked github repository from https://github.com/drift-labs/drift-sim. The repository should incorporate any changes that will assist you in your research findings and report
  2. submit a research report outlining:
     1. the changes made to the protocol, together with detailed justification for those changes;
     2. any proposed features; and
     3. any new strategies;
  3. include a tweet which links the research report submitted in 2 above; and
  4. make a submission via this link https://form.typeform.com/to/oE7e5U15, prior to the Competition End Time.
• Your Submissions will be judged based on the parameters described on the updates page pertaining to this Competition. Drift will determine the winners of the Competition in its absolute and sole discretion with no recourse for appeal.
• Winners of the individual prizes will be notified via the contact details provided in your Submission.
• Receipt of your prize is conditional upon compliance with the Competition Rules and Competition Terms and Conditions. The relevant prize will be transferred to the relevant winning participant in USDC, to the Solana network address specified in their Submission. Please note that the winning prize will only be transferred upon receipt of all necessary documentation reasonably requested by Drift.
• The total pool of prizes that the participants together, will receive, as part of the Competition is $5,000.00 USDC (the “Total Prizes”).The allocation breakdown for the Total Prizes available are set out here and is subject to Drift’s discretion.
• All federal, state and local income taxes on the prize are the winner’s sole responsibility. If the winner is a US person, then the winner will be issued an IRS Form 1099 for the value of the prize. If the winner is a non-US person, then the prize will be subject to any required withholding obligations and, the non-US person will be required to submit an IRS Form W8BEN.