Synthetix's $1 million trading competition on its Ethereum-based Perps DEX concluded with a surprising outcome: 90% of the 100 participating elite traders and key opinion leaders (KOLs) reported losses. The event, designed to stress-test the platform, generated over $2.5 billion in trading volume but underscored the challenges of leveraged trading.Notable participants, including CryptoKaleo and Web3Feng, were among those who suffered significant losses, with some losing over 90% of their capital and others facing full liquidation. The results have sparked discussions about the inherent risks retail investors face in the volatile crypto market.