here. The devs will be doing a race evnt starting on February 23rd and there will be plenty of prizes!
These race events have already been done before in the closed beta and is pretty popular with the community. The event is essentially a speed run competition where you have to advance as fast as you can. First one to clear specific areas or finish a certain quest will gain reward and reward points. Doing certain objective like reaching a certain level and staying alive will also give bonus points. These points will then be counted to unlock more rewards.
The devs are pretty careful on what they give out to players as they know what will happen to the economy if they give something that will affect the economy too much. Instead of offering things that will affect the economy, they decided to give out unique equipments as a reward whose prices will be decided by the community (because of game's trading system).
Here's the official page for the event including the schedule.