Tournament banners are rewards for completing these challenges and providing bundles of supplies to the crate. If you place in the global leaderboard (located on the right side of screen) you will get greater rewards.
Bundles of supplies can be made at the Woodshop with 1 nutritious moss (found by exploring the Ancient Watchtower), 1 plain bandage, and 3 axes. I'm not exactly sure how this works with the "roll 1x", but from what I do know is that you receive rewards each time you put bundles of supplies in the crate.
Bonus Quest - Setting Up Camp is the bonus quest that doesn't necessarily have to be completed to move onward in the event but will reward you greatly if you do complete it.
Chapter 1 slot 1 - Buy a supply crate from the Marketplace. Bundles of supplies can be made at the Woodshop.
Chapter 1 slot 2 - Craft 8 decorative eggs at the Trail Kitchen
