There are a total of 7 tracks, with each track unlocked the next day after the previous one. There are 3 tiers of rewards: Bronze, Silver, and Gold. The score that you need to get to, in order to reach a certain rank, is shown below the rank. The score is based on how fast you clear the track. If you get to Gold rank, you can claim all the rewards from Silver and Bronze as well.
The score will only keep track of your best record, and there is no limit to how many times you want to attempt the event challenge. There is also an event exclusive mission for the Battle Pass that you should complete, which gives 1200 BEP, essentially 1 Battle Pass level. This won't add to your weekly exp limit, so you can still get them even if you are already at 10,000 BEP for the week.
The event locations are marked with a wing glider icon. The fast way to find it is to go to the event menu (F5 on PC), select the track that you want, and then select "go to challenge".
Gliding Challenge Abilities
In the event gliding challenge, you have 2 unique abilities that you can do. The first one lets you fly up, and the second is to give some slight boost in the air.
The default key on PC is "E". This ability has a 10 second cooldown, and it lets you fly up to save yourself from reaching the ground. Use this ability if you release your wings a little too late after letting it go to drop down.
There are small blue particles that you can collect in the challenge. This lets you do an "air dash", which will move you forward without going down at all. Use this ability in between the circle hoops to make sure that you get to the next one safely.
You can see the stored up charges by looking at the bar shown on the left side of your character. It takes about 3 orbs to fill 1 charge, and you can store up to 2 charges for it.
Since the challenge location is not next to a teleport waypoint, it can be a little annoying to have to walk over there every time you want to just retry the challenge. There are 2 ways to do a quick retry in the event.
After completing/failing the challenge, you have the option to challenge again. Choosing challenge again will teleport you to the event starting location right away, so you don't have to walk over there again.
You are also able to abandon/retry the challenge in the middle of it. The default key on PC version is by pressing "P". You can see the default key on the right side of the screen when you start the event.
Each tier of rating gives you a reward, so each track can give you 3 rewards. You have to go to the event section, and tap the claim button to get the rewards. Any unclaimed rewards from a track is shown with a small red exclamation point.
Bronze (10,000 points): 60 Primogems.
Silver (20,000 points): 30,000 Mora, as well as 2 rarity three talent books. Different tracks give different talent books.
Gold (30,000 points): 30,000 Mora and 3 Hero's Wit.