By Binance, the worlds largest cryptocurrency exchange by volume is giving away $100,00 in tokens in hopes that it will bolster the number of people testing its upcoming decentralized exchange (DEX).
Announced on Friday on Twitter, Changpeng Zhao, CEO of Binance stated:
“To test the hell out of @Binance_DEX, we are giving away roughly $100,000 USD equivalent, in REAL $BNB, as reward for our testnet trading competition.”
This initiative, stated Zhao, will aid in the launch of the mainnet aka the live version of Binance in a faster fashion.
As per information on the Binance website, these tokens will be available as prizes in a simulated trading competition set to kick off this coming Thursday.
All exchange users who own at least one Binance Coin token (BNB) in their account will be allowed to participate in the event. Furthermore, each account can register up to 20 Binance Chain address and thus will receive 200 BNB tokens for each of those said addresses to use as starting funds for the duration of the competition.
Binance Set To Hold Two Contests:
Also announced on Friday, Binance stated its dividing the competition in two different events with BNB prizes for each.
Up first is the “Token Competition for Healthy Price Volatility” in which users will compete to issue and list tokens upon the testnet.
The exchange stated:
“The addresses that own tokens will be ranked in terms of the sum of each token price’s volatility over every five-minute interval on the ‘Token’/BNB trading pair during the competition period.”
The second contest is known as an “Absolute Return Competition” which will be ranked according to the absolute returns which users achieve via trading strategies on specific tokens. This contest will offer 20 prices which range from 50 to 1,000 BNB tokens.
At press, the BNB token is trading at just over the $11 mark according to data from CoinMarketCap.
Back on February 20th, Binance announced that the DEX is open for public testing allowing users to create their wallets and interact with platforms interface. Also published, Binance revealed a blockchain explorer for the testnet of its Binance Chain Network which supports the DEX.
What are your thoughts on the upcoming DEX? Are you considering signing up for the test runs?
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