Binance Enticing Users To Test Decentralized Exchange
Binance, a cryptocurrency exchange, is looking to significantly boost its number of people testing the upcoming decentralized exchange platform or DEX. The firm is doing this by simply give away at least $100,000 in tokens.
$100k In Tokens
Changpeng “CZ” Zhao revealed the interesting announcement via Twitter. In order to test the aforementioned platform, the digital currency exchange is hell-bent in giving away the said amount. It is basically a reward for letting users test the company’s very own testnet trading competition.
The initiative, according to Zhao, is going to help the firm launch the highly anticipated mainnet. The latter, in particular, is none other than the live version of Binance DEX. And only through the testing phase could the company have the means to make the launch quicker.
According to the official website of Binance, the funds are expected to be made available as prizes. They are going live in a simulated trading competition, which is confirmed to be launch come next Thursday.
As for the users of the exchange who are able to obtain a single Binance Coin Token or BNB in their respective accounts, they are automatically eligible to be part of the upcoming event. Each account is expected to hold up to 20 Binance Chain addresses. At the same time, these accounts are going to receive at least 200 virtual BNB tokens for. In a nutshell, these tokens will be utilized as starting funds specifically meant for the said competition.
The crypto exchange further stated that the Binance Chain testnet is set to be rest before 08:00 UTC come March 7. As soon as this time comes, all existing asset balances are going to be cleared. From there, the trading for the forthcoming competition should start.
A Total Of Two Contests
Binance is reportedly dividing the competition into at least two different contests. And, as already announced, each contest will have its own BNB prizes for users.
For starters, the first event is going to be called “Token Competition For Healthy Price Volatility.” In this contest, users are expected to compete in order to not only issue but also list tokens directly on the testnet.
As for the second contest, it is called “Absolute Return Competition.” According to the cryptocurrency exchange, this one right here will be ranked according to the most absolute returns users can achieve via their own trading strategies on certain tokens.
As of press time, the BNB token is said to be trading at around $11.