Binance to Begin $100K Giveaway For its Decentralized Exchange Testnet

A fortnight ago, Binance crypto exchange launched its highly anticipated decentralized exchange for public testing after a series of demos.

Now, in an effort to increase participation in its public testnet, the exchange will be giving out as much as $100,000 worth of cryptocurrency.

Binance CEO Changpeng “CZ” Zhao announced on Twitter:

“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.”

The giveaway is part of the Binance DEX Simulated Trading Competition where participants can win as much as 10,000 BNB tokens.

Zhao beckoned on individuals to join the testnet as it would help the team launch the mainnet faster.

Binance DEX Simulated Trading Competition

According to an article on the Binance website, the simulated trading competition will commence on Thursday, March 7, and continue until March 21. To participate, users of binance exchange must hold at least 1 Binance Coin Token (BNB) in their accounts.

The participants can register up to 20 binance chain addresses for an account which will each receive 200 virtual BNB tokens to use as starting funds before the Binance DEX trading competition begins.

Just before the competitions start on Thursday, Binance notes that all data on the Chain will be cleared for the real competition to begin.

The competition proper will be divided into “Token Competition for Healthy Price Volatility,” and the “Absolute Return Competition”.

The former will see encourage users to issue and list tokens on the testnet while the later which ranks users by the absolute returns they achieve with their trading strategies on specific tokens.

Binance explained:

“[For the Token Competition for Healthy Price Volatility], 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.”

Binance noted that all tokens on the testnet are virtual assets, which are only used for testing while the actual reward will be issued within 2 weeks after the competition ends.

Solomon Sunny is the market reporter for Smartereum, one of the global leaders in Ethereum, blockchain and currency news. He produces technical price updates on digital currencies and writes recent developments about blockchain.


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