Binance Announces 10,000 BNB Coin Rewards for DEX Simulated Trading Contest on March 7
Cryptocurrency exchange Binance is offering a reward for testing the company’s new decentralized trading platform Binance DEX. The company’s CEO, Changpeng Zhao took to Twitter to announce this:
You have nothing to lose!
Come and join the fun, and help us launch the mainnet faster! https://t.co/2NK8LVVAGY
— CZ Binance (@cz_binance) March 1, 2019
In the blog post, Binance announced that the DEX simulated trading competition will take place from March 7 to March 21, 2019. They added:
“All users who hold at least 1 real BNB on their Binance account will be eligible to participate in this Binance DEX Simulated Trading Competition. Each Binance.com account is able to register a maximum of 20 Binance Chain addresses and will receive 200 virtual testnet BNB tokens to each address to use as their starting funds before the Binance DEX trading competition begins.”
Binance is dividing the competition into two different events, with prizes in BNB for each. Firstly, there’s the “Token Competition for Healthy Price Volatility,” which will see users compete to issue and list tokens on the testnet.
Furthermore, there is an “Absolute Return Competition” event that will be ranked according to the absolute returns users achieve with their trading strategies on specific tokens. This one offers 20 prizes ranging from 50–1,000 BNB.
Each Binance.com account is able to register a maximum of 20 Binance Chain addresses and will receive 200 virtual testnet BNB tokens to each address to use as their starting funds before the Binance DEX trading competition begins. All data on the Binance Chain testnet will reset right before 08:00 AM (UTC) on March 7, with all existing asset balances being cleared. After the reset occurs, the competition will begin.
Recently, Multicoin Capital Management did an analysis of Binance in which they said:
“Binance Chain will likely diminish the centralized Binance exchange revenues over the long-term, but the new DEX is actually good for BNB token holders. BNB token holders will likely stake their tokens to process trades on Binance Chain, transforming BNB into a yield-generating asset.”