New Binance Trading Competition Announced With 27,000 BNB In Prizes
New Competition Announced by Binance for Trading With 27,000 BNB In Prizes
Binance has decided to make it possible for their community to win some extra BNB tokens in the next couple of weeks. A new contest, which is being called a “Trading Strategy Competition,” will have 50 spots available, which will all win varying numbers of tokens. Overall, the company plans to issue 27,000 BNB in rewards. Changpeng Zhao, the CEO of Binance, commented on the competition on Twitter, saying,
“The time has come for the first $BNB sponsored trading competition. Timing is key.”
The competition is scheduled from October 18th at midnight (UTC) to November 1st at midnight (UTC). According to the post on Binance’s blog, the rules are fairly simple. The blog says,
“All users will be ranked based on the percentage of return achieved by their trading strategies over the competition period.”
The first place in the contest will be awarded 8,000 BNB. Second place will receive half of that (4,000 BNB), while the third place will cut the prize down by another half (2,000 BNB). The 4th through 10th places will split a pool of 6,000 BNB, giving them about 857 BNB each in the event that Binance distributes it evenly. The 11th through 50th places will split 7,000 BNB. If that amount is divided evenly, each winner should receive 175 BNB. There will also be a “lucky draw” of 10,000 BNB, which will be awarded to 200 randomly chosen investors.
To make sure the entire competition is fair, Binance plans to publish it on social media when it commences. Still, there will be a few prerequisites for anyone to qualify as a participant, starting with the fact that the user must have a minimum of 0.1 BTC or its equivalent when the competition begins. During the time that the competition is going on, anyone involved cannot withdraw their tokens to stay involved. Furthermore, even if the trader decides to make a deposit or they earn a referral commission, those amounts will not contribute to overall balance. However, the competition will consider the returns from those deposits in their calculations.
Despite all of the rules in the competition, Binance still has the ability to stop the competition at any time, and anything that qualifies as a “wash trade” will be eliminated.
Right now, BNB is trading for $10.38 with a $1,218,962,837 market cap. Essentially, that means that the first prize of this competition is over $83,000, and the full value of the amount of to dispersed amongst winners is over $290,000. However, the value can change over the coming weeks, based on the trading performed on the platform.