Binance, the cryptocurrency exchange intends to boost the number of participant testing its upcoming decentralized exchange (DEX) platform by offering to give away $100,000 in tokens.
The CEO of Binance, Changpeng “CZ” Zhao, announced on Friday via 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.”
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
He added that this initiative would help the exchange in launching the mainnet or live version of Binance DEX more quickly. As per, Binance’s website, the said funds will be made available as prizes in a simulated trading competition kicking off next Thursday.
Users who hold the minimum of one Binance Coin token (BNB) in their account could participate in the event. Every account can register up to 20 Binance Chain addresses and will receive virtual BNB tokens for each of the addresses, this will be used as starting funds for the competition.
The firm further notes that the Binance Chain testnet will be reset before 08:00 UTC on March 7, clearing all existing asset balances. Once complete, trading for the competition will commence.
The competition is being divided into two different events, with prizes in BNB for each. First, there’s the “Token Competition for Healthy Price Volatility,” this will have users competing to issue and list tokens on the testnet. The exchange adds:
“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.”
This section has three prizes up for grabs, ranging from 1,000–3,000 BNB.
The second is “Absolute Return Competition”, the participants will be ranked as per the absolute returns users achieve with their trading strategies on specific tokens. 20 prizes ranging from 50–1,000 BNB will be given through this competition.
As per the CoinMarketCap data, the BNB token is trading at just over $11 at press time. On Feb.20, Binance announced that the DEX was open for public testing, enabling the participants to create wallets and interact with the trading platform’s interface.