The Binance exchange is looking to roll out their new Decentralized Exchange (DEX) and in order to attract users to test it out, they’ve announced a massive giveaway. That will involve $100,000 worth of tokens spread across different contests.
A Coindesk report indicates that Binance CEO Changpent “CZ” Zhao tweeted out the news. The Binance CEO noted “we are giving away roughly $100,000 USD equivalent in REAL $BNB, as reward for our testnet trading competition.” He mentioned the goal of having more users on board testing out the platform is to help launch the live version of Binance DEX quicker.
The prizes will arrive as part of a “simulated trading competition.” The Bitcoin trading competition is expected to begin on Thursday (Mar. 7). All Binance exchange users with at least one Binance Coin (BNB) in their account are able to participate in the new competition.
Every account with at least one of those BNB coins can register as many as 20 Binance Chain addresses. Each of those will receive 200 virtual BNB tokens for use as initial funding in the competition.
While it’s one giant competition, it’s broken down into two separate contests. Each of those contests will have prizes given away in BNB. Each contest has different criteria for the winners.
One contest is the “Token Competition for Healthy Price Volatility” which will give away three prizes worth anywhere from 1,000 to 3,000 in BNB. In this contest, users are going to issue and list tokens on the testnet.
The other contest is the “Absolute Return Competition” and offers 20 different prizes ranging from 50 up to 1,000 BNB. In this contest, users are ranked based on “absolute returns” that they produce using trading strategies on specific tokens.
As of this report, Binance Coin (BNB) was trading at a bit over $11 each. More details for the Binance contest are available at the official Binance website.