Up to 10,000 Binance Coins (BNB) tokens (worth approximately $100,000) are up for grabs in an upcoming simulated trading contest on the newly launched Binance Decentralized Exchange (DEX).
According to a notification on the Binance blog, the contest which starts on March 7th and runs through the 21st has been organized to “increase awareness of Binance DEX within the Binance Chain community.” In a tweet by the Binance CEO Changpeng ‘CZ’ Zhao on Friday, he made the announcement to his followers saying:
To test the hell out of @Binance_DEX, we are giving away roughly $100,000 USD equivalent, in REAL $BNB, as a reward for our testnet trading competition. You have nothing to lose! Come and join the fun, and help us launch the Mainnet faster!
The Binance DEX launched on February 20th on a testnet hosted by the soon-to-be-released Binance Chain. The Binance team has been encouraging Binancians to try out the DEX and give feedback to ensure that the product is designed with users in mind. This latest effort to award testers is another strategy to get more people to join the DEX while it’s under testing.
The notification on the Binance blog states that only Binance users holding at least 1 BNB in their real accounts will be able to participate in the contest. The notification reads in part that:
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.
The contest is split into two separate competitions with differing rules. The first one named based on the volatility of the testnet assets that each contestant will be holding while the other one will be based on the absolute returns during the entire period that the contest will be held. Prizes range from group splits of the Binance Coin tokens to 3,000 BNB. Not a single winner will be walking away with all the prize funds.