Effective policies and great marketing strategies are what makes Binance one of the best crypto exchanges in the world. And the exchange has played yet another masterstroke – To test its DEX, Binance decided to offer users USD 100 K worth of BNB.
BNB spikes over 5% after the DEX tweet
According to tweets released by Binance and CZ, Binance has thrown out a surprising treat for its users as the exchange has decided to pay its DEX users for testing its newly released DEX in form of a stimulated 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
The Malta-based startup announced Friday that it is going to distribute $100,000 worth of rewards in its “testnet trading competition.” The round will allow participants to create a wallet and exchange tokens on the Binance decentralized exchange (DEX) testnet.
According to the official announcement, the exchange is taking this step to increase awareness of Binance DEX within the Binance Chain community. The eligibility for the competition is 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 will be 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 notification also states that 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
The Competition comprises of 2 sets, first being Token Competition for Healthy Price Volatility and second being Absolute Return Competition. The reward structure for the first competition is laid out as
1st Place: Wins 3,000 BNB
2nd Place: Wins 2,000 BNB
3rd Place: Wins 1,000 BNB
While the reward structure for second competition is put forward as
1st Place: Win 1,000 BNB
2nd Place: Win 700 BNB
3rd Place: Win 300 BNB
4th-10th Place: Split 1,000 BNB
11th-20th Place: Split 1,000 BNB
According to an interview pertaining to this announcement CZ mentioned
“We try hard to disrupt ourselves, improve ourselves, and push the industry forward,” where he also added that Binance DEX is their one of many attempts in introducing blockchain technology to the world. He also mentioned “We will leverage any and all of our resources to push the Binance DEX forward. In this instance, Binance.com is sponsoring a trading competition and bounty programs to help the development of Binance DEX. We hope this competition will help us iron out any remaining issues, and speed up the launch of the Binance Chain mainnet. Please join the competition, there is no cost. You trade with testnet tokens, to win real BNB!”
The news of DEX giveaway competition led BNB to a positive territory. The coin jumped 5 percent where the majority of the market was still underperforming.
Binance’s DEX and Binance Chain hold the key toward the exchange’s future. Their success will indirectly bring success to BNB coins. This is one of the reasons a lot of people are trusting BNB to achieve success in years to come
Will BNB be one of the top coins in 2019? DO let us know your views on the same.
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Nilesh Maurya has been associated for past 8 years as an Investment Banker with Omega Capital, a bespoke Investment Banking outfit having offices in Mumbai, New York, Singapore, and Dubai. He has been a regular contributor to business publications such as Business India and Market Express and has been a mentor to many start-up companies. Nilesh Maurya has been associated for past 8 years as an Investment Banker with Omega Capital, a bespoke Investment Banking outfit having offices in Mumbai, New York, Singapore, and Dubai. He has been a regular contributor to business publications such as Business India and Market Express and has been a mentor to many start-up companies. Follow him on Twitter at @KoinKing1 or connect with me on linkedin.