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Binance has announced crypto futures platforms to be tested by users for a period of 5 days. Binance plans to give out over $200,000 to participants and will deploy the winning platform upon completion of the competition.
Easily the largest cryptocurrency exchange platform worldwide, Binance has now announced the launch of two test platforms in preparation for the eventual launch of its crypto futures service. The two platforms namely Futures A and Futures B, will allow interested users to try their hands on the products with unreal assets, to be used as persuasion for traders to acclimatize with the platform.
The two different futures platform will be pitched against each other in a competition of sorts where the participants will be allowed to vote for their preferred platforms. The winner among the two testnets will then be the officially adopted as the Binance futures platforms.
Binance plans to give away up to $10,000 BNB (over $215,000) in potential winnings to participants for both platforms. The process will begin at 00:00 AM on Tuesday the 3rd of September 2019 and will run for five days until 00:00 AM on Sunday the 8th of September 2019.
The announcement also states that the competition will be split into two different activities. The first is “Activity 1: Vote For Your Favorite Futures Platform” and will see participants cast votes for either Futures A or Futures B, after spending some time trading on them both. Furthermore, any participants who correctly name the winning platform will also be awarded a discount on the adopted Binance Future Platform worth 50% for an entire month.
The second stage is called “Activity 2 – Simulated Trading Competition” and this is where participants will have the opportunity to win 10,000 BNB in total. Here, the simulated funds will be used and the announcement states that participants will have access to 100,000 USDT on each platform after signing up.
To select winners, Binance will rank all participants by specific USDT trading volume whether sold or bought on each platform. At the end of the competition, participants are expected to still be in possession of a minimum of 100,000 USDT which was initially assigned as only those who fulfill this requirement will be eligible for the slated rewards.
As earlier stated, the rewards for the competition will be a total of 10,000 BNB with each platform sharing it equally. The winners of both platforms will be awarded 5,000 BNB each and 1,000 BNB will each go to participants in the second place with 3rd place winners taking 300 BNB.
Winners in the 4th to 10th place for both platforms will split 1,200 BNB; 11th to 20th place winners will split 1,000 BNB while the 21st to 50th place winners will split 1,000 BNB as well. Binance notes that all winners will receive their prizes within two weeks after the competition ends and all participants who will be voting in Activity 1 will only be allowed one vote each.