The trading competition by Binance is an intriguing way to get more people acquainted with the KAVA and HARD assets.
Leading cryptocurrency exchange Binance is hosting an International Women’s Month contest with $50,000 in prizes. As part of the giveaway, the prizes pertain to KAVA and HARD, two up-and-coming DeFi assets. The trading competition will end the day before Kava’s mainnet launch, which can significantly impact the KAVA price.
Binance’s $50,000 Trading Competition
It is not uncommon to see Binance provide trading competition to its users, as the exchange’s team does so regularly. This particular competition pertains to International Women’s Month, a cause that everyone can relate to. The new Collect & Win promo will help distribute KAVA and HARD tokens to participants, rewarding a pool of $50,000 in total. Participants have to collect four International Women’s Month-related cards to unlock their shot at a share of the prize pool.
The rewards are split into three lots, with prizes being issued to as many participants as possible. Users can find more details on the exact distribution in this blog post on Binance.com. Participants will need to engage in KAVA/USDT or HARD/USDT trading and commit at least 100 USDT on spot and margin trading pairs. Doing so allows them to unlock a random card. A higher degree of activity will increase one’s chances of completing the set.
Having Binance’s support in this trading competition confirms the exchange’s positive approach toward both Kava and Hard Protocol. Both groups have been working together for months, as KAVA’s technology has been integrated directly into Binance’s ecosystem a while ago supporting DeFi for Binance users. For centralized exchanges – either big or small – it will become pertinent to support DeFi protocols natively, instead of just listing new tokens. The ongoing partnership between Binance and Kava Labs shows both parties can benefit from such an approach.
As this competition runs until March 23, 11:59 PM UTC, the event will end the day before Kava is slated to launch the next major software upgrade on its mainnet. That launch makes a crucial milestone for the DeFi protocol, which is already the most-trusted option for institutional investors worldwide. The mainnet launch also comes at the perfect time for investors looking to utilize the borrow functionality. This will enable users with options to hold their digital assets and avoid paying capital gains.
Potential KAVA Price Impact
The trading competition by Binance is an intriguing way to get more people acquainted with the KAVA and HARD assets. As Kava’s major mainnet upgrade rolls out the day after this trading competition ends, it is likely to assume there will be some significant price action for both tokens. Binance will issue the winnings within two weeks after the competition ends, yet many people will see the benefits of Kava’s money-making solutions before that happens.
The trading competition will also directly influence the price of KAVA and HARD. Traders are incentivized to keep trading multitudes of $100 in USDT to collect all of the cards. Binance has four trading pairs – ranked by volume – in the top 7 for HARD Protocol and the top trading pairs for KAVA. As all of this trading action intensifies, the current prices of KAVA – $6.37 – and HARD – $2.69 – may not last for long. Coingecko recorded new all-time highs for both pairs in recent days, yet it is plausible to assume traders will break those again before this competition ends.
Moreover, the action may not stop there, as there is the next Kava mainnet release to look forward to. It will introduce some significant changes for Kava itself and include the HARD Protocol V2 upgrade enabling the borrow side features. Both of these developments show the evolution of DeFi, lending, and Money Markets and why supporting assets across different blockchains is essential.
Founder and editor at BTC PEERS. Andrey writes about financial experiments, DeFi, cryptocurrency, and blockchain.