Derivatives Exchange Gemini Preps to Host Trading Competition Next Month

As part of efforts to attract new users to its platform, crypto derivatives exchange Gemini Foundation is set to host its first-ever trading competition next month. The move comes amid Gemini recording a massive decline in its trading volume. As of publication, CoinMarketCap data suggests that Gemini’s trading volume has declined nearly 90% over the past year. That is from about $147 million to $17.9 million.

So, by all means, Gemini would be hoping to leverage the trading competition to shine new light on the platform and reel in new users.

Gemini Shares Competition Details

According to a Bloomberg report, the Gemini Leaderboard competition is slated to begin on August 1, 2023. Once live, the competition will track the performance of crypto traders on the international derivatives trading platform and reward the top performers accordingly.

But, for traders to be eligible to participate in the competition, they must fund their derivatives account with at least $250 worth of Gemini dollar (GUSD) stablecoin before the month ends.

After funding, the trader must then maintain the said amount in the account throughout the competition. That is, till August 31, 2023.

Gemini launched its derivative platform Gemini Foundation in May. That was in the heat of the regulatory tension in the United States. Like many other firms in the crypto industry, the Winklevoss twins also sought to increase their global presence.

However, activity on the platform has not exactly been going as expected. Hence, the decision to float the trading competition in a bid to bring publicity to the platform.   And, for what it’s worth, a promotion like this is a common tactic that has been severally employed in the crypto industry. While users compete for rewards and the fame that comes with being tagged the best trader, Gemini also expects to see improved usage on its derivatives exchange.