Binance is Doing a Token Giveaway Towards the Testing of its Decentralised Platform- Binance DEX

Binance is Doing a Token Giveaway Towards the Testing of its Decentralised Platform- Binance DEX


According to a recent report, in its bid to increase the number of people who will be testing it’s upcoming decentralised (DEX) platform, Binance is reportedly dashing away $100,000 in tokens.

Binance CEO Announces Test

The Chief Executive Officer of Binance, Changpeng “CZ” Zhao revealed this via his Twitter account where he said that:
“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.”
He further added that the new development is expected to help the exchange to start the live version of Binance DEX much faster. A replicated trading competition is expected to begin on the 5th of this month and the funds will be made available as prizes.

Eligible candidates are users of the exchange who have at least one Binance Coin token (BNB) in their account and, each account can register up to 20 Binance Chain addresses and will get 200 virtual BNB tokens of which each address will use as starting funds for the competition.

However, the Binance Chain testnet will be refreshed before 08:00 on the 7th of March, therefore, wiping out all existing asset balances. After this, trading for the competition will begin.

The Competition

The competition is divided into two different events:
The first part is “Token Competition for Healthy Price Volatility” which involves users competing to issue and list tokens in the testnet.

The exchange said that:
“The addresses that own tokens will be ranked in terms of the sum of each token price’s volatility over every five-minute interval on the ‘Token’/BNB trading pair during the competition period, ” There are three prizes to be won, ranging from 1,000–3,000 BNB.

The second part of the competition is the “Absolute Return Competition” whereby rewards will be handed out according to the absolute returns users are able to get using their strategies on specific tokens. There are 20 prizes up for grabs, ranging from 50 – 1000 BNB.

As at the time of the publication of this news, the rate at which BNB token was trading was at $11.