One of the Biggest Cryptocurrency exchange in terms of trading volume Binance is trying to boost the number of people testing its upcoming decentralized exchange (DEX) platform by giving away $100,000 in tokens.
Binance CEO Changpeng Zhao announced on twitter on Friday,
He believes the initiative would aid in the quick launch of Binance mainnet.
Users are eligible to participate in the event if they hold minimum one Binance Coin token [BNB] in their individual account. According to reports, every individual account can register maximum of 20 Binance chain addresses and in turn receive 200 virtual BNB tokens for each address to use as starting funds for the competition. The competition will begin on March 7.
There are two different levels of competition, “Token Competition for Healthy Price Volatility,” is the first one, “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,” the exchange revealed. Users can win three prizes which range from 1,000–3,000 BNB. Second one is, “Absolute Return Competition” which will be ranked based on absolute returns users achieve with their trading strategies on specific tokens. 50–1,000 BNB is the prize range for the second one.
Meanwhile, exchange’s native token Binance coin market capitalization is heading north by overtaking TRON [TRX]. The coin was placed in 12th position one month ago and at the press time it is placed ninth on CoinMarketFeed. The coin is one of the biggest gainers in the top 10 and took top position in terms of BNB trading volume via the BNB/USDT and BNB/BTC trading pairs.
The coin’s bullish market trend over the past few months comes with the support of their parent exchange.