Binance Launches $216,000 Futures Trading Contest on Testnet Platforms

Binance has launched two futures testnet platforms — inviting users to participate in a 10,000 Binance Coin (BNB) trading competition.

Two promotions during testing

The major crypto exchange has launched two futures trading platforms named Futures A and Futures B in testing mode — allowing customers to participate in a simulated trading competition, Binance announced on its website on Sept. 2.

According to the announcement, Binance will award winners with a total of 10,000 BNB, worth about $216,000 at publishing time. During the competition, Binance will provide all participants with 100,000 Tether tokens (USDT) in simulated funds on both Binance futures platforms, which means that each account will receive that amount of USDT for testing purposes only. 

Participants will be ranked based on the total USDT trading volume transacted, including buys and sells but excluding wash trades. In order to be eligible for a prize, participants will be required to maintain at least the originally allocated 100,000 USDT in simulated funds by the end of competition, Binance stated.

Competitors are also being invited to take part in voting for their favorite platform, and those who support the winning platform will receive a 50% trading fee discount for a month. The competition will be launched on Sept. 3 and end on Sept. 8.

The news comes days after Binance CEO Changpeng Zhao announced that Binance plans to launch futures trading this month. Previously, Binance announced the launch of its first crypto lending product, allowing users to earn interest from Binance Coin, Tether and Ethereum Classic (ETC).