Binance, the world’s prominent digital currency exchange, has unveiled two testnets for its highly anticipated cryptocurrency futures products. The testnets, referred to as Futures A and Futures B, were officially launched yesterday, 2nd September 2019.
Binance has allowed users to trade cryptocurrency futures on both the testnet platforms in a simulated manner. After they have experienced trading on Futures A and B, users are urged to select their favorite platform amongst the two testnets and vote for it. The testnet platform which garners the maximum votes will be launched as Binance’s official futures platform, according to the official announcement.
To make things more interesting, Binance has announced to offer a discount of 50 percent on its trading fee for one whole month to all the participants voting for the winning testnet. Apart from that, the exchange has also come up with a reward program wherein it will be distributing a total of ten thousand BNB (Binance Coin) tokens among the trading competition’s winners. While writing this update, one BNB was valued at 22.42 USD, as per CoinMarketCap data. It seems such valued prizes have been kept aside to gain more participants and user engagements.
Providing more details on the competition, the leading exchange said that 100,000 USDTs (Tether) would be allocated to traders in the form of simulated funds on both the futures testnet platforms after signing up. Moreover, the rankings of the participants will be done on the basis of their total transacted USDT trading volume (including buying as well as selling) within the simulated trading pairs on both their testnet futures accounts.
The competition is slated to begin from 3rd September 2019 and run through 8th September 2019, lasting five days. Binance will be issuing rewards after two weeks of the end of the competition, noted the announcement.
It must be considered that Binance had first voiced its plans of entering the futures market in July. Changpeng Zhao (CZ), Binance’s Founder and CEO, had recently revealed in his ask-me-anything Twitter session that Binance was planning to unveil its futures trading platform in September 2019. Meanwhile, Binance has also launched the second phase of its Binance Lending products.