Fetch.AI, the Binance Launchpad project and Binance have come together to unveil a special giveaway for the 2nd anniversary celebration of Binance. The giveaway will let users win a share of 1.2 million FET tokens as a token of thanks for their continuous support to the Binance platform over the last two years.
The crypto community was updated about the giveaway through an official Twitter post by Binance on 25th July 2019. The details of the giveaway were then revealed through their official announcement blog-post on the same day.
— Binance (@binance) July 25, 2019
According to the post, the giveaway period begins from 0:00 a.m. on 26th July 2019 and ends at 0:00 a.m. on 2nd August 2019 (UTC).
Through the period of the promotion, all the users with a minimum trading volume of 1,200 FET, both sells and buys across any trading pair of FET on the Binance.com, will be automatically participating in this promotion. In order to attain the goal of predetermined total trading volume, the trading volume of all the participants will be grouped together. The rewards will be distributed among all the users based on how much group trading volume has finally been reached when the promotion marks an end.
Binance has set 3 trading volume targets, based on which, users will receive rewards. These targets are as follows:
- Target One: If the trading volume hits a total of more than or equal to 300 million FET tokens by the time the promotion ends, then all the participants will be entitled to receive a share of 400 thousand FET equally.
- Target Two: If the total group trade volume reaches FET tokens that are equal to or greater than 600 million at the promotion’s end, then 800 thousand FET will be split equally among all the participants.
- Target Three: If the group trade volume reaches a total of 900 million FET or more by the time the promotion marks an end, then all the participants will be equally splitting 1.2 million FET.
The post clarified that the rewards would be issued for the achievement of only 1 group trading volume target. For instance, if Target 2 is achieved at the end of the giveaway, then all the participants will be splitting 800 thousand FET only. Moreover, the trading volume will include buying as well as selling, excluding wash trades. If any account is found to be indulging in wash trades or market manipulation, Binance will disqualify that particular account.
The announcement also disclosed that the users will be receiving the rewards within two weeks post the end of the promotion.