Crypto Exchange Binance Offers $100k Reward For Testing Binance DEX

Announcements, Blockchain, News | March 4, 2019 By:

Binance, the world’s largest cryptocurrency exchange, is sponsoring a simulated trading competition on the Binance DEX testnet in order to increase awareness of the platform within the Binance Chain community.

Binance DEX, which entered public testnet phase last month, is a decentralized order-matching engine that claims to offer faster transaction times and cheaper fees than ethereum due to its simplicity. It is the first use case of the company’s own blockchain Binance Chain.

In an online post, Binance invited users to test the Binance DEX platform to help start the mainnet faster. The Binance DEX Simulated Trading Competition will allow users who hold at least 1 real BNB on their Binance account tom participate. Each Binance account is able to register a maximum of 20 Binance Chain addresses and will receive 200 virtual testnet BNB tokens to each address to use as their starting funds before the Binance DEX trading competition begins.

“All data on the Binance Chain testnet will reset right before 08:00 AM (UTC) on March 7, with all existing asset balances being cleared,” Binance said. “After the reset occurs, the competition will begin. Rewards will be issued within 2 weeks after the competition ends.”

The Binance DEX Simulated Trading Competition comprises of 2 sets – Token Competition for Healthy Price Volatility and Absolute Return Competition. In the first competition, which has three prizes in the range 1,000–3,000 BNB, individuals will be able to issue and list tokens on the Binance Chain testnet. 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.

In the second competition, which will reward 20 winners in amounts ranging from 50–1,000 BNB, all wallet addresses will be able to use the virtual testnet BNB distributed by Binance and will be ranked based on absolute returns achieved using their trading strategies on BNB, BTC.B, ETH.B, USDT.B, XRP.B tokens over the competition period.