In anticipation of its planned cryptocurrency futures products, leading crypto exchange, Binance has launched two futures testnet platforms.
According to the announcement today, the testnets named Futures A and Futures B will create a virtual environment for Binance users to conduct simulated trading competition using dummy assets.
After having a feel of each platform, users are advised to vote for their favorite futures testnet from the two launched version. Binance will now adopt the testnet with the highest vote as its official futures platform.
“Our team has been hard at work behind the scenes to develop two Futures Platforms in parallel giving you the freedom to choose,” Binance said in its announcement.
A total of 10,000 BNB, valued at about $253,360 as the time of writing, have been set aside to gift winners of the trading competition. This is designed by the exchange to help attract more users to participate in the competition.
Additionally, participants who join the competition and correctly vote for the winning futures platform will be given a 50% trading fee discount for a month.
The exchange further stated that participants would receive 100,000 Tether (USDT) in their accounts, which will be made available in simulated funds on both Binance futures platform.
Binance stated that participants would be ranked from 1-50, based on the allocated USDT trading volume transacted, including both buys and sells, on both futures accounts.
For a participant to be ranked ahead of others in winning the competition, users are required to maintain the allocated 100,000 USDT in each of their futures accounts when the competition ends.
Per the announcement, the competition is scheduled to last for a five day period, which will kick-off from September 3, 2019, and will end on September 8, 2019. Rewards will be issued two weeks after the competition ends, the exchange noted.
Binance does not seem to be slowing down in its quest of staying ahead of other crypto exchanges in the industry.
Lately, the exchange is always in the news for either modifying an existing service or launching a new one.
As reported on Coinfomania last week, Binance recently launched a crypto lending service dubbed the Binance Lending to attract more users’ deposits.