Know What Binance Is Offering To Ensure Participation In Their DEX’s Trading Competition

Binance now has a Decentralized Exchange, DEX and the company’s CEO, Changpeng Zhao (CZ) just announced in a tweet that they were inviting cryptocurrency enthusiasts and investors to test it. According to him, those who participate in DEX’s trading competition will be rewarded with $100,000 in Binance coin (BNB) tokens.

This Malta-based cryptocurrency exchange had a lot of things going for them recently, with the launch of their Binance LaunchPad and DEX platforms. The latter is a decentralized exchange which runs of the company’s own blockchain.

As per CZ’s tweet, users can now test DEX and even stand a chance of partaking in the $100,000 worth of BNB tokens that have been put up as a reward.

As reported, the date of the public testing of the Binance Chain testnet had been revealed through another tweet, back on the 12th of February. People were also encouraged to try out the platform on its launch.

The cryptocurrency exchange on March 1 also announced a simulated trading competition as an effort to create awareness about DEX. The event has been slated for the 7th of March, where all data held on the platform, any time prior, will be cleared. Users of the exchange who own at least 1 BNB will then be a part of the competition.

Binance also said,

Each binance.com account is able to register a maxilumm of 20 Binance Chain addresses and will receive 200 virtual testnet BNB tokens to each addresse to use as their starting funds before the Binance DEX trading competition begins.

Therefore, a trader can win as much as 3,000 BNB tokens for coming in first and 2,000 and 1,000 tokens for second and third positions, respectively.

The CEO, in a 43-minute, Ask Me Anything (AMA) session on February 7, revealed what DEX has to offer in. He clarified that Binance Chain and DEX will be taking advantage of Binance coin and can be compared to the Ethereum network which uses ether token for gas fees.

He also announced that DEX’s listing fee will be around $100,000, and there will be a scope of making adjustments to the fee with time.

Rishma Banerjee

Rishma is currently pursuing a bachelor’s degree in International Relations and has a special place in her life for sifting through all sorts of random trivia, thank you very much.