Recently, Binance launched two futures testnet platforms which invite various users to participate in a trading contest involving 10,000 Binance Coin (BNB).
Binance had earlier on acquired a little-known derivatives platform for the purpose of breaking into the futures market. The company acquired a Seychelles-based exchange JEX, which was later on rebranded as Binance JEX for the purpose of offering derivatives products, like futures, perpetual contracts, and options.
On Sept. 2, Binance announced on its website the launching of the testing mode of two futures trading platforms dubbed Futures A and Futures B that enable customers to participate in a simulated trading competition.
Participating traders in the beta testing will have a chance to compete for a chance to win up to 10,000 BNB tokens- worth approximately $216,000 at publishing time.
During the time of the competition, the major crypto exchange will put into each account of the participants 100,000 Tether tokens in USDT for testing the simulated funds on both Binance futures platforms.
The total USDT trading volume transacted will be the basis for ranking the participants- this metric include buys and sells but excludes wash trades. At the end of the competition, the participants that will manage to maintain at least the originally allocated simulated funds worth 100,000 USDT will be given the price.
Besides, Competitors are also invited to vote for their favorite platform. Those who would have supported the winning platform will get a one month 50% trading fee discount. The launch of the competition takes place both Sept. 3 and end on Sept. 8.
Some days earlier, Changpeng Zhao, Binance CEO, came out to announce that Binance would launch futures trading sometime this month. Before that, the company had indicated that users would be able to earn interest from Binance Coin, Ethereum Classic, and Tether once its first crypto lending product was launched.