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Cryptocurrency exchange Binance has unveiled two futures testnet platforms, named Futures A and Futures B.
As per an announcement, the testnets will develop a virtual environment for Binance users to carry out the simulated trading competition using dummy assets. After exploring each platform, the users will be asked to choose which one is their favorite futures testnet. The platform with the highest vote will become the company’s official futures platform.
“Our team has been hard at work behind the scenes to develop two Future Platforms in parallel giving you the freedom to choose,” the press release stated.
A total of 10,000 BNB have been allocated for the winners of the trading competition. The move was aimed to lure more users to take part in the contest. Furthermore, the participants who will vote for the winning platform correctly will receive a 50% trading fee discount every month.
In addition, participants would get 100,000 Tether (USDT) in their accounts, which will be made available in simulated funds on both Binance futures platform.
All participants will be ranked between 1 and 50, according to the allocated USDT trading volume transacted, including buying and selling, on both futures accounts.
“We think open competition is a great way to test out the products’ usability. Through the competition, we hope to fully review the two products in terms of market feedback, scalability, and liquidation model design. It’ll help with the ultimate decision making,” a Binance representative told The Block.
To outcompete other participants, a user is required to maintain the allocated 100,000 USDT in each of their futures accounts at the end of the five-day competition, from Sept. 3 to Sept. 8, 2019. Binance will issue the rewards two weeks after the competition has ended.
The new rollout follows after Binance CEO Changpeng “CZ” Zhao revealed late last month that the exchange will be launching a simulation test version of its much-awaited futures trading platform within a few weeks.
