Crypto exchange Binance announces $100k rewards in tokens for testing Binance DEX

Cryptocurrency exchange Binance has announced a trading competition in order to increase awareness of its decentralized trading platform Binance DEX.

Binance DEX and Binance’s blockchain platform Binance Chain entered public testnet phase last month. In an online post dated March 01, Binance said that it is sponsoring a simulated trading competition on the Binance DEX testnet.

“All users who hold at least 1 real BNB on their Binance account will be eligible to participate in this Binance DEX Simulated Trading Competition. Each Binance.com 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,” the post reads.

Binance further said that the Binance Chain testnet will reset right before 08:00 AM (UTC) on March 7, with all existing asset balances being cleared. The competition will begin after the reset occurs.

The blog post further details two competitions – ‘Token Competition for Healthy Price Volatility,’ which has three prizes in the range 1,000–3,000 BNB, and ‘Absolute Return Competition,’ which will reward 20 winners in amounts ranging from 50–1,000 BNB.

“Rewards will be issued within 2 weeks after the competition ends,” it said. “All tokens on the testnet are virtual assets, which are only used for testing.”