Binance Unveils Two Testnet Crypto Futures Platforms, Announces Contest Carrying $216,000 Reward
Binance has unveiled not just one, but two trial platforms for its intended crypto-futures products. The latest testnets, codenamed Futures A and Futures B, are now available to consumers to experiment with using simulated assets, with new contests to inspire traders to get engaged.
Through a blog post Binance announced that consumers can register for their favorite testnet futures.
As for the contests, Binance said it would offer awards totalling 10,000 Binance coins (BNB), worth $216,000 at the time of writing this article, for each of the platform. Contestants will be ranked on the basis of total volume of USDT bought and sold, barring wash trading.
To qualify for a prize, contestants will have to retain at least the initially assigned USDT 100,000 in virtual funds at the end of the contest, Binance said.
Contestants are also encouraged to vote for their preferred system, and those supporting the victorious platform will earn a 50% discount on trading fees for one month. The contest will start on September 3rd and finish on September 8th.
Binance founder and CEO Changpeng “CZ” Zhao disclosed in late July that crypto futures were on the pipeline, displaying a trading tool with facilities to go long and short on crypto assets.
Binance earlier announced the release of its first crypto loan item on August 28, enabling customers to gain interest from Binance Coin, Tether and Ethereum Classic (ETC). Users will originally be allowed to loan their US dollar-backed USDT, ethereum classic (ETC) and Binance’s BNB cryptocurrency to receive interest, payable between August 29 and September 11.
Annualized interest rates were fixed at 15%, 10% and 7% for BNB, USDT and ETC, respectively, for the loan having a fixed maturity period of 14 days.