Binance Offers 37,000 BNB Tokens as Prize for Challenge
Last Thursday, Binance announced the launch of a new contest through a post on a blog. The contest's focus is on strategies in trading. The biggest crypto exchange in the world, Binance, will give the winners a total amount of 37,000 BNB tokens.
The prize amount is valued at more than $358,000 according to latest estimates. The winners will be those who use strategies of trading better than others. The contest started on the 18th of October and finishes on the 1st of November.
The crypto exchange says that participants can choose the cryptocurrencies with which they wish to trade with no restrictions. They can use all the tokens they want to, whether that be 1 or 50. Earlier contests on Binance used to concentrate on how many tokens are traded; however, it will be different as this time the focus aims to prioritize the quality of strategic trades. This contest will be judged based on general intelligence when it comes to crypto.
The ranking of the contestants will be based on profits. The combined profits will be evaluated compared to the starting quantity. In this manner, all contestants will be equal as they will be valued based on growth and not the amount of crypto they hold. All balances will be denominated in bitcoin.
Anyone with a minimum of 0.1 Bitcoin in crypto in their wallet can take part in the contest.
Binance will reward any traders with 37,000 BNB tokens. These will be distributed among the top 50 contestants on the leaderboard. The contestant in first place will take 8,000 BNB, whereas 4,000 and 2,000 BNB will go to the winners of second and third place respectively. Six thousand BNB will be distributed among ranks 4 to 10 where each of them gets 857 BNB. The next forty traders, from the eleventh rank until the fiftieth, will be given 175 BNB each with a total amount of 7,000 BNB.
The remaining 10,000 BNB will be divided amongst 200 lucky recipients. They will be determined by a draw that will be shown live. These winners can then be qualified for the draw if they traded 1 BTC in crypto at the very least during the contest period. All participants who use the tokens in paying the fees for trading will be rewarded by 25% savings.