Analysis Crypto Fundamental

Binance to Give Away $100,000 in BNB to Test its Decentralized Crypto Exchange

Davit Babayan | March 1, 2019 | 4:23 pm
Analysis

Binance to Give Away $100,000 in BNB to Test its Decentralized Crypto Exchange

Davit Babayan | March 1, 2019 | 4:23 pm

Binance, the world’s largest crypto trading company by volume and geographical presence, is giving a rare offer to its users: get paid for testing its newly released decentralized exchange.

The Malta-based startup announced Friday that it is going to distribute $100,000 worth of rewards in its “testnet trading competition.” The round will allow participants to create a wallet and exchange tokens on the Binance decentralized exchange (DEX) testnet.

Binance Chain Launch

From what it indicates, traders with accurate strategies would take home a decent number of Binance’s BNB tokens. At the same time, having more traders on the DEX testnet will allow Binance to monitor the platform for potential anomalies, as it prepares the DEX for a full-fledged launch this year.

“We try hard to disrupt ourselves, improve ourselves, and push the industry forward,” Changpeng ‘CZ’ Zhao, the CEO of Binance, told NewsBTC in an exclusive interview, adding that Binance DEX is their one of many attempts in introducing blockchain technology to the world.

CZ highlighted that the launch of Binance DEX would accelerate the launch of Binance Chain, a new public blockchain that would match trading orders taking place on the DEX.  Without need a middleman, the chain would record all DEX transactions, forming a complete, auditable ledger of activity.

“We will leverage any and all of our resources to push the Binance DEX forward. In this instance, Binance.com is sponsoring a trading competition and bounty programs to help the development of Binance DEX. We hope this competition will help us iron out any remaining issues, and speed up the launch of the Binance Chain mainnet. Please join the competition, there is no cost. You trade with testnet tokens, to win real BNB!”

In his earlier comments, CZ said that Binance Chain would be way faster than other public blockchains.

“Binance Chain has near-instant transaction finality, with one-second block times,” CZ claimed.

As of now, Bitcoin’s layer-one blockchain takes an average of 10 minutes to confirm a transaction. In the case of Ethereum, a trade takes about 20 seconds for network confirmations.

BNB Rises 5%

The announcement of $10,000 giveaway competition led BNB to trend in the market’s positive territory today. While a majority of top cryptocurrencies underperformed, the BNB/USD exchange rate surged 5 percent, according to a 24-hour adjusted performance data by CoinMarketCap.com.

Source: CoinMarketCap.com

The pair is currently trading at a bid rate of 10.97, while its market capitalization is hovering around $1.57 billion. Meanwhile, the BNB’s bullish performance prompted Binance to beat Bitcoin SV and Cardano to claim the 10th largest coin position.

The successful launch of Binance DEX and Binance Chain could further improve the bullish sentiment for BNB. That explains why more traders are flocking towards the exchange’s native token as Bitcoin and Ethereum trend sideways.

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