By Tobi Loba
Binance, the arguably largest cryptocurrency exchange by trading volume, has announced the giveaway of the sum of $50,000 in BNB to users that will trade DeFi tokens on margin with zero interest.
Binance exchange shared this new development with its teeming followers on Twitter a couple of hours ago.
According to the report, the competition period is between 27th August 2020, at 00:00 AM (UTC) and 3rd September 2020, at 00:00 AM (UTC).
The exchange sectioned the promotion into two. Promotion A has an exclusive prize pool of $5,000 in BNB, while Promotion B has the prize pool of $45,000 in BNB.
$50,000 in #BNB to be won! 🏆
🔸 Margin trade #DeFi tokens on #Binance to enter
🔸 Zero interest rate— Binance (@binance) August 26, 2020
Promotion A for New Registered Users
In Promotion A, all users that registered a new Binance account during the competition period and complete a total trading volume of at least 500 USDT in DeFi tokens, will be qualified to share an exclusive prize pool of $5,000 in BNB tokens.
Promotion B for Users That Will Trade the Hottest DeFi Tokens
In Promotion B, COMP, MKR, SNX, LEND, REN, BNT, LRC, KNC & KAVA will be ranked by total spot and margin trading volume on Binance, users that complete the total trading volume of 15,000 USDT or more across the top 2 or bottom 2 DeFi tokens, ranked by total trading volume across the competition period will be qualified to share a prize pool of $45,000 in BNB tokens.
For clarity, the exchange wrote:
“For example, if the top 2 DeFi tokens by trading volume are KAVA and LEND, and the bottom 2 DeFi tokens are LRC and RUNE, users that completed total trading volume (including both buys and sells) of 15,000 USDT or more across KAVA, LEND, LRC and RUNE will share the prize pool of 45,000 USD in BNB tokens. “
According to Binance, the promotion also comes with additional margin benefits, such as 0 borrowing interest on margin trading pairs.
In the course of this competition, the trading volume completed via isolated margin will be multiplied by a coefficient of 3. Additionally, users that borrow DeFi tokens from Binance Margin will enjoy VIP+1 borrowing volume.
Conclusively, Binance warned users about the high risk that abound in the cryptocurrency investment and trading. Therefore, investment with caution is highly important.
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