Binance, the world’s largest crypto currency exchange, announced it will host a trading competition where participants could compete in teams and win a prize pool in BNB tokens of up to $1 million.
The tournament will take place between April 10 and April 25, according to the announcement, and will take place in two ways: daily profit tournaments for the ROI and for the USDT team overall.
Binance explains that all teams trading in perpetual Binance Futures contracts during the competition period will be ranked based on the team’s total USDT profit, which corresponds to the sum of the team’s top 10 individual performances.
Trading Terms and Conditions
The exchange adds more details on how to split the total $1 M prize pool in BNB tokens: First place receives 30 per cent of the total reward. Second and third place each will receive 20 percent of the overall reward. The remaining 40 percent will be split from fourth to tenth place.
Binance says, among other conditions, that the distribution of the rewards within each team will be made on the basis that each team leader will receive 30 percent of the total reward of their team.
The top 10 individual USDT profit contributors will receive the 20 percent divided equally, while the remaining 50 per cent will be received equally by the other team members.
Binance clarifies that team members must register for the competitions from March 26 to April 10, further explaining that after the registration period has expired there will be no changes.
Additionally, that leader with the largest team will receive a “bonus popularity” award of USD 5,000 in BNB tokens.
The exchange has come to operate the largest validator in the Tezos network since its staking service for XTZ launched in 2019.