$400k Giveaway: Binance Commits 10 Million TRX in TRON Trading Comp
One of the world’s leading cryptocurrency exchange, Binance, has unveiled a huge trading competition based on the TRX – the native token of the Tron blockchain-based network.
Per their announcement – shared on Thursday morning at 7:37 AM (UTC) by the Binance Twitter account (@binance) – the premiere crypto exchange will be running a competition that incentivizes the trading of TRX.
Specifically, “users will be ranked in terms of the total TRX volume traded on their Binance account (including both buys and sells, excluding wash trades) across all TRX trading pairs during the competition period.”
This above-mentioned competition period begins at 00:00 AM (UTC) on June 29th and concludes at 00:00 AM (UTC) on July 6th.
Tron’s TRX token is available in three of the four markets that Binance offers: Bitcoin (BTC), Ethereum (ETH), and Tether (USDT).
Remember, just because there is no TRX/BNB trading pair, doesn’t mean users can’t take advantage of the 50% discount on offer for those who pay their trading fees with Binance Coin (BNB).
— Binance (@binance) June 28, 2018
Prizes for Top TRX Traders
Binance will be awarding 10,000,000 TRX tokens in total. Here’s the breakdown:
2 million TRX awarded to the top trader
2 million TRX evenly split between the top 2-11 traders
1 million TRX “ “ between 20 semi-randomly drawn traders*
5 million TRX “ “ between all who trade >65,000 TRX total
* as determined by a semi-random sample of qualifying traders who finish the competition ranked as any of the following for TRX trading volume: 69th, 99th, 169th, 189th, 399th, 599th, 899th, 999th, 1299th, 1699th, 1899th, 1999th, 2099th, 2399th, 2599th, 2999th, 3299th, 3599th, 3899th, 3999th
Of note, participants will not be able to win multiple prizes across the whole competition. For more information – including when the issuance of TRX rewards occurs – please read through the above-linked official announcement from Binance.
— Justin Sun (@justinsuntron) June 28, 2018
According to TradingView, the USD price of TRX – the eleventh most valuable cryptocurrency by market cap – had shot up by 4.8 percent just 26 minutes after the Binance announcement was shared (i.e., 08:03 AM (UTC)).