Battle for Binance Futures: Everyone Wins!
We’ve put the future of Binance Futures in your hands. And we’re now declaring the winner. Find out who won on this blog.
In the aftermath of the Battle for Binance Futures, we’re glad to announce that everyone won! Futures A won the competition and is now available on the Binance website. The all-new Binance Futures platform, currently in its beta version, is available to a limited number of users this week, including those who voted for Futures A, and will open full access soon.
To make your Binance Futures trading experience even better, we are offering a 50% discount on trading fees for the first 3 months! Meanwhile, those who voted for Futures A during the Battle for Binance Futures will get 50% off on top of that rate for one month! This means that those who tested and voted for Futures A last week will get a whopping 75% off on trading fees for one month and 50% for the succeeding two months!
And because we want to make everybody happy, Futures B will also launch as Binance JEX, an independent futures exchange. You will be able to use your Binance.com account to log in to Binance JEX. And you will be able to transfer assets between Binance Futures and Binance JEX soon!
Battle for Binance Futures: The Results
Just a week ago, we launched the testnet version for not one but two Binance Futures platforms. And to encourage everyone to try them out and provide feedback, we’ve launched not one but two campaigns as well:
* A voting competition, where people are given the option to vote for either of the two platforms (Futures A and Futures B).
* A simulated trading competition, where we give away a total of 10,000 BNB to those who grew their simulated portfolios the most.
UPDATE: For those who won this competition, expect an email from us! Reply to that email within 7 working days, and you’ll get your winnings soon. Just check your “Distribution History” page to see your prize.
Within just five days of Battle for Binance Futures:
* 423 million BTC (US$4.3 trillion) in simulated trading volume was recorded on the two platforms
* 11,157 registrations made for either Futures A or Futures B
* 3,699 users have actively participated in the voting process
But perhaps more important than the voting results is the sheer opportunity that Binance Futures presents to users. Some testnet participants reported ROE (return on equity) rates as high as 600% after five days of trading on Binance Futures testnet. In fact, the top 10 participants in the promo have registered ROEs of at least 165%. And these are just who agreed to share their simulated gains in public.
Hats off to 844451591@qq from Weibo for placing 1st in the Binance Futures Battle for the Crown, and @MasDju4 and @Sebili97 from Twitter for placing 2nd and 3rd. See you all on the Binance JEX and Futures mainnets soon.
Some of you may be asking why Binance bothered with having multiple testnet platforms. There are a lot of reasons for that.
The Reasons And Advantages for Two Testnet Platforms
At Binance, we consider the Futures platform as a very important move for our growth as a blockchain ecosystem. We’ve always sought ways to offer a complete cryptocurrency trading platform to everyone while increasing the utility of BNB.
And when a project is strategically important, it’s sound practice to explore multiple ways to develop, test, enhance, and deliver the product. It can involve internal development, collaborations with other companies, or even outright acquisitions like our purchase of JEX, a spot and derivatives trading platform for crypto.
To emphasize further how having multiple teams working on one solution can result in world-changing products. In 2011, Tencent formed three separate teams to work on a messaging app. The winning iteration became WeChat, which has grown into an “app for everything” and is used by more than a billion people on the planet.
Each of the two platforms has its respective advantages. Futures A is powered by Binance’s proprietary matching engine, supporting 100,000 orders per second with a 5 millisecond latency time. It also features a user experience that is similar to the advanced interface that you see on the Binance exchange while still becoming an easy-to-use platform. For this platform, we aim to create a futures trading platform that is fairer to users (e.g., difficult to manipulate, more protective of users via insurance funds).
Meanwhile, Futures B offers a spot and derivatives trading platform that features 100x leverage, easier-to-understand forward contracts, and simple trading logic, while offering more sophisticated features With this platform, you can more clearly calculate your profit or loss, and you can cash out your profits faster. The team behind Futures B also has extensive experience in creating forward contracts for other cryptocurrencies such as ETH and EOS.
These are just some of the characteristics of each simulated trading platform. The feedback you provided for each platform will shape how they will roll out and the future direction for these platforms. In fact, right now, you’re shaping the future of Binance Futures, and we thank you for sharing your thoughts and testing our platforms.
Stay tuned to Twitter (@Binance) for more exciting updates to come soon about Binance Futures!