The platforms, provisionally named Futures A and Futures B, are now up and running. Therefore, users can play with using dummy assets or enter competitions, which were designed to encourage more people to get involved with the products.
According to Binance’s Monday announcement on its website, users can vote for their favorite futures test platform, and the winning version will be used as the main futures platform.
“We are delighted to announce the launch of not one, but two Binance Futures Testnet Platforms! Our team has been hard at work behind the scenes to develop two Futures Platforms in parallel, giving you the freedom to choose.
A total of 10,000 BNB will be given away to users that participate in each Futures Testnet Platform. Additionally, users that correctly vote for the winner will also receive a 50% trading fee discount on the official Binance Futures Platform for a full month.”
Binance also stated that it has reserved for its competition participants from each platform a total of 10,000 Binance coin (BNB) – which is estimated at $215,700 at the current time of writing. Also, the users that have voted for the winning testnet will get discounted fees on their trading activities on Binance for a month.
CEO Changpeng “CZ” Zhao first announced the release of crypto futures in early July, and also posted a trading interface with features, such as longs and shorts positions for the product.
In other developments, the exchange also launched a crypto lending service on August 28, in an attempt to increase its rate of user deposits.
Users will be able to lend a number of assets including U.S. dollar-backed USDT, Ethereum Classic (ETC) and Binance’s native currency BNB, and gain interest for their loans which will be paid between August 29 and September 11.
Featured image: CCN markets