Binance to Launch Trading Competition

Prize fund of the traders' tournament is 10,000 BNB
01 March 2019   555

Binance announced the launch of a contest for traders who want to test the capabilities of its new decentralized trading platform. The prize fund of the tournament is 10,000 BNB.

The exchange says that the competition is held on a test version of Binance DEX and is designed to raise community awareness about the capabilities of the platform.

Any user of the main Binance site, who has at least 1 BNB, is allowed to participate in a simulated trading contest. Each account that qualifies for the contest will be able to register a maximum of 20 Binance Chain addresses and will receive 200 BNB test tokens for each of them before the tournament starts.

The competition itself starts on March 7 at 8:00 UTC (the time until which registration should be completed), and consists of two parts.

The first part is a contest for the most healthy volatility of tokens that users can issue in the Binance Chain test network, and applies only to token / BNB pairs. The starting price of each issued token should be 1 BNB, while there are no restrictions on their emission.

The winner of this competition will receive 3000 real BNB tokens, runner-up - 2000 BNB, third place –1000 BNB.

The second competition is designed to determine the winner by the absolute profit derived from trading activity. Its winner will receive 1000 BNB, finishing second with 700 BNB, third place with 300 BNB. Additionally, 1,000 BNBs will be distributed among users taking 4-10 and 11-20 places.

Details of the competition, which will last until 08:00 UTC on March 21, can be found on the Binance website.

Fake Trading Share to Reach 68%, - FTX Global

This figure, however, is significantly lower than what Bitwise's report and the discrepancy is explained by the difference in methodology
04 July 2019   973

The exchange of derivatives FTX Global and Alameda Research conducted a study that estimated the volumes of fictitious transactions (wash trades), presumably prevailing in many cryptocurrency exchanges.

The report says that 68.6% of trading volumes displayed by CoinMarketCap are fake. This figure, however, is significantly lower than what Bitwise Asset Management announced in March.

The discrepancy between the results in almost 30% of the authors of the new study is explained by the difference in methodology. So, FTX Global is sure that Bitwise used an too strict approach to data analysis, which is why a significant proportion of real trading volumes fell into the category of fake ones.

While our methods are not foolproof, we believe they paint the most accurate picture of the true nature of cryptocurrency trading volume that anyone has made publicly available as of yet.

FTX Global Team

The Alameda methodology involves verifying the authenticity of data on trading volumes on various exchanges based on six different parameters, including manual verification of information and comparison of order books.

FTX Global Website
FTX Global Website

In particular, the experts found out that some sites provided data on the volumes of foreign exchanges for their own, with a slight delay in time. Other platforms used more advanced techniques - for example, they introduced large fake volumes only against the background of many smaller orders, thus trying to hide the true state of affairs.

The main purpose of these tactics is to raise the platform higher in the CoinMarketCap rating, creating a false impression of its liquidity. It also sometimes allows for the ability to charge a higher listing fee.