Cryptocurrency exchange Binance has launched not one, but two test platforms for its planned crypto futures products.
Dubbed Futures A and Futures B, the new testnets are now open for users to play with using dummy assets, with new competitions to encourage traders to get involved.
On Monday, Binance announced on its website that users will be able to vote for their favorite futures testnet, with the winning version to become the official platform.
As for the competitions, Binance said it will award prizes totaling 10,000 Binance coin (BNB) – worth around $215,700 at press time – for each platform. Users who vote for the winning testnet will also be given a trading fee discount on Binance for a month.
In early July, Binance founder and CEO Changpeng “CZ” Zhao revealed that crypto futures were on the way, showcasing a trading interface with features including longs and shorts on crypto assets.
The exchange also launched crypto loans on Aug. 28 in a bid to attract user deposits.
Initially, users will be able to lend their U.S. dollar-pegged USDT, ethereum classic (ETC) and Binance’s BNB cryptocurrency in order to earn interest, payable from Aug. 29 to Sept. 11. Annualized interest rate for the initial lending products with a 14-day fixed maturity term, has been set at 15 percent, 10 percent and seven percent, for BNB, USDT, and ETC, respectively.
Changpeng Zhao image via Shutterstock