TL;DR
- Binance launches the largest trading competition with a $10 million prize pool.
- It is divided into two main leagues: Spot Traders League and Futures Traders League.
- The competition runs from October 8 to November 6, 2024.
Binance has announced the launch of its biggest trading challenge to date, dubbed the “Traders League,” with a prize pool of $10 million.
This initiative seeks to attract both individual traders and teams, offering the opportunity to compete in two main categories: Spot Traders League and Futures Traders League.
#Binance Traders League kicks off now, get ready, champions.
Show your trading skills over the next few weeks and secure your spot on the leaderboard to win a share of the $10M prize pool.
Join now 👇
— Binance (@binance) October 8, 2024
To participate, users must achieve a minimum trading volume of $500 during the competition period, with different requirements for spot and futures trading leagues.
The Spot Traders League features an attractive prize pool of $3 million in BNB token vouchers. Participants will be ranked based on their total trading volume and return on investment (ROI). Those who manage to excel in this competition will have the opportunity to share in a prize pool of $1.5 million in BNB. In addition, Binance has launched a special campaign offering an additional $200,000 in USDC for users who explore features such as Spot Copy Trading and Trading Bots.
On the other hand, the Futures Traders League offers an even bigger prize pool of up to $7 million in USDT token vouchers. Competitors can participate in both individual ROI competitions and team PNL competitions. Binance has also earmarked a welcome prize pool of $700,000 USDT for those who are just getting started in futures trading.
While the individual competitions in this league will follow a similar schedule to the Spot Traders League, the team competition will open its registration on October 10 and begin operations on October 17, ending on November 6, 2024.
Market impact and competitive expectations
The launch of this competition is expected to have a significant impact on the cryptocurrency market, especially on the value of the BNB token. In the past week, BNB has seen a 3% drop, but has managed to hold on with a 12% increase in the past month. With the activation of the Traders League, the demand for the BNB token is expected to increase as more participants join the competition, which could boost its value in the market.
The Binance Traders League is not only an opportunity for experienced traders to showcase their skills, but it is also a space designed for retail traders to compete alongside larger investors. The idea behind this event is to strengthen the trading community, providing a platform where everyone, from beginners to experts, can learn, grow, and earn rewards.
Rachel Conlan, Binance’s Chief Marketing Officer, highlighted that this event seeks to create an inclusive and competitive environment where any participant can improve their skills and be rewarded for their efforts. With this approach, Binance continues to consolidate itself as one of the leaders in innovation within the cryptocurrency sector, encouraging both the adoption of its services and the growth of the global trading ecosystem.
