Launching in 2019 FTX has become a popular avenue for cryptocurrency derivatives trading. Currently ranked 8 on CoinMarketCap by volume doing over $280 million in 24 hour volume.
Today FTX in a partnership with 3 DeFi adjacent projects RUNE, KNC, and TOMO they announced a 15000$ trading competition. The competition will last for 7 days from the 22nd of July through to the 29th. Traders can enter the competition any time between the 22nd and the 29th.
It being a DeFi competition means traders are required to trade on DeFi markets. Currently the DeFi products listed on FTX are as follows: BAL, COMP, CUSDT, DEFI (Index), DMG, KNC, MKR, RUNE, and TOMO. All of these coins have spot markets, perpetuals, futures, and leveraged tokens which can be traded. The full list can be found here on the competition page.
The winner of the competition is the trader who trades the most DeFi products by volume at the closing date of the competition. The prizes are as follows:
- 1st – 5000$ worth of DeFi coins
- 2nd – 2500$ worth of DeFi coins
- 3rd – 1000$ worth of Defi coins
- 4th to 10th – 300$ worth of DeFi coins
- 11th to 20th – 200$ worth of DeFi coins
- 21st to 30th – 100$ worth of Defi Coins
- 31st – 50th – 50$ worth of DeFi Coins
- 51st – 100th – 20$ FTX Line of Credit
To enter the competition users simply have to go to the subaccount tab on their FTX profile and select ‘DeFi’. From there they can transfer funds from their main account and begin competing.