Connect with us

Blockchain News

FinNexus Launches Decentralized Options Trading Competition With 60,000 FNX in Prizes




FinNexus Launches Decentralized Options Trading Competition With 60,000 FNX in Prizes

FinNexus, the decentralized options platform, has launched a major trading competition. A total of 60,000 FNX, worth over $25,000, will be up for grabs in the event, which kicks off on April 15 at 12:00 UTC and runs until April 30 at 12:00 UTC.

The winner of the trading event will pocket 20,000 FNX tokens, with second place walking away with 10,000 FNX. The third to fifth-place finishers will claim 3,000 FNX each, while sixth to 40th will receive 600 FNX tokens apiece.

Competitive Trading Arrives Onchain

Crypto trading competitions have grown into a thriving vertical, attracting hundreds of thousands of contestants and disbursing millions of dollars in prizes. Centralized exchanges such as Bybit and Binance have hosted major trading tournaments, with the former’s flagship competition attracting poker pros and big-name crypto traders.

Up until now, however, decentralized trading competitions have been thin on the ground. FinNexus enables traders to exercise BTC, ETH, LINK, SNX, and MKR options, with trades executed on the Ethereum, BSC, and Wanchain networks. Its latest trading competition will give traders the ability to claim the bragging rights and the rewards for being proven right on which way the market moves next.

During the two-week event, traders will be required to execute trades on-chain using the FinNexus platform, with the blockchain providing a transparent record of the outcome of each options trade. The results will be calculated using addresses and compared off-chain to verify the outcome.

How to Participate in the FinNexus Trading Competition

Anyone who wishes to participate in FinNexus’ fortnight-long trading competition can choose their preferred blockchain: Ethereum, Wanchain, or Binance Smart Chain. Each network provides access to the same products on FinNexus’ options trading platform, though fees will naturally be higher on Ethereum. As a decentralized trading platform, no sign-up is required to participate: just a compatible web wallet.

To take part in the competition, traders must use a new address that has no previous trading history. They must also deposit a minimum of $300 in funds before the competition starts.

The market value of their positions will be recorded when the competition starts. When the event begins, participants can trade options on any underlying asset (BTC, ETH, LINK, MKR or SNX), with any strike price or expirations at their own discretion. There is no limit to the amount or times of transactions.

A Fair Deal for Everyone

At the conclusion of the competition, the rate of return each trader has achieved will be calculated, with results set to be shared within three days. Rewards will then be transferred to the wallet addresses of the winning traders. FinNexus has promised to pay an additional 10% in rewards to traders on the Ethereum network to account for its higher fees.

Because the outcome of the event will be based on the rate of return – aka profit percentage – as opposed to the size of the principal, it provides a level playing field. Whether you’re a crypto whale or mere minnow, you’ll have an equal bite of the cherry.

Through exercising call and put options – essentially betting on whether a crypto asset will be worth more or less than its current value at a future date – traders can accrue profit. While options trading is not for the risk-averse or inexperienced, its simple binary format makes it an easy concept to grasp. 

The onus will now be on traders to put their money where their mouth is and show that they’re the best in class at gauging where the market moves from here.

Continue Reading



Pin It on Pinterest

Share This