As there are many projects and options, the sector tends to be extremely competitive. In that regard, many crypto projects and exchanges create reward systems via competitions in order to create an incentive for users to utilize their trading platforms and coins.
With cryptocurrency competitions, customers can get prizes by doing what they do best: being a fantastic cryptocurrency trader.
We planned to create and widen a vibrant community of like-minded participants for the company that can be rewarded for being active. To achieve that, we decided to integrate a 6-week competition where traders had a chance to be rewarded with iPhone, $1 mln prize, and extravagant gifts such as Bentley Bentayga (as a mega grand finale prize) or a 5-days vacation in any country from an offered list with a 5-star hotel stay.
Much like fiat currencies, the price of cryptocurrencies is heavily swayed by supply and demand. So, it was important to add the token of the company to the contest.
So, to take part in this competition, driving interest towards the coin, users had to buy tokens on Binance DEX. Any previously held cryptocurrencies were not eligible for prizes. In order to win, participants needed to accumulate profit and also satisfy the “trading volume” amount.
To prevent prize distribution to bots, we integrated tracking software built by our team. So, we were able to control the latest data about the most active participants and combat fraudulent activities.
The winners were required to HOLD the amount that was utilized for the winning claim until the end of the competition. Otherwise, the reward had a chance to be annulled.