Poloniex launches futures championship with a $1 million prize pool

The cryptocurrency exchange Poloniex will run a series of futures-trading contests with a total prize pool of $1 million. The prizes include rewards in Tether (USDT), the iPhone 14 Pro Max, Maserati Ghibli and Tesla Model 3 cars, as well as funds for demo trading. as reported in the platform’s blog.

The event will run from December 10 to December 30. To participate you need to to register for one or more competitions and trade futures.

The top prizes—the Maserati, Tesla and iPhone—will be awarded to the winners of the “Best Player” contest with trading volumes:

• 500 million USDT — Maserati Ghibli, for teams only;
• 200 million USDT — Tesla Model 3, for teams and individual traders;
• 20 million USDT — iPhone 14 Pro Max, for individual traders only.

In addition, Polonex will provide 100,000 USDT each as seed capital to six top teams that used API trading.

Winners of the other competitions will share the prize pools:

• team battle, $80 000. Poloniex ranks teams by total trading volume. The maximum prize is $10 000; the captain will receive 50% of the winnings;
• task earnings, $70 000. The exchange awards points for visiting the championship page, trading and inviting friends. The prize amount will depend on the number of points earned, but more than $500;
• master trader, $60 000. The organizers will reward users with the best absolute profit and return on investment — the ratio of earnings to the initial deposit at the start of the contest. Winners in each category will receive from $50 to $3,000, as well as VIP 5 levels with reduced trading commissions;
• daily draw, $20 000. Poloniex will daily determine a lucky number — the last digit of the BTCUSDT price at the close of the daily candle at 00:00 (UTC). Users whose total trading volume for the day ends with this number will share 1,000 USDT.

The first 1,000 participants in each competition will receive futures coupons and demo funds. They can be used for trading, and profits can be withdrawn.

Poloniex is one of the oldest cryptocurrency exchanges, co-owned by Tron founder Justin Sun. The platform supports more than 500 trading pairs across spot and futures markets, does not require KYC, and does not block accounts of users from the Russian Federation.

Earlier in November, Poloniex lowered the fees for futures trading to 0.04% for market takers and 0.01% for market makers.

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