In today’s crowded exchange market, users are spoiled for choice over which platform they use. Exchanges need users to ensure that their platforms can maintain liquidity. Therefore, a crowded market means there’s a lot of competition between exchanges to make sure that users choose their platform above others.
This competition takes various forms. Some attempt to keep fees low or offer discounts on trading commissions to their most loyal users. High security, great customer service, and a user-friendly interface are also all differentiating factors.
However, among the cryptocurrency community, there is one sure-fire way to attract users, and that’s the opportunity to participate in contests and giveaways. After all, everyone loves being a prizewinner.
So this summer, where are the hottest exchange contests and giveaways happening? Here are a few worth watching.
Bybit’s World Series of Trading
By far the biggest exchange event happening this summer is Bybit’s World Series of Trading (WSOT.) The Singapore-based crypto derivatives platform is giving away a cool 200 BTC (around $1.8 million) in the first of a biannual series of trading contests aimed at both retail and institutional traders.
Bybit has some form here. Last year, the company launched a “BTC Brawl,” attracting traders from many countries who fought it out for a chance at winning a share of 100 BTC. Now, Bybit has doubled up on the prize fund and is aiming to attract even more participants from across the globe.
If the prize pool weren’t enough, Bybit is also incentivizing traders to participate with a 20% reduction in trading fees and up to $9,400 USDT in additional bonuses. You don’t even have to be a high-roller to enter. The prizes are allocated based on percentage profits a trader can generate, meaning the size of your trade is irrelevant to your prize eligibility.
The event itself will run from August 10 to August 31. You can pre-register any time before July 30 on the Bybit website.
Thorchain’s RUNE Staking Giveaway on Bitmax
Staking seems to be having a moment. Exchanges, with their massive reserves of users tokens, are in a prime position to offer staking benefits. They have the technical resources to set up nodes, and due to the size of the reserves that they can stake, they stand a good chance of being selected for block validation.
Thorchain is one of the latest platforms to put its staking operations live, and Bitmax is celebrating the event with a staking giveaway of 61,000 of Thorchain’s native RUNE token. The more you stake, the bigger your chance of winning, but the minimum stake to participate is ten RUNE.
Bitmax will rank users according to the size of their stake, and allocate the prizes among the top 100 stakers. The first prize is 10,000 RUNE. The token has been off on a tear lately, most likely due to the staking launch, gaining over 350% since the beginning of June.
The staking giveaway runs until July 20. Full details are on the Bitmax website.
Kava’s Crypto Payday
Kava launched its interoperable lending platform in May with Binance’s BNB token as the first supported asset. It’s developed on Cosmos, meaning it can interact with any blockchain tokens. The platform operates similarly to Maker. Users deposit their BNB tokens in Kava as collateral and can mint Kava’s own stablecoin, called USDX.
To celebrate the launch, the project has set up a year-long giveaway to win a share of KAVA tokens in weekly draws. 74,000 KAVA tokens will be distributed every Wednesday to those who have minted USDX using their BNB holdings.
Dubbed “Crypto Payday,” the giveaway is generous indeed considering that the tokens price looks set to test its all-time high of $1.62.
Although the heady days of the airdrop era are behind us, the contests and giveaways listed here prove that there’s still plenty of opportunities to make your crypto work for you. If you’re prepared to give an exchange or project your business, they’re often ready to reward you generously for your patronage.