Gate.io, the sixth-largest cryptocurrency trading platform has announced its plan to launch one of the first-ever crypto futures contract trading competitions.
As per the announcement, Gate.io plans to give participants $2 million in prizes during their upcoming campaign. Gate.io’s Contract Trading Championship will reportedly start on December 15, 2021. The championship will allow individuals and groups competition with voting and NFT rewards. Gate.io is currently having registrations for early investors through their official tournament website.
Commenting on the launch, Marie Tatibouet, Chief Marketing Officer at Gate.io, stated:
“Gate.io has spent years building a comprehensive crypto trading platform. Although most users prefer spot trading, over recent months, the popularity of our futures trading platform has skyrocketed, and as such, we’ve focused on expanding our offerings while adding new features to the platform.”
Gate.io launched its perpetual contract feature three years ago and has become one of the most popular trading features on the platform. Notably, Gate.io established perpetual contacts following the success of its spot and future trading feature. Unlike a traditional future, innovative derivatives have no expiration date. Instead, perpetual contacts use a peer-to-peer funding exchange mechanism accompanied by a fair price marking method. This allows its price to remain close to the underlying reference Index Price. Usually, a traders’ maximum loss is the whole maintenance margin once their position is liquidated.
What stands out for Gate.io perpetual contracts is that they use a global multi-platform integrated price indicator that helps determine the closing price of each asset. This tool also allows the contracts to have fair market analysis with pinpoint accuracy. In addition, the perpetual contracts also provide users with low trading fees, regular contract bonuses, and different trading pairs on offer.
Notably, Gate.io’s Perpetual Contracts have an insurance fund of over 1,000 BTC. As a result, traders can enjoy varying leverage trading options in long and short positions. For instance, a trader can get up to 100x leverage on Bitcoin and up to 20x leverage on hundreds of other popular cryptocurrencies such as EOS, ETH, or LTC.
2021 has seen a tremendous growth of Gate.io as numerous new products are introduced to its ecosystem. In addition, the trading platform was recently pushed to NO. 6 in the cryptocurrency exchange leaders board after its future trading volume surpassed $7.1 billion. This came weeks after the platform launched a $1 million fund to support NFT creators through its Gate.io NFT Magic Box marketplace.
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