Demex, a decentralized crypto exchange platform Launched at the end of last year The Switcheo team announced today that Ether Ethereum And bitcoin Bitcoin Quarterly futures are now online. Traders can now use USDC as collateral to open decentralized futures positions with leverage up to 100 times.
“We are proud to be the first cross-chain DEX to fully support quarterly futures, paving the way for the decentralized derivatives market.”
– Demex team
In addition, to celebrate the release, Demex will hold a trading competition with a prize of 120,000 USD.
To participate in the competition, please follow the instructions below. All steps must be completed to be eligible to participate in the trading competition.
- create A wallet At Demex
- After creating a wallet, follow the instructions Here Sign up for the competition.
- Add your username and Twitter handle under “Wallet Settings”.This step requires 1 SWTH network fee to obtain Here.
- Successfully traded futures on Demex for the ETHUSD and/or BTCUSD futures market expiring on September 24, 2021. Only consider the trading volume of these two markets for the competition.
Participants can view their location Competition leaderboard On Switcheo Tradescan at any time during the competition.
The competition will last for 21 days, starting from June 29, 2021 at 11:00 am to July 19, 2021 at 11:00 am.
Traders will only be ranked based on the trading volume of the ETH and BTC futures markets whose contracts expire on September 24, 2021.
The top 20 traders will share a prize pool of $120,000.
A total of 120,000 US dollars are available for competition:
- First place: Tesla Model 3 (retail price of 40,000 US dollars)
- Second place: USD 25,000
- Third place: USD 15,000
- Fourth place: USD 10,000
- 5th place: USD 5,000
- 6-10: Evenly split the prize pool of $15,000 ($3,000 per person)
- 11th-20th place: equal share of the prize pool of USD 10,000 (USD 1,000 per person)
The Switcheo team will contact the 2nd to 20th winners via Twitter DM and distribute the prizes within 90 days after the end of the competition. More details about the first prize will be announced.
You can find the complete contract specifications for the ETH and BTC futures markets Here.