The largest Crypto exchange Binance, recently unveiled its Next platform. It allows crypto users to speculate. Users predict which tokens will join Binance’s futures exchange.
The Binance exchange said that users could nominate tokens to be listed, as per an announcement today. After nomination, traders can bet on them. Successful predictors earn bonus vouchers or rebates. Winning bets get vouchers worth 1.2 times the wager.
To participate, traders buy a “pick” for 1 USDT. They can make up to three token predictions. The maximum is 100 picks simultaneously. If a token isn’t listed, the trader’s stablecoins return.
Binance clarified Next isn’t for voting on listings. The exchange will maintain its standard listing procedure. “Futures NEXT is separate from our listing process,” Binance stated. “It rewards accurate predictions, not listing influence.”
Next, it gives traders a new way to profit. By correctly forecasting future listings, they earn bonuses. These can offset trading fees on Binance’s platform.
Binance Ventures Into Predictive Trading
The predictive platform may boost Binance’s futures trading volumes. More participants could join to monetize their insights. However, it raises gambling regulation concerns.
Crypto analysts view Next as innovative but risky. “Allowing listing bets is novel but worrying,” said CoinDesk’s Alex Tinsman. “It could incentivize manipulative token promotion schemes.”
Overall, Next aims to monetize the crypto crowd’s collective wisdom. While controversial, it taps into trader knowledge around new listings.
Similarly, six months ago, Binance launched STEPN (GMT), a “move-to-earn” fitness application that rewards users with tokens for outdoor activities. In addition, League of Kingdoms (LOKA) is a blockchain-based MMO game that enables players to construct kingdoms and expand their reign over virtual NFT lands.
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Furthermore, the author’s views are for reference only and shall not constitute any investment advice. Please ensure you fully understand and assess the products and associated risks before purchasing.
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