Announcing Passage on BNB Chain & Trading Competition
Passage is now officially live on BNB Chain! After launching Passage on Arbitrum at the start of this year, we set our sights on expanding to more chains, and BNB has been the clear frontrunner for the first step in our expansion efforts. Given Binance Labs’ investment in Bracket, the geographical overlap between both communities, and the colossal amount of traders who call BNB chain home, the decision to bring Passage to BNB was a natural one. The simplified volatility trading that Passage offers is a powerful tool for playing all market conditions, and combined with the vast liquidity and volume flowing through BNB chain, the potential for adoption is higher than ever.
Why BNB Chain?
Over nearly a year now, we’ve been working with Binance Labs and BNB Chain to reach the point of deploying our products to Binance traders. Back in June ’23, Bracket participated in Season 5 of Binance Labs’ Incubation Program, and last month we announced our pre-seed fundraising round, including many VC funds and crypto OGs. The support from Binance has been essential in bringing Passage to the market, and it’s become evident that BNB Chain is a great fit for the product.
The Bracket community also plays a big role in this decision, with many members hailing from regions where Binance and BNB Chain are extremely prevalent. This includes key regions in Asia, Southeast Asia, the Middle East, and European markets. In addition to launching on BNB Chain, we’re working towards translating educational content into the various native languages of our community. It’s been exciting to see how international our community has become, and it’s something we want to lean into with our products and content.
Lastly, coming to BNB Chain presents an opportunity to bring a unique product to a strong trading ecosystem. Range-bound trading is going to be a new experience for most Binance traders, and with how simple Passage makes it to go long or short volatility, there’s massive potential for growth. This move also opens up the door for adding new asset markets beyond BTC and ETH, such as liquid staking tokens or other BNB-native tokens.
BNB Launch Trading Competition
If you previously participated in Passage’s Arbitrum launch trading competition, the format is quite similar; however, this time, 20,000 USDT is up for grabs!
TL;DR
- Competition runs from February 1st, 2024 — March 1st, 2024 0:00 UTC
- The total prize pool will increase proportionally with the total Passage trading volume with a maximum rewards pool of 20,000 USDT
- Your PnL score is based on all trades executed within this period
- Bracket NFT holders will receive a % boost based on specific NFTs they hold at the time of competition sign up. More details below.
- Sign up for updates on the Trading Competition Page
The total prize pool will increase as trading volume hits certain milestones. See the table below for exact figures.
The top 5 traders by PnL Score at the end of the competition will receive prizes. For example, the 1st place prize once tier 3 is reached would be 10,000 USDT.
In the same manner as the previous trading competition, Bracket NFT holders will receive a PnL score multiplier based on their NFT holding.
- OG, Den of Dragons = 10% multiplier
- Diamond, Claw Crunch, Rex Rampage = 7% multiplier
- Black, Trees of Terror, Robots Rebellion = 5% multiplier
- Gold = 3% multiplier
- Silver = 1% multiplier
The multiplier is applied at the end of the competition; for example, a trader with a 200 PnL score who holds a Den of Dragons would be boosted to 220. Only the highest multiplier a wallet qualifies for will be used, no double boosts. Be sure to sign up and trade with the same wallet where your NFT is held to qualify. NFT ownership will be checked at the start of the competition, so feel free to acquire one prior to February 1st if you want to qualify.
Welcome to Bracket on BNB Chain. Trade volatility with Passage at https://www.bracketx.fi/.
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Additional Terms and Conditions
- All users should enter their email and username on the competition page to successfully register for the Trading Competition
- Trading volume will be based on executed trades, not order volume on BNB mainnet for BTC, ETH, BNB Passage
- The trading period runs from Feb 1, 2024 through March 1st, 2024 at 0:00 UTC. BNB prizes will be distributed within 7 days after the promotion ends
- Bracket reserves the right to disqualify any traders that are deemed to be wash trades, self-dealing or market manipulation
- Bracket reserves the right at any time in its sole and absolute discretion to determine and / or amend or vary these Promotion Terms without prior notice, including but not limited to canceling, extending, terminating or suspending this trading competition, it’s eligibility terms and criteria, the selection and number of winners and the timing of any act to be done. All users shall be bound by these amendments
