OKEx, one of the largest cryptocurrency marketplaces recently concluded their third “Elite Trading Team Contest,” in which traders around the globe compete for lucrative prizes. This years event recorded record breaking trading volume as popularity in crypto continues to grow.
OKEx Elite Trading Content
OKEx, the largest Bitcoin futures exchange recently wrapped up their third “Elite Trading Contest.” During this event, investors around the globe looked to leverage their trading skills to potentially reap the benefit of a 150,000 USDT prize pool conducted by OKEx. According to OKEx, the contest included 8,082 total participants from 231 teams. Some of the top trading platforms like 3Commas, CoinCodex, Bitsgap, and Gunbotmany were just a few of the entities involved in this years event.
Trading Volume Boom
By deploying various trading strategies, traders around the globe battled to earn the highest trading yield in the one month contest. In terms of notional trading volume, this years event created record breaking metrics, bringing in $703,658,154. With popularity in crypto trading continuing to surface in 2020, this years event accounted for 7x more in notional trading volume compared to last years contest. In addition, OKEx outlined that participants involved in the contest was significantly higher as well.
OKEx CEO Jay Hao stated that:
“We are very honored to have so many talented traders among our global user base as well as well-known platforms that choose to trade on OKEx, setting such an impressive yield record. We hope that this contest will become a platform for users to communicate and learn from each other, as well as a way for OKEx to give back to users. The bar is now certainly set very high for the next round.”
What The Winners Received
Winners of this years contest included the top 10 teams, top 50 individuals by trading yield, and the 10 most highly ranked captains. OKEx managed a 150,000 USDT prize pool in which some individuals earned as much as 5,000 USDT. Additionally, select teams earned up to 20,000 USDT.
Increasing Popularity In Crypto
The OKEx Elite Trading Team Contest just goes to show the growth in popularity this year. With more resources and liquidity than ever, it has fueled the growth of digital asset trading this year. According to a report by Cointelegraph, Bitcoin is on pace to settle $1 trillion in 2020. At the end of July this year, Bitcoin had settled $712 billion, and Ethereum had settled $147 billion. In terms of public blockchains, the industry had already shattered records, settling $1.3 trillion.
Despite the payment markets still being pre-mature in crypto markets, the settlement metrics go to show that digital asset markets can compete with legacy financial systems. As the industry continues to scale with infrastructure and regulation, only time will tell how big this market will actually get. When companies like OKEx are able to give back to the community and run exciting events like trading competitions, it will only aid adoption looking forward.
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