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OKEx to launch FIL/USDT perpetual liquidity contest with a prize pool of 60,000 USDT & iPhone 12 Pro Max

2020.10.14 OKEx Public Relations

Malta, Oct. 14, 2020 — OKEx (www.okex.com), a world-leading cryptocurrency spot and derivatives exchange, has announced the start of its high-stakes FIL/USDT perpetual swap liquidity contest. The contest will last for seven days from 7:00 am UTC on Oct. 14 to 7:00 am UTC on Oct. 21. All participants will have an opportunity to share in a prize pool of 60,000 USDT, and one lucky winner will take home a brand-new iPhone 12 Pro Max.

As the first and only exchange to offer the FIL/USDT perpetual swap, OKEx allows users to trade unissued FILs as contracts with the IOU currency as the underlying asset. This provides forward-thinking traders with the opportunity to long or hedge FIL in advance by using USDT. Longing 1x FIL in the OKEx swap market is equivalent to buying the same amount of FIL in the spot market before its mainnet launch.

As the representative token of the rapidly emerging decentralized storage network Filecoin, FIL has been hotly anticipated since its ICO in 2017. FIL/USDT perpetual swap contracts are also widely sought-after ahead of the token's official circulation. According to Lennix Lai, Director of Financial Markets of OKEx, just two hours after its FIL/USDT perpetual swap was launched on July 22, more than 5,500 FIL — with a notional value of around $990,000 — was traded on OKEx.

To further promote FIL and mark the upcoming mainnet launch of Filecoin, OKEx decided to launch this special liquidity contest, with multiple prizes, which will be divided as follows:

The first 1,000 new users signing up from the activity page with a total maker volume on FIL/USDT perpetual of more than 10,000 USDT will win a 10 USDT bonus. In addition, the top 30 users in terms of maker trading amount will share in a prize pool of 20,000 USDT, while all the users whose FIL/USDT maker trading amount is more than 5,000 USDT will share in a 30,000 USDT bonus.

What’s more, all participants who carried out FIL perpetual swap trading will have the opportunity to participate in a lottery to win a brand-new iPhone 12 Pro Max.

“We see that aside from DeFi, decentralized storage will be one of the most promising spaces in the blockchain industry. This can also be verified by our users' enthusiasm for FIL/USDT perpetual swap contracts,” said OKEx CEO Jay Hao, adding: 

“The liquidity contest is not only to support FIL but also to demonstrate that OKEx is very optimistic about the ongoing development of decentralized storage. We are happy to see the emergence of areas that promote the mass adoption of blockchain, and we are also pleased to support the development of outstanding projects in the space.”

END

About OKEx

A world-leading cryptocurrency spot and derivatives exchange, OKEx offers the most diverse marketplace where global crypto traders, miners and institutional investors come to manage crypto assets, enhance investment opportunities and hedge risks. We provide spot and derivatives trading — including futures, perpetual swap and options — of major cryptocurrencies, offering investors flexibility in formulating their strategies to maximize gains and mitigate risks.

Media contact

Vivien Choi
Email: [email protected]
Telegram: @vivienchoi

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Disclaimer: This material should not be taken as the basis for making investment decisions, nor be construed as a recommendation to engage in investment transactions. Trading digital assets involve significant risk and can result in the loss of your invested capital. You should ensure that you fully understand the risk involved and take into consideration your level of experience, investment objectives and seek independent financial advice if necessary.


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