Binance Futures Launches Futures NEXT
In Brief
Binance Futures NEXT is the first-of-its-kind user engagement platform allowing and incentivizing users to express their market insights through a prediction mechanism. The tokens shown above are for illustrative purposes only; Binance does not guarantee any particular listings.
7 March 2024, 9:00 am UTC – Binance Futures today announced the launch of Futures NEXT, a first-of-its-kind product for users to make predictions of potential USDⓈ-M futures listings on the largest crypto derivatives platform by trading volume. Futures NEXT is purposefully built to promote participation – while it does not guarantee any particular listing nor determine Binance’s listing decision, it is designed to strengthen the bond between Binance and our community by offering an avenue to express their market insights.
Users acquire “Picks” for 1 USDT each to make a prediction for a token of their choice from the available tokens in the NEXT Pool. Users who make a successful prediction for a token that is later listed on Binance Futures will have their “Picks” value converted into a futures voucher with a 1.2x multiplier factor, to be used for trading of the new listed futures. New futures users will receive Futures Bonus Vouchers that can be used as futures trading collateral. Existing futures users receive Trading Fee Rebate Vouchers that can be used to offset their futures trading fees.
After a 3-day Lock-in Period, users have the flexibility to convert their “Picks” back into USDT or re-allocate them to other tokens in the pool if they want to change their prediction. Each user is limited to picking 3 tokens and with a total maximum “Pick” value of 100 at any time.
Users can also search for and nominate tokens to be added into the pool to make them available for prediction. This enables users to contribute directly to the NEXT Pool’s dynamics by highlighting tokens they believe in. Interested users contribute a Nomination Seed of 2,000 USDT to make the nomination, and nominated tokens have to pass a review process to be added to the pool. Users who make a successful nomination will have their Nomination Seed of 2,000 USDT converted into equivalent value of “Picks” that is tied to their nominated token, and subject to a 30-day Lock-in Period, after which users also have the choice to convert them back to USDT if the token has not been listed. Each user can nominate up to three tokens at any time.
Tokens that are added to the pool will stay in the pool indefinitely, until they are listed on Binance Futures, to encourage longer-term community engagement. A leaderboard on Futures NEXT will display the most successful predictors to create an engaging environment for users.
The launch of Futures NEXT forms part of Binance’s ongoing product development process that elevates user participation in the crypto community. Individual users can now find a collective voice to express their insight toward market trends.
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Users are unable to withdraw and convert their Picks and Nomination Seeds back to USDT during the specified Lock-in Period. This could mean the funds remain illiquid until the end of this period. Binance has the sole discretion to choose tokens for listing based on its internal standards and is under no obligation to be influenced by users’ predictions and nominations. Binance is not liable for any losses you may incur and does not provide financial advice. For more information, see our Terms of Use and Risk Warning.
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About The Author
Gregory, a digital nomad hailing from Poland, is not only a financial analyst but also a valuable contributor to various online magazines. With a wealth of experience in the financial industry, his insights and expertise have earned him recognition in numerous publications. Utilising his spare time effectively, Gregory is currently dedicated to writing a book about cryptocurrency and blockchain.
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Gregory, a digital nomad hailing from Poland, is not only a financial analyst but also a valuable contributor to various online magazines. With a wealth of experience in the financial industry, his insights and expertise have earned him recognition in numerous publications. Utilising his spare time effectively, Gregory is currently dedicated to writing a book about cryptocurrency and blockchain.
