Detailed explanation of Binance’s new platform Futures NEXT: How to participate in the “Pick” mechanism?

On March 7, Binance launched the Futures NEXT section, which is a prediction market for new currency listings in Binance contracts. On the platform, participants can use a ticket named Pick to vote for tokens in the token pool of the listed contract. If the token is successfully listed on the USDⓈ-M contract market, users can receive rewards. In addition, users can also nominate their own tokens to join the prediction pool.

Each Pick is worth 1 U, and each user only has a 100 Pick quota, and can only invest in three types of tokens at most. If the user wants to regret it, he can cancel the “Pick” after the 3-day lock-in period. There will be no loss of handling fees, and the “Pick” will be returned to the contract account in the same way. For users who want to nominate tokens, the listing nomination fee is 2,000 USDT. After the token is successfully listed, the nominator’s incentive principal will increase. If the user wants to cancel the nomination, they need to wait for the 30-day lock-in period before returning it.

It is worth noting that Futures NEXT is not a voting platform. It is independent of Binance’s token listing process. It is just an incentive platform. If your prediction is correct, you can get contract trading coupons or handling fee discount coupons.

In the official announcement, Binance stated that the popularity of a token on the platform does not guarantee its listing. Binance will maintain a strict and fair currency review process to ensure that all tokens regardless of their performance or popularity on Futures NEXT No matter what, they all follow the same evaluation criteria.”

Therefore, this platform is a low-risk opportunity for users to participate in crypto prediction markets. The official definition is to facilitate users to interact with the community, share their market experience and win rewards.

How to participate in the Pick mechanism

As of the time of writing, according to the official website, there are 31 nominated tokens on Futures NEXT, including Bittensor, Delysium, and Pandora. The total value of Pick has reached US$148,000, and the number of participants is 2,277.

Specific participation methods are:

1. LoginFutures NEXTplatform;

2. Transfer USDT to the contract account;

3. Click Pick and confirm.

For each successful prediction, the user will receive USDT contract experience coupons or USDT transaction fee discount coupons based on the number of Picks previously participated in the prediction. For novice contract trading users, the coupons are in the form of contract reward coupons; for old contract users, the coupons are in the form of contract transaction fee rebate coupons. The greater the number of Picks, the higher the value of the coupon rewards the user will receive.

The current official reward multiplier is 1.2, and this value will change. Currently, if Token A is successfully listed and the effective multiple is 1.2, and the user holds 100 Picks, it means that a coupon worth 120 USDT can be obtained, which will be issued within 10 days after the predicted token is successfully listed, and requires Redeem coupons within 7 days of issuance.

In addition, users can also spend 2,000 USDT to nominate tokens. After review and approval by Binance, if the nomination is approved, the nomination fee will be locked for 30 days. After the lock-in period, the fee can be converted into Pick , or can be returned to the contract account in the form of USDT. If not approved, the funds will also be returned in full to the contract account.

It is worth mentioning that the announcement did not mention that a token can only be nominated by one user. In the official announcement, BInance stated that “approval is not guaranteed and the Binance Futures trading platform reserves the right to approve or reject nominations based on internal standards.”

Risk-free behind the scenes

The crypto market is a place where the game for attention is very fierce. Against the background of such fierce market competition, Binance has created a plan to kill three birds with one stone through Futures NEXT.

As mentioned earlier, Futures NEXT is an incentive platform, which is more like a simulated prediction market. This risk-free strategy is popular with most users, but fundamentally, the launch of Futures NEXT is a big blow to Binance and the project team. Its mutually beneficial.

For users, listing coins was a secretive process in the past, but now they can participate in the contract listing process at a low cost, which is a very new experience. Moreover, the required principal amount is not high, and you can withdraw without risk after investing. From this aspect alone, it is a relatively cost-effective deal.

For project parties, Futures NEXT is a good marketing platform and means. Leveraging Binances extensive user base and the market popularity of listing the currency, the project team can still gain exposure and traffic even if they are not necessarily listed on Binance after being nominated.

For Binance, Futures NEXT is a platform that encourages users to participate in contracts, which means that it can use low-cost methods to motivate users to participate in contract transactions, and can also bring together the liquidity brought by “Pick” and integrate projects that are not listed on Binance. Unite to the Futures NEXT platform and achieve three goals with one stone.

However, the currency circle is an exciting field that pursues high risks and high returns. There is no risk, so the returns are destined not to be too high.