Demex, a decentralized crypto exchange platform launched late last year from the Switcheo team, today announced that ether ETH and bitcoin BTC quarterly futures are now live. Traders can presently open decentralized futures positions with up to 100x leverage – using USDC as collateral.
“We are proud to be pioneering the way for the decentralized derivatives market by being the first cross-chain DEX to fully support quarterly futures.”
– The Demex Team
Competition
Further, to celebrate the launch, Demex is holding a trading competition with $120K USD worth of prizes.
Steps to Participate
To partake in the competition, follow the instructions below. All steps must be completed for eligibility in the trading competition.
- Create a wallet on Demex
- Once your wallet has been created, follow the instructions here to sign up for the competition.
- Add your username and Twitter handle under “Wallet Settings”. This step requires a network fee of 1 SWTH which can be acquired here.
- Make a successful futures trade on Demex for the ETHUSD and/or BTCUSD futures market expiring on 24 September 2021. Only trading volume for these 2 markets will be considered for the competition.
Participants can view their position on the competition leaderboard on Switcheo Tradescan anytime during the competition.
Competition Guidelines
The competition will take place over 21 days, starting from June 29th, 2021, 11:00 am UTC to July 2021, 19th, 11:00 am UTC.
Traders will be ranked according to trading volume only for the ETH and BTC futures markets with the 24 September 2021 contract expiry.
Prize Pool
A total of $120K USD is up for grabs for the top 20 traders.
- 1st place: Tesla Model 3 (retail price of $40K USD)
- 2nd place: $25,000
- 3rd place: $15,000
- 4th place: $10,000
- 5th place: $5,000
- 6th-10th place: Equal share of $15,000 prize pool ($3,000 each)
- 11th-20th place: Equal share of $10,000 prize pool ($1,000 each)
2nd – 20th place winners will be contacted via Twitter DM by Switcheo and prizes will be distributed within 90 days of the end of the competition. Details on the 1st place prize will be announced soon.
Full contract specifications of the ETH and BTC futures markets can be found here.