This week, Binance launched Futures Next, a new product that lets you bet on the next tokens to be listed on the exchange’s futures services. How does it work?
Binance launches Futures NEXT to bet on the next quotes
On Thursday, Binance introduced a new product called Futures NEXT, allowing users to bet on upcoming tokens that can be listed on Binance Futures’ USDⓈ-M services:
Introducing Binance Futures NEXT!
Predict which token will be listed on Binance Futures in USDⓈ-M, and get rewarded if your prediction is accurate. Nominate your top token to add it in the pool.
Learn more ➡️https://t.co/1XqcrIOeFR pic.twitter.com/9aObzYx06J
– Binance Futures (@BinanceFutures) March 7, 2024
This new concept revolves around a betting system called Picks. Sold for 1 USDT, a Pick can be delegated to the “Next Pool” on the token of one’s choice:
Binance Next Pool Preview
Note, however, that this new product should not be confused with a voting system, as it is betting and the popularity of a token within Futures Next is not expected to influence Binance’s decision to list it or not:
” Futures NEXT operates independently of Binance’s quotation process, focusing on rewarding accurate market forecasts rather than influencing token quotations. While users can nominate and assign choices to tokens, it’s crucial to understand that Futures NEXT is not a voting platform. “
In addition to the Picks assigned to tokens already referenced in Binance’s Next Pool, it is possible to nominate the token of one’s choice for USDT 2,000. The token will be examined, and if it does not meet the exchange’s criteria, the amount pledged will be returned.
In addition, investors can allocate Picks to 3 different tokens simultaneously, at a rate of 100 Picks per asset. There is also a 3-day lock-in period, after which Picks can be withdrawn if you change your mind, and reallocated to another token.
As for rewards, these can be vouchers to redeem on futures trading for new traders or fee reductions for existing users.
In addition, a multiplier mechanism is used to determine the amount of these rewards. For example, a multiplier of 1.2 applied to 100 Picks earns a voucher worth 120 USDT.
Finally, if the token(s) chosen are not listed on Binance’s Futures platform, the allocated Picks are converted back into USDT, thus enabling “a risk-free participation model”.
