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KuCoin announces a new prediction challenge centered around top crypto assets like XRP, BTC, ETH, and SOL. Participants will have a chance to share in a prize pool of $30,000.
The leading exchange disclosed the details of the prediction challenge in a post today on X.
🔮 #KuCoin Prediction Challenge! Predict which coin – #ROOT, #BTC, #ETH, #SOL, or #XRP – will lead to price gains! 📈
🗳️ Correct guesses dip into the daily $5,000 pool!
🎉 Grand Prize: Ace the most predictions for a slice of $10,000!#CryptoChallenge #WinBigWithKuCoin
— KuCoin (@kucoincom) April 4, 2024
Details of the Contest
The contest is about determining which crypto asset among Root Network (ROOT), XRP (XRP), Bitcoin (BTC), Solana (SOL), and Ethereum (ETH) will have the most price gain.
Specifically, ROOT will challenge XRP, BTC, SOL, and ETH to determine the best performer for each day. The activity will span from April 5 at 00:00 (UTC) to April 8 at 23:59 (UTC).
According to the announcement, the challenge comprises four rounds: ROOT vs. BTC on April 5, ROOT vs. ETH on April 6, ROOT vs. SOL on April 7, and ROOT vs. XRP on the last day, April 8. Each round will only last for 24 hours.
Notably, the daily prize pool for each challenge is $5,000, while the grand prize pool is $10,000, bringing the total rewards to $30,000.
Rules of the Competition
To participate in the challenge, KuCoin users will predict which coin will record the more gains during each day of the activity period. The event is only available to KuCoin users with daily spot and futures trading volumes of at least 200 USDT and 500 USDT, respectively.
Users who meet the trading requirement can predict the best performer for each round for a chance to partake in the prize pool worth $30,000. In addition, users can receive up to 50 votes a day based on the daily accumulated volume.
Each user will only be allowed to vote for one coin daily, irrespective of the number of prediction votes.
For instance, a user with 25 prediction votes who selects XRP as the best performer on April 8 cannot vote for ROOT on the same day. This implies that the user will spend all 25 votes on XRP on that particular day before that round expires.
Notably, KuCoin will only accept predictions entered between 00:00 and 16:00 (UTC) during the activity period.
Prizes are structured based on the number of each user’s total correct predictions divided by the total number of votes by all users and multiplied by the prize pool. KuCoin will announce a date on which it intends to distribute the rewards to the winners.
Broader Crypto Market Sees Red
In the meantime, the broader crypto market is currently in red, as all the assets featured in the challenge have registered slight declines in the past day.
At press time, XRP was down 2.4% over the past 24 hours to $0.57, BTC has registered a decline of 0.5% within the same timeframe to $66,175, while ETH is trading at $3,326, down 0.5% in the daily charts.
Also, SOL is down 2.8% to $185.52 in the past day, while ROOT has lost 5.3% of its value. The coin was changing hands at $0.089 at the time of writing.