To celebrate the switch to the new YOYOW mainnet, Binance is launching a competition. The exchange will be giving away a total of 1.5 million YOYO tokens, worth around $30,000 at current market prices.
YOYOW (You Own Your Own Words) is a blockchain-based network for content providers, quantifiying participants' contributions to the ecosystem and generating value for them with a decentralized consensus system.
The project's mainnet went live back in September of last year, and ongoing improvements recently led the project to launch a major shift and a swap of its native YOYO tokens for the previous ERC-20 YOYO tokens.
Binance's competition will reward users with a trading volume of at least 40,000 YOYO, giving them a 1 percent bonus return on their trades, up to a maximum of 10,000 YOYO. The YOYO competition will run from Aug 16 to Aug 24.
The network will also be selecting 65 YOYO traders to win 100 Binance Coin (BNB) each. This draw will be live-streamed online, with the URL and date to be announced soon.