via Hektor Ehring Jeppesen / Flickr

Binance, the world’s largest crypto exchange, launched a trading competition for Ontology Gas (ONG) on Thursday with 200,000 ONG in prizes — worth roughly $123,540 at present.

According to the announcement, Binance has partnered with the Ontology team to give away a total of 200,000 ONG to the top 50 users based on total trading volume during the competition period, which runs until March 21.

Similar to how GAS functions on the NEO (NEO) network, ONG is Ontology’s second functional cryptographic token designed to be used solely on the Ontology network and is required to fuel functionality and transactions. Investors who hold Ontology (ONT) receive a roughly 12% annual return in ONG payouts.

ONG was listed on Binance last month, sending the token up 90% in a single day. Following the latest announcement, ONG briefly surged over 20% to $0.75 before pulling back to $0.6177, where it currently stands.

More: ONG Trading Competition – 200,000 ONG to Give Away!
Similar: Gassed Up: Binance Listing Sends Ontology Gas (ONG) up 90%
Photo: Hektor Ehring Jeppesen / Flickr

Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.



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