As a veteran cryptocurrency exchange platform, BitMEX drives forward innovations in the social trading segment. Its Guilds mode is now in beta testing phase with 230 testers already using its instruments.
BitMEX launched Guilds service, novel social trading function
According to the official statement by the BitMEX team, it has introduced Guilds, an entirely new concept in the turbulent sphere of social trading. In BitMEX Guilds, everyone can create a closed group with other traders to invest competitively as a collective and share ideas, market insights, news and trading strategies.
Join a Guild, reap rewards. This is your invitation/end of week reminder to join Guilds by Sunday, so you can spend next week conversing, collaborating and conquering the leaderboard with your Guild members.
— BitMEX (@BitMEX) July 7, 2023
You GOT to be in it, to WIN it. https://t.co/xNoclLMUI9
Guilds are constantly competing to outperform each other and claim third place on the Guilds leaderboard. Three Guilds with the best PnL scores can share the Guild Pot, a weekly prize pool introduced by BitMEX.
Stephan Lutz, CEO and Group CFO of BitMEX, stresses the importance of Guilds' launch for BitMEX's strategy and the entire segment of social trading as a whole:
Guilds is not just designed to drive collaboration amongst the BitMEX trading community, it stands as a testament to our commitment to helping our traders thrive and recognises the power of social trading. By being part of a Guild, we hope that our traders can unlock their full potential by learning from their cohort.
Guilds beta mode was activated on June 29, 2023. Its testing program attracted over 230 beta testers. In total, their weekly PnL surpassed $300,000.
Every Guild can onboard 49 members maximum.
Guild leaders need to have 10,000 BMEX staked
The trading activity of a Guild is coordinated by its leader, who is also responsible for customizing and defining its identity. Meanwhile, every BitMEX user who passes KYC checks can claim Guild group status.
Guild leaders must have 10,000 BMEX, or roughly $3,615 in equivalent, staked and hold the authority to manage participants of their own Guild. Once the Guild makes it to the top three of the leaderboard, the Guild leader is responsible for claiming rewards from the BitMEX Guilds Pot.
As covered by U.Today previously, BitMEX co-founder crypto veteran Arthur Hayes indicated the start of the altcoin season in late Q1, 2023.
Arman Shirinyan
Alex Dovbnya
