Users will be ranked in terms of the total LXT volume traded on their BitMart account for a period of one month starting from November 5th.
The LXT token is native to LEXIT, providing utility on the world’s first online mergers and acquisitions (M&A) marketplace to allow businesses and individuals to trade assets, intellectual property and whole or parts of companies.
Having been listed on November 1, the token is set to see a flurry of activity as the competition opens. Qualifying trades include both buy and sell orders and lie across all trading pairs, currently BTC and ETH, though the competition runs for a month which could mean that this is subject to change.
Simply trading LXT enters users into the draw with ten individuals set to win a prize. The eventual winner receives 100,000 LXT, 2nd and 3rd get 50,000 a piece, and 4th through to 10th place gain no small amount at 20,000 each.
LXT token represents the value of currency on LEXIT, so all platform functions are standardized into token format. It is to be used for features such as listing fees, advisory ratings, anti-spam payments, and many more to provide fuel for an online M&A market.
What this enables businesses to do is rapidly trade assets and intellectual property with other parties from around the world, before exchanging the LXT token into another currency or investing into other listings on LEXIT.
LXT also has use on LexICO, a token sale solution for companies which aims to save them the cost and time of developing an ICO platform from scratch. Users are offered a discount on LexICO services should they choose to pay with LXT tokens.
Competition close is at 11:00 am (EST) on December 5th with prizes due to be distributed to winning BitMart accounts within two weeks. The exchange reminds entrants that all trades deemed to be wash trades’ will not count towards the individual’s total trading volume.