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Binance Commences Trading For XRP And ETC Coin-Margined Perpetual Contracts

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Malta-based exchange of crypto-currency, Binance was launched in 2017 only three years ago. Despite a little late entering the crypto market, the exchange was quick enough to establish its position in the crypto-verse. Binance is currently the largest cryptocurrency exchange in the world. The exchange never fails to roll out new updates for its users and the platform. Despite being subject to several scandals, Binance continued to retain its position on the top. Earlier today, the exchange launched coin-margined perpetual contracts for two popular coins.

XRP And ETC Join The List

At 7:00 AM [UTC], Binance commenced trading services for coin-margined perpetual contracts for the coins XRP and Ethereum Classic [ETC]. Users would be allowed to leverage the coins within the range of 1-75x. The aforementioned coins would be paired against the United States Dollar [USD]. Binance made the announcement via a blog post and suggested,

“The XRPUSD and ETCUSD coin-margined perpetual contracts are futures contracts that use base assets i.e. XRP and ETC as collaterals.”

The Changpeng Zhao-led exchange recently rolled out the coin-margined perpetual contracts feature along with USDT-margined futures. Back in August, CEO CZ revealed that the volume of both Coin-margined, as well as USDT-margined futures, reportedly went up to a high of $13 billion.

While XRP and ETC are the latest additions to the list, Bitcoin [BTC], Ether [ETH], Chainlink [LINK], Binance Coin [BNB], Tron [TRX], Cardano [ADA] along with Polkadot [DOT] have been part of coin-margined perpetual futures. Even though the “Order Price Cap Ratio” for every coin is 5% the leverage for Bitcoin ranges from 1x to 125x while the leverage of altcoins is limited from 1x to 75x.

The crypto community seemed to be happy with the exchange’s latest additions, however, some of them pointed out that rolling out ETC futures would be a mistake citing the series of 51% attacks the network has endured in the past month. Twitter user, @simonadams19821 said,

“Are you seriously launching etc futures with the network constantly being attacked wow talk about irresponsible @cz_binance I urge you to reconsider this.”

Additionally, the price of Ethereum Classic [ETC] seems to have taken a hit post the 51% attacks. During the time of writing, the altcoin was trading at a low of $5.07 with a 1.39% plummet in its price over the last 24-hours.

Binance Futures Launches YFI/USDT Perpetual Contract as DeFi Demand Surges

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DeFi (Decentralized finance) is currently one of the hottest corners of the crypto industry this year and, as a result of the boom, many project tokens have shown incredible price surges. One of the prominent tokens is Yearn. Finance ‘s native YFI, which has gained significant traction over the last few weeks.

DeFi, the big hype

In a bid to cash in on the mania, several centralized platforms have now jumped on the DeFi bandwagon.

In the latest development, one of the world’s largest centralized cryptocurrency exchange, Binance announced the launch of the YFI/USDT perpetual contract on its Futures platform wherein the users will be able to choose between 1-50x leverage.

The YFI/USDT perpetual contract is a USDT-margined futures contract that uses USDT as collateral. According to the official blog post, the contract will be made available to users from 31st August 7:00 AM [UTC].

This news follows Binance‘s announcement of offering ‘DeFi Index Perpetual Contracts’ to cater to the huge customer demand to get exposure to a broad base of DeFi products.

yearnfinance charts

YFI’s meteoric rise

Meanwhile, in a little over a month, YFI has soared by a staggering 4008% since it was created $764.42 in July to the press time price at $31,682. Following the path of Bitcoin, the creators of the project have limited the supply of the governance token to 30,000 YFI coins. This could be an important contributing factor to the rapid surge in its price.

This new rally was also speculated to be triggered after, one of the largest DeFi protocol, Aave announced the listing the token. This was a significant development for the YFI ecosystem primarily because Aave has successfully outpaced the likes of Maker, Curve Protocol in the race for the first place in terms of TVL.

As previously reported, yet another catalyst for the token’s upward momentum was directed towards a  potential collaboration between the crypto derivative platform FTX and Yearn.Finance.

Besides, the protocol also recently announced the launch of ‘yinsure.finance’ which is essentially a prototype for a new tokenized insurance, the first of its kind in the DeFi ecosystem.