USTC tokens soar in value: Binance announces launch of USTC contract with up to 50x leverage
USTC tokens soar in value: Binance announces launch of USTC contract with up to 50x leverage
Binance, the world's largest cryptocurrency exchange, announced the launch of a USTC perpetual contract with up to 50x leverage.
Binance Futures will launch a USD-M USTC perpetual contract with leverage up to 50x on November 27 at 12:30 UTC, according to the cryptocurrency exchange's official website.
The funding fee settlement interval is every four hours, with USDT as the settlement asset.
The exchange informs that the maximum funding rate of the USTC/USDT perpetual contract at the time of launch is +2.00% / -2.00%. In addition, users will be able to trade the USTC/USDT perpetual contract on multiple margin assets in Multi-Asset Mode.
"Qualified USDⓢ-margined futures liquidity providers will be eligible to enjoy 0.005% maker fee rebates for trades on the USTCUSDT Perpetual Contract for approximately 14 to 15 days," according to the exchange's website.
Binance also reserves the right to adjust the specifications of the USTC/USDT perpetual contract based on market risk conditions, including the funding fee, tick size, maximum leverage, and initial or maintenance margin requirements.
The announcement contributed to an increase in sentiment in the cryptocurrency market as well as a sharp rise in the price of Terra ecosystem tokens, CoinGape reported.
Terra ecosystem tokens spiked in price just before Binance announced the launch of a USTC perpetual contract, sparking a wave of suspicion that some investors were in possession of information about the launch of a USTC contract with up to 50x leverage.
Nevertheless, market participants reacted positively to Binance's announcement, and prices continued to rise.
The price of LUNC has increased by almost 46% in the last 24 hours and is currently trading at $0.0001186. Meanwhile, trading volume has increased by 1120%, indicating strong demand.
The price of USTC is trading at $0.067663, up more than 250% in the last 24 hours.
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