Binance Futures Launching TRX/USDT Perpetual Contract

Siamak Masnavi

On Tuesday (January 14), digital asset exchange Binance announced that its futures trading platform, Binance Futures, which went live in September 2019, is launching a new perpetual contract product -- TRX/USDT -- at 08:00 (UTC) on 15 January 2020.

According to Binance's announcement, "to prevent market manipulation, Binance will implement a pricing limit of ±1% on the mark price within the first 30 minutes after trading starts."

Also, it is worth keeping in mind that, as with the EOS/USDT perpetual contract, which was launched last Wednesday, "perpetual contracts on Binance Futures are similar to the trading pairs on the spot market," and they are "priced and settled in the same manner."

Binance Futures users will be able to choose between 1x and 75x leverage.

Here are the specifications for the contract:

  • Base Asset: TRX
  • Quote Asset: USDT
  • Settlement Asset: USDT
  • Contract Unit: 1 TRX
  • Minimum Granularity: 0.1 Contract Units
  • Maximum Contract Quantity: 1,000,000
  • Initial Margin Rate: 1.3% Base
  • Maintenance Margin Rate: 0.65% Base
  • Liquidation Fee: 0.5%

The other six perpetual contracts being offered by Binance Futures are BTC/USDT, ETH/USDT, BCH/USDT, XRP/USDT, EOS/USDT, and LTC/USDT.

According to data from CryptoCompare, TRX-USDT is currently trading at $0.01589, up 9.13% in the past 24-hour period:

TRX-USDT 24 Hour Fancy on 14 Jan 2020.png

 

Featured Image Courtesy of Binance

Ethereum Was Behind 85% of Dapps' $12 Billion Volume in Q2 2020

The total transaction volumes of decentralized applications (dapps) in the cryptocurrency space hit $12 billion in the second quarter of this year, rising by $4.5 billion compared to the first quarter. Etheruem dapps accounted for 85% of the volume.

According to DappRadar’s Industry Review report, there are more than 70,000 active wallets across 13 different blockchains interacting with the cryptocurrency space. The top blockchains were EOS, TRON, and Ethereum, with the latter representing $10.2 billion of the $12 billion volume seen in Q2.

Ethereum’s large transaction volume was partly fuelled by Compound and the launch of the COMP token, which led to a “yield farming” trend, in which users were interacting with the protocol as much as possible to receive COMP tokens. Compound saw $1.2 billion move through it.

The yield farming trend saw Ethereum gas prices and transaction fees increase, which according to the report did not stop Ethereum dapps from thriving in general. It did, however, contribute to an 80% drop quarter-on-quarter for ETH gaming dapps, as high gas prices are “killing” their activities on the cryptocurrency’s network.

Despite Ethereum’s growth, EOS and TRON (TRX) dapps have also seen their activity increase in the second quarter of the year. According to the report in only three months, TRON’s transaction volumes on decentralized applications surged by over 17,200%.

The rise was largely attributed to Oikos.cash, a TRON-based version of the Compound lending protocol.  While TRON’s DeFi growth has been notably, DappRadar pointed out that most dapps on its blockchain are still in the “gambling” and “high risk” categories.

The EOS blockchain has still been enduring the effects of the EIDOS token airdrop, which put the network into “congestion mode.” The airdrop clogged the network and as a result, from 2019 to 2020 wallet activity on decentralized applications dropped 53%.

So far this year, $1.9 billion have been transacted on decentralized applications using the EOS blockchain, thanks to two dapps: Crypto Dynasty and Upland. DappRadar’s report also shows that two other blockchains are growing thanks to gambling dapps: WAX and ThunderCore.

Featured image via Pixabay.