On Monday (February 10), digital asset exchange Binance announced that its futures trading platform, Binance Futures, which went live in September 2019, is launching a perpetual contract for Ontology (ONT).
Here is how Binance Info describes Ontology:
"Ontology is a public blockchain project with distributed data collaboration aiming to build a peer to peer cross system trust network. Ontology trust network provides a strategic cooperation of data systems and trust sources.
"This network is composed of decentralized identity verification systems, multi factor authentication, distributed ledger technology and distributed data exchange All business types can be applied to Ontology blockchain technology without the need of users having prior knowledge on distributed networks.
"Led by a global blockchain expert team, Ontology provides distributed infrastructure to various businesses and decentralized applications. Ontology aims to bind decentralized digital world to the real world using 'Ontology Common' or 'Ontology Custom' designs. These designs enable secure end effective decentralized systems.
"Ontology’s ecosystem can be divided into three categories: The Technological Ecosystem, The Application Ecosystem and The Governance Ecosystem. Ontology system architecture has a flexible design allowing for expansions and support for ever growing applications. The businesses Ontology aims to support include distributed ledgers, smart contracts, distributed authentication protocols, distributed data exchange protocols, and more.
"The layers of Ontology network can be divided into three: core layer, application layer and user layer. Core layer is composed of protocols and chain groups, application layer is composed of partners, application frameworks and modules, and the user layer is composed of Ontology ecosystem application users. Partners hold great importance building the Ontology ecosystem."
Binance Futures' new product is being launched at 08:00 (UTC) on 11 February 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 ATOM/USDT perpetual contract, which was announced last Thursday, "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 50x leverage.
Here are some of the main specifications for the contract:
- Base Asset: ONT
- Quote Asset: USDT
- Settlement Asset: USDT
- Contract Unit: 1 ONT
- Base Initial Margin Rate: 2.00%
- Base Maintenance Margin Rate: 1.00%
- Liquidation Fee: 0.5%
The other 17 perpetual contracts being offered by Binance Futures are BTC/USDT, ETH/USDT, BCH/USDT, XRP/USDT, EOS/USDT, LTC/USDT, TRX/USDT, ETC/USDT, LINK/USDT, XLM/USDT, ADA/USDT, XMR/USDT, DASH/USDT, ZEC/USDT, XTZ/USDT, ATOM/USDT, and BNB/USDT.
Featured Image Courtesy of Binance