On Wednesday (February 5), digital asset exchange Binance announced that its futures trading platform, Binance Futures, which went live in September 2019, is launching a XTZ/USDT perpetual contract.
Tezos, which had its initial coin offering (ICO) in the summer of 2017, uses a Delegated Proof of Stake (dPoS) consensus algorithm.
According to its development team, Tezos offers three main benefits:
- Its native smart contract programming language, Michelson, makes it easier to do formal verification, thereby allowing for more secure, institutional-grade smart contracts.
- Its “formal upgrade mechanism” allows the network to stay relevant as better technology becomes available.
- All stakeholders may “participate in network upgrades by evaluating, proposing, or approving amendments.”
Binance Futures’ new product is being launched at 08:00 (UTC) on 6 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 ZEC/USDT perpetual contract, which was announced yesterday, “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: XTZ
- Quote Asset: USDT
- Settlement Asset: USDT
- Contract Unit: 1 XTZ
- Liquidation Fee: 0.5%
The other thirteen 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, DASH/USDT, and ZEC/USDT.
According to data from CryptoCompare, XTZ is currently trading at $2.085, up just over 3% in the past 24-hour period:
So far, this year, Tezos is up 51.46% vs USD; even more impressively, the price has gone up 455.31% against USD in the past one-year period.
Featured Image Courtesy of Binance