Binance Announces a New DeFi Index Line of Perpetual Contracts on Binance Futures
Binance, the world’s leading digital currency exchange in terms of trading volume, has announced the launch of a new decentralized finance (DeFi) index line of perpetual contracts on its Binance Futures platform. As reported by Finance Magnates today on August 26, 2020, these contracts have a 50x leverage and will be denominated in stablecoin Tether (USDT).
‘A composite of DeFi protocol tokens’
According to the announcement of the Binance exchange, this DeFi Index line of perpetual contracts is going to be listed on the Binance Futures platform.
In this index line, various DeFi protocol tokens are included. These include Band Protocol (BAND), Compound’s governance token COMP, Kyber Network’s KNC token, Chainlink’s LINK, Synthetic Network Token (SNT), Kava.io (KAVA), ox (ZRX), Swipe (SXP), Maker’s MKR token, and Aave protocol’s AAVA token. All of these tokens are already listed on the trading platform of the major cryptocurrency exchange Binance.
The founder and CEO of the Binance exchange Changpeng Zhao (CZ) said while commenting on the launch of this USDT DeFi Index:
“As innovators of our ecosystem, we are always thinking and building strategically to improve adoption and benefit our users. Our USDT DeFi Index combines ease of exposure to the blooming range of DeFi projects with the familiarity and popularity of a traditional product. This is a step forward in how cryptocurrencies can be utilized as well as boosting the important DeFi sector.”
A weighted average of the real-time prices of each of the protocol tokens is used for calculating the Index. According to the announcement, each week on a regular basis, the weighted averages as well as the composite of the protocol tokens get rebalanced with the help of the data taken from the popular crypto data site CoinMarketCap (CMC).
The Vice President (VP) of Binance Futures Aaron Gong said that they are very pleased on offering this index as it will offer users an easy way to access the DeFi sector. Binance Futures VP said, “We are excited to offer the USDT DeFi Index that enables users to more easily access DeFi and further diversify how they trade”.
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