Binance has introduced a brand new DeFi Index line of perpetual contracts that shall be listed on Binance Futures. The contracts shall be denominated in Tether Dollars (USDT) and have leverage of as much as 50x.
The Index, which represents a composite of DeFi protocol tokens, shall be compromised of Band Protofol (BAND), Compound (COMP), Kava.io (KAVA), Kyber Network (KNC), Aave (LEND), Chainlink (LINK), Maker (MKR), Synthetic Network Token (SNX), Swipe (SXP), and 0x (ZRX).
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The Index is calculated utilizing a weighted common of the real-time costs of every of the tokens, that are additionally listed on Binance. According to the official announcement of the launch, “the index’s composite of tokens and their weighted averages are rebalanced regularly each week,” utilizing information from Coin Market Cap, which is owned by Binance.
“This helps users capture trends in the DeFi sector and is similar to how conventional index futures are designed,” the announcement mentioned.
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High-demand for DeFi derivatives
The new product, which the corporate hopes will “allow users to more easily track the fast-growing DeFi market,” marks Binance’s first-ever totally artificial crypto spinoff product.
Aaron Gong, the vice chairman of Binance Futures, mentioned in an announcement that “Response to our range of DeFi derivatives has been continuously positive and it is clear that there is growing demand,” and that the addition of the brand new Index line implies that “we now offer nearly 50 futures pairs, the most in the market by quantity and variety.”
We are excited to supply the USDT DeFi Index that allows customers to extra simply entry DeFi and additional diversify how they commerce.”
Increased curiosity in DeFi property can be proliferating outdoors of the futures house. A quantity of DeFi-based tokens have made headlines in current weeks as a result of of their optimistic value performances.
Additionally, Finance Magnates not too long ago reported on Binance’s launch of “Build for Bharat,” a brand new hackathon and accelerator program for the DeFi ecosystem in India.