Binance Futures shared an important development for the cryptocurrency futures market. After the sharing, the price of the altcoin project in question skyrocketed. Here are the details…
Binance made an announcement for SUPER
cryptokoin.com As we reported, Binance, the world’s largest cryptocurrency exchange, made a new announcement about half an hour ago. The blog post of the stock exchange, which usually does not make announcements on weekends, attracted attention for this reason. announced the upcoming launch of the USDⓈ-M SUPER perpetual futures contract. This new contract, whose market entry date is planned as November 26, 2023, at 16:00, attracted attention. Because it will offer investors the opportunity to grow their positions up to 50 times. Details of the contract are as follows:
- Underlying asset: SUPER
- Settlement asset: USDT
- Tick size: 0.0001
- Cap funding rate: +2.00% / -2.00%
- Funding fee frequency: Every four hours
- Maximum leverage: 50x
- Trading hours: 24/7
- Multi-entity mode: Supported
Binance exchange’s SUPERUSDT contract will have a maximum funding rate of +2.00% / -2.00% at launch. Additionally, funding fee reconciliation will occur every four hours. This approach aims to provide transparency and real-time adjustments based on market conditions. Qualifying USDⓢ margin futures liquidity providers will benefit from a 0.005% maker fee discount for trades on the SUPERUSDT contract for approximately 14 to 15 days.
Other details about the contract
Binance recognizes the dynamic nature of the crypto market and reserves the right to adjust contract features based on market risk conditions. This includes possible changes to funding fee, tick size, maximum leverage, initial margin and maintenance margin requirements. Additionally, investors will have the flexibility to use various collateral assets when participating in the SUPERUSDT contract, subject to applicable haircuts. For example, Multi-Asset Mode expands trading possibilities by enabling the use of BTC as collateral.
SuperVerse rose 70 percent
Meanwhile, the launch of the SUPERUSDT contract coincides with the growth of the SuperVerse ecosystem. Developed by SuperFarm, SuperVerse focuses on delivering next-generation NFT functionality and immersive Blockchain gaming experiences. Key components of the SuperVerse include GigaMart, a feature-rich NFT marketplace, and Impostors, a social gaming metaverse.
As of the latest market data, SUPER has recorded a 70% increase in the last 24 hours. Thus, Binance experienced a significant rise following its announcement. The coin rose from $0.25 to $0.48 on a daily basis. At the time of writing, it has fallen to $0.45.
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